Adamas Finance Asia Limited’s (LON:ADAM) had a consolidated unaudited estimated net asset value (NAV) of £0.77/US$0.96 per share as at March 31, 2020, up from £0.72/US$0.95 per share as at December 31, 2019.
The group's consolidated unaudited estimated NAV as at March 31, 2020, was US$100.7mln versus US$100.9mln as at December 31, 2019: The NAV was impacted by a marginal decrease in the company's net cash balance mainly due to an increase in operating expenses incurred, the group said.
In a statement, Adamas chairman, John Croft commented: "Despite the ongoing global impact of the (coronavirus) COVID-19 pandemic, the company remains relatively well-positioned due to our resilient and diversified portfolio of pan-Asian investments and strong liquidity position.
“The board continues to expect the company's investment portfolio from a valuation perspective to remain not materially impacted in 2020, helped by the fact that many of the countries in which our portfolio companies are based, including China and Hong Kong, are exhibiting early signs of recovery with the gradual lifting of lock-down measures and new cases of COVID-19 have been largely eliminated."
The company also gave an update on its main investments.
Future Metal Holdings Limited (FMHL) - 44.5% of NAV. From mid-March 2020, FMHL has seen onsite activities resume gradually and processes such as land hardening and steel structure construction continue. The company expects the quarry to build up to full production levels in 2020.
Fook Lam Moon Holdings (FLMH) - 27.3% of NAV. FLMH.was named in the Top 10 Chinese Restaurants of the World in a dining guide published by author and wine critic, Ch'ng Poh Tiong, in late March 2020. The restaurant was awarded One Michelin Star in late 2019,
Infinity TNP - 7.3% of NAV. Occupancy levels at the Tellus Niseko residential apartments are expected to return to normal as Japan gradually lifts lock-down restrictions across the country.
DocDoc Pte Ltd (DocDoc) - 2.2% of NAV. As a result of the COVID-19 pandemic, an increasing number of global insurance companies and multi-national corporates have been contacting DocDoc, aiming to understand how its platform can enhance their core offerings to policyholders and employees. In response to this reactionary demand landscape, DocDoc is expediting its sales cycle to address the needs of its current and potential customers during this pandemic.
Infinity Capital Group Limited (ICG) - 2.0% of NAV. ADAM has received the second cash interest payment from ICG as part of the Senior Secured Loan Agreement. As the COVID-19 pandemic continues to impact Japan and the Hokkaido region, ICG is working closely with local management to monitor the domestic property market and the local market's response to the pandemic.