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ALI, ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED
nipper
post Posted: Feb 22 2021, 08:44 AM
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ALI today announces an increased fully franked interim dividend of 3.5 cents per share. The Company reports a half-year accounting loss of $5.4 million as a result of the downward revaluation of the investment portfolio to market value at 31 December 2020.

The interim dividend of 3.5 cents per share is an increase of +16.7%, demonstrating a continued commitment and track record of generating sustainable total returns to shareholders. Including this interim dividend, total dividends paid out to shareholders since inception total 27.75 cents per share.

OUTLOOK

We have a cautiously optimistic economic outlook and, while we anticipate a continued recovery in global activity, we are cognisant of challenges around vaccine rollouts and new virus strains. Against this backdrop, Argo Infrastructure's specialist global portfolio manager, Cohen & Steers, remains focused on high-quality companies with strong balance sheets and liquidity profiles.

In recent months, Cohen & Steers has sold some of the pandemic outperformers (such as communications) and selectively added exposure to economic recovery via subsectors adversely impacted by the pandemic, such as freight railways and airports (including in Mexico).

In the longer term, several key structural trends support the outlook for many infrastructure assets globally. For example, intensifying data usage provides a strong tailwind for communications towers companies and data centres. Similarly, the worldwide drive to decarbonise will underpin investment in renewable energy-focused utilities. In addition, governments worldwide have committed funding for infrastructure investment as part of COVID stimulus measures.

With more than $300 million of assets and no debt, Argo Infrastructure offers exposure to these longterm trends at asset prices that are at decade-lows relative to broader equities valuations, whilst providing shareholders with an attractive dividend track record demonstrated since our IPO in 2015.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
Mags
post Posted: Jan 22 2021, 10:44 PM
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In Reply To: nipper's post @ Jan 22 2021, 10:00 AM

I'm sticking with my call that infrastructures a good move: I bet tesla et al. out perform me in the next few years: But I'd rather a real profit than a fake one that I can only realise by selling out before the others: I'm too old for that game.



 
nipper
post Posted: Jan 22 2021, 10:00 AM
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A fund manager came out with this view. ALI should also benefit.

Biden has flagged $2 trillion of accelerated investment during his first term. Given the areas of focus in Biden's policy statements, we feel bullish about U.S. infrastructure for several reasons:

Gas and electric utilities
sectors were hardly impacted by the pandemic due to their essential service nature, supportive regulation, importance in leading the decarbonisation of economies and social importance as major employers. A variety of trends should accelerate asset growth and subsequent earnings, cash flow and dividend growth in the medium and longer term. These include higher renewable energy targets, gas to electricity switching (in residential as well as commercial), the buildout of electric vehicle charging infrastructure and the need to build grid resilience against increasingly destructive weather events related to climate change.

In the water utility sector, Biden will look to ensure clean, safe drinking water is a right in communities. The significant investment required will likely accelerate the assimilation of smaller water networks into larger ones (a process called tuck ins) capable of funding the capital expenditure needed for the upgrades. As a result, we expect double digit earnings growth across the sector, which is class leading across the utilities sector.

Rail (listed freight rail companies) is already the "greener mode" of longhaul transport. Biden has indicated a desire to increase the electrification of the rail network. We expect this will result in lower operating ratios and higher profitability over the medium term.

The wireless tower sector should see support as Biden has promised "expanding broadband, or wireless broadband via 5G, to every American." We expect this will accelerate the buildout of the wireless tower networks and implementation of 5G technology, requiring additional tower sites and leased slots on existing wireless tower infrastructure.

The result is the likely expansion of the mid single digit revenue growth to high single digit growth of the sector and, through operating leverage, an increase in margins.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
Mags
post Posted: Sep 15 2020, 11:24 AM
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In Reply To: nipper's post @ Sep 15 2020, 09:57 AM

Thanks mate: I often miss these things (mailing address isn't my residence, and I hate email).
Given the entire global out look, and the crazy central bank interventions: Owning more infrastructure has to be one of the smarter moves.
***I'm a buy and hold guy, not a quick buck trader type***
If you're looking for instant profits, I wouldn't know where to look.


 
nipper
post Posted: Sep 15 2020, 09:57 AM
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In Reply To: nipper's post @ Sep 6 2020, 03:35 PM

as telegraphed
Offering SPP for up to $30,000 of ALI shares; open from 18 Sept and close on 09 Oct.

Price will be the LOWER of:
• $2.07 per new share (maximum price), which is a 2% discount to the volume weighted average price of ALI shares traded on the ASX on the Ex-dividend date; OR
• the volume weighted average price of ALI shares traded on the ASX over the last 3 days of the SPP Offer period (6 October to 8 October 2020 inclusive), rounded down to the nearest cent.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 6 2020, 03:35 PM
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Posts: 9,156
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In Reply To: nipper's post @ Aug 31 2020, 08:39 AM

We maintain a cautious economic outlook and expect global activity resumption will remain under pressure until a coronavirus vaccine is widely available. Accordingly, the Argo Infrastructure portfolio is modestly defensively positioned with a focus on companies with the balance sheet strength and liquidity to endure a potentially protracted downturn. The portfolio is overweight communications, with the sector remaining the least financially impacted by the global pandemic and an ongoing beneficiary of the remote user trend.

Longer term trends point to an optimistic outlook for global listed infrastructure. Compelling structural drivers, including supportive demographic trends, historic underinvestment and accelerated government expenditure on renewable energy, bode well for the asset class. With a strong balance sheet and no debt, Argo Infrastructure is well‐positioned to capitalise on these prevailing conditions

also ..
QUOTE
Argo Infrastructure is considering offering a Share Purchase Plan to its shareholders in the near future.

