In QuotedData’s morning briefing 17 January 2023:
- Gulf Investment Fund (GIF) reports that over the final quarter of 2022, its NAV fell by 3.8%, outperforming the S&P GCC Index, which fell by 6.1%. In fact, 4Q 2022 was one of the worst quarters for Qatar and Saudi Arabia in past 10 years. Qatar fell 15.9% while Saudi was down 8.1%.This brought the fund’s total outperformance for 2022 to 13.1%. The managers are optimistic for 2023, supported by stable oil price, solid fiscal positions and a regional economy largely shielded from recession in Europe & US.
- abrdn Asia Focus (AAS) says that, as a result of an administrative oversight, its NAV announcements released between 24 November 2022 and 2nd December 2022 failed to take account of the special dividend of 1.6p per share which was marked ex dividend on 24 November 2022 (overstating the NAV).
- Tufton Oceanic (SHIP)’s return for 2022 as a whole was 7.7%, after giving back 3.8% in the final quarter of the year. The company is forecast to have a dividend cover of c.1.8x over the next 18 months after reinvesting the proceeds from the sale of its last containership, Riposte.
- Schroder European Real Estate Investment Trust (SERE) says the value of its property portfolio was €211.5m at 31 December 2022, reflecting a like-for-like decrease over the quarter of 3.3%, or €7.2m. This change was primarily driven by a 25 basis points (0.25%) of outward yield movement, increasing the portfolio net initial yield to 6.0%, which more than offset the positive impact of rental growth. The company says that its indexed-linked leases are starting to contribute to rental growth and will increasingly mitigate further value declines. Based on 31 December 2022 values and following a recent refinancing, the portfolio LTV is approximately 32% based on gross asset value and 22% net of cash. The company has investable fire power of up to €50m, including further gearing.
- One of Civitas Social Housing’s (CSH) tenants, My Space, has been issued with an enforecment notice by the regulator requiring it to undertake a number of actions including the strengthening of its board, reporting on solvency and developing action plans with regard to compliance with the rent standard. At 30 September 2022, My Space represented 1.3% of the CSH’s rent roll across nine properties that were acquired between 2017 and 2018. CSH says that recent rent arrears have occured from My Space, which were “not material” but were being followed up. It adds that it may make “different arrangements” on some or all of the leases.