Adamas Finance Asia Limited - Investor Presentation 2019
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Adamas Finance Asia Limited
Investor Presentation
2019
The London listed company focused on providing shareholders with attractive uncorrelated risk
adjusted returns from a diversified portfolio of pan-Asian investments
Disclaimer
This Document comprises an institutional presentation (the “Presentation”) which has been prepared by and is the sole responsibility of Adamas Finance Asia Limited (the “Company”). The content of this Presentation has
not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000, as amended (“FSMA”). Reliance on this Presentation for the purpose of engaging in any investment activity
may expose an individual to a significant risk of losing all of the property or other assets invested. This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any
securities nor shall it or any part of it form the basis of or be
relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity under section 21 of FSMA.
Notwithstanding the above, in the United Kingdom, this Presentation is only being given to persons reasonably believed by the Company to be investment professionals within the meaning of paragraph (5) of Article 19 of
the FMSA (Financial Promotion) Order 2005 (SI 2005/1529) (“FMSA Order”) or to be high net worth companies or unincorporated associations within the meaning of paragraph (2) of Article 49 of the FMSA Order or to be
persons to whom it may otherwise be lawful to distribute it. If you are not such a person (i) you should not have received this Presentation and (ii) please return this Presentation to the Company's registered office as soon as
possible and take no other action. By accepting this Presentation the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive this Presentation.
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and may not be reproduced, further distributed or published in whole or in part by any other person and under no circumstances should persons of any other description rely or act upon the contents of this Presentation.
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copy of it may be taken or transmitted into the United States of America or its territories or possessions (the “United States”), or distributed, directly or indirectly, in the United States, or to any U.S Person as defined in
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Information contained in this Presentation may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Company's
financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's business) are forward-looking statements. Such
forward-looking statements are based on a number of assumptions regarding the Company's present and future business strategies and the environment in which the Company expects to operate in future. Actual results
may vary materially from the results anticipated by these forward-looking statements as a result of a variety of factors. These forward-looking statements speak only as to the date of this Presentation and cannot be relied
upon as a guide to future performance. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this Presentation to reflect any
changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
2
Contents
Contents
• Company Overview
• Compelling Investment Case
• Differentiation and Added Value Across Three Areas
• Investment Manager Expertise: Harmony Capital
• Significant Market Opportunity
• Asian SME Demand for Growth Financing
• Sourcing: ADAM’s Established Advantage
• Our Investment Process
• Our Growth Sector Focus
• Our Strategy
• Structured Protection
• Our Office and Portfolio Footprint
• Our Portfolio - Selected Investments
• Key Performance Metrics
• Investment Pipeline
• ADAM: Competitive Advantages & Outlook
• Appendix
3
Company Overview
London listed company focused on providing shareholders with attractive uncorrelated long term risk adjusted returns
Who We Are from a diversified portfolio of pan-Asian investments
Provide growth capital and financing to emerging and established Small and Medium Enterprises (SMEs) throughout
Strategy Asia, well diversified by national geographies, instruments and asset classes
Attractive Income &
Dedicated to delivering attractive income and capital growth for shareholders
Capital Growth
Rigorous due diligence and disciplined risk management, with downside protection through selectively investing in
Robust Risk Management assets and proactively managing them
Harmony Capital, the investment manager, has an established tracked record of generating excess returns throughout
Track Record market cycles across the globe for the past 20+ years, with a focus on Asian special situations for 13+ years
Sourcing private opportunities with a strong pipeline of income generation, focusing on growth sectors across Asia,
Growth Sector Focus including healthcare, fintech, hospitality, IT and property
The four experienced and independent non-executive directors comprising the Company’s Board provide strong
Governance
governance
4
Compelling Investment Case
The London listed company focused on providing shareholders with attractive uncorrelated risk adjusted returns over the
Investment Policy short and longer term from a diversified portfolio of pan-Asian investments
Discount to NAV The Company’s share price is currently trading at a 66% discount to NAV (as at 30 June 2019)
Supportive Majority
66% majority shareholder, supportive long-term holder since 2014 and has not sold any shares
Shareholder
Future Metal Holdings (44% of ADAM’s last reported NAV), a Chinese dolomite quarry expected to restart production by the
