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    VALDOR TECHNOLOGY INTERNATIO

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    VALDOR TECHNOLOGY INTERNATIO

  • 13 Aug 19

China’s CB nears launch of digital currency, Uber falls to all-time low, Huawei debuts own operating system

An official at China's central bank has said the institution is nearing the launch of its digital currency. Speaking at an event in China over the weekend, Mu Changchun, deputy director of the payments unit at the People's Bank of China, said its researchers have been hard at work since last year to complete the systems needed to support the digital yuan offering and that it is "Close to being out." The news was reported by Bloomberg on Monday.

Companies: AMO BGO BOKU IQE TECH

  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 14 Aug 19

CBS and Viacom reach merger deal, Snap launches new AR Spectacles, Facial recognition in King’s Cross

CBS and Viacom have agreed to merge, ending years of on-and-off talks. The merger highlights a long effort to unite CBS and Viacom as the media companies seek to compete with giants like Disney and Netflix. Viacom CEO Bob Bakish will run the combined company, which will be named ViacomCBS.

Companies: EVRH ZOO AMO IMMO MIRA VRE

  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 09 Nov 17

AIM Journal


Companies: RWS G4M SRC PIM GAN ARTA

  • 18 Dec 17

Sharing deal agreement between BT and Sky: time to buy BT?

For the last three weeks, BT’s stock price has been waking up. The good news of a sharing deal agreement with Sky and the fact that BT is not now expensive encourages us to recommend buying the stock.

Companies: BT Group
  • 02 Feb 18

A fall in the stock which has lasted...for two years

Q3 sales at end December were down by 3% yoy (they were down by 1% in Q2) with still a good performance by EE (+4%) but a continued sharp revenue decrease of 10% in Global Services. With no surprise, Q3 EBITDA was down by 2% yoy (vs -4% in Q2 and -2% in Q1). Note EE’s EBITDA was down 6% (but still up by 10% for the first 9m), due to higher customer investment costs in the quarter, following the launch of new, premium smartphones and watches. The cautious outlook given by the group nine months ago, due to the pressures in the UK public sector and international corporate markets (added to the uncertainty around the the nature of the UK’s future trading relationship with the EU and globally following Brexit), has been reiterated: for 2017/18, the group continues to expect revenues to be broadly flat yoy, while EBITDA is expected to be between £7.5bn and £7.6bn.

Companies: BT Group
  • 16 Mar 18

Top-line growth set to drive margin expansion

Spirent’s results last week showed good traction from the group’s strategic growth areas (Lifecycle Service Assurance and Application Security), which combined with effective cost control, resulted in strong earnings growth and excellent cash generation. The group remains heavily H2 weighted, but we believe it is well placed to deliver a long awaited return to top-line growth going forwards. With gross margins remaining strong and management maintaining a tight grip on costs, we expect the growth to result in continued margin expansion across our forecast period. We make significant upgrades to all forecast years and increase our target price to 139p. Buy.

Companies: Spirent Communications
  • 11 May 18

An unchanged dividend in the next three years

Q4 sales at end March were down by 3% yoy (like in Q3 but they were flat in H1) with still a good performance by EE (+5%) but a continued sharp revenue decrease of 13% in Global Services. Q4 EBITDA was up by 1% yoy, a correct number compared to the 2% decline recorded in Q3 but the annual EBITDA at £7.5bn was towards the low end of the £7.5/7.6 guidance given by the group for the full year. Note, beyond a good 13% increase on the consumer side, that EE’s EBITDA was again up by 5% this quarter and not down by 6% like in Q3 (this was due to higher customer investment costs following the launch of new, premium smartphones and watches). Management has also given an expected poor outlook for 2018/19. Revenue should be down by 2% yoy mainly as a result of significant regulatory price reductions in Openreach (last March, Ofcom issued its final statement on the Wholesale Local Access Market Review). The group also expects an impact from its decision to de-emphasise lower margin products, particularly in the enterprise businesses. In parallel, EBITDA is expected to be in the range £7.3-7.4bn (we had currently £7.4bn in our model) corresponding to a c.2% decrease. Note also that capex should be higher in 2018/19 than what we expected, at around £3.7bn. It should remain at this level in 2019/20 as the business increases network investment through Openreach’s Fibre First programme and further 4G and 5G mobile network build. So, very logically, the Board has decided to hold the dividend unchanged for this year at 15.4p per share. The Board also expects to hold the dividend unchanged in respect of the next two financial years, given the outlook for earnings and cash flow over this period. Not at all enough to make investors dream, while most European telcos are more likely to increase theirs. Even if the free cash flow in 2017/18 was £2,973m (up by almost £200m yoy due to favourable working capital movements), note that for 2018/19 the group expects a free cash flow of £2.3-2.5bn. So there are no worries in the short term about BT’s no longer “progressive” dividend.

