Share Name Share Symbol Market Type Share ISIN Share Description
Utilico Emerging Markets LSE:UEM London Ordinary Share BMG931151069 ORD 10P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.75p -0.34% 217.25p 216.25p 218.25p 218.50p 218.00p 218.25p 163,939 16:35:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 21.3 18.6 8.1 27.0 461.54

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Date Time Title Posts
27/4/201714:32Utilico Emerging Markets 87.00
07/1/201510:27Interesting New Inv.Trust314.00

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DateSubject
29/4/2017
09:20
Utilico Emerging Markets Daily Update: Utilico Emerging Markets is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker UEM. The last closing price for Utilico Emerging Markets was 218p.
Utilico Emerging Markets has a 4 week average price of 212p and a 12 week average price of 196.50p.
The 1 year high share price is 222.75p while the 1 year low share price is currently 165p.
There are currently 212,448,067 shares in issue and the average daily traded volume is 117,250 shares. The market capitalisation of Utilico Emerging Markets is £461,543,425.56.
27/4/2017
14:32
kenmitch: @contact Further points on top of those from vacendak. 1. Don't buy only enough UEMS you can afford to exercise IF you think the share is going higher. Buy more and then just sell the UEMS you don't want to exercise ahead of expiry date. Or (as explained) let the ones you can't afford to exercise lapse and hope the trustee gets a better price than available ahead of expiry in the market. 2. Also if exercising but not then wanting to hold the shares, sell the share straight away at the market price next March and pocket the difference between the share price then (250p with a fair wind) and the 183p exercise price. 3.. Be clear that the current sub share price is way too low. It should be at least 34p. UEMS negatives? A bear market ahead and Emerging Markets taking a hit. Then just cut the loss on UEMS. But it is easier selling on an up day for the share. Can be difficult to sell a sub share at a decent price well inside the spread on a down day. fwiw I reckon high chance of share price gains continuing, and perhaps a bit more than 10%. Then UEMS would be worth 67p with share at 250p, but if discount continues and widens further best to assume UEMS around 60p with share at 250p, if selling in the market and not exercising.
26/4/2017
19:45
kenmitch: contact. Yes it DOES matter when you buy UEMS IF the share price rises between now and expiry next Feb. Buy UEMS now at 28p with share at 217p OR buy later when share is with luck around 250p. THEN If buying UEMS you'll have to pay around 60p. i.e UEMS will have doubled and you will not only be paying double current UEMS buy price if waiting but will also have missed the chance to SELL your UEMS for a double too! Remember you don't have to exercise UEMS. You can buy and sell UEMS at any time just as you can with shares. And you can also exercise some and sell the rest of your UEMS. And you also have the option of letting UEMS lapse. I.e don't sell them when they expire as a trustee is appointed to exercise any UEMS allowed to lapse and the proceeds are then sent to your account with no dealing costs within a week or two. There are risks leaving it to the trustee. UEMS are still fantastic value at 28p and well worth buying IF confident the share price is going to rise. One reason they are so cheap is because very few understand Warrants and sub shares and so few trade them. With the share at 217p UEMS are worth 34p so 28p is a barmy too low price.
26/4/2017
13:15
contact2fsnetcouk: Ken, You mention - If UEM can go up a boring 10-15% or so over the next year, then UEMS is likely to go up 80%- to a bit over 100%. Hence my view that it is unwise exercising except at expiry time. In my simple mind, surely providing the UEM price is rising, it does not matter when you buy the UEMS because you are paying £1.83 to exercise? thank you
07/4/2017
16:13
kenmitch: Posted this on UEMS thread earlier today, but as even fewer posts there (just 12 since August!) it might get seen by and be of interest to a couple of people here. UEM again at 218p to sell and worth 35p but can be bought for just 28.25p. The only trades so far today are one tiny sell and another 4000 or so at 25.5p. Why sell when such incredible value unless thinking the share is heading down. UEMS is likely to continue to trade at a discount, and it could even widen a bit too. But it's amazing so few investors are aware of this bargain. Target just 5% more on the share price to 230p and UEMS will be worth 48p. OK the discount could get even wider, at share 230p UEMS should be at least 40p to sell. i.e not far off 50% gain compared with 5% for the share. As long as this isn't the peak for UEM, UEMS looks a no brainer. EDIT. £1000 UEMS stake - profit around £500 for 5% share price rise any time between now and next Feb. £10000 share stake. - profit around £500 for 5% share price rise. Same profit. £9500 less staked. Share goes down 5%.... loss on UEMS ( if not selling out long before share falls that much) would be around half the stake, i.,e £500., Loss on £10000 share stake would also be £500. If wanting to hold the share long term, then just exercise UEMS at expiry for no dealing or other costs. i.e if holding, say 3500 UEMS, then exercise by using UEMS to buy 3500 UEM at 183p a share.
