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equity research notes

7070 Results
QuotedData’s morning briefing 19 May 2020

In QuotedData’s morning briefing 19 May 2020 The Renewables Infrastructure Group is planning a fundraise through an issue of shares at 120p (a 5.8% discount to the share price and a 4.3% premium to NAV – more if you adjust for the 5p per share hit from power price falls discussed on 22 April). As usual, […]

Schroder AsiaPacific sees anti-globalisation tide drawing strength from the pandemic

The near £700m market cap Asia fund, Schroder AsiaPacific (SDP) has reported interim results to 31 March 2020. Between them, China and Hong Kong account for nearly 80% of its allocation by geography and its three largest sectoral exposures are technology, financial services and consumer cyclical. During the six month period ended 31 March 2020, SDP’s […]

BlackRock World Mining benefits over April as gold equities ‘catch up’

BlackRock World Mining’s (BRWM) NAV increased by 18.1% over the month of April (the shares were up 17%) – driven by gold. BRWM’s portfolio, as at 30 April 2020, was as follows: Exposure % Total Diversified 32.0 Gold 30.9 Copper 16.8 Silver & Diamonds 4.9 Nickel 3.6 Industrial Minerals 3.4 Platinum Group Metals 2.1 Iron […]

Invesco Enhanced Income looks for balance between credit spread opportunities and likelihood of rise in defaults
Invescp Perpetual Income IPE

Invesco Enhanced Income (formerly Invesco Perpetual Enhanced Income) (IPE) predominantly invests in high yielding corporate and government bonds. The company has this morning reported interim results to 31 March 2020. IPE delivered a total NAV return of (13.4%), which compares to 3 month LIBOR of +0.4%. The share price premium decreased from 1.3% to a discount of (9.2%). […]

Adamas Finance Asia not expecting material impact with Asian countries better positioned

Over Adamas Finance Asia’s (ADAM) full-year results period to 31 December 2019, the company’s NAV increased by 8% year-on-year driven mostly by a new investment which was acquired in exchange for the issue of the company’s shares. Highlights from post period-end activity include: Whilst the covid-19 pandemic continues to create global uncertainty, ADAM says it remains […]

LXi REIT reports 8.5% jump in NAV

LXi REIT has reported an 8.5% jump in net asset value (NAV) in full year results. The company, which owns a portfolio of inflation-protected very long income assets, saw NAV per share rise to 124.3p at the end of March 2020, compared to 114.6p last year. The jump is mainly attributable to acquisitions over the year […]

Alternative Income REIT appoints investment adviser

Alternative Income REIT (AIRE) has appointed M7 Real Estate as its new investment adviser. AIRE, which owns a diverse portfolio of 19 UK commercial property assets let on long leases, has made the appointment after the previous manager departed in February. M7, which is a leading specialist in the pan-European, regional, multi-let real estate market, will undertake a […]

Interim results from Polar Capital Global Healthcare as biotech emerges as its largest overweight

US-focused Polar Capital Global Healthcare (PCGH), reported interim results this morning, covering the six months to 31 March 2020. The portfolio’s NAV total return over the period was (5.97%), compared to a 0.34% return from the benchmark MSCI ACWI/Healthcare index PCGH noted that the early part of the period was challenging for fundamental investors, as we […]

Baillie Gifford European Growth reports first results since change of management
axiom european debt AXI

Baillie Gifford European Growth (BGEU) has posted interim results to 31 March 2020. Over the six month period, the company’s NAV total return was (10.0)% compared to a total return of (17.0)% for the FTSE Europe ex UK index, in sterling terms. The share price total return for the same period was (0.9)%. Over the four […]

QuotedData’s morning briefing 18 May 2020

In a trading update, ahead of its annual results (to be published on or around 15 June), Jonathan Maxwell, the CEO of SDCL Energy Efficiency Income (SEIT)’s manager, noted: “In spite of the unprecedented global situation around covid-19, the portfolio continues to perform in line with expectations and deliver cheaper, cleaner and more reliable energy […]

What’s Goin’ On
Hipgnosis Songs Fund : SONG

What’s Goin’ On with Hipgnosis? Hipgnosis Songs is trading at 105p, an 8.5% premium to its NAV according to Morningstar. Its main attraction is an income stream uncorrelated with equity markets. The 5p per share annual dividend, paid in quarterly instalments, is enough to get income investors excited. The last dividend announcement said that the dividend […]

What next for landlords in battle with Travelodge?
Secure Income REIT SIR

The dispute between Travelodge and its landlords took another turn this week with the budget hotel operator threatening to pursue a company voluntary arrangement (CVA) if rent cuts of up to 80% for 18 months was not agreed. In a letter sent to landlords, Travelodge said it had already lost the equivalent of several months […]

Invesco announces Mark Barnett’s deperature

In a statement on its website, Invesco has announced that Mark Barnet has left the company with immediate effect. Mark spent 24 years with Invesco. The announcement came following Invesco’s review of its UK equity product range and investment management team, overseen by chief investment officer Stephanie Butcher. She was appointed at the beginning of 2020. Mark spent […]

Scottish Mortgage provides an effective shelter

Scottish Mortgage (SMT) has announced its annual results for the year ended 31 March 2020, which suggest that the trust has provided an effective shelter against the storm of covid-19. During the year, the trust provided Nav and share price total returns of 13.7% and 12.7% respectively, which are very respectable given the unfortunate timing […]

Aberdeen Asian Income benefits from tech and Chinese consumption

Aberdeen Asian Income (AAIF) has announced its annual results for the year ended 31 December 2019, during which it benefited from exposure to tech companies and businesses that rely on Chinese consumption growth. During 2019, AAIF provided an NAV total return of 10.5%, which was broadly in line with the MSCI All Countries Asia Pacific […]

