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QuotedData’s morning briefing 25 May 2022

220406 China

In QuotedData’s morning briefing 25 May 2022:

  • JPMorgan China Growth & Income (JCGI) has posted its interim results for the six months to 31 March 2022. During this time, the trust’s total return on net assets (with net dividends reinvested) fell 30.8%, underperforming the benchmark MSCI China Index’s 17.5% decline (in sterling terms). The total return to shareholders for this period also fell by 26.4%. The chair attributed this to an already challenging period due to unexpected regulatory changes, slowing economic growth, concerns about the domestic property sector and heightened US-China tensions. However this was exacerbated by sentiment towards Chinese stock markets deteriorating sharply from January 2022 amid reports of new COVID lockdowns and concerns about the broader impact of Russia’s invasion of Ukraine.
  • Majedie Investments (MAJE) has published its half-year report for the six months ended 31 March 2022, during which time its NAV at par and NAV at FV fell by 8.2% and 7.7% respectively, on a total return basis. The share price fell by 12.5% over the period, behind the MSCI All Country Index which rose by 3.4% in sterling terms. The sale of MAJE’s manager Majedie Asset Management to Liontrust, which completed in April 2022 means the board is considering the company’s investment objective together with the range of assets that should be considered for its portfolio, as well as its own responsibilities for portfolio allocation. The Board will update shareholders on this matter later in 2022.
  • Ediston Property Investment Company (EPIC) posted a NAV total return of 10.1% for the six months to 31 March 2022, with its NAV increasing 7.1% to 96.1p per share (September 2021: 89.7p). This was largely thanks to an 11.2% increase in the value of its portfolio on a like-for-like basis to £238.8m.
  • Regional REIT (RGL) has increased its quarterly dividend by 3% to 1.65p per share off the back of continued strong rent collection (97.1% for the first quarter of 2022 so far) and a positive outlook for the regional office sector. It says it has seen workers continue to return to the office and “active occupancy” increase across its portfolio. The group has completed £69.2m of disposals this year, comprising both non-core properties and those which have achieved their individual asset management plans, reflecting an average net initial yield of 5.9% and recycled the proceeds into acquiring £48.2m of regional offices at considerably higher average net initial yield of 8.7%.
  • 3i Infrastructure (3IN) has signed an agreement to syndicate 16.9% of its stake in ESVAGT to 3i Aura LP, a newly-established vehicle managed by 3i Investments plc and funded by three institutional investors. ESVAGT is the market leader in the fast growing segment of service operation vessels for the offshore wind industry, and is also a leading provider of emergency rescue and response vessels and related services to the offshore energy industry in and around the North Sea and the Barents Sea. 3i Infrastructure’s holding in ESVAGT will decrease from 100% to 83.1%, for consideration of about DKK785m, in line with the valuation as at 31 March 2022. The proceeds will be used to reduce the amount outstanding on the credit facility..

 We also have an annual report from HICL Infrastructure, a statement from Bluefield Solar Income and a proposal from Foresight Solar.


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