Companies: BT Group
  • 02 Nov 18

Ready to be reborn from its ashes?

The stock was up by 8% yesterday following its H1 release. We do not believe this release deserves such a positive response. But the stock has been declining for two years from c.500p to c.200p, before stabilising at around 230p during the last five months. Yesterday’s sharp increase is perhaps the sign of the end of purgatory for BT whose EBITDA could grow again in… 2019/20 and which is still offering a solid dividend at 15.4p.

Companies: BT Group
  • 31 Jan 19

Openreach under pressure from regulated price reductions

BT released this morning its Q3 update which was slightly worse than expected in terms of EBITDA. EBITDA was indeed down by 3.5% yoy, while revenue declined as expected by 1%. So quite a poor release reflecting a new decline in EBITDA which offsets the previous solid H1 (EBITDA was up by 2% yoy). Note, however, this poor performance was quite expected as it is due to the regulated price reductions at Openreach on FTTC and Ethernet products. By the way, the outlook for 2018/19 has not been modified and management still expects EBITDA to be in the upper half of its £7.3-7.4bn range.

Companies: BT Group
  • 27 Mar 17

The Joy of Techs

Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.

Companies: 7DIG AMO ARTA BVC BOTB CTP CITY D4T4 DTC DOTD ELCO ESG FDSA FDEV GBG IDEA IDOX IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO ONEV SSY ABAL

  • 08 Mar 17

Signs of recovery after a difficult 2016

As flagged by the recent trading update, group FY 2016 revenue slipped 7% YoY to $90.4m; 43% ($38.5m) of this came from Telecoms, which saw the majority of the decline in revenue as the legacy copper-based equipment sales continue to be wound down. The Bio-Medical division sales slipped just 2% YoY to $51.6m; a poor year from sterilization being compensated for by growth in diagnostics. While gross margins remained firm in both divisions (40% and 25% respectively), both slipped into operating loss; a hefty $2.2m from Telecoms (due to the loss of revenue from contracts) and $0.3m from Bio-Medical; however, the $2.5m operating loss was covered by an exceptional $3m profit on sale of a property. That sale helped cash; $1m received from operations was offset by $6m capex but cash from the sale of assets lifted BATM’s net cash from $21m to a welcome $23m at the year end.

Companies: BATM Advanced Communications
  • 02 Jul 19

Huawei granted temporary reprieve, Self-driving cars have 2 big challenges, Applied Material bets on memory chips

Huawei was granted a temporary reprieve as part of a broader accord between the Trump administration and the Chinese central government at a much-anticipated meeting between the countries’ leaders. The autonomous vehicle industry has two big challenges it needs to overcome before self-driving cars become widespread - technology and business models that can make money, according to Michelle Avary, head of autonomous mobility at the World Economic Forum. US chip gear maker Applied Materials on Monday agreed to buy Japanese peer Kokusai Electric for $2.2 billion from KKR & Co Inc, as it bets on rising demand for memory chips used in data centres, 5G phones and AI-powered devices.

Companies: AMO IQE TRAK SEE CPX TCM TRCS QTX

  • 17 Jul 19

H1’19 trading: On track, retaining estimates

CyanConnode has released a H1’19 trading statement this morning, reaffirming its comfort with market expectations. While H1 revenues were expectedly down YoY, reflecting the isolated impact of the Indian elections on business activity in the group’s key market, the election of the incumbent candidate and burgeoning commercial pipeline are expected to support growth. We believe the shares’ underperformance YTD and current valuation of 1.2x FY19E EV/sales presents a compelling opportunity to gain exposure. We reiterate our Buy rating on the stock.

Companies: Cyanconnode