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Impax Asian Env Mkt (IAEM)

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Thursday 16 February, 2012

Impax Asian Env Mkt

Performance at month end

RNS Number : 5910X
Impax Asian Environmental Mkts Plc
16 February 2012
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at 31 January 2012 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

n/a

 

Undiluted NAV (pence)

94.34

 

Share price (pence)

80.63

 

Premium/ (discount) (%)

(14.53)

 

Gross gearing ratio

13%

 

Net gearing ratio

9%

 

Data


Total fund size ( m)

226.4

Market capitalisation (m)

171.8

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 %

+7.9

+8.6

+10.6

+5.2

3 months %

+2.1

+3.9

+6.7

+2.7

YTD

+7.9

+8.6

-10.6

+5.2

1 year

-25.1

-4.3

-18.6

-9.3

Since launch

-3.7

+18.5

+6.6

+10.1

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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$40m)

** Total return. Source: FactSet, WM Reuters

 

TOP TEN HOLDINGS

Company

Description

Country

Holding %

Campbell Brothers

Environmental testing

Australia

3.3

ENN Energy

Natural gas distribution

China

3.3

SFA Engineering

OLED equipment manufacturer

South Korea

3.2

Delta Electronics

Power electronics

Taiwan

3.1

Rinnai Corp

Efficient water heaters

Japan

2.9

Yingde Gases

Industrial gases

Hong Kong

2.9

China Longyuan

Renewable IPP

China

2.9

China Metal Recycling

Metal recycling

Hong Kong

2.9

China Everbright

Water and waste treatment

Hong Kong

2.8

LG Chem

Chemicals and efficient batteries

South Korea

2.8

TOTAL



30.1

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

17%

>$5bn

16%

  China & Hong Kong

39%

$1-5bn

47%

  Taiwan

10%

<$1bn

33%

South Korea

8%

Cash

3%

India

7%



Singapore

3%



Philippines

5%



Thailand

3%



Australia

Cash

5%

3%

 



 

  Sector

PE ratio**

  Renewable energy

12%

>20x

5%

 

  Energy efficiency

38%

15-20x

1%

 

  Diversified environmental

6%

<15x

88%

 

  Waste management

14%

Cash

3%

 

Pollution control

  Water infrastructure

  Cash

12%

  15%

3%

Other

Average P/E ratio

3%

11.0x

 

 

* of funds invested as of  31 January 2012

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

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (January 2012)

 

Market Review

News flow has been moderately positive in 2012, with better  than expected Chinese industrial manufacturing data, receding Asian inflationary pressures and positive economic figures in the US set against a backdrop of continued sovereign debt concerns in Europe. The industrial and technology markets performed well in January as cyclical stocks reached a trough. Environmental policy momentum in Asia remains strong.

 

Performance Summary
Asian stocks performed well due to incremental policy relaxation in China and India and positive policy momentum. Indian infrastructure stocks such as Thermax (energy efficient power generation equipment) rose due to monetary easing by the government. LG Chem (chemicals and efficient batteries, South Korea) benefited from improving chemical margins, and positive sentiment on an expected cyclical upturn in commodity prices drove strong performance from Sims Metal Management (metal recycling, Australia).

 

Underperformance was company specific. SFA Engineering (OLED equipment manufacturer, South Korea) underperformed due to delayed OLED capex plans at key customer Samsung Electronics, while Energy Development Corp (renewable IPP, Philippines) suffered from ongoing delays in the rehabilitation of its acquired Bacman geothermal plant.  ENN Energy (natural gas distribution, China) underperformed due to concerns over a potential need to raise the bid price for acquisition target China Gas.

 

Policy Update
China increased subsidies for building integrated solar PV projects, reflecting the increased 2015 solar target of 15GW. China has also published its 5th revision of the China Foreign Investment Catalogue, which will give foreign companies operating within environmental areas beneficial income tax treatment and access to a large growing market, in exchange for technology transfer.

 

In India, a government panel has recommended that a target of 26.6GW of grid-connected renewable power is set for the 12th Five Year Plan (2012-2016), more than doubling the previous five-year plan target of 12.2GW.

 

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

 

16 February 2012


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