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  6. Jpmorgan Emerging Europe Middle East & Africa Securities Plc (JEMA)

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JEMA

Jpmorgan Emerging Europe Middle East & Africa Securities Plc

110.60
0.10 (0.09%)
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Share Name Share Symbol Market Type Share ISIN Share Description
Jpmorgan Emerging Europe Middle East & Africa Securities Plc LSE:JEMA London Ordinary Share GB0032164732 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
Upgrade Icon
  0.10 0.09% 110.60 129,195 16:35:25
Bid Price Offer Price High Price Low Price Open Price
108.60 112.60
Last Trade Time Trade Type Trade Size Trade Price Currency
16:08:54 O 50,000 110.00 GBX

Jpmorgan Emerging Europe... (JEMA) Latest News (1)

Jpmorgan Emerging Europe... News

Date Time Source Headline
02/6/202311:06UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)
01/6/202311:26UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)
31/5/202312:44UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)
30/5/202311:49UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)
26/5/202311:21UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)
25/5/202312:02UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)
24/5/202311:50UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)
23/5/202310:56UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)
22/5/202310:59UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)
19/5/202311:16UKREGJPMorgan Emerging EMEA Securities Net Asset Value(s)

Jpmorgan Emerging Europe... (JEMA) Discussions and Chat

Jpmorgan Emerging Europe... Forums and Chat

Date Time Title Posts
02/6/202321:01JPMorgan Emerging Europe, Middle East & Africa Securities 846

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Jpmorgan Emerging Europe... (JEMA) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:08:55110.0050,00055,000.00O
15:08:41109.7850,00054,890.00O
14:21:26110.11378416.22O
14:12:24111.72659736.23O
14:04:47110.111,4631,610.91O

Jpmorgan Emerging Europe... (JEMA) Top Chat Posts

Top Posts
Posted at 30/5/2023 10:52 by loganair
Gazprom JEMAs 2nd largest Russian holding - Gazprom traded at 165.28 this Tuesday May 30th, increasing 1.68 or 1.03 percent since the previous trading session. Looking back, over the last four weeks, Gazprom gained 7.13 percent. Over the last 12 months, its price fell by 45.05 percent.

Sberbank JEMAs 3rd largest Russian holding - Sberbank traded at 249.31 this Tuesday May 30th, decreasing 1.87 or 0.74 percent since the previous trading session. Looking back, over the last four weeks, Sberbank lost 2.76 percent. Over the last 12 months, its price rose by 110.74 percent.

Novatek JEMAs 4th largest Russian holding - Novatek traded at 1,301.60 this Tuesday May 30th, decreasing 5.80 or 0.44 percent since the previous trading session. Looking back, over the last four weeks, Novatek lost 2.49 percent. Over the last 12 months, its price rose by 43.03 percent.

Rosneft JEMAs 5th largest Russian holding - Rosneft traded at 436.20 this Tuesday May 30th, decreasing 4.25 or 0.96 percent since the previous trading session. Looking back, over the last four weeks, Rosneft lost 11.85 percent. Over the last 12 months, its price rose by 13.27 percent.
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Posted at 06/5/2023 08:30 by loganair
Two months ago I e-mailed the trusts secretary asking why there is a difference between what JEMA say they hold in their 'S' account and what I calculate the dividends to be. I gave them several company examples of my calculations of dividends paid.....


I am a share holder of JEMA and have been keeping a close eye of dividends paid.

I make it a total of circa 52p per share made up of 30.5p from Gazprom and 21.5p from the other stocks.

On the JEMA web page under questions and answers the latest is £7.2m (15.9p per share) currently held in JEMA's frozen 'S' account.

As can be seen there is quite a big difference.

Therefore I would appreciate JP Morgan sending me a complete detailed break down by company and dividend paid per JEMA share for each of the Russian stocks that have paid a dividend.

An example of how I have been calculating dividends paid or have I been calculating incorrectly:....

...Then I put down several examples...



This is the reply I've just received...

"An up-to-date S Account balance, together with further details will be included in the Company’s half year report and financial statements, which are expected to be released in mid-June 2023. The reasons for any differences identified in your estimates will be apparent from the information provided then."
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Posted at 14/3/2023 11:41 by loganair
If Xi is able to pull off a peace deal, very very quickly JEMA share price will double, treble from where it is today.

