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equity research notes

7070 Results
US Solar sees no material impact on construction timeline or operating cashflows
US Solar Fund

US Solar (USF) provided the following update this morning: Summary – no material impact expected and dividend set to commence as planned  USF does not expect covid-19 to materially impact construction timelines or operating cashflows; USF’s acquired portfolio consists of 37 projects with total capacity of 383 MWDC. A further four projects totaling 61 MWDC are […]

Riverstone Energy NAV goes up in smoke

Riverstone Energy NAV goes up in smoke – As of 31 December 2019, Riverstone Energy had a NAV per share of $9.66 (GBP7.36), representing a decrease in USD and GBP of over 46 and 48 per cent., respectively, compared to the 31 December 2018 NAV. The statement says that Hammerhead, Centennial and Liberty II were the […]

Syncona ups SwanBio investment

Syncona ups SwanBio investment – Syncona Ltd has made a $51.0m new commitment in a $77.0m expanded Series A financing by SwanBio Therapeutics. This new commitment takes Syncona’s total commitment to this business to $74.0m. Syncona has invested $19.6m now, and the holding is now valued (at cost) at £34.3m. This expanded Series A financing will […]

Hipgnosis bags Mark Ronson catalogue

Hipgnosis bags Mark Ronson catalogue – Hipgnosis Songs Fund Limited has acquired 70% of the music publishing catalogue (of 315 songs) of seven time Grammy Award winning, Academy Award winning and Golden Globe winning songwriter, artist and producer Mark Ronson. Best known for his collaborations with internationally successful artists including Amy Winehouse, Lady Gaga, Adele, Lily […]

North American Income built revenue reserve ahead of crisis

North American Income built revenue reserve ahead of crisis – North American Income Trust’s performance lagged that of the Russell 1000 Index over the 12 months ended 31 January 2020. The trust returned 6.2% in NAV terms against 14.6% for the reference index. The dividend was increased from 8.5p to 9.5p from revenue of 11.4p, which […]

QuotedData’s morning briefing 23 April 2020
Premier Global Infrastructure suffers tough 2018; struggles against benchmark

In QuotedData’s morning briefing 23 April 2020 Happy St George’s day! Premier Global Infrastructure won the continuation vote that was put to shareholders at yesterday’s AGM TOC Property Backed Lending has delayed the payment of its next dividend from 4 May to 1 June. It says “The ability of borrowers to meet their interest payment […]

BlackRock Frontiers reflects on March performance with Indonesia, Egypt and Vietnam hit particularly hard

BlackRock Frontiers (BRFI) In their capacity representing BRFI’s manager, Sam Vecht and Emily Fletcher, said: “The company’s NAV returned -25.6% (as at 31 March 2020) versus its benchmark the MSCI emerging ex selected countries + frontier markets + Saudi Arabia benchmark index  which returned -19.4% in March.  For reference, the MSCI emerging markets index ended the […]

JZ Capital will make no new investments
JZ Capital announces tender offer

JZ Capital will make no new investments – JZ Capital Partners Limited has announced a proposed change to its investment policy. If shareholders agree (and they almost certainly will) the company will make no further investments except where it has to meet existing obligations or to the extent that investment is required to support existing investments. The intention […]

Unite to take 16%-20% hit on income this academic year
Unite to take 16%-20% hit on income this academic year

Unite Students, the student accommodation owner has said it expects a 16%-20% reduction in income for the 2019/20 academic year. The group has received rent cancellation requests for the summer semester of 2019/20 and expects to forgo rent on around 43,000-46,000 beds representing around 62-65% of all owned and managed beds. Remaining beds are accounted for by […]

Renewables Infrastructure Group notes material reduction in near term power price forecast

We have an update from Renewables Infrastructure Group (TRIG) this morning. The key points made are: Power price forecasts reduced, with material impact from covid-19 in the near term, which if taken in isolation and excluding value enhancements, would imply a reduction in NAV per share of approximately 5p; Excellent portfolio performance in Q1, with […]

Annual results and update from SME-focused RM Secured Direct Lending
RM Secured says on track to cover dividend

RM Secured Direct Lending (RMDL) has reported its annual results to 31 December 2019. Over the course of the year, the portfolio generated a NAV total return of 8.2%. The company’s shares trading in a narrow range within 99.50 pence and 103 pence over the period. Reflecting on 2019’s market environment RMDL said the following in its […]

QuotedData’s morning briefing 22 April 2020

The international oil market has moved to a price level not seen in about twenty years. The price of Brent crude oil fell to under $16 a barrel this morning. This follows the move into negative territory earlier this week in the US WTI crude oil benchmark. Lower demand for energy is impacting UK power […]

How are investment trusts going to survive amid COVID-19 disruption – Alex Denny Head of Investment Trusts at Fidelity discusses

Click here to watch Alex Denny from Fidelity discuss: “How are investment trusts going to survive amid COVID-19 market disruption”. What is an investment trust? Investment trust characteristics. What else drives investment trust performance? How have investment trusts held up?

