Research

RESEARCH

2021

Equity Development: Name change reflects Heritage and Identity (21/01/2021)

Jade Road changed its name from Adamas Finance Asia Ltd on 18 January 2021. Its strategy is to build a brand which better reflects its Asian heritage, the wider investment scope which had underpinned its portfolio construction since it appointed a new Investment Manager, Harmony Capital Investors Limited, in May 2017, and its intention to connect Western and Middle East investment capital with Far East markets. This Note recaps Jade Road’s recent history and outlook. We covered individual investments in detail in previous updates.

 

2020

Equity Development: Resilient H1 2020 performance despite pandemic (26/08/2020)

ADAM’s interims confirm operational progress, recent initiatives to strengthen its balance sheet and build investment capacity, plus details regarding ongoing efforts to stabilise legacy assets and move them towards satisfactory exit. The report covers the period ending 30 June 2020, the eye of the pandemic storm, during which underlying portfolio performance remained encouragingly robust.

Equity Development: Funds secured to drive portfolio growth (17/07/2020)

ADAM has announced a fully underwritten Open Offer and Placing which will raise £3,134,710 (before expenses). The new ordinary shares will be issued at 25p, a 13.8% discount to last night’s closing price and, on a per share basis, a discount of c. 60% to the audited net asset value of USD100.9m at 31 Dec 2019.

Equity Development: Strong revenue growth emerging (28/05/2020)

The highlight of FY19 results was an over six-fold increase in gross portfolio income to USD2.24m, as ongoing repositioning of the investment portfolio moved it closer to the point where it will support sustainable dividends. The period was, of course, pre COVID-19, but ADAM does not expect any material impact on portfolio valuations for FY20. Each investment has a strategy in place to actively manage operational exposure and mitigate the pandemic’s impact.

Equity Development: Good progress at ADAM’s largest investment (20/01/20)

ADAM holds an 85% controlling shareholding in Future Metal Holdings (FMH). FMH owns a large dolomite quarry in China and represents the largest single component of ADAM’s asset base/NAV. Progress vs operational and strategic targets at the quarry is key to understanding FMH’s potential and any assessment of ADAM’s intrinsic value. That is particularly true short term, as ADAM continues to scale up its portfolio of income producing investments.

Equity Development: Update Note: DocDoc and Future Metal Holdings (19/12/19)

Equity Development: Capital Raise & New Income Producing Deal (24/10/19)

Equity Development: Portfolio Additions Build Income Stream (27/09/2019)

Pello Capital Initiation Note (19/09/2019)

Equity Development: Transition to New Strategy on Track (20/06/2019)

Equity Development: New Investment in the Medical Devices Sector (25/01/2019)

Equity Development: Initial Investment in Asian Winter Tourism (13/12/2018)

Equity Development Initiates Research (24/10/2018)