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Impax Asian Env Mkt (IAEM)

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Monday 18 June, 2012

Impax Asian Env Mkt

Performance at month end

RNS Number : 5968F
Impax Asian Environmental Mkts Plc
18 June 2012
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

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

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

n/a

 

Undiluted NAV (pence)

88.07

 

Share price (pence)

75.63

 

Premium/ (discount) (%)

(14.13)

 

Gross gearing ratio

14%

 

Net gearing ratio

14%

 

Data


Total fund size ( m)

209.7

Market capitalisation (m)

157.8

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 %

-5.5

-5.5

-2.6

-4.2

3 months %

-12.9

-9.4

-9.3

-6.9

YTD

+0.7

+2.3

+4.9

+0.5

1 year

-25.7

-12.1

-21.0

-6.9

Since launch

-10.1

+11.6

+2.6

+7.9

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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

4.1

Delta Electronics

Power electronics

Taiwan

3.6

Rinnai

Efficient water heaters

Japan

3.5

SFA Engineering

OLED equipment manufacturer

South Korea

3.3

China Everbright

Water and waste treatment

Hong Kong

3.3

Xinyi Glass

Energy efficient glass

Hong Kong

3.3

Epistar

LED manufacturer

Taiwan

3.2

Chroma

Electronics manufacturing equipment

Taiwan

3.0

Manila Water

Water supply utility

Philippines

2.8

LG Chem

Chemicals and efficient batteries

South Korea

2.8

TOTAL



32.9

 

PORTFOLIO ANALYSIS1

Country exposure

Company size

  Japan

18%

>$5bn

15%

  China & Hong Kong

41%

$1-5bn

48%

  Taiwan

12%

<$1bn

36%

South Korea

9%

Other2

1%

India

7%



Singapore

3%



Philippines

4%



Thailand

3%



Australia

Indonesia

2%

1%



 

  Sector

PE ratio3

  Alternative energy

12%

>20x

4%

 

  Energy efficiency

39%

15-20x

8%

 

  Diversified environmental

7%

<15x

86%

 

  Waste management

13%

Other3

2%

 

Pollution control

  Water infrastructure

 

12%

  17%

 

Average P/E ratio

10.6x

 

 

1 of funds invested as of  31 May 2012

2 unavailable

3 Forward 12 months.

4 unprofitable or unavailable

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (May 2012)

 

In May, the MSCI AC World Index experienced the 10th worst month on record (since 1988) as investors focused on the impact of Greece possibly leaving the Euro, the approaching "fiscal cliff" in the US, and weaker economic data from China.

 

Performance Summary

The continuation of strong environmental policies in China, combined with the moderation of Asian inflation and incremental policy relaxation, drove performance. ENN Energy (natural gas distribution, China) performed well as management did not raise the bid price for China Gas, which was taken as a positive. Sound Global (water and wastewater treatment, China) rose on expectations that the company will repay its CB and avoid a large dilution to shareholders, while Perusahaan Gas Negara (pollution control, Indonesia) was able to pass on higher gas prices.

 

Concerns over a potential Greek Eurozone exit, weak Asian export and industrial production numbers, and US imposed

anti-dumping duties on China made solar cells, all detracted from performance. NVC Lighting (buildings energy efficiency, China) underperformed following a change in the senior management team, while China Longyuan (renewable IPP, China) fell on concerns over dilution from a new equity issuance. Weak commodity prices impacted the performance of Sims Metal Management (metals recycling, Australia).

 

Positioning and Outlook

We expect to see a bottoming out of economic fundamentals during Q2, as moderating inflation allows more room for policy relaxation. Credit environment for infrastructure and SME sectors should improve during H2. Utilisation of LED equipment should continue to rise into peak season for consumer electronics during Q3, whilst industry consolidation in solar equipment should gain momentum. However, we remain cautious due to potential contagion from the uncertain external economic backdrop, namely in Europe.

 

Our quarterly environmental subsector outlook shows fundamentals improving across most subsectors. Pollution control and construction-related sub-sectors are more positive on improving credit conditions while subsectors such as LEDs have recovered as the supply demand balance has become more favourable for equipment and product producers. The oversupply situation for renewables equipment remains acute, although we started to see some signs of industry consolidation.

 

Asian environmental policy momentum remains strong and government policies continue to be supportive for environmental sectors. China announced new subsidies for recycling of e-waste to be implemented on 1 July and the State Council announced new energy efficient appliance subsidies, while the Ministries of Finance and Housing unveiled a target for 30% of all new construction to be energy efficient by 2020. Japan unveiled four scenarios for its future energy mix target, including a scenario of renewables representing up to 35% by 2030. India set a target to double its renewables installation in its next 5 year plan to 2017, taking total renewables installations to 53GW. South Korea passed a bill to implement a cap and trade carbon scheme by 2015.

 

We are currently maintaining a welldiversified portfolio by subsector, reflecting a balance of defensive companies with visibility on earnings and high quality cyclical holdings. Energy efficiency remains a key subsector bias. Portfolio valuation remains compelling with portfolio PE of 11x based on NTM with 18% EPS growth. This represents a discount to global markets on a PEG ratio basis. The fund is positioned to perform well as the global economy continues to recover and longer term environmental themes play out.

 

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 June 2012


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