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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Impax Asian Sub | LSE:IAES | London | Ordinary Share | GB00B4M82P85 | SUB SHS 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMIAEM TIDMIAES
RNS Number : 3364O
Impax Asian Environmental Mkts Plc
15 September 2011
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at 31 August 2011 (unless otherwise stated) and unaudited.
DATA AND PERFORMANCE
Pricing Diluted NAV (pence) 98.89 Undiluted NAV (pence) 98.89 Share price (pence) 89.13 Premium/ (discount) (%) (9.87) Data Total fund size (NAV) ( m) 228.0 Market capitalisation (m) 191.62 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 MSCI AC Asia Pacific FTSE EO Performance IAEM Net (ex Japan) Asia Pacific FTSE EO (GBP) Asset Value* ** (ex Japan)** Japan** 1 month % -11.9 -7.7 -14.7 -10.5 3 months % -16.6 -9.1 -16.6 -4.9 YTD -26.3 -10.1 -20.6 -11.0 1 year -13.5 +6.2 -4.2 +8.1 Since launch +0.9 +15.5 +8.4 +10.3
* 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$25m)
** Total return. Source: FactSet, WM Reuters
TOP TEN HOLDINGS
Holding Company Description Country % ENN Energy Natural gas distribution China 4.1 Yingde Gases Industrial gases Hong Kong 3.8 China Longyuan Renewable IPP China 3.8 Environmental & engine Horiba testing Japan 3.8 SFA Engineering OLED equipment manufacturer South Korea 3.7 Campbell Brothers Environmental testing Australia 3.6 China Metal Recycling Metal recycling Hong Kong 3.4 Daiseki Hazardous waste management Japan 3.2 Rinnai Corp Efficiency water heaters Japan 2.8 Manila Water Water supply utility Philippines 2.6 TOTAL 34.8
PORTFOLIO ANALYSIS*
Country exposure Company size Japan 19% >$5bn 14% China & Hong Kong 39% $1-5bn 52% Taiwan 8% <$1bn 31% South Korea 7% Cash 3% India 7% Singapore 2% Philippines 6% Thailand 3% Australia 6% Cash 3% Sector PE ratio** Energy efficiency 33% >20x 2% Renewable energy 11% 15-20x 23% Diversified environmental 10% <15x 72% Waste management 15% Cash 3% Average P/E 10.3x ratio Pollution control 15% Water infrastructure 13% Cash 3% * of funds invested as of 31 August 2011 **Forward 12 months. Where analyst estimate not available historic figure used.
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (31 August 2011)
Market Review:
Following a difficult July, the equity markets saw their slide steepen sharply in August before stabilising towards the end of the period. The main reasons lying behind this performance were continued doubts about the state of European public finances and the fears of a recession in the United States, both of which may give rise to a slowdown in global growth. This has been reflected in our more defensive approach to portfolio management, with an increased exposure to business models with better earnings visibility and companies with long term contract businesses. We have continued to reduce our holdings in companies with high earnings sensitivity to economic growth, those with exposure to uncertainties in global construction markets, and those with high levels of indebtedness.
Performance:
Further clarification of the details of the Chinese 12(th) Five Year Plan provided positive sentiment in relation to offshore wind and solar. Companies announcing good results, notably China Longyuan (renewable IPP, China) and ENN Energy (natural gas distribution, China) were amongst the best performers. Daiseki (hazardous waste management, Japan) rose due to its defensive characteristics and immunity from the impact of a strong Yen.
Weak performance came from China Automation Group (industrial and rail automation) and China ITS (transportation management solution) following weak H1 results due to a slow-down in the rail sector. Falling margins as a result of weaker than expected glass pricing impacted Xinyi Glass (energy efficient glass, Hong Kong), while Boer Power (electrical distribution systems, China) fell as increased competition caused the exit of a business division and subsequent poor H1 results.
Policy Update:
China continued its support for renewables by announcing a national feed-in-tariff for solar projects, and plans to eliminate incandescent bulbs from general lighting by 2016 in order to push forward the implementation of energy efficiency lighting. China also announced spending targets of US$70m for waste water and municipal solid waste treatment during the 12th Five Year Plan, with the expectation of investment from the central government, local government and private sector.
Japan approved a bill to subsidize electricity from renewable sources, targeting 28 gigawatts of solar by 2020. Effective from 1 July 2012, the bill continues Japan's shift away from nuclear power following the Fukushima disaster.
Latest information available at: http://www.impax.co.uk/funds/listed-equity-funds/impax-asian-environmental-ma rkets-plc 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.impax.co.uk/en/investor-relations/governance-csr
15 September 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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