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Surface Transforms has announced a Placing and Subscription seeking £6.5m at 1p, combined with an Open Offer for up to £2m (before expenses). Proceeds will be used for working capital for existing operations and to support the manufacturing scale-up. We introduce summary estimates pending the outcome of the entire fundraising event (including the Open Offer) and the full outturn statement for 2023a due in late May. Our base case assumption is for revenue of £17.5m in 2024e (2023a: £8.3m); this c
Companies: Surface Transforms PLC
Zeus Capital
SCE has announced its intention to raise £6.5m via an institutional placing, with an open offer pending, to assist the scale-up and to fund near-term working capital requirements. We reduce our forecasts to factor in base case assumptions and greater prudence to expectations. Our FY24E adj pre-tax loss rises by £3.9m to a loss of £6.9m, increasing LPS from -0.6p to -0.9p. The placing should provide sufficient cash runway and some headroom through to EBITDA profitability, anticipated throughout F
Cavendish
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Hybridan
SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e
IG Design Group’s trading update for the year ended 31 March 2024 has exceeded market expectations in terms of both profitability and, most significantly, cash generation. The FY24 results confirm the progress the group has made on its strategic journey to simplify the business and improve operational efficiency. Notwithstanding ongoing uncertainty on the economic backdrop and consumer expenditure, the group remains confident of delivering its target of returning to its pre-Covid adjusted operat
Companies: IG Design Group plc
Progressive Equity Research
Encouraging FY23 results from SPSY this morning show profits and cash a touch ahead of expectation and position the company well for a year of strong growth in FY24E. SPSY leads the market in machine-readable high speed banknote authentication, brand protection technologies and gaming security software. The company grew the business robustly in FY23 (PBTA +6%, EPS pared by increased tax payments, progressive DPS), building on a decade of double digit CAGR; and closed the year with the transfor
Companies: Spectra Systems Corporation
WHIreland
This morning's announcement from SPSY highlights the company's innovative technology in the interest of “meet[ing] clients' needs”. A global first from SPSY, today's news heralds the first polymer banknote substrate which will be certified as sourced and manufactured through an accredited circular supply chain, commencing with Toray Plastics America, SPSY's partner. This new development follows on from SPSY's invention of the Fusion substrate, a transformative technology which we expect to mak
Canaccord Genuity
Strong consumer demand through May and early June, combined with lower container rates has driven a material upgrade to FY23 and FY24 earnings. FY23E Adj. PBT of £10.5m is +23.0% with FY23E EPS +25.0% versus our previous forecasts. Margin improvements are expected to be sustained, with FY24E Adj. EPS +30.0%. An ex-cash PE of 11.9x with a prospective dividend of 3.0% remains an undemanding valuation for a well-run business with a solid strategy, strong control over cost management and consistent,
Companies: Shoe Zone PLC
The trading update highlights recent technical issues have been resolved with a significant ramp up in production over recent weeks. Q1 trading therefore sees revenue of £1.4m, and a quarterly loss. The extent to which production can catch up will determine FY23 profits, but the Q1 production shortfall is expected to affect FY23 forecasts. This prompts us to reduce our forecasts for FY23 and FY24. While today’s news is unfortunate, operational issues have been resolved and cash is sufficient for
The FY22 results illustrate the significant steps forward the business has taken, with revenue up 116%. Commercially, at £290m the order book has gained from two significant OEM orders gained in the year. Operationally, recent technical issues have been resolved, while investment continues to add capacity and debottleneck production. While costs have been higher in the year, the loss after tax is in line with expectations. By September, phase 2 investment is expected take the group to a capacity
The half-year update confirms H1 revenues of £3.3m and continued improvement in manufacturing performance, with an 80% increase in manufactured discs in the period. Output rates in June and July have continued to improve and customer arrears reduced. H2 is expected to be profitable, with additional capacity on track for installation. We maintain FY23 revenues, with a pre-tax loss of £2.7m, an increase of £1.8m, and year-end gross cash of £2.5m. We maintain our 120p TP, given significant upside a
Interims were largely pre-announced at the pre-close update. Production continues to steadily ramp up with Q1 technical issues resolved. Increased capacity, including the additional furnace, provides scope for stronger output in Q4. Management guides down FY23 revenues, with H2 now expected to reach breakeven with a profit generated in Q4. This results in a £2.0m increase in FY23 adj pre-tax loss to £4.7m. In FY24 we downgrade adj EPS by 29%. Our target price remains 120p, based on 15x the £150m
Surface Transforms has successfully raised £8.0m via an institutional placing (and expected £2.0m open offer) to provide additional financial flexibility to fund the expected increase in working capital as output scales up. Some challenges in its scheduled Q3 ramp-up have occurred, with the required level of output now expected to be achieved in Q1 FY24. We remain convinced that the medium term provides investors with an attractive investment proposition as it ramps up capacity to £75m in 2025 a
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