Largest Investment end of this year, independently valued at US$42.6m (at 30 June 2019)
Established Investment The Company's investment manager, Harmony Capital, seeks to capitalise on its team’s established investment expertise and
Expertise and Networks broad networks and offices across Asia, with rigorous diligence and disciplined risk management
Over 250 million Asian SMEs with limited access to traditional bank financing, US$2.7 trillion funding gap (IFC), leading to
Market Opportunity significant opportunities to deploy capital selectively in this vital segment of the economy
Harmony Capital: established track record of successfully executing and exiting investments throughout market cycles;
Established Advantage continuing to create strong pipeline of attractive income generating assets with capital growth potential for shareholders
5
Differentiation and Added Value Across Three Key Areas
Robust Risk Management Process
Experienced
▪ Investment manager has +6 dedicated employees in operations and
▪ Established, value-oriented, income focused pan-Asian SME risk management
investor ▪ Offices: London, Hong Kong & Singapore, on-the-ground local teams
▪ Senior investment team averages +20 years of relevant experience ▪ Supplement traditional risk management with advanced portfolio
▪ Complementary skill sets and deep industry expertise analytical tools
▪ History of generating excess returns throughout market cycles. ▪ Proactive rigorous diligence & disciplined risk management
▪ Extensive financial structuring experience with significant downside processes
protection from investments ▪ Evaluate risk across both portfolio and individual
▪ Established ability to successfully execute and exit investments investment/growth capital data
▪ Track growth capital-level performance across life of investment
Diverse Portfolio and Pipeline of Attractive Investments
▪ Portfolio of seven investments across four countries
▪ Proactive and selective sourcing of deals with teams that have the
talent, passion and grit to succeed
▪ Non-sponsored, self-originated and primarily private investments
▪ Investments typically structured with over collateralisation and
credit enhancements to minimise risk of loss
▪ Well-structured and downside-protected investments
6
Investment Manager Expertise: Harmony Capital
The Company’s investment manager is Harmony Capital, an
established private capital manager with offices in London, Hong
Kong and Singapore that has a history of generating excess
returns throughout market cycles. 24 Years of Professional Experience
Through rigorous diligence and disciplined risk management, Prior to founding Harmony Capital, Suresh worked for Bank
Harmony Capital is dedicated to delivering attractive income and of America, Merrill Lynch, Mizuho International Plc and
capital growth for shareholders with significant downside
protection through selectively investing in assets and proactively Tikehau Capital.
managing them.
Since being established by Suresh Withana in 2005, Harmony
Capital managed a private pan-Asian focused SME fund for
sophisticated investors diversified geographically and including
Asian Institutional Investors, North American Pension Plans and
Family Offices – the fund invested in middle-market companies
13
in South East Asia, China and Australia.
Years of Pan-Asian Investing Experience
Harmony Investment Fund I c.USD270MM Asia Portfolio
10 Yr Life Positive Returns
Mizuho International Plc c.USD450MM Global Portfolio
3 Yr Life Positive Returns
7
Significant Market Opportunity
There is a funding gap of c.US$3 trillion across Asia SMEs1 Opportunity
Asian SMEs are attractive investments with built in collateral and downside protection Demand
There are over 270 million Asian SMEs, making up 98% of Asian companies2,3 Market
Pan-Asian SME account for 42% of Asia’s GDP and only receive 18.7% of lending via traditional institutions3 Growth
Traditional institutions restricted for regulatory and structural reasons; SMEs seek growth capital from alternative finance providers Returns
Significant opportunities to invest selectively in high growth SMEs in Asia and proactively managing them
1 MSME Finance Gap – SME Finance Forum (2017)
2
Estimated number of small and medium-sized enterprises worldwide in 2010, by region – Statista (2018)
3 Trade Finance Gaps, Growth and Jobs Survey – Asian Development Bank (2017)
8
Asian SME Demand for Growth Financing
ADAM SME Target Features
Enterprise Value US$5m-500m ▪ ADAM can invest across the capital structure of SME companies
with a strong preference for well-structured and downside-
Revenue US$5m-500m protected investments
Profitability & Cash Flows Positive EBITDA; Manageable CapEx ▪ As Asian SMEs are increasingly starved of capital, ADAM sees
increasing opportunities to negotiate and invest in well structured
Restricted access to public markets instruments
Limited Financing Sources
and traditional bank debt
Structured Investments
FOR HOW WHY
Expansion Capital Convertible Bonds Income + Capital Gains
Acquisition Finance & Buyouts High Yielding Secured Loans Downside Protection
Bridge Finance Loans + Warrants Return of Capital
Re-Finance Preferred Equity Accountability
Rescue Finance Governance
9Sourcing: ADAM’s Established Advantage
Historical Asian SME Investments
▪ As an established firm with investment expertise and broad networks
and offices across Asia, Harmony Capital has an extensive and deep
network of relationships and a robust pipeline in this growing, but
fragmented, industry where proprietary relationships are key to
gaining access and serve as a powerful filter of opportunities.
