Utilico Emerging Markets Share Discussion Threads

[energiser01] 24/6/2010 15:20

NAV nearly upto 169p, good increase over last 7 days, obviously helped by buybacks to some extent.

dyor etc..

[davebowler] 23/6/2010 16:52

Yes, Ocean is undervalued but nevertheless I sold mine recently and bought this as a proxy.

[energiser01] 23/6/2010 12:18

Looks like UEM continueing to buy back shares, warrants and prefs whilst depressed compared to NAV. Thats two buy backs in the last week, haven't worked through any figures, but all helps med/longer term...

Oceans wilson consolidating and moving to 100% ownership of Brasco

Created in 1999, Brasco is an integrated port and logistics service provider to the Oil & Gas industry in Brazil. The company has support bases in the cities of Niterói, Rio de Janeiro, and Guaxindiba (Rio de Janeiro); São Luis (Maranhão); and Vitória (Espírito Santo).

Given BP's issues in the gulf, this is likely to speed up the inevitable push of oil companies and supporting infrastructure into Brazil.

dyor etc..

[energiser01] 22/6/2010 08:45

ICT the 3rd largest holding appears to be breaking out to the upside.

New highs for this year.
dyor etc...

[davebowler] 10/6/2010 09:29

Arbuthnot;
9 Jun 2010

UTILICO EMERGING MKTS.* [Buy]
UEM.L / 132.0p / £268.3m


Utilico Emerging Markets (UEM) - announces results for the full year to 31 March 2010, demonstrates its defensive characteristics

UEM's financial year has coincided with an unprecedented recovery in global markets, principally led by highly cyclical sectors; financials, mining and industrials, but also by a recovery in those over-leveraged high beta stocks, that bore the brunt of the sell-off over 2007 - 2008. With strong GDP growth, current account surpluses and consumers unencumbered by debt it was little surprise that emerging markets were at the forefront of this rally, with the MSCI Emerging Markets (£) Index up 66.9% compared to the MSCI AC World (£) Index, which was up 43.8% over the same period. In relative terms, the utilities sector remained largely out of favour during this period, with the Bloomberg World Utilities Index up a modest 23.4%, versus the Bloomberg World (£) Index, which was up 49.0%, over the same period. Similarly, this bias was also evident in emerging markets, with the MSCI Emerging Markets Utilities (£) Index fairing much better, up 45.9%, but still trailing the broader MSCI Emerging Markets (£) Index, which was up 66.9%.

However, since the fund's year end it has obviously been a very different story and global markets have seen a sharp sell-off as excessive market optimism has come to an abrupt end. With growing concerns over the degenerating fundamentals, quantitative easing coming to an end and the realisation that developed economy governments will be required to raise money on an unprecedented scale to fund their unsustainable deficits, as at the close of business 08 June 2010, the MSCI AC World (£) Index had declined by almost 8% since 31 March 2010.

Over the reporting year UEM's fully diluted NAV increased by 39.3% to 148.37p. While the fund underperformed both the broader emerging market index as well as the Bloomberg Emerging Markets Utilities (£) Index, this can be explained by the fund's specific remit, investing not only in utilities but also in infrastructure and other related sectors, as well as the inherent defensive characteristics of the businesses within the portfolio. Since the period end in stark contrast to broader markets, the NAV has actually increased to 149.73p (estimated as at the close of business on 8 June 2010) against declines of 6.9% in the MSCI Emerging Markets (£) Index, 8.5% in the Bloomberg World Utilities (£) Index and 5.3% in the MSCI Emerging Markets Utilities (£) Index, demonstrating its attractive defensive qualities. With the shares currently trading on wider than 11% discount and offering both an attractive and sustainable dividend yield of 3.5% (currently), underpinned by a defensive asset class, we recommend adding to this holding during these uncertain times.

[energiser01] 20/5/2010 16:49

NAV up to 167.3 inc inc. Shares ought to be good for £1.45 by mid june at this rate, which equates to about 45p for the warrants or another 20 to 25% from todays 36p ish.

dyor etc...

[davebowler] 19/5/2010 09:59

April was a strong month for UEM with the NAV (cum-income undiluted) increasing
by 4.8% to 164.96p. This compares favourably to the MSCI Emerging Markets
Index (GBP adjusted) which gained just 0.1%. As in March, investment
performance was the main driver the gains rather than currency movements. The
ports sector was particularly strong.

