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Impax Asian Env Mkt (IAEM)

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Friday 12 August, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 3260M
Impax Asian Environmental Mkts Plc
12 August 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at 31 July 2011 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

 

Pricing


 

Diluted NAV (pence)

110.33

 

Undiluted NAV (pence)

112.20

 

Share price (pence)

104.50

 

Premium/ (discount) (%)

(6.86)

 

Data


Total fund size (NAV) ( m)

256.43

Market capitalisation (m)

224.66

Management fee (%)

1.0

Established

23rd October 2009

Fund structure

Investment Trust

Exchange

London

Currency

GBP

ISIN Number

GB00B4M5KX38

Sedol

B4M5KX3

Bloomberg code

IAEM LN

 

 

 

 

 

 

 

 

Performance (£)

IAEM Net Asset Value*

MSCI AC Asia Pacific (ex Japan) **

FTSE EO Asia Pacific (ex Japan)**

FTSE EO  Japan**

1 month %

-5.3

-1.9

-1.7

+0.7

3 months %

-9.5

-2.4

-8.4

+5.2

YTD

-16.4

-2.5

-6.8

-0.6

1 year

-0.4

+15.4

+14.3

+16.3

Since launch

+14.5

+25.2

+27.1

+23.3

 

 

 

 

 

 

 

 

* Performance data is for undiluted NAV ex income (unaudited)

The Company is geared via a bank facility (amount drawn down since initial drawdown on 6 May 2011: US$25m)

** Total return. Source: FactSet, WM Reuters

 

TOP TEN HOLDINGS

 

Company

Description

Country

Holding %

Yingde Gases

Industrial gases

Hong Kong

4.7

 

ENN Energy

Natural gas distribution

China

4.1

 

Horiba

Environmental & engine testing

Japan

3.5

 

Campbell Brothers

Environmental testing

Australia

3.2

 

China Longyuan

Renewable IPP

China

3.2

 

SFA Engineering

OLED equipment manufacturer

South Korea

2.9

 

China Metal Recycling

Metal recycling

Hong Kong

2.7

 

NVC Lighting

Buildings energy efficiency

China

    2.6

 

Delta Electronics

Power electronics

Taiwan

2.5

 

LG Chem

Chemicals and efficient batteries

South Korea

2.5

 

TOTAL



31.9

 

 

PORTFOLIO ANALYSIS*

 

Country exposure

Company size

  Japan

18%

>$10bn

5%

  China & Hong Kong

39%

$2bn-$10bn

35%

  Taiwan

8%

<$2bn

57%

South Korea

8%

Cash

2%

India

8%



Singapore

2%



Philippines

6%



Thailand

3%



Australia

Cash

6%

2%

 



 

  Sector

PE ratio**

  Energy efficiency

35%

>20x

0%

  Renewable energy

10%

15-20x

30%

     Diversified environmental

11%

<15x

68%

  Waste management

13%

Cash

Average P/E ratio

2%

12x

   Pollution control

  Water infrastructure

  Cash

15%

 14%

2%

 

 

 

 

 

* of funds invested as of 31 July 2011

**Forward 12 months. Where analyst estimate not available historic figure used.

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (31 July 2011)

 

Market Review:

Global equities rallied towards the end of June, but started to see weakness towards the end of July. The second quarter earnings season began with mixed results, and this, together with US debt ceiling discussions and sovereign debt risk in Europe resulted in risk reduction by investors, and markets overall fell over the month. Some environmental markets sectors struggled to pass on raw material costs and saw earnings downgrades. Moderating inflation and a loosening of fiscal policy in Asia would be the key catalyst for improved market performance.

 

Performance:

Strong performance came from ASEAN water utilities with defensive earnings characteristics, such as Manila Water (Philippines). Companies in the pollution control sub-sector performed well, as did Japanese equities, which rallied on the recovery from earlier earthquake related weakness.  Companies with positive news-flow out-performed, including Yingde Gases (industrial gases, Hong Kong), which received bullish sell-side research regarding positive H1 results expectations and new contracts. SFA Engineering (OLED equipment manufacturer, South Korea) was a further notable strong performer, due to the company's client's strong results and a commitment from Samsung (a buyer of SFA Engineering's products), to grow AMOLED manufacturing.

 

Weak performance came from Chinese stocks China ITS (transportation management solution) and Hollysys Automation Technologies (industrial and rail automation) which were hurt by sentiment stemming from the high speed rail accident, and LED related companies, such as Seoul Semiconductor (South Korea) due to poor demand for LED TVs. Weakness also persisted in the wind sector, due to continuing equipment oversupply and grid constraints.

 

Policy Update:

The Japanese Prime Minister encouraged the country to gradually eliminate reliance on nuclear, and China announced plans for 30GW of offshore wind farms by 2020. The high speed rail crash in China led to a review of safety in Chinese rail. Water remains a key focus in Chinese policy with the government planning a special fund to support municipal water treatment.

 

Australia's government put together an AU$3 billion ($3.2 billion) package as part of a carbon price scheme to promote clean energy and pay for closure of brown coal-fired power stations.

 

 

Latest information available at: http://www.impax.co.uk/funds/listed-equity-funds/impax-asian-environmental-markets-plc

Impax Asset Management is supportive of the UK Stewardship Code. Our full Stewardship Code statement, ESG and Proxy Voting policies and the quarterly summaries of our proxy voting activities can be viewed on:

http://www.impax.co.uk/en/investor-relations/governance-csr

12 August 2011


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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