▪ Harmony Capital:
• has a disciplined deal origination process that has generated more than 30
qualified investment opportunities across Asia over the last 14 years
• screens potential portfolio companies based on various criteria including Current Asian SME Investments
management growth strategy, robust financials and market opportunity
• has extensive reach and ability to meet with management teams, attend
conferences and diligence opportunities
▪ Through Harmony Capital’s local offices, it can originate proprietary
transactions and negotiate attractive transactions terms directly with
companies instead of competing in a wide process.
10Our Investment Process
Harmony Capital follows a multi-phase due diligence process once a potential investment is identified
Estimated Enterprise Values of Asian SME
US$5m to US$500m
Investment Filter Risk Factors
Healthcare & Life Sciences, Sector Cyclical Sectors
Consumer & Retail, Industrials
Expansion Capital, Bridge Special Situations Lack of Adequate Security
Finance, Re-finance
Strong fit and value-adding Proprietary Access & Origination Shopped Opportunities
opportunities
Exclusive Opportunities
Sustainable Exclusivity Participating via Third Parties
Deal structure and exit Negotiation Rushed Timeline
evaluation
Invest
11Our Growth Sector Focus
While ADAM remains sector agonistic, Harmony Capital has identified certain sectors in Asia that continue to be attractive based on
experience in those specific sectors and where the team’s knowledge and contacts are deepest
▪ Supply constraints
▪ Government focus on Clean Energy
Energy and
Resources
▪ Asia is a global manufacturing hub ▪ Growing middle class
▪ Local consumer drives demand Industrials
Consumer & ▪ Demand for luxury goods, services and experiences
Leisure
▪ Healthcare
Aging population
& Life
Adamas Internet & ▪ Internet proliferation continues
▪ Medical tourism Sciences Finance Asia Technology ▪ Fintech disrupting financial sector
Property Education ▪ Significant share of household spending
▪ Hard asset backing ▪ Increased demand for private education
▪ Assessable income stream
Food and
Agriculture
▪ Increased protein consumption
▪ Reduced supply of arable land 12Our Strategy
Our flexible investment policy enables us to evaluate opportunities across a spectrum of complexity
To meet short term
liquidity needs
Bridge
Finance
Acquisition
Typically for To provide
Finance & Re-finance
inorganic growth re-financing needs
Buyouts
To rehabilitate
Typically for Expansion Asian Rescue good firms in
organic growth Capital SME Sector Finance distressed
situations
13Structured Protection
Investing across the capital structure of pan-Asian SME companies but with a preference for well-structured and downside-protected
investments
As Asian SMEs are increasingly starved of capital, we see increasing opportunities to negotiate and invest in structured instruments
Income +
Capital Gains
Security & Downside
Amortisation & Early
Protection
Return of Capital
Convertible Bond +
Loan + Warrants/Royalties
Covenants
Structured
Instruments Board/Monitoring
Covenants Provide
Hybrid Rights
Ability to Influence
Preferred Equity +
Secured Loan
Governance
14Our Office and Portfolio Footprint
The United
Kingdom
Japan Portfolio Diversification
China
3.8% 5.6%
2.5%
China
2.3%
Hong Kong
Vietnam
Hong Kong
Malaysia Singapore
Japan
Singapore 27.8%
Indonesia 58.0%
Receivable
Key
Cash
Investment Exposure
Office Location
15Our Portfolio - Selected Investments
Domicile: Japan Domicile: Singapore
