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CHINA COMMUNICATIONS SERVI-H
CHINA COMMUNICATIONS SERVI-H
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
15 Aug 16
Australian fintech company ThinkSmart Ltd intends to switch its quotation from ASX to AIM. This is the culmination of a strategic review started nearly a year ago. Henderson is subscribing for £5m-worth of shares at 25p (A$0.44) each in a pre-flotation placing at a premium to the ASX market price, which will give the fund manager 17% of the enlarged share capital. ThinkSmart requires regulatory approvals and a ruling from the Australian Taxation Office in order to go ahead with the transfer of quotation. Shareholders will also have to agree to the move. The introduction to AIM is expected to happen in early November, following a tender offer for up to 10 million shares. The cash raised from Henderson will be used to develop the business but it will also help to finance the tender offer, which will be at an indicative share price range of A$0.38 to A$0.55. ThinkSmart provides digital, paperless and retail point of sale finance services via its SmartCheck technology. Dixons Carphone Group subsidiary Dixons Retail is a major customer and the relationship goes back 13 years. Together they have developed a leasefinance package called Upgrade Anytime, which enables customers to upgrade to the latest computer and consumer electronics equipment. A contract has recently been won with the Carphone Warehouse subsidiary. Although ThinkSmart is based in Western Australia it also has an office in Manchester.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 04-05-2016
04 May 16
As expected Spirent’s Q1 trading update was of the ‘all in line’ variety – this is despite a beat to our Q1 estimates. The highlights are cash generation, performance in the Networks division and that all important reaffirmation of the FY outlook. We have long commented that the macro backdrop remains poor but that Spirent is a story of getting its house in order and thus achieving better execution. These results still signal that the market remains tough, notably (i) the “broadly in line” order book, (ii) spotty geographic performance, and (iii) poor performance at the Wireless division. We reiterate that our general investment view (Buy when others are frightened) has captured the zeitgeist – Spirent enjoys an attractive valuation (2016E EV/Sales 1.3x, 8.5x EV/EBITDA). Our target price is 120p. Buy.
Panmure Morning Note 10-05-2016
10 May 16
After a couple of very difficult years, Filtronic appears to have got its mojo back – hardly a week goes by and another banner deal is inked for its new integrated antenna. Q1 results from Ceragon Networks, yesterday, were not that shabby; shares rose 20% as management talked about Q1 being the ‘trough’ quarter. The read across suggests, to us, that the outlook for Filtronic’s Broadband division is likely to be unchanged from interim results. In addition Q1 results from Nokia this morning are similarly of the ‘not that shabby’ variety. In our view the brace of results reminds us of Filtronic’s interim statement that whilst there is still much work to be done, the “strategic repositioning of both Broadband and Wireless will start to deliver improved operating results over the coming months and into the following years”. We are encouraged by Filtronic’s win rate, and demonstrably sharper focus post restructuring. Despite a difficult 24 months it remains an engineering-led organisation – while the roots of success will come from better sales execution, and an improved macro, we like that the heritage of ‘product excellence’ remains intact. In addition, management has a purposeful clarity regarding next steps and concentrates on the ‘show-me-the-money’ commercials. As results from Ceragon and Nokia illustrate, the market backdrop remains uncertain and whilst we have elected to retain our ‘under review’ stance we are encouraged. In the absence of more banner deals the next scheduled news should be June’s pre closed statement.