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APQ Global broadens reach with corporate services buy

Snapshot

On the back of last year’s sell-off, APQ sees good value in emerging markets, particularly in Turkey, Argentina and Brazil.

APQ

Quick facts: APQ Global

Price: 68 GBX

AIM:APQ
Market: AIM
Market Cap: £53.22 m
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  • Well-diversified portfolio 

  • A dividend of 6p per share

  • APQ eyes further private investments

 

What APQ Global does

APQ Global PLC (LON:APQ) is an investment firm with interests across Asia, Latin America, Eastern Europe, the Middle East and Africa.

The company manages a portfolio of bonds, equities and currencies with a focus on emerging markets (EM).

The bulk of the company’s emerging markets exposure is in financials, followed by energy and basic materials.

 

How it's doing

The company ended the final quarter of 2019 with what it said was with robust positioning in EM currencies and equities.

APQ paid a quarterly dividend of $1.94 cents (1.5p) and the book value was $0.94 at quarter-end.

During the quarter the company slightly increased its exposure to risk assets across the board, particularly equities and EM currencies.

It also maintained a very healthy cash (and cash equivalents) position (94.4% of Book Value).

During the fourth quarter, exposure to credit markets made 0.9%, local currency bond exposure returned 1.6%. EM Currency exposure contributed 2.8% and the equity portfolio  4.3%.

In January, APQ added to its directly held portfolio with the acquisition of Parish Group for £2.7mln.

Parish provides a full range of fiduciary and corporate services from offices in Guernsey and Alderney and has customers in over 30 jurisdictions, including Israel, South Africa, the United Arab Emirates and Qatar.

 

What the broker says: Bart Turtleboom 

“We now see that real value is appearing in that space, they tend to be very expensive but across financial services, corporate services we see very interesting opportunities,” Turtelboom said.

 

Inflexion points:

  • Emerging markets recover after a difficult two years
  • More direct acquisitions similar to Parish Group 
  • The dividend currently is 6p per share
  • NAV 94c per share at end December

 

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Watch

APQ Global hails its 2Q results as 'stellar'

APQ Global Ltd's (LON:APQ) Bart Turtelboom tells Proactive Investor New York that the emerging markets play has 'stellar' second quarter results, ramping up EM currency exposure to 76.2% from 48.9% at the end of the March, while EM equities were bumped up to 28.2% from 12.4%. Turtelboom...

on 26/7/19

2 min read