Stenprop collects 73% of rent during covid-19
Stenprop collects 73% of rent during covid-19

UK industrial specialist Stenprop has provided an update on rent collection during the covid-19 pandemic. The company, which is in the process of converting its portfolio to be fully focused on UK multi-let industrial assets, said it had received 73% of rents, as at 15 April 2020, for the current quarter and the month of […]

Target Healthcare manager gets notice extension

Target Healthcare manager gets notice extension Target Healthcare REIT has issued another update, this one covers the quarter ended 31 March 2020: More cases of COVID-19 have been reported in its care homes but this still accounts for less than 5% of residents Target believes that its tenants’ cash flows will remain supported by demand […]

Precious metals help Baker Steel shine

Precious metals help Baker Steel shine – Baker Steel Resources Trust has just released results covering the year ended 31 December 2019. This is looking a bit like ancient history given developments since. However, it is worth saying that the trust had a good 2019, with a 29.9% return on NAV (this compares favourably to a […]

QuotedData’s morning briefing 21 April 2020

In QuotedData’s morning briefing 21 April 2020, as US oil prices go negative for the first time: Yesterday Big Yellow announced plans to raise up to £80m via a placing of shares. It wants the money to buy land to expand its portfolio. It has 13 development sites, three of which are soon to complete (adding […]

Temple Bar serves protective notice to manager Ninety One UK

Last Friday, it was announced that Alastair Mundy, the individual manager of Temple Bar (TMPL), had been given an extended leave of absence by Ninety One (TMPL’s manager), for health reasons. Click here for our full story from Friday. 12 months notice served Further to the announcement made last week, the board of TMPL has concluded […]

Retail landlords call for rental support scheme
Retail landlords call for rental support scheme

Retail property landlords have called on the government to implement a rental support scheme as the covid-19 induced lockdown continues to hit income. Groups including British Land and Land Securities have teamed up with some of the biggest UK retailers to write to chancellor Rishi Sunak with their concerns, the FT reported today. They want […]

Secure Income REIT responds to reports Travelodge is seeking rent breaks from landlords
Secure Income REIT SIR

Secure Income REIT (SIR) has released a statement with respect to Travelodge, the budget hotel chain. We note that it was reported over the weekend that Travelodge had appointed advisers to oversee discussions with its landlords over rent breaks or deferrals. The hotel company fears it will run out of cash before hotels can re-open […]

BMO Real Estate collected 69% of billed rent over quarter to 31 March

In a trading update to 31 March 2020, BMO Real Estate (BREI) has said that its unaudited NAV per share at the period-end was 99.7 pence, representing a decrease of 2.8% 31 December 2019 of 102.6 pence and a NAV total return for the quarter of (1.6%)..BREI said the valuation certificate includes a ‘material uncertainty’ clause […]

QuotedData’s morning briefing 20 April 2020

The price of US oil, as measured by WTI, has fallen to a 20-year low this morning. A price of $14.99 a barrel at the European markets, reflects the demand impact of covid-19 and concerns that there is not enough storage to keep all the excess crude. Equity markets across Europe have started the week […]

Temple Bar’s Alastair Mundy takes extended leave of absence

Temple Bar has announced that the respected value manager Alastair Mundy, who has been the individual portfolio manager of the Trust since 2002, has been given an extended leave of absence by the trust’s manager, Ninety One, for health reasons. With immediate effect, Alessandro Dicorrado and Steve Woolley have been appointed by Ninety One as […]

Property valuations take a dive

We got the first real insight into the impact covid-19 is having on property valuations this week, with both Picton Property and BMO Commercial Property Trust announcing portfolio values for the quarter to 31 March 2020. BMO’s portfolio fell in value by 3.8% over the course of the period, while Picton’s was at a much […]

Power plays
Gore Street Energy Storage Fund

Gresham House Energy Storage (GRID) announced that it had invested in a new 50MW battery storage project in Suffolk this week. This takes its portfolio to 274MW in total. GRID is one of two listed companies investing in this area, the other being Gore Street Energy Storage (GSF). GRID is quite a bit bigger than […]

Helical sells central London office at sub-4% yield

Helical has sold a central London office building for £48.5m and a net initial yield of 3.92%. The sale of 90 Bartholomew Close, Barts Square, EC1, which was made by Helical and its joint venture partner The Baupost Group, is a fillip for the property market during a period of few investment transactions due to […]

Property companies update on covid-19 impact

Several property companies have updated the market on the impact of covid-19 on their business, as the lockdown in the UK is extended. Schroder REIT Schroder REIT has drawn its revolving credit facility (RCF) with Royal Bank of Scotland International in full, totalling £52.5m, to boost its cash reserves. Following the drawdown, the company has […]

Middlefield Canadian Income benefits from increased US exposure

Middlefield Canadian Income (MCT) has announced its results for the year ended 31 December 2019. During the year, MCT provided an NAV total return of 27.3%, outperforming both its Benchmark and the S&P/TSX Composite Index, which returned 26.9% and 23.9%, respectively. Since inception in 2006, the Fund has generated a cumulative return of 155.6% which […]

Invesco Perpetual UK Smaller Companies holding firm on 2020 dividend

Invesco Perpetual UK Smaller Companies (IPU) has announced its annual results for the year ended 31 January 2020. During the year, IPU provided nav and share price total returns of 30.4% and 35.2%, outperforming its Benchmark Index, the Numis Smaller Companies Index (excluding Investment Companies), which returned +13.7%. To give some context, the year under […]

QuotedData’s morning briefing 17 April 2020

Tetragon Financial’s investor day on Wednesday 29 April 2020 has been cancelled in light of the current restrictions. However, it will host a conference call for investors on 30 April 2020 at 15:30 GMT / 10:30 EST to discuss its Q1 Factsheet and to provide a company update. Details will be circulated shortly and posted […]

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