15/3/2017
19:14
kenmitch: mustardmark. 1. Good online brokers all allow on line trades on warrants and sub shares. And PCFS is easy to trade online and usually well inside the spread too. My PCFS buys have all been so far inside the spread that they have been recorded as sells. PCFS is more liquid than UEMS. But UEMS is ok too, albeit on a wider spread, but again often able to buy and sell UEMS too well inside the spread. 2. Good luck with your UEMS stake if/when you buy. Can't go far wrong with £500 and if the share does drop it shouldn't be difficult to sell. BUT if looking to sell it is best to do so on an up day,as the price tends to be better then. Again depends on how good the broker is, but when sometimes it is difficult to buy or sell in size, then a "fill or kill" order usually works. I've rarely had any difficulty selling warrants, and certainly not for small stakes like yours. 3. Your stake might "only" be £500 but that gives roughly the same upside as £5000 in the share over the next year. So the sub is a no brainer IF thinking the share price rise is likely to continue. 4. Most newcomers to warrants and subs think they are highly volatile, very risky and risk of sudden wipe out. Have a look at the charts for both UEMS and PCFS and see that is just not the case. At times warrant and sub prices move very little for weeks.
13/3/2017
12:47
kenmitch: badday. Yes. Very frustrating. Good reasons so few left, but won't explain why now. THE year to invest in them was 1993 when all but 2 of several hundred warrants ended the year UP, with average gain for all warrants 223%, with 70% at least doubling and only 2 ending the year down! No wonder I love/d warrants. mustardmark. What a shame you've only found out about them now. Over the years many long dated warrants in the money were low risk even though investors did (and you will probably have to too) have to sign a risk form that makes them sound very high risk before being allowed to trade them. The 2 best sub shares (sub shares are identical to warrants, except that if called a warrant it cannot go in to an ISA but if called a sub share it can!) are PCFS and UEMS. Neither are low risk simply because we are close to expiry date.. July 31st for PCFS and Feb next year for UEMS. And if a bear market soon, and if both PCFT and UEM falling and staying below their exercise prices then both could expire worthless. BUT remember we can buy and sell them at any time up to expiry date so no need to wait for that total loss. And you are not wiped out if the share price falls below the exercise price and then recovers again. And anyway £1000 staked in UEMS and the share crashes 20% fast could mean a loss of around 80% and £800. BUT if staking £5000 in the share the loss is £1000 so no more risky on that basis than the share. Right now imo PCFS has the edge over UEMS. We know higher interest rates are likely and are good for banks margins, and also the main PCFT holdings are on a very good run. Higher interest rates could be negative for UEM. And right now PCFT share price is UP to 134p to sell, making PCFS (exercise price 115p) worth 19p. Yet it can still be bought for a crazily too cheap 13.6p. it's a shame PCFS can't be exercised at any time as then there would be a great arbgitrage opportunity. In the past (e.g with 3i warrants) it was possible to arbitrage time and time again when market makers mis priced them as they are mis pricing both UEMS and PCFS right now. I hold both btw and have all I want. First bought PCFS years ago and though cutting some of the loss, held on to the rest all the way down to 1p to sell. Then started buying again at 2p and now that stake up to nearly 13p. So now well in profit again. Another plus for long dated warrants.. they can recover from huge % losses.