An announcement will be made to the ASX when the details are finalised.
..... probably around when it goes ex dividend on 11 Sep or at least by payment date 02 Oct.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 


nipper
post Posted: Aug 31 2020, 08:39 AM
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ALI today announces an increased fully franked final dividend of 4.5 cents per share. The Company reports a full year accounting loss of $9.3 million as a result of the downward revaluation of the investment portfolio to market value at 30 June 2020.


SUMMARY OF FINANCIAL RESULTS .....2020 ......... 2019
Profit/(Loss)* ............................ 2020 .. ($9.3 million); 2019 ........... $44.9 million
Final dividend per share (ff) ............ 2020 .. 4.5 cents ; 2019 .............. 4.0 cents
Net tangible asset (NTA) backing per share.......2020 ... $2.27 ; 2019 ..... $2.50
Shareholders ..................................2020 ... 9,495 ; 20119 ................. 9,206

COVID‐19 IMPACTS ON INFRASTRUCTURE
Global listed infrastructure was not spared the effects of the global pandemic and induced downturn delivering a total return of ‐6.2%. However, within the asset class performance varied considerably, as some sectors were impacted by social distancing measures more than others.
Transportation related sectors fell sharply in response to travel restrictions and reduced trade, with airports, marine ports, toll roads and to a lesser extent, railways, all declining.
Midstream energy stocks also fell, hit by the combination of supply and demand shocks in energy markets during the second half.

In stark contrast, the communications sector (towers and data centres) advanced strongly as working and learning from home drove a surge in data usage.
Water and electric utilities also outperformed, with their essential service nature translating into stable cashflows.


INVESTMENT PERFORMANCE
During an extremely volatile and challenging period for investment markets, the portfolio delivered a total return of ‐2.9% for the 12 months to 30 June 2020, well ahead of the benchmark which fell ‐6.2%. The portfolio also outperformed Australian shares (‐7.7%), underscoring the global diversification benefits offered by Argo Infrastructure.

Importantly, at the height of the volatility in global equity markets, Argo Infrastructure demonstrated resilience in a crisis. During the March quarter when Australian shares plummeted ‐23.1%, ALI's portfolio return fell by just ‐6.5%, assisted by a sharp drop in the Australian dollar and outperformance by the portfolio manager, Cohen & Steers.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Apr 14 2020, 02:57 PM
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In Reply To: nipper's post @ Feb 17 2020, 09:07 AM

no-one is immune
QUOTE
Due to the unique nature of this external market shock, global infrastructure stocks proved less defensive than might be expected and modestly underperformed broader equity markets.

With transportation-related businesses particularly vulnerable to the effects of severe travel restrictions and reduced economic activity, airport stocks plunged -29.2% and toll roads fell -24.5%. Midstream energy stocks also tumbled -26.8% as the unparalleled collapse in global oil demand coincided with OPEC oversupply issues. However, roughly two thirds of infrastructure sectors are less-economically reactive with communications tower companies holding up much better in a relative sense, as did water, gas and electricity utilities.

In March, while the Australian share market fell -20.7%, Argo Infrastructure’s portfolio returned -8.5%, ahead of the benchmark Index (down -11.0%) with positions in communications towers, data centers and water utilities contributing to performance.

NTA is $2.35 at end-March, so ALI is trading well below at $2.01 ..... (Of course, the rights issue was pulled)



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Feb 17 2020, 09:07 AM
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Posts: 9,156
Thanks: 2750


QUOTE
For the half-year to 31 December 2019, the portfolio delivered a total return of +6.5%, more than double the +3.1% delivered by the Australian equity market.

Argo Infrastructure’s share price has also performed very strongly, returning +32.5% over the 2019 calendar year, which significantly improved the share price discount to NTA from -15.7% to -7.8%. The discount has narrowed further since then and the share price recently achieved a record high of $2.68.

And an increased dividend, to 3c FF a share.

Also announced a 1:6 entitlement issue at $2.25, for those being on the books 20 Feb.
QUOTE
OUTLOOK POSITIVE

We expect modest economic growth to continue in 2020, supported by accommodative monetary policy around the world.

Argo Infrastructure has made a bright start to the new calendar year, with the portfolio rising strongly along with broader global equity markets for most of January. Pleasingly, when most markets dropped suddenly at the end of the month due to growing coronavirus concerns, infrastructure again held up well, finishing the month up +7.3% and outperforming global equities which rose 4.4% in A$ terms.

This resilience may be an important attribute in the shorter term, with many global indices trading around record highs despite the potential for volatility due to coronavirus developments, Brexit implementation and US-China trade deals.

Looking further into the future, it is interesting to note the increasing exposure to renewable energy assets in the portfolio. Often this occurs through holdings in integrated energy companies such as NextEra Energy, which is currently the Company’s biggest holding. NextEra uses strong and reliable cashflows from its high-quality utility operations (Florida Power & Light) to help fund its investment in renewables, and is now the largest operator of solar and wind power generation assets in the US.

- am enjoying the ride. Infrastructure = getting rich slowly



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Aug 26 2019, 04:39 PM
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In Reply To: mullokintyre's post @ Aug 26 2019, 04:09 PM

Up on a down day 👍. And reciprocal thanks for banging on about Gold. Also up today 👏 🤑.

In got we trust



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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