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QuotedData’s morning briefing 14 November 2023 – VEIL, VNH, LAND, PCTN

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In QuotedData’s morning briefing November 14 2023:

  • VietNam Holding Limited (VNH) provided a monthly update with NAV total return down 11.7%  due to rising foreign exchange headwinds and geopolitical pressures. Despite the size of the move, this was still ahead of the benchmark VNAS fall of 12.5%. The company also announced it had won the ‘Best Emerging Markets Single Country trust’ gong at the Citywire Investment Trust Awards 2023.
  • Vietnam Enterprise Investments (VEIL) also provided a monthly update with NAV falling 13.1% as the Vietnamese index goes through a significant correction.
  • Land Securities (LAND) has posted a 4.6% fall in EPRA net tangible assets (NTA) to 893p in half year results to 30 September 2023. Its portfolio valuation declined 3.6% in the period to £10.146bn following a 26 basis points (0.26%) outward movement in net initial yield. EPRA earnings per share was stable at 26.7p as 2.8% like-for-like income growth offset the impact of asset sales during prior year. The total dividend was up 3.4% to 18.2p per share. The company expects EPRA earnings for the full year to be broadly stable versus last year’s underlying 50.1p. Group LTV at the end of the period was 34.4%, with its debt having a weighted average debt maturity of 9.3 years.
  • Picton Property (PCTN) reported a 1.9% drop in EPRA NTA to 99p per share in half year results, with its property portfolio falling 1.2% in the period to £757m. EPRA earnings per share was 1.8p (down from 2.0p in same period last year), fully covering its dividend for the period of 1.75p (unchanged from last year). LTV was 28%, with a weighted average interest rate of 3.9% and a weighted average debt maturity of 7.8%. The company made no further comment on its approach to UK Commercial Property REIT regarding a possible merger, which was announced last week.

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