In QuotedData’s morning briefing 19 September 2024:
- GCP Asset Backed Income Fund (GABI) announced its interim results for the six months to 30 June. The main development for the period was the decision to undertake a managed wind-down of the company and realise all existing portfolio assets. Strong progress was made in this regard with a total of 159.6m shares redeemed, representing 37.5% of the company’s issued share capital at a price of 89.672 pence per share. The total NAV return for the period was 1.0%. Dividends of 3.161 pence per share were declared. Aggregate dividend payments over the last twelve months represent a 9.2% yield on the closing share price at 30 June 2024.
- VietNam Holding Limited (VNH) provided a monthly update for August. The company noted that Vietnam’s stock market managed great strides in August, making a significant rebound following the sharp correction that global volatility sparked earlier in the month. A weaker dollar and the expected Fed rate cuts supported this positive sentiment, and although the VNIndex stayed flat for the year, the earnings outlook steadily improved again for a third consecutive month. VNH’s NAV per share was up 3.9% in August with the outperformance of Retails, Financials and Telecoms. While most sectors made positive gains, VNH increased positions in Retails, Financial Services, and Banks with an expectation that these will continue to benefit from the stronger recovery of the economy in 2H 2024.
- Vietnam Enterprise Investments (VEIL) announced its interim results for the six months to 30 June. The company delivered a NAV total return of 6%, inline with the benchmark index. VEIL noted that the performance was supported by an 8.8% rise in GDP during the period, with particularity strong growth recorded in the retail and banking sectors. Software & services were also strong as international interest continued to grow around AI and semiconductors.
- Castelnau Group (CGL) announced its interim results for the six months to 30 June. The company delivered a share price total return of 2.0% and a NAV total return of 37.0%, a significant outperformance of the benchmark return of 7.4%. The bulk of the return came from CGL’s position in funeral service provider Dignity, which represents more than 80% of the company’s portfolio, which rallied 45.7%.
- NewRiver REIT (NRR) raised £50.2m in a placing at 80p per share, which will be used to part fund its proposed acquisition of Capital & Regional – details of the deal was announced yesterday and can be read here.
