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Impax Asian Env Mkt (IAEM)

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Wednesday 18 April, 2012

Impax Asian Env Mkt

Performance at month end

RNS Number : 6282B
Impax Asian Environmental Mkts Plc
18 April 2012
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

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

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

n/a

 

Undiluted NAV (pence)

98.24

 

Share price (pence)

83.88

 

Premium/ (discount) (%)

(14.62)

 

Gross gearing ratio

12%

 

Net gearing ratio

9%

 

Data


Total fund size ( m)

232.4

Market capitalisation (m)

177.1

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 %

-2.8

-3.1

-3.2

+0.8

3 months %

+12.3

+9.4

+12.0

+8.9

YTD

+12.3

+9.4

+12.0

+8.9

1 year

-22.3

-6.6

-19.6

-2.6

Since launch

+0.2

+19.4

+9.5

+16.9

 

 

 

* 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 %

ENN Energy

Natural gas distribution

China

3.6

Rinnai

Efficient water heaters

Japan

3.4

Delta Electronics

Power electronics

Taiwan

3.3

Epistar

LED manufacturer

Taiwan

3.3

LG Chem

Chemicals and efficient batteries

South Korea

3.2

China Everbright

Water and waste treatment

Hong Kong

3.0

SFA Engineering

OLED equipment manufacturer

South Korea

3.0

Chroma

Electronics manufacturing equipment

Taiwan

2.9

China Metal Recycling

Metal recycling

Hong Kong

2.9

China Longyuan 

Renewable IPP

China

2.8

TOTAL



31.4

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

17%

>$5bn

16%

  China & Hong Kong

39%

$1-5bn

50%

  Taiwan

11%

<$1bn

30%

South Korea

9%

Other

1%

India

8%

Cash

3%

Singapore

3%



Philippines

4%



Thailand

2%



Australia

Indonesia

Cash

 

3%

1%

3%

 







 

  Sector

PE ratio**

  Alternative energy

12%

>20x

7%

 

  Energy efficiency

38%

15-20x

19%

 

  Diversified environmental

6%

<15x

69%

 

  Waste management

14%

Cash

3%

 

Pollution control

  Water infrastructure

  Cash

11%

  16%

3%

Other

Average P/E ratio

2%

11.8x

 

 

* of funds invested as of  31 March 2012

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

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (Q1 2012)

 

Market Review

News flow and market sentiment were generally positive during Q1, with continuing monetary loosening and a stronger than expected PMI reading in China. Despite improvement of US economic figures and easing sovereign debt concerns in Europe, Asian export orientated economies, in particular South Korea and Taiwan, had rather weak export figures. Small caps and cyclical stocks performed well and environmental policy momentum in Asia remained strong, but the high oil price caused concerns over increasing inflationary pressure.


Performance Summary

Reduced concerns over a hard landing in China, Japan's adoption of an inflation targeting regime and continued recovery in the US and Europe led to an improvement in risk appetite and drove performance over the quarter. Campbell Brothers (environmental testing, Australia) continued to benefit from strong testing activity in the metals and mining sector. China Everbright (water and wastewater treatment, Hong Kong) performed well following strong results and several new project wins, and Lee & Man (paper manufacturing, Hong Kong) rose as management raised product prices in line with normalisation of demand and as margins recovered.

 

Moderation in Chinese growth, the spike in oil price which may dampen growth in oil dependent Asian economies and a challenging fiscal situation in India caused concern towards the end of the period. SFA Engineering (OLED equipment, South Korea) fell due to delays in customer capex spending on OLEDs, while Energy Development Corp (renewable IPP, Philippines) underperformed due to delays in the rehabilitation of a geothermal power plant. China Automation (industrial and rail automation, China) fell due to weaker than expected results following delays in rail projects.

 

Policy Update

Japan submitted amendments to its Energy Efficiency Act, expanding the range of products qualified under the "Top Runner" energy efficiency labelling system to building materials and plumbing products, with all new properties required to comply with these standards by 2020. Japan also eased permitting rules for geothermal plants in national parks, where the majority of the country's geothermal sources are based.

 

China has introduced a new LED-light subsidy program, offering 30% subsidies to qualifying producers. The city of Beijing is introducing stricter vehicle emissions standards, aiming at cutting NOx emissions by 25%, while also implementing the carbon trading scheme in 2013, one year ahead of the previous schedule. In the water sector, China is expecting to invest 160bn Yuan in rural water infrastructure, mainly focusing on water irrigation and construction.

 

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

 

18 April 2012


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