[energiser01] 18/5/2010 13:55

Monthly update from UEM

Of the top ten stocks in UEM, the strongest rises were seen in International
Container Terminals and Xinao Gas which increased 22.6% and 20.2%
respectively. Both were supported by positive management comments on their
outlook for the year as well as delivering strong recent results.
Overall, we are seeing much improved operational data on the back of increasing
economic activity, with port volumes, toll road traffic and airport passenger growth all showing signs of significant increases in the first quarter of 2010 compared to a year ago.

Full monthly sheet at :-



Discount to NAV still increasing, so the shares should continue to make solid progress and even more so the warrants.
dyor etc...

[energiser01] 17/5/2010 13:30

2nd largest holding in uem - ocean wilsons - interim mgmt statement.

Nav up from £12.60 to £14.29 between Nov and May equiv to 13%.

However this is now 53% above the shareprice, so could be an attractive break up target with shares currently trading around £9.35 (mid).

Also got agreement to proceed with port expansion in Brazil.

Portfolio would make a good addition to some fund mgmt company.

dyor etc....

[davebowler] 10/5/2010 14:50

Its shown real resilience to the market drop and you can still buy at a c.10% discount to asset value.

[energiser01] 10/5/2010 12:06

Rerating in progress.

Significant increase in traffic (Passengers, Cargo and Aircraft )for Malaysia Airports the trusts largest holding in Mar 10 Vs Mar 09 - cargo up nearly 30% for example.

Warrants at a discount to shares.

9th largest holding - Sichuan Expressway Company Limited

HIGHLIGHTS
• Revenue up approximately 13.77% to approximately RMB890.39 million
• Net profit attributable to owners of the Company up 34.43% to approximately RMB414.14
million
• Earnings per share up approximately 35% to RMB0.162
• Proposed 2009 interim dividend of RMB0.13 per share

dyor etc..

[energiser01] 07/5/2010 08:35

NAV inc inc upto 165, for upto 30 apr, so still putting in a very strong perf.

Short term dip in markets probably offset by any weakness in pound, thus making UEM's assets look even more attractive.

dyor etc..

[energiser01] 04/5/2010 09:54

nav still on the increase.

[davebowler] 27/4/2010 14:12

12% below asset value.

[energiser01] 12/4/2010 17:13

Both Share and Warrants starting to close the discount gap. Warrants up to 33p mid.

Can expect the trust to buy back more shares/prefs and warrants if the discount doesn't close more I'd expect.

dyor etc..

[energiser01] 06/4/2010 16:54

Trust has just bought back over 5% of shares and a number of warrants and prefs. NAV should be going up to over 162+p, so share discount likely to increase to around around 23% which is large even for this trust.

warrants already at a slight discount to shares. So any share rerating likely to be magnified in the warrants (10p on shares equals around 30% on the warrants at 31p to buy presently)

dyor etc..

[davebowler] 24/12/2009 11:37

Buy

Utilities are at a substantial discount to the wider markets and the region's long-term fundamental drivers - strong GDP growth and high rates of population growth - remain intact. These factors, together with a favourable regulatory environment, availability of expansion capital and companies that offer operational leverage, provide a compelling rationale for investing in infrastructure and utility assets in the emerging markets. Trading at low valuations, with defensive qualities and high yields, underperforming infrastructure and utility assets are likely to benefit from a sector rotation out of higher beta cyclical stocks as investors take profits. UEM is the only vehicle which specialises in this space and with the shares trading at c.12% discount to NAV, we recommend adding to this niche fund on weakness. Buy.



Chris Young, 020 7012 2016, [e-mail]

[praipus] 02/12/2009 11:24

UEMW warrants

[peterbill] 01/11/2009 16:56

Capital structure

Number of shares Ordinary 213,028,513
The Companys shares trade on the Alternative Investment Market (AIM).

Subscription Share 9,111,386 1.0 share @ 100.00p from 13 Mar 2008 - 31 Jul 2010
Warrant 31,974,763 1.0 share @ 100.00p from 31 Jan 2006 - 31 Jul 2010

Does anyone have more info on the Sub shares/warrants?

[praipus] 13/2/2009 15:14

NAV sneaking up

[praipus] 21/1/2009 16:24

Main emerging market inflows.

Brazil



China



Malaysia



Philipines

[aleman] 16/1/2009 08:03

Cheers. Will continue to monitor for now.