I wouldn't be at all surprised to see the share price double in a single day on the announcement of any peace deal brokered by Xi.
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Posted at 08/3/2023 09:21 by loganair
(My initial post about JEMA's new top 9 holdings - loganair 7 Mar '23 - 09:07 - 431 of 446 A very quick overview of JEMA's new holdings in order of percentage holding:)


A little more indepth about JEMA and their other ex-Russian holdings.....


JEMA invests in high quality businesses that compound earnings over the long term. This include companies with the potential to grow due to their positions as national or global market leaders.

This is what JEMA is officially saying - Russia - 8.2% portfolio weight - when it reality we know it is more like circa 90% if one takes Russian holdings at their full MOEX valuation.

I also notice JEMA are giving many of their positions ex-Russia.

The portfolio ex-Russia has a dividend yield of 4.2%, holding 85 companies.

JEMA say they are 11.4% underweight when it comes to Banks and a further 11.6% underweight when it comes to financial. Personally I think JEMA are way too overweight in their positions in banks and financials as I wouldn't touch either of these with a bargepole at the moment.

Even after everything, JEMA valuing it's Russian holdings at no more than 1% of their MOEX valuation, Lukoil is still JEMA's 10th largest holding.

I see that JEMA have also bought into National Bank of Kuwait and Kuwait Finance House + Capitec Bank which is the second largest retail bank in South Africa.

Dino (supermarkets), Kety (Industrials) InPost (logistics services) and STS Holdings (Betting)in Poland.

Richter Pharma (Hungary, Pharmaceutical), First Quantum (Zambia, Industrials)
Saudi Agri-Nutrients (Saudi Arabia, Industrials), Motor Oil Hellas (Greece, Energy) and Safaricom (Kenya, Telecommunications).

Clicks (Pharmaceutical)and MTN (Telecommunications) in South Africa.


Percentage of holdings - South Africa 26.3%...Saudi Arabia 25.6%...UAE 11.8%...Cash 11.6%...Russia 8.2%???...Qatar 6.5%...Greece 4.6%...Poland 3.0%...Romania 0.8%...Others 1.6%.
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Posted at 07/3/2023 09:07 by loganair
A very quick overview of JEMA's new holdings in order of percentage holding:


Al Rajhi Bank is a major investor in Saudi Arabia's business. Dividend yield is only 1.65%. Share price in 2019 was 30 SAR while currently at 76 SAR.

Naspers Limited is a South African multinational internet, technology and multimedia holding company headquartered in Cape. Dividend yield is 0.2%, share price in 2019 circa 350,000 ZAC while currently 330,000 ZAC.

Saudi Basic Industries is a Saudi chemical manufacturing company. 70% of SABIC's shares are owned by Saudi Aramco. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals. Dividend yield is 4.6%, share price in 2019 circa 130 SAR while currently at 92 SAR.

Qatar National Bank - biggest company in Qatar, the bank's ownership is evenly divided between the Qatar Investment Authority and members of the public. Dividend yield 3.7%, makes it in the bottom 25% of dividend payers in Qatar, share price in 2019 circa 20 QAR while currently 16.40 QAR.

Saudi Arabian Oil (Saudi Aramco). Dividend yield is 4.0%, share price when IPO was circa 33 SAR while currently 32.25 SAR.

Industries Qataris a Qatari conglomerate with subsidiaries and investments in the petrochemicals, fertilisers and steel industries. IQ is a 51-percent subsidiary of QatarEnergy. Dividend yield is 7.8%, Current share price is 14.3 QAR.

Firstrand is the holding company of FirstRand Bank, and is a financial services provider in South Africa. Dividend yield is 5.5%, share price in 2019 was 7 ZAC while currently 6.8 ZAC.

The Saudi National Bank is the largest commercial bank in Saudi Arabia. Dividend yield is 3.65%, share price in 2019 was circa 50 SAR while currently 48 SAR.

Standard Bank Group is a major South African bank and financial services group. It is Africa's biggest lender by assets. Dividend yield is 5.5%, share price in 2019 was 18 ZAC while currently 18.5 ZAC.


Many companies in Saudi and Qatar are circa 50% owned by the government, like many of JEMAs Russian holdings.

When a company is IPO in Qatar, often done so at only 10% of the true value of the company so a couple of years later when the share price rises to more like its true value the Qatari private retail investor makes a lot of money and they are able to go round saying what good investors they are.
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Posted at 07/3/2023 08:26 by loganair
Interesting, JEMA has spent most of its cash raised from the sale of its 4 Kazak stocks on Saudi and South African Banks plus one in Qatar and oil/gas & petrochemical industries - I don't know what to make of this?

