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Symphony NAV up 10.72 per cent in H1 2013

Symphony International Holdings’ net asset value (NAV) on 30 June 2013 was USD1.3105 per share, a 10.72 per cent increase from USD1.1836 on 31 December 2012.

 
Symphony’s listed investments accounted for 59.0 per cent of NAV at 30 June 2013 down from 59.4 per cent at 31 March 2013. The decrease is predominantly due to a weakening of the Thai baht and Malaysian ringgit.
 
On a per share basis, the value of Symphony’s listed investments stood at USD0.774. Unlisted investments (including property) comprised a further 24.2 per cent of Symphony’s NAV (or USD0.317 per share), with the remaining 16.8 per cent of NAV (or USD0.220 per share) being temporary investments.
 
The value of the company’s investment in the hospitality company Minor International (MINT) grew to approximately USD259.5m (30 June 2012: USD140.4m), representing an increase in value of approximately USD119.1m over the past 12 months, which includes a new investment of USD7.1m related to the exercise of warrants to subscribe to shares in MINT in the second quarter of 2013.
 
The value of the company’s investments in with Parkway Life Real Estate Investment Trust (PREIT) and IHH Healthcare Berhad increased to USD69.8m and USD69.4m, respectively (30 June 2012: USD56.7m and USD50.1m, respectively), representing an aggregate gain of USD32.4m over the past 12 months.
 
In March 2013, Minuet Limited sold approximately 17.0 rai (2.7 hectares) of land in Bangkok, Thailand, to a property developer. Excluding transaction expenses and foreign exchange translations, the sale price was 74.3 per cent above the average land cost to Minuet and 50.0 per cent above the last transacted sale price in January 2012 where Minuet has sold 69.2 rai (11.1 hectares) of land.
 
Also in March 2013, IHH Healthcare Berhad announced it was successful with NWS Holdings Limited, a Hong Kong listed conglomerate, in a bid for a hospital site in Hong Kong. The new hospital, scheduled to begin operations in late 2016, will have 500-beds and be named Gleneagles Hong Kong Hospital. IHH is exploring a number of other opportunities in the region.
 
In April 2013, Symphony completed the sale of its interest in AFC Network Private, a 24-hour TV channel broadcasting food and lifestyle programming tailored to audiences in the Asia-Pacific. The gross sale price was completed at approximately 94 per cent above Symphony’s cost. Symphony made its first investment in AFC in 2008.
 
Symphony’s portfolio companies reported continued growth in their respective businesses despite the continued volatility in financial markets. The outlook remains unchanged and the investment manager is optimistic that the portfolio will continue to benefit from Asia’s long-term economic growth.

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