Property Sector: Lodging and Leisure Healthcare & Life Sciences Sector: Healthcare
Carrying Carrying
US$2.4m US$2.2m
Value: Value:
Quarterly and Annual Board Seat
Reporting Monthly Governance: Quarterly and Annual
Governance: Interaction with Reporting
Management
Secured Loan +
Investment
Convertible Bond
Investment Warrants Type:
Type: (Two Tranche Portfolio
2.3%
Investment) Attribution:
Infinity Capital Group Portfolio DocDoc Interest
A Developer of Premium Residential Projects 2.5% A Leader in Asian Clinical Informatics & Patient Empowerment 8.0% PIK
Attribution: Rate:
2018 ADAM invested in Infinity Capital Group, the Interest 17.5% p.a. payable semi- 2018 ADAM invested in DocDoc, the leading Pan-Asian Not Publicly
Conversion: Disclosed
developer of a high-end development project in Niseko, Rate: annually in cash virtual network of physicians, clinics and hospitals assisting
Not Publicly
Japan – a world-class skiing destination. Security: 1st Ranking Asset Pledge patients in finding the highest quality of medical care at the Security: Disclosed
2024, Repayment at best prices
Target Exit: Maturity Target Exit: IPO, Trade Sale etc.
An attractive transaction: An attractive transaction:
✓ Ability to benefit from the rising popularity of winter tourism in Niseko, Japan due to its reputation as a ✓ The company’s Artificial Intelligence (“AI”) powered doctor discovery system enables patients to find
world-class ski destination and its proximity to major Asian cities. their optimum care provider, screening by criteria such as outcome, experience and cost.
✓ Investment proceeds are secured against significant collateral with a conservative ‘Loan to Value’ ratio. ✓ Its network of 23,000 doctors, 685 clinics and 108 hospitals across 8 countries in Asia is believed to be
✓ We believe that the high-end residential developments of Infinity Capital Group will appeal to Asia’s the largest of its kind.
prospering middle class as their propensity to spend on luxury goods and travel increases. ✓ Contracts have been signed with leading health insurance providers in China and in Singapore to
partner in offering the company’s service to policyholders.
This investment provides ADAM exposure to the rapidly growing Asian winter tourism market and This investment enables ADAM to take a significant step into the growing clinical informatics sector
further diversifies its portfolio. which is disrupting the traditional healthcare landscape.
16Our Portfolio - Selected Investments
Domicile: Hong Kong Domicile: China
Consumer & Retail Sector: Food & Beverage Energy and Resources Sector: Metals & Mining
Carrying Carrying
US$26.9m US$42.6m
Value: Value:
Quarterly and Annual Quarterly and
Governance: Reporting Governance: Annual Reporting
Investment Investment Equity and
Convertible Bond
Type: Type: Shareholder Loans
Portfolio Portfolio
27.8% Future Metal Holdings Limited
Attribution: 44.1%
Chinese Dolomite Mine Attribution:
3.0% Cash Payable
Interest Rate: Quarterly and 2.0% PIK Interest Not Publicly
Fook Lam Moon (“FLM”) 2014 ADAM is the major shareholder of Future Metal Disclosed
Discount Rate Not Rate:
A 70 Year Veteran and Leader in Hong Kong’s Food and Beverage Sector Conversion: Publicly Disclosed
Holdings Limited (“Future Metal”), which wholly owns a
Not Publicly
large open pit dolomite mine (the “Mine”) in Linfen City, Security: Disclosed
2018 Convertible bond issued to ADAM by a high-end Security: Negative Pledge
Shanxi Province, China Target Exit: IPO, Trade Sale etc.
