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JPMorgan Asia G&I NAV down, prospects "strong" despite near-term gloom

16th Dec 2022 09:55

(Alliance News) - JPMorgan Asia Growth & Income PLC on Friday said net asset value was down but it remained optimistic that prospects were strong in Asian markets despite near-term gloom.

The Asia-focused investment trust said net asset value per share on September 30 was 370.60 pence, down 20% from 460.70p a year earlier. NAV total return in the financial year that ended September 30 was negative 16%, underperforming its comparator benchmark MSCI AC Asia ex Japan Index total return of negative 14%.

Shares in JPMorgan Asia G&I were up 3.1% to 361.80p in London on Friday morning.

Pretax net loss in its financial year 2022 to September 30 was GBP70.6 million, swinging from a GBP54.1 million profit a year earlier.

Chair Bronwyn Curtis said rising price pressures and mounting fears of recession weighed on Asian financial market sentiment during the financial year, alongside rising interest rates across the world.

"Although the inflation picture has been more mixed across Asia than in the west, the region's equity markets experienced the same downward pressures as their western counterparts. As elsewhere, growth stocks, such as those in the technology and media sectors, were worse hit, especially in China," said Curtis.

JPMorgan Asia G&I said it remained optimistic in outlook, claiming long-term prospects in Asia to remain bright despite the near-term gloom.

"With share price valuations now at historical lows in many regional markets, we share the investment managers' excitement about the many opportunities now available to purchase interesting, world-class companies in various sectors across Asia, at particularly attractive prices. Such acquisitions will leave the company even better positioned to capitalise on Asia's long-term growth story, to the continued benefit of patient shareholders willing to tolerate bouts of market turbulence," Curtis added.

It declared a total dividend for the financial year of 16.50p, down 15% from 19.30p.

By Greg Rosenvinge, Alliance News reporter

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Copyright 2022 Alliance News Ltd. All Rights Reserved.

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