Strategic Equity Capital and Gresham House become official on 21 May

Further to its announcement on 27 March 2020, Strategic Equity Capital (SEC) has announced that it has entered into an investment management agreement with Gresham House Asset Management Limited (GHAM) as the Company’s new investment manager and alternative investment fund manager (AIFM), which will become effective from 21 May 2020. At this point, GVQ Investment […]

The Renewables Infrastructure Group acquires German offshore wind farm

The Renewables Infrastructure Group (TRIG) has announced that it has completed the acquisition of an approximate 36% equity interest in Merkur, a 396MW operational offshore wind farm in the German North Sea. This follows the exchange of contracts to acquire the Project announced in December 2019, and receipt of German foreign investment approvals and EU […]

QuotedData’s morning briefing 15 May 2020

In QuotedData’s morning briefing 15 May 2020 Having collected 100% of rents due at the end of March, Triple Point Social Housing REIT has raised its dividend target for the year ended 31 December 2020 to 5.18p, 1.7p up on the figure for 2019. It has also appointed Stifel Nicolaus Europe Limited as sole corporate broker and […]

Sirius Real Estate reaffirms dividend as lockdown measures in Germany ease
Sirius Real Estate reaffirms dividend as lockdown measures in Germany ease

Sirius Real Estate has reaffirmed its dividend policy after reporting high levels of rent collection in April as lockdown measures in Germany ease. The company, which owns a portfolio of business parks in Germany, said it received 98.8% of normal levels of rent and service charge for April and no significant reduction in the first two […]

QuotedData’s morning briefing 14 May 2020

In QuotedData’s morning briefing 14 May 2020: Symphony International has reported a 38.4% fall in NAV to 60.4 cents over the first quarter of 2020. It sold the remainder of its stake in IHH Healthcare, freeing up $4.6m, got $7.5m in from its sale of land in Niseko (the Japanese ski resort) and, over 2020, sold […]

Aurora manager’s payday creeps closer

Aurora manager’s payday creeps closer – Aurora had a great 2019, beating the All-Share by 10.8% with a return on NAV of 29.9%. This included a dividend of 4.5p (up from 4p for 2018). The good performance encouraged the shares to trade at a premium and allowed the trust to expand in 2019, issuing £22.5m worth of […]

Duke Royalty plans paper dividend

Duke Royalty plans paper dividend – Duke Royalty has been reviewing the situation with its business in light of COVID-19. It says “Through its diversified portfolio, Duke naturally has exposure to a range of sectors, some of which are impacted to a greater extent by Covid than others, such as hospitality & leisure. In certain […]

Lucy Macdonald steps down as manager of Brunner
Pacific Horizon - investor in Asian growth

Brunner (BUT), the global sector company, which counts on healthcare and financial services as its two largest sector allocations, has announced that Lucy Macdonald has stepped down as manager of the trust. Matthew Tillett, who BUT says has worked closely with Lucy on Brunner for a number of years, will be the new lead manager, supported […]

Merian Chrysalis commits £20m to financial crime risk management company

Merian Chrysalis (MERI), the growth capital sector trust, has released a portfolio update, including a new investment in Featurespace, a leader in financial crime risk management for fraud and anti-money laundering. Featurespace investment worth 20m MERI has invested £20m in Featurespace, as part of a £30m funding round. MERI noted the following about Featurespace: “Featurespace is a world […]

Update from DP Aircraft 1 following conditional equity swap agreement with Norwegian Air Shuttle
DP aircraft DPA

DP Aircraft I (DPA) has provided an update, covering its two lessees, Thai Airways and Norwegian Air Shuttle, and its lending banks. DPA re-affirmed that the decision to suspend dividend payments remains unchanged, noting that this position is unlikely to be reviewed until there is greater clarity as to both the ongoing financial position of its two […]

RM Secured Lending cuts management fee
RM Secured says on track to cover dividend

RM Secured Lending cuts management fee – the fee has been adjusted so that the manager is entitled to a fee of: a) 0.875 per cent. of the prevailing Net Asset Value (“NAV”) in the event that the prevailing NAV is up to or equal to £250 million; or b) 0.800 per cent. of the prevailing […]

North Atlantic has cash to take advantage of opportunities

North Atlantic has cash to take advantage of opportunities – North Atlantic Smaller Companies Trust posted a return on NAV of 18.2% for the year ended 31 January 2020, well ahead of Uk indices and almost matching the return on the S&P500 (+18.4%). The dividend was maintained at 30p. The manager says that “The major standout […]

Standard Life Investments Property Income reports 7.5% fall in NAV

Standard Life Investments Property Income Trust (SLI) has reported a 7.5% fall in net asset value (NAV) in the quarter to the end of March as the impact of covid-19 bites. The company, which owns a diverse portfolio of commercial properties in the UK, said NAV per share was 83.2p compared to 89.9p on 31 […]

QuotedData’s morning briefing 12 May 2020

In QuotedData’s morning briefing 12 May 2020: Gore Street Energy Storage says that construction work on its two 50MW battery projects in Northern Ireland has restarted (subject to social distancing measures). Construction is scheduled to be completed in December 2020, allowing sufficient time to complete necessary asset testing before the assets go online. the DS3 contracts […]

Primary Health Properties buys medical centres portfolio for £47.1m
Primary Health Properties buys medical centres portfolio for £47.1m

Primary Health Properties (PHP), has acquired a portfolio of 20 purpose-built medical centres for £47.1m. The company, which owns a portfolio of primary healthcare facilities, has also conditionally contracted to acquire a further two medical centres for £6.9m. The acquired properties are leased to GP practices, other NHS healthcare operators and pharmacies, with around 91% […]

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