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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| JPMorg EM Sub | LSE:JMGS | London | Ordinary Share | GB00B3V4X029 | SUB SHS 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 12.00 | GBX |
JPMorg EM Sub (JMGS) Share Charts1 Year JPMorg EM Sub Chart |
|
1 Month JPMorg EM Sub Chart |
Intraday JPMorg EM Sub Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 13/5/2014 | 13:09 | JP Morgan Emerging Markets - subshare | 23 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
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Posted at 13/5/2014 11:44 by tiredoldbroker Just to clarify for anyone looking:These are not "sub shares" if you take that to mean a fraction of an ordinary share. They are subscription shares, like warrants. They carry the right to buy an ordinary share at 543p (so your outlay would be 543p + the price of the sub share), until 31 July 2014. So they are a highly geared, short-term play. The current price of an ordinary share(JMG) is 554p but the NAV is more like 609p. So your 20p buy price on JMGS plus 543p subscription gives you 563p... a small premium to the ordinaries, but a discount to NAV. I wouldn't really trade this unless you had cash to spare and were happy to take up the ordinaries and hold longer term in the event of a correction in the market between now and 31 July. In case you don't understand the arithmetic, you only have until 31 July this year, then the JMGS units are worthless; and you could easily lose your entire investment if the market goes the wrong way or the discount widens. |
Posted at 28/1/2014 15:03 by andrbea isn't strike price 543 + subshare at 13.5 = 556p to beatparent share at 504, so parent share has to regain 556 before you can exercise and be in the money seems a long shot still. so harder to understand that jmgs is up 42% today |
Posted at 01/2/2012 16:27 by andrbea looking at subshare jmgs it looks attractive just nowsubshares cost 93.5p you can exercise it (or choose not to) every July up till July 2014 the exercise price in 2014 is 543p the underlying parent share is 560p currently (was 500p in Dec 2011) so when the parent reaches a certain level the subshare is in the money ie 543 + 93 = 627p |
Posted at 06/4/2010 14:21 by tarvold The mid price is screwed up, it should be around the 117p mark. |
Posted at 13/3/2010 20:57 by p1966 Thankyou to everyone for your comments.I have just had a look at JIIS for January 2010 and, I do see, that was quite a wobble. Of course, that was with a 20p increase in the exercise price, where the underlying subsription share price was approx 150p. With JMGS subscription shares, the uplift will be 40p, on a subshare price that is around 100p. So, potentially a much greater impact - be interesting to see what happens. Looking ahead, I suppose the subshare 543p exercise price for 2014 would require a 20% uplift in the current JMG ordinary share price to maintain the current value of around 100p in the subshares. We have had a great bounce this year, which I don't imagine could be repeated. But 20% over 4 years shouldn't be too stretching, and maybe we could hope for a little more. Phil |
Posted at 10/3/2010 08:32 by tarvold P1966Yes the subs do act in a curious manner. However don't forget that the exercise price increases by 40p in August. Based upon what happened with JII/JIIS this change will be factored in before the exercise price change date over a period of time. Keep an eye on the price difference but also the NAV discount for JMG. |
Posted at 09/3/2010 21:17 by p1966 Any views?The sub shares (JMGS) closed today at (mid price) 93p. Add the July 2010 excercise price of 422 pence, and you get 515p. This contrasts to a share price (JMG) (mid price) of 518.5p. I would normally expect a warrant / sub share to trade at a premium, on the basis that you have got the gearing and a life of a couple of years (albeit with stepped exercise prices in the case of sub shares). However, if I have understood correctly, the sub shares are currently trading at a discount? This has been the case for at least a week or so. If I had £1m in my pocket, I would suggest this was an opportunity for arbitrage - buying the subs, exercising, and then selling the shares - and pocketing the (small - hence the need for £1m) difference. Only problems 1) I don't have £1m, and 2) the normal market size of the subs is very, very small, and I don't think there is a lot of liquidity - despite the fairly hefty market cap. of the ordinary shares. Long story short - I currently plan to be in the subs for the longer term (so am not trying to ramp), but surely this suggests they are underpriced? |
Posted at 07/1/2010 22:23 by kimboy2 Yes the graph looks very nice doesn't it. I have put a fair bit in the sub shares and am quite optimistic barring further upset. A pretty good risk/reward IMV.The actual investments seem well dispersed though I haven't looked at the individual investments. The track record seems OK. The main attraction to me was a geared investment in a good emerging market IT. I quite liked the comment by the manager in the AR; The typical evolution of a market recovery divides into several phases and we do not expect this one to be different. First, fear slowly abates and valuation rises towards previous norms. Second, valuations do not stop but go on to look expensive. Third, corporate profits come out ahead of expectations and valuations in fact turn out to be normal after all. Fourth, valuations rise again and the market really does become over-valued. Fifth, company profits begin to undershoot expectations but nobody cares, such is the momentum in share prices and the fear of being left behind. Sixth, reality strikes and it is all over. The markets we invest in are not all identically placed, but most of them are in the second phase and some are moving into the third; the first phase of the normalisation of valuations has been largely completed in the space of a few months. |
Posted at 06/1/2010 22:28 by p1966 Thankyou, that is an interesting post, andrbea, and a very good summary.I have a holding in JMGS, and am particularly attracted by the combination of high gearing and low premium on the current 422p exercise price - and even the premium of the 460p / July 2012 does not seem demanding...... .....so long as the underlying JMG continues to rise. It is a largish fund, with a long track record, but I suppose much depends on how Emerging Markets will perform, generally, over the next 12 months. I would be interested if there are any views out there. |
Posted at 17/11/2009 15:44 by andrbea an old post, as background:You'll see that the 2010 exercise price for JMGS is indeed just 422p - so the shares are in the money already. And with the share price at 470p when I last looked and the sub share just 56p then the warrant is trading with very little (just 8p) extra to pay for time value. So YES this sub share is astonishingly cheap, but so are several others including ADDS,UEMW and UEMX. JIIS, NIIW and JAIS. Others in the posts above and a few more not in those posts are also technically very cheap. The key question is whether markets are now at a peak for many months. If so the fact that these warrants and sub shares are stonkingly cheap is not much good if the share prices all go down, though their cheapness might limit the warrant price falls if that happens. What you CAN be absolutely certain of is that if the shares listed in the posts above can keep rising then the warrants are going to go up fast and much faster than the shares. Best for upside imo of the IT warrants/sub shares is JMGS because of the 8 times gearing. So I haven't made that up - another 10% on the JMG share price should see the sub share double. IF JMG shares disappoint between now and the 422p exercise price July 2010 date, then there are further exercise dates at 460p until July 2012, and this one too is just about in the money already, and then a final one at 543p up to July 2014 |
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