Hong Kong-based food and beverage business. Target Exit: IPO, Trade Sale etc.
An attractive transaction:
An attractive transaction: ✓ The Mine is positioned to capture the growth of the magnesium market in China, as dolomite is one of
✓ ADAM secured the Convertible Bond in FLM in exchange for certain assets of its legacy portfolio. the key ingredients in magnesium pyrometallurgy and with a wide range of applications.
✓ Fook Lam Moon is engaged in the operation of high-end Chinese restaurants and F&B management. ✓ The Mine is strategically located with convenient access points to maximise operational efficiency.
✓ It is long established as the premier brand for fine Cantonese cuisine in Hong Kong with its 70 year ✓ It has successfully renewed its Mining Licence in August 2018.
history, renowned both locally and internationally. ✓ An onsite team including a mine manager were appointed by Harmony Capital to oversee operations at
✓ This investment is directly in-line with ADAM’s strategy to generate capital gain from exposure to value the site. The team are responsible for bringing the Mine back into production in H2,2019.
accretive businesses and investment instruments across Asia.
Delivering exposure to exciting growth businesses in Asia while aiming to provide a secure income This investment enables ADAM to participate in the long term growth of a mineral asset producer in
yield for ADAM. one of world’s largest emerging markets.
17Key Performance Metrics
▪ 2019 Interim NAV remained stable at US$96.7m (1H 2018: US$95.0m) ▪ US$2m invested in Infinity Capital Group
▪ 2019 Interim income of US$1.2m generated from the portfolio (1H ▪ Proactive measures taken to improve liquidity of shares such
2018: US$0.05) as a US$0.5m Share Buyback Programme
▪ Net loss of US$0.2m (1H 2018: US$1.4m) ▪ 2019 Interim cash of US$5.4m (1H 2018: US$8.8m)
▪ 2019 Interim NAV of US$1.10 (1H 2018: US$1.17)
Net Asset Value Interest Income
+26%
120.0 FY2016
1.4
95.0 96.7 1.2
100.0 93.6 93.0
1.2
76.8
80.0 1.0
60.0 0.8
0.6
40.0 0.4
0.4
20.0
0.2 0.1
0.0 0.0
Interim 2017 FY2017 Interim 2018 FY2018 Interim 2019 Interim 2017 FY2017 Interim 2018 FY2018 Interim 2019
18Investment Pipeline
Disciplined approach to new investment opportunities in growth sector where Harmony Capital has expertise
Prospect Sector Geography Use of proceeds Investment Type Interest Rate Target IRR Target Exit Date Exit Strategy
2-Tranche
1 Healthcare Australia Expansion into Asia Secured 12-16% 20-30% 2024 IPO/Trade Sale
Convertible Bond
Business Expansion
2 Travel & Leisure Singapore Convertible Bond 12-16% 30-40% 2023 IPO/Trade Sale
across Asia
Business Expansion Secured IPO/Trade Sale
3 Consumer India 12-16% 20-30% 2024
into SE Asia Convertible Bond
Business Expansion Secured IPO/Trade Sale
4 Fintech Hong Kong 14-18% 25-30% 2025
across Asia Convertible Bond
Acquisition Secured Trade
5 Leisure & Lodging Singapore 15-20% 25-30% 2025
Financing Convertible Bond Sale/Refinancing
Secured Trade Sale/
5 F&B Singapore Domestic Expansion 12-16% 25-30% 2025
Convertible Bond Refinancing
19ADAM: Competitive Advantages & Outlook
Asian Investing Expertise Investment Approach Deal Sourcing
• Offices in London, Hong Kong, • Provides growth capital with a focus on • Proprietary relationships with
Singapore with on the ground local capital gain and income generation companies and sell-side brokers
teams
• Selectively financing both emerging and • Extensive reach and ability to meet
• Expertise investing in private established businesses across various with management teams
companies, often unable to access growth sectors across Asia
traditional sources of capital
Dedicated Team with Strong Risk Management Single Solution
Experience • Detailed and through due diligence • Able to execute transactions
• Cycle-tested team with a mixture process undertaken across the capital structure
of buy-side experience
• Provides proactive management • Can provide exposure to European
• Over a decade of executing and throughout the life of an investment using and Asian markets through our
manging investments across data analytics and customised risk tools offices
jurisdictions
20Appendix
• Key Terms
• Financials
• Our Portfolio
• The Board
21Key Terms
Adamas Finance Asia Limited
Issuer:
(ADAM.LN)
Structure: Permanent Capital Vehicle
The London Stock Exchange, Alternative Investment
Market:
Market
Harmony Capital Investors Limited, with three year
Investment Manager:
term from May 2017
Current Share Capital: 87,896,265
Valuation: Yearly Audited Valuation
Comprises of four experienced non-executive
Independent Board:
directors
1.75% of NAV Payable Semi-Annually, plus 20% of Any
Year on Year Increase in Audited NAV, subject to High
Management Fee:
Water Mark and the Hurdle. Payable in cash and
shares.
