abrdn Property Income Trust – Ready and waiting

Negative investor sentiment towards the commercial real estate sector appears to be behind the discounts to NAV among REITs and listed property companies remaining excessively wide, including abrdn Property Income Trust (API). This is despite a large valuation correction at the end of 2022 and transactional evidence of value stabilisation. API’s manager says that a re-rating of the sector and API’s shares should be triggered by market indications that interest rates have peaked, so promising inf

abrdn Property Income Trust – Ready and waiting

Negative investor sentiment towards the commercial real estate sector has seen discount rates among REITs and listed property companies remain excessively wide, including abrdn Property Income Trust (API). This is despite a large valuation correction at the end of 2022 and transactional evidence of value stabilisation. A re-rating of the sector and API’s shares should be triggered by market indications that interest rates have peaked, so promising inflation data for June was encouraging. For AP

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

abrdn Property Income Trust – Laser focus on the basics

The discount rating amongst the real estate sector has widened dramatically since the end of September after the disastrous ‘mini’-budget spooked gilt markets and sent bond yields above property yields. Things have since calmed down to some degree and even though the repricing of real estate has further to play out, the near 50% discount that abrdn Property Income Trust’s (API – formerly Standard Life Investments Property Income Trust) shares trade on seems excessive. Higher debt refinancing co

abrdn Property Income Trust – Laser focus on the basics

The discount rating amongst the UK real estate sector has widened dramatically since the end of September after the ‘mini’-budget caused bond yields to rise above property yields. Gilts have reduced since October and even though the repricing of real estate is likely to have further to play out, abrdn Property Income Trust’s (API – formerly Standard Life Investments Property Income Trust) finds itself on a near 50% discount. Higher debt refinancing costs secured at the height of the volatility

Zeus Industrials Round-Up - 13 September 2024

The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.

JPMorgan Emerging Markets

JMG is trading on a wide discount relative to its history…

THE MONTHLY January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather

Gore Street Energy Storage + (GSF, House Stock at 58p) - Q1 NAV - construction assets on track

Facilities by ADF - An Autotrak-tive acquisition opportunity

ADF has raised £10m at 50p in an equity placing to acquire Autotrak, the market leader for portable roadway hire in the UK film and TV sector. This moves ADF closer to its medium-term targets of being a one-stop-shop provider of premium serviced production facilities to the UK film and TV industry and generating £100m of revenues. Our base case has EPS accretion of c.12% and our upside case shows nearly 20%. The valuation looks compelling, given it trades on an FY25E Adj P/E of just 5.5x vs equi

SP Angel Morning View: Copper prices rise alongside iron ore as China restocks

JPMorgan American

JAM’s outperformance puts it in the spotlight as a low-cost, core option for US equities…

PANMURE LIBERUM: PayPoint: 9.5% organic net revenue growth

PANMURE LIBERUM: Harworth: Strong progress continues

Morning Note – 10 September 2024

LIBERUM: SAS UK SMID Monthly: Should we expect a rally in retail stocks?

PANMURE LIBERUM: Speedy Hire: We expect a much stronger H2

Gresham House Energy Storage Fund - Revenue recovery to provide base for growth

Gresham House Energy Storage Fund (GRID) is the largest UK fund investing in utility-scale battery energy storage systems (BESS). The BESS sector has faced challenges over the past year due to unexpected revenue declines and the slower-than-expected utilisation of BESS by the UK’s Electricity System Operator (see our February note). This has adversely impacted GRID’s NAV and share price, which is currently trading at a 50% discount to its latest published NAV. However, a H124 trading update rele

Ambitious winds of change

M&G’s FY 22 results were strong. It was also the opportunity for new CEO Andrea Rossi to depict clearly his strategy for the upcoming months. While the impetus is clear and the objectives are ambitious, we rather believe in a structural improvement of the business (driven by the higher rates environment) than a commercial one.

Avation (AVAP LN) - Sale of ATRs validates fleet carrying value

Avation, a lessor of 32 commercial aircraft, has announced the sale of two ATR 72-600 aircraft this morning, realising $10m of net cash proceeds after repayment of associated debt. With the sale being completed at book value, the sale price provides a positive validation of the book value of Avation’s fleet, contributing to a net asset value which currently stands at a substantial premium to the share price (NAV: 256p as at 31 December 2023). Sale proceeds should enable Avation either to continu