In QuotedData’s morning briefing 20 March 2024:
- VietNam Holding ( VNH) announced an update for the month of February 2024. VNH’s NAV was up +7.8% in February due to overweights in outperforming sectors, particularly banks, telecoms, retail, and industrials. The growth comes on the back of strong domestic performance in Vietnam with the managers noting Vietnam’s consensus 2024 GDP growth forecast of 6% is the highest in Southeast Asia thanks largely to ongoing policy developments. They also note the country’s trade surplus reached another new high in February and its US$265bn stock market rallied for a fourth consecutive month. The resilient rebound in exports was once again led by electronics, while sustained growth in retail sales was driven mainly by hospitality and tourism amid increased travel during the festive Tet season.
- PRS REIT (PRSR) has reported a 3% rise in net asset value (NAV) to 123.6p per share in half year results to 31 December 2023. This reflected strong estimated rental value (ERV) growth, which offset a marginal softening in the average net investment yield. The company now has 5,264 completed homes, with 97% occupied. On the completed homes, the company reported an impressive 11.1% like-for-like rental growth in the year to 31 December 2023 (with renewals up 9% and re-lets up 16%). The company anticipates total housing delivery to be 5,600 homes, with an ERV of £64m. Total dividend target for FY 2024 remains 4.0p, which the company says is fully covered by earnings on a run-rate basis from March 2024.
- Schroder European REIT (SERE) reported a 2.7% fall in NAV to 124.8p per share in the quarter to 31 December 2023. This was driven primarily by a reduction in the valuation of the investment property portfolio of 1.8% to €210.2m. EPRA earnings were flat, covering its quarterly dividend of 1.48 euro cents by 110%. The loan to value (LTV) was 24%, with available cash of €27m.