12/3/2017
17:12
kenmitch: Hi badday. Good to see a post from you here. I've happy memories of your posts and some excellent investment finds on Mike Walters subscription website. As you'll know (but the helpul vacendak probably won't) there was a thriving warrant thread there, and also I ran a warrant portfolio that rocketed for a while (nearly tripled at it's peak) before we had to end it because there were so few warrants and subs left. And you'll also know my strong feelings about keeping it simple. Warrant fans elsewhere are inclined to make them sound far more complex than needed! Anyway to your questions: 1. They OUGHT to go up penny for penny with the share price BUT there are now very few warrants and sub shares left, and for reasons I can't fathom the market makers are now pricing PCFS and to a lesser extent UEMS at a discount. So it is not certain that they will go up penny for penny in line with the share. e.g as explained in my earlier post, if the share gets to 240p then UEMS is worth 57p (exercise price is 183p). BUT it's likely that UEMS will not go as high as that. My guess would be about 50p to sell with share at 240p. (You/we can get the full value by exercising). Note too that though spreads are wide it is often possible to buy both UEMS and PCFS so far inside the spread that sells are recorded as buys. This is nothing new btw. Biggest sub share winner on the portfolio on Mike's site was Geiger Counter sub shares where we bought a small stake at just 0.8p when the spread was 0.75p to 1.5p!!! The price peaked nearly times 60 higher at 46p. Bet you didn't buy any! (That gain was when the share only doubled) 2. re US interest rate rises and effects on Emerging markets. Opinion on the effects of this is divided, and also it varies from Country to Country, and anyway since rises this year are expected some of this will already be priced in. Also remember that UEMS invests mostly in Utilities. A safer than average sector, if a little boring. Hence share price upside potential not that large over the next year or so, and hence why imo it is far better to buy a small stake in UEMS than any stake in UEM. If UEM can go up a boring 10-15% or so over the next year, then UEMS is likely to go up 80%- to a bit over 100%. Hence my view that it is unwise exercising except at expiry time. Finally PCFS is also well worth a look. Unlike for UEM/UEMS interest rate rises are seen as good for banks - easy to widen margins. And US bank shares are flying this year. PCFT shares is 133.5p to sell,making PCFS worth 18.5p (exercise price is 115p and expiry July 31st this year). Yet though worth 18.5p PCFS could be bought for 13.5p on Friday. Ask if wanting to know more. Now that I know you're here I'll check this thread more often. Btw I don't see why you need to time your buying, except that ideal time is an up day for share and before UEMS is up too. As you might know I've rarely exercised a warrant in nearly 30 years investing in them, including the good old days when there were several hundred of them!
15/2/2017
10:39
kenmitch: vacendak. Also a good post and very useful for any readers not familiar with sub shares, and I agree with most of it. I've invested in warrants and subs since the 1980s and they have often proved to be fabulous investments. Note too that only small sums invested give such good rewards. e.g invest £3000 in UEM and if share goes up 10% gain is £300. £500 invested in UEMS now and if share goes up 10% UEMS should go up around 80%. That gives a £100 BIGGER gain than £3000 invested in the share and with far less money risked should markets crash and take UEM way down too! re. UEMS. Don't agree re the sub being that volatile partly because the share isn't. A look at the UEMS chart should confirm that. Also the value of the sub won't be completely wiped out if the share falls until much closer to expiry date. BUT note if wanting to sell it is far easier to do so on an up day for the share. Then it is often possible to sell inside the spread too. It is also often possible to buy inside the spread too. e.g I added yesterday at 21.3p when the buy quote was 22.5p. After that buy they widened the spread again. Yes, so few subs are traded that even one buy or sell can move the price. re. converting at the end of this month? Why? You will then be holding more shares that will go up far slower. Why not continue to hold the subs if believing the share price is likely to rise? I'll convert as many of mine as I can afford to at the final opportunity next year. And if between now and then I want out of UEM/UEMS then I'll just sell the sub shares. Also. Yes. There should be no charges if/when exercising. I rarely exercise and usually just sell the sub in the market well ahead of expiry. Yes again. Subs are almost always issued for free and often on a one for five basis. It is like a disguised rights issue and if the subs are exercised it means a slightly lower NAV. BUT it also means that the Trust gets £millions when they are all exercised. Also for you and anyone else interested; I ran a warrant portfolio on Mike Walters website www.michaelwalters.com until we had to close it when there were too few warrants and subs left to invest in. It exactly doubled but did a lot better than that for a a time before lack of warrants and the odd poor call hit performance. One of those poor calls was PCFS which since that portfolio was closed has quadrupled. There are posts there right now on UEMS and PCFS and anyone interested is I think able to take out a brief free trial. I also am currently running an Investment Trust portfolio there, which we started nearly a year ago and is currently around 35% up. It did include UEMS but I sold that stake on a dip a few months ago.I make the buy/sell decisions and react to any suggestions made. A poster there does all the hard work updating it in brilliant and colourful fashion every week. It's worth visiting the site just to see how he does it! Shares there on the Investment Trust portfolio can be found on the KITE thread and posts on warrants and subs on the WARP thread.
