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Impax Asian Env Mkt (IAEM)

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Thursday 15 December, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 0424U
Impax Asian Environmental Mkts Plc
15 December 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at 30 November 2011 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

n/a

 

Undiluted NAV (pence)

89.05

 

Share price (pence)

75.88

 

Premium/ (discount) (%)

(14.79)

 

Data


Total fund size (NAV) ( m)

215.57

Market capitalisation (m)

162.01

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 %

-3.6

-5.5

-5.6

-0.9

3 months %

-10.0

-6.6

-11.7

-1.2

YTD

-33.6

-16.0

-29.8

-12.2

1 year

-30.1

-10.8

-24.4

-6.1

Since launch

-9.1

+7.8

-5.7

+6.3

 

 

* 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

4.1

 

China Metal Recycling

Metal recycling

Hong Kong

3.8

 

SFA Engineering

OLED equipment manufacturer

South Korea

3.8

 

Rinnai Corp

Efficient water heaters

Japan

3.7

 

ENN Energy

Natural gas distribution

China

3.5

 

China Longyuan

Renewable IPP

China

3.3

 

Campbell Brothers

Environmental testing

Australia

3.2

 

Horiba

Environmental and engine testing

Japan

3.1

 

Daiseki

Hazardous waste management

Japan

2.8

 

Manila Water

Water supply utility

Philippines

2.7

 

TOTAL



34.0

 





 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

19%

>$5bn

14%

  China & Hong Kong

38%

$1-5bn

47%

  Taiwan

8%

<$1bn

33%

South Korea

6%

Cash

6%

India

6%



Singapore

2%



Philippines

7%



Thailand

3%



Australia

Cash

5%

6%

 



 

  Sector

PE ratio**

  Renewable energy

12%

>20x

3%

  Energy efficiency

35%

15-20x

11%

  Diversified environmental

6%

<15x

79%

  Waste management

15%

Cash

6%

Pollution control

  Water infrastructure

  Cash

14%

  12%

6%

Other

Average P/E ratio

1%

10.2x

 

* of funds invested as of  30 November  2011

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

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (30 November 2011)

 

Market Review
Fears spread that the Eurozone debt crisis could lead to peripheral nations leaving the Euro. However, these fears were tempered by improved consumer confidence data in the US, expectations that the IMF and the ECB can construct a rescue package, good Thanksgiving's holiday retail sales in the US, and co-ordinated central bank intervention to lower USD swap rates. China inflation peaked and the Chinese government began targeted easing for SMEs and the strategic industries.

Performance Summary
Market volatility resulted in a de-rating of global stock markets in the early part of the month, followed by a strong recovery in the final week and cyclical stocks performed well. For example, SFA Engineering (OLED equipment manufacturer, South Korea) was supported by strong OLED CAPEX, and Epistar (LED manufacturer, Taiwan) rose on investor perception that Q3 represented the trough for the LED market.  China Everbright (water and wastewater treatment, Hong Kong) also performed well following the signing of several new contracts and successfully obtaining tariff increases.

A slowdown in industrial activity in China and profit taking on selected stocks that had previously performed strongly detracted from performance. For example, China Longyuan (renewable IPP, China) reported weaker than expected wind resources in Q3, whilst Xinyi Glass (energy efficient glass, Hong Kong) delayed the proposed spin-off of the company's solar glass division. 


Policy Update
Australia's upper house of parliament passed a carbon tax legislation, under which ca. 500 companies will be charged AU$23 a ton for their emissions starting in July 2012, before a so-called cap-and-trade system is introduced three years later. Australia also plans an AU$10.3bn Clean Energy Finance Corporation (CEFC) and AU$3.2 billion Australian Renewable Energy Agency to support large solar power stations, geothermal, wave power and energy efficiency projects.

South Korea will invest US$9 billion to develop a 2.5-gigawatt offshore wind farm by 2019, and India's Government is considering adding up to 20GW of new wind capacity as part of the country's 12th Five-Year Plan. China's State Council approved a plan to reduce the nation's greenhouse gas emissions in terms of carbon dioxide output per unit of gross domestic product by 17% by 2015, and the 12th Five-Year Plan for Renewable Energy Development will raise the solar target to 15GW by 2015, up from the previous 10GW.

 

 

Latest information available at: http://www.impaxam.com/listed-equity/listed-equity-investment-strategies/asia-pacific

 

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.impaxam.com/investor-relations/environmental-social-governance-issues

 

15 December 2011


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