WH Ireland Limited (Nominated Advisor)
Pello Capital Limited (Corporate Broker)
Advisors: Locke Lord (UK) LLP (Legal Advisor)
Crowe UK LLP (Auditor)
Maitland/AMO (Media and Communications Advisor)
22Financials
Adamas Finance Asia Limited
Consolidated Statement of Financial Position
As at 30 June 2019
30 June 30 June
2019 2018
Unaudited Unaudited
US$’000 US$’000
Assets
Unquoted financial assets at fair value through profit or loss 58,199 80,560
Loans and other receivables 33,258 6,556
Cash and cash equivalents 5,375 9,786
Total assets 96,752 96,902
Liabilities
Other payables and accruals 231 1,896
Total liabilities 231 1,896
Net assets 96,521 95,006
Equity and reserves
Share capital 137,684 132,302
Share based payment reserve 2,555 4,201
Accumulated losses (43,718) (41,497)
Total equity and reserves attributable to owners of the parent 96,521 95,006
No. of shares 87,896,265 81,064,373
NAV per share ('US$) 1.10 1.17
23Our Portfolio
An AIM-quoted company targeting delivery of income and capital gain from a diversified mix of pan-Asian investments in the SME Sector
US$96.7m
DocDoc 2.2
ICG 2.4
Infinity Capital Group (“ICG”) – A senior secured loan investment in a real estate developer of Receivable 3.7
luxury residential properties in one of Asia’s premier ski destination – Niseko, Japan. Cash 5.4
DocDoc - In March 2018, ADAM invested in DocDoc, a leading pan-Asian virtual network of Fook Lam 26.9
physicians, clinics and hospitals assisting patients in finding the highest quality of medical care at Moon
the best prices.
Fook Lam Moon - A convertible bond issued to ADAM by a high-end Hong Kong-based food and
beverage business.
FMH 42.6
Future Metal Holdings - ADAM is the majority shareholder of Future Metal Holdings, which
wholly owns the largest magnesium dolomite quarry in Shanxi Province, China.
Legacy Investments - ADAM’s Legacy Investments include our Limited Partnership Interest in the
Greater China Credit Fund and our investment in Meize Energy Industrial Holdings. Legacy 13.5
Investments
30 June 2019
24The Board
John Croft John Croft is an experienced director of AIM-quoted companies and has previously worked in executive and non-executive
Non-executive Chairman capacities with a number of fast growth companies in the technology and financial services sectors.
Hugh Trenchard Hugh Trenchard began his career at Kleinwort Benson in 1973 and has more than 40 years' experience in investment
Non-executive Director banking, including 35 years of involvement with Japan and 12 of them as a resident.
Stuart Crocker Stuart Crocker started his career in banking at Merrill Lynch after leaving the British Army in 1985. He is a Founding
Non-executive Director Member of the English Business Council in Dubai where he currently resides.
Dr. Lee George Lam Dr. Lee George Lam is the Chairman of Hong Kong Cyberport Management Company Limited and the Non-Executive
Non-executive Director Chairman of Macquarie Bank’s Infrastructure and Real Assets business in the Hong Kong and ASEAN region.
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