15/2/2017
09:16
kenmitch: The subscription shares (UEMS) are now very good value AND (some probably don't realise this) sub shares can go in to ISAs. For any not familiar with sub shares and warrants,they are traded the same way as shares though you may have to sign a risk form first if never having traded them before. As with shares they can be bought and sold at any time up to expiry date of Feb 28th next year. Exercise price is 183p. So with the share at 205p to sell, UEMS are currently worth 22p. Current buy quote is 24.5p but they can be bought inside the spread at 23.25p. Yesterday they could be bought for just 21.3p. Target a 5% gain for the share price to 215p and UEMS would be worth 32p, and around 35% more than the buy price today. Target a 10% share price gain to 225p to sell and UEMS would then be worth 42p and not far off double the current price. Downside. If the share price falls then UEMS will fall faster too. e.g 190p share price would mean UEMS only worth 7p. And if the share is 183p or lower at expiry then UEMS would expire worthless. A very good tactic if currently in profit on the share would be to take just that profit and reinvest it in UEMS. Then EITHER exercise at expiry by converting UEMS in to shares at just 183p a share OR sell ahead of expiry date or let them lapse and let the trustee appointed exercise for you. That trustee route is a last resort and better one of the first two options. Not always easy to trade sub shares in size as there are so few trades. BUT a very good way of maximising profits IF the share price can keep rising. e.g to give another example. While Polar Capital Finance Investment Trust shares have risen from around 115p late last year to 135p to sell now, their sub share PCFS has risen from 4p to buy to 13p to sell.
07/7/2016
11:42
davebowler: Edison; Valuation: Discount wider than historical averages UEM’s share price discount to cum-income NAV of 11.3% is wider than the 12-month average of 10.4% (range of 3.9% to 16.3%), and wider than the averages of the last three, five and 10 years of 8.2%, 7.9% and 8.3% respectively. UEM has a history of stable or rising dividends, compounding at an annual rate of 4.24% over the last five years. UEM’s current dividend yield of 3.3% compares favourably to the peer group average of 2.9%. Current portfolio positioning The portfolio typically holds c 60-90 names. At the end of May 2016, the top 10 positions accounted for 44.3%; this was a decrease in concentration from 52.8% at the end of May 2015 (see Exhibit 1). Reflecting the long-term nature of investments, nine companies are common to both periods. The new name in the top 10 list is Transgaz, a Romanian gas transmission company in its third regulatory cycle with a regulated rate of return of 7.7% until September 2017. There is a long tail of investments in the portfolio as initial position sizes are often small, either for liquidity reasons or to allow the manager to build confidence in the management of investee companies. Formerly the largest position in the portfolio, Malaysian IT services company MyEG is now the sixth largest holding, with the manager selling down as the shares are considered to be fully valued. The position in Malaysia Airport Holdings is now the largest single exposure. The manager expects good passenger growth at both its Malaysia-based airports and its now wholly owned investment in Sabiha Gökçen International Airport in Istanbul, Turkey. The fund typically invests/disinvests c £100m per annum. In FY16 £96.1m was invested and £130.5m realised as profits were taken on a number of Chinese H-share positions in the April 2015 market rally, although China remains the largest country exposure. Looking at sector exposure, over the last 12 months the largest increases have been in electricity (3.6pp), gas (2.8pp) and airports (2.3pp), while the largest decreases have been in satellites (3.3pp), other infrastructure (2.9pp) and toll roads (2.1pp). Dividend policy and record UEM pays dividends quarterly in September, December, March and June. Despite the focus on capital growth, the board aims for a flat or growing annual dividend; this has been achieved every year since fund inception in 2005. In FY16, the dividend of 6.4p was a 4.9% increase versus the prior year. Over the last five years, dividends have grown at a compound annual rate of 4.24%. UEM is able to distribute from both income and capital when necessary, which allows a smooth progression of the dividend even though income levels may fluctuate significantly. For the 12 months to 31 March 2016, total income rose by 45.9% to £21.3m. This was a yield on gross assets of 4.8% versus 3.0% in the previous year. Most of the increase was as a result of the special dividend distributed by Asia Satellite Telecom in H116. Higher income, coupled with lower costs, led to a revenue return of £17.5m in FY16 versus £10.6m in FY15, meaning that dividend payments were more than fully covered. Peer group comparison Exhibit 9 shows a comparison of UEM with AIC Global Emerging Markets sector trusts that have market caps greater than £50m. Given its focus on specific areas of the market, UEM cannot be compared directly with the peer group; however, its emerging market exposure provides some relevance to the comparison. UEM has outperformed the peer group average over one, three, five and 10 years, ranking second over three and five years and first over 10 years. In terms of risk-adjusted returns as measured by the Sharpe ratio, UEM is in line with the peer group average over one year and higher over three years. Its discount is narrower than average and it has one of the lowest ongoing charges, although a performance fee is payable. UEM’s 3.3% dividend yield ranks it third out of the five peers that pay a dividend.
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