2019 Results – Likely Investor concern over debt
Companies: Zotefoams Plc
US & German manufacturing PMI hits lowest readings since 2009, UK manufacturing PMI heads below 50, BorgWarner expects material financial impact from customer production halts
Companies: AVON CGS HAYD HEAD HILS JHD RNO SCPA TWD TRI ZTF SOM GHH
Japanese PMI falls to lowest level since 2009, GE Aviation cuts 10% of workforce, Kone downgrades 2020 outlook
Companies: CGS HAYD HEAD HILS JHD OXIG RSW RNO TWD ZTF SOM GHH
2019 Summary Results
Airbus secures €15bn credit facility but partially restarts production in France & Spain, Cummins suspends production and FY20 guidance as customers shutdown
Companies: CGS HAYD HEAD HTG OXIG RSW RNO ROR TWD TRI ZTF GHH
German sentiment posts largest fall since 1991, US non-residential construction backlog rose in Jan, Daimler suspends European production for (initial) 2 weeks
Companies: CGS JHD OXIG RSW RNO SCPA TRI ZTF SOM GHH
New York Empire State Manufacturing Index falls to lowest reading since 2009, Boeing reports need for short-term funding as S&P downgrades rating to BBB
Companies: CGS HAYD HILS RNO SCPA TWD TRI ZTF SOM GHH
China's industrial production falls 13.5% y/y across Jan-Feb, UK manufacturing body expects 2.1% fall in output in 2020, Fiat Chrysler & Ferrari suspend production
Companies: CGS HAYD HEAD HTG OXIG RSW RNO SCPA TWD TRI ZTF GHH
India's industrial production rises ahead of estimates in Jan but autos production falls 18% y/y in Feb, Caterpillar dealer stats show 11% y/y fall in sales for Feb
Companies: HILS RSW RNO SCPA TRI ZTF SOM GHH
UK GDP flat in Jan missing estimates, Japan's machine tool orders fall 30% y/y in Feb, Boeing falls 18% yesterday as draws down loan
Companies: CGS HAYD HEAD HILS HTG JHD OXIG RSW RNO ROR SCPA TWD TRI ZTF SOM GHH
German industrial production rose above expectations in Jan, Taiwan's exports rise in Feb but expect March decline, US machine tool orders fall 34% in Jan
Companies: CGS HAYD HEAD HILS HTG JHD OXIG RSW RNO SCPA TWD TRI ZTF GHH
Oil price falls 30%, Chinese exports fall 17% in Jan-Feb, Japan's Q4 GDP revised down to 7% fall, Continental forecasts 2020 decline in global car production
Companies: AVON CGS HAYD HEAD HILS HTG JHD OXIG RSW RNO ROR SCPA TRI ZTF SOM GHH
US ISM manufacturing falls to 50.1 in Feb missing estimates, India's manufacturing PMI falls in Feb to 54.5, US construction spend rises ahead of expectations in Jan
Companies: HAYD HILS OXIG RSW RNO ROR SCPA ZTF GHH
US durable goods falls less than expected in Jan, Japan and South Korean industrial production beat Jan estimates, CRH sees growth in US construction markets
Companies: AVON CGS HAYD HEAD HILS JHD OXIG RSW RNO SCPA TWD TRI ZTF SOM GHH
South Korean manufacturing confidence falls, North American truck 8 orders declines m/m in Jan but is up y/y, Weir sees challenges in North American oil & gas
Companies: CGS HTG OXIG RSW RNO SCPA ZTF SOM GHH
Research Tree provides access to ongoing research coverage, media content and regulatory news on Zotefoams Plc. We currently have 73 research reports from 4 professional analysts.
Adriatic Metals* (ADT1 LN) – Annual results and review of exploration | AfriTin (ATM LN) –– H1 report highlights production ramp-up at the Uis mine | Ariana Resources* (AAU LN) – US$30m partial disposal of Turkish Assets | Anglo Asian Mining* (AAZ LN) – BUY – Gedabek continue unaffected by the Nagorno-Karabakh conflict | Cornish Lithium (Private) - Cornish Lithium looking to bring the EV supply chain closer to home | IronRidge Resources* (IRR LN) – FY20 results: well positioned to continue de-risking portfolio projects with A$7.3m in the bank | Kavango Resources (KAV LN) – Resuming field exploration of the Kalahari Copper Belt, Botswana | Power Metal Resources (POW LN) – Exploration gets underway on Botswana joint-venture | Rambler Metals and Mining* (RMM LN) – Interims and refinancing of debt and planned restoration of mine production at higher copper grade | Renascor Resources (RNU AU) – Offtake agreement with Chinese anode manufacturer highlights China’s dominance of supply chain | Trans-Siberian Gold (TSG LN) – 8c interim dividend declared reflecting robust FCF and strong outlook | Versarien* (VRS LN) – New Advisory Panel brings together global leaders in graphene within Versarien
Companies: ADT1 ATM AAU AAZ IRR KAV POW RMM RNU TSG VRS
Covestro, like Lanxess, acquired a former DSM business, but with a real premium. The valuation of the resins business looks more like in the lower semiconductor ‘space’ than on the construction ‘floor’. The expected synergies are expected to nearly double the business’s profitability. Financing of the €1.6bn deal will be challenging against the background of the current situation. We understand the strategic fit of the acquisition, which strengthens CAS’s existing portfolio and provides access to new applications.
Companies: Covestro AG
Adrian Potts, the CEO of Applied Graphene Materials (AGM), discusses the company’s commercial progress over the course of the past 12 months, which saw the launch of a number of coatings products based on AGM’s graphene dispersions. These products include industrial anti-corrosion products from Blocksil and Alltimes Coatings and retail products from Halfords and Hycote. He also highlights the progress made in the composite and functional materials markets and why initiatives to develop water-based dispersions are key to enlarging the addressable market. Finally, he explains how management has strengthened its routes to market and the actions the company has taken to mitigate the impact of COVID-19. Applied Graphene Materials is a leading innovator in the manufacture and application of graphene. The company has developed a proprietary ‘bottom-up’ process for the production of high specification graphene and owns the intellectual property and know-how behind this process. The company’s immediate commercial focus is on the coatings market, where products based on AGM’s graphene dispersions can provide demonstrably improved corrosion protection versus incumbent technologies.
Companies: Applied Graphene Materials Plc
Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, which may value the financial technology company at $1.3 billion to $1.5 billion. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
Companies: MUL MTFB BLOE MTC STX BEG VRS SFE RMS SWG
Treatt demonstrated its strength and resilience in H120, as so far the COVID-19 pandemic has not had any adverse impact on trading performance. Of course, this is in part due to the categories in which Treatt operates, with some of its products being used in household cleaners, which have witnessed a global spike in demand. Nevertheless, the steady performance is testament to the management and culture of the business, which have been able to withstand the unexpected and exogenous shock. H219 and H120 were affected by a global weakness in citrus raw material prices, which in turn affected revenue growth. Citrus prices have now started to firm and we expect growth in this category to return in H2. We leave our forecasts mostly unchanged but roll forward our DCF and hence our fair value rises to 560p (from 530p previously).
Companies: Treatt Plc
A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