Also interesting bought just before the annual AGM, top 10 holdings make JEMA look like have nothing more really to do with Russia. No wonder why JEMA only value their Russian holdings at less than 1% of their current MOEX valuation.

If JEMA's Russian holdings were being valued at anywhere near their current MOEX share price then all of JEMA's newly acquired current top 10 holdings combined would represent less than 10% of JEMA's overall valuation.
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Posted at 25/2/2023 08:55 by loganair
Popit

1. JEMA has converted circa 50% of their companies ADRs/GDRs into common stock.

2. JEMA actually have a custodian 'S' account and not a 'C' account, this is what JEMA reported themselves.

JEMA may have both 'S' and 'C' accounts and hold dividend money in both?

3. While Gazprom remains as ADRs, no Gazprom dividend is paid to JEMA, this dividend is held back until shares converted, maybe the reason to keep as ADR so looks like holding less cash in this account.

4. The cash JEMA hold from dividends has been reported the same for 5 months, doesn't seem correct to me. Even if one discounts Gazprom dividend other dividends paid come to circa £11mln, maybe some of this money is being held somewhere else?

5. It seems reasonable to me that JEMA shareholders will need to wait at least another year or even longer before receiving dividends.

6. Russia have said they want to destroy Ukraine's military capability and to some how take the Bandera culture out of the Ukrainians.

7. I think JEMA is still an excellent investment as most of the companies they are invested in are still highly profitable with high Free Cash Flow. Also a good diversification as invested outside of the Western block of countries.
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Posted at 24/2/2023 23:48 by popit
loganair

Do you have any ideas about these issues?

Do you know why JEMA are taking so long with the conversion of their Gazprom ADRs and other ADRs? It seems to be taking a very long time. Why are they not regularly updating shareholders every month about the process?

Many other institutions and retail investors have already successfully converted their Gazprom ADRs. I would have thought that JPM would have been first in the queue to get their ADRs converted. But they seem to be near the end of the queue. Do you have any idea what exactly is the problem and what exactly is causing the delay?

And the company recently told us what they had in the C Account but it was only a small fraction of what they should have received in dividends. Are you keeping a track of what dividends JEMA should have received in the C Account? And will JEMA eventually receive all of these back dated dividends that they have not received yet?

And how long do you think JEMA shareholders are going to have to wait before they receive a dividend?

And how do you think the conflict will end? Russia victory? Full war between Russia and NATO? Negotiated peace? And when do you think the conflict will end?

And do you still think that JEMA is a good investment? Where would you expect the share price to be in 1 year? and in 5 years? and in 10 years?

Thanks
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Posted at 21/1/2023 13:45 by loganair
Note - While Gazprom remains an ADR for JEMA, dividends will continue to be withheld by Gazprom and not paid into JEMAs custodian 'S' account.

Once the ADRs have been transferred into ordinary common stock, all Gazprom dividends owing to JEMA will be paid to JEMA.

This will mean by the end of February circa 25p per JEMA share will be paid dividends held in their custodian 'S' account while circa 30p per share from Gazprom will still be held by Gazprom if JEMA still hold these shares as ADRs - none of which JEMA puts in towards their NAV calculations.


Second side note - Lukoil is by far JEMAs biggest holding, some 40% more than their Gazprom holding with Novatek not far behind in third place.
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Posted at 06/12/2022 15:18 by loganair
I Disagree as many posters are very much interested in the Dividends JEMA Russian stocks are still paying, that are steadily building up in JEMA's frozen 'S' account, and what's it worth per JEMA share, as there is a high likelihood at some time in the future this money will be paid out as a dividend in one large sum to JEMA shareholders.

Also Detsky Mir is being taken private and Yandex may be split into Russian and Friendly to Russia while "Unfriendly" to Russia keeping its listing on the Dutch exchange and therefore JEMA will be able to trade in the Yandex they currently hold if this was to come about.

Knowing what is happening with JEMA Russian stocks is an important factor for another poster when it comes to any investment decision they may make when it comes to JEMA.

I also disagree with your term "effectively dormant" as these companies are not inactive, they are still very much active functioning and highly profitable, still paying dividends which are still being paid out to JEMA, just that at the moment JEMA is unable to use any of this money.
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