Performance at month end (5968F)
18 Junho 2012 - 10:14AM
UK Regulatory
TIDMIAEM TIDMIAES
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 23(rd) October
2009
Fund structure Investment
Trust
Exchange London
Currency GBP
ISIN Number GB00B4M5KX38
Sedol B4M5KX3
Bloomberg code IAEM LN
Performance IAEM Net MSCI AC FTSE EO FTSE EO
(GBP) Asset Value(*) Asia Pacific Asia Pacific Japan(**)
(ex Japan)(**) (ex 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
Electronics manufacturing
Chroma equipment Taiwan 3.0
Manila Water Water supply utility Philippines 2.8
Chemicals and efficient
LG Chem batteries South Korea 2.8
TOTAL 32.9
PORTFOLIO ANALYSIS(1)
Country exposure Company size
Japan 18% >$5bn 15%
China & Hong
Kong 41% $1-5bn 48%
Taiwan 12% <$1bn 36%
South Korea 9% Other(2) 1%
India 7%
Singapore 3%
Philippines 4%
Thailand 3%
Australia 2%
Indonesia 1%
Sector PE ratio(3)
Alternative energy 12% >20x 4%
Energy efficiency 39% 15-20x 8%
Diversified environmental 7% <15x 86%
Waste management 13% Other(3) 2%
Average P/E
Pollution control 12% ratio 10.6x
Water infrastructure 17%
(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 well--diversified 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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