In QuotedData’s morning briefing 14 February 2022:
- Vietnam Enterprise (VEIL) has shared a monthly update for January, which states that concerns on the quality of Vietnam’s bank assets have subsided and sentiment in the sector should be further boosted by robust Q4 2021 and full-year 2021’s earnings. Vietcombank was VEIL’s top performer, up 13.8% at the end of January, while the main detractor for performance was steel manufacturer (and VEIL’s top position) Hoa Phat Group, after its quarterly results failed to meet market expectations for the first time in two years. Over the course of the month, the Company bought back 671,835 shares to be held in treasury, compared with 50,000 shares bought back in December 2021.
- Tufton Oceanic Assets (SHIP) has agreed to divest the Containership Vicuna – which it acquired in October 2019 for $8.75m – for $18m. The realised net IRR will be 46% and realised net MOIC will be 2.3x. This will be the company’s tenth divestment and the proceeds are expected to be redeployed promptly. Prospective investments include chemical and product tankers as well as bulkers. Meanwhile, the manager of SHIP has joined the Maersk Mc-Kinney Møller Center for Zero Carbon Shipping as a Mission Ambassador. SHIP will benefit from this collaboration on decarbonisation of the maritime industry.
- The Investment Company (INV) has posted its half-year results for the six months to 31 December 2021. During the period, the Group’s net assets increased by 8.07 pence per share to 349.26 pence per share, representing a total return of 2.36%. INV sold out of its three largest legacy fixed income holdings, generating £629k in proceeds and realising a 3% gain. This reduced the legacy holdings down to 0.4% of net assets and marks the end of the transition from the prior portfolio. Total income for the period came to £162k, while expenses totalled £175k. There were no extraordinary expenses.
- Supermarket Income REIT (SUPR) has been assigned an investment grade credit rating of BBB+ (stable outlook) by Fitch Ratings, opening it up to a wider range of debt funding strategies.
- Civitas Social Housing (CSH) has announced that Fitch Ratings has affirmed its existing investment grade rating of A (senior secured) and a long-term IDR (Issuer Default Rating) of A- with a stable outlook. Fitch published their first rating on the Company in March 2021 with the same investment grade distinctions. [Good news for Civitas and a timely vote of confidence in its business model, which had been questioned by a short seller last year.]
We also have portfolio updates from Apax Global Alpha, HydrogenOne Capital Growth and LXI REIT.