Dekel Agri-Vision - Q1 operations update: Solid performance in palm oil; cashews back on track

This morning's Q1 operational update from DKL reflects a solid start to the year for the group, with the palm oil division posting 23.5% production growth YoY and continuing to provide a strong foundation as development work on DKL's cashew operation makes further progress. Palm oil volumes in Q1 were buoyed by a greater availability of fresh fruit bunches (“FFBs”) in the vicinity of DKL's mill, with FFB volumes up 30% on the prior year, delivering CPO production of 4,929 tonnes – a good figure

Dekel Agri-Vision - February production update: Palm oil volumes well ahead of prior year

This morning's production update from DKL reflects a continuation of the strong start to the year reported last month, with crude palm oil (“CPO”) volumes in February reported to be 70.2% ahead of the prior year. The group, a multi-commodity agriculture company operating in West Africa, reports CPO production of 3,742 tonnes for the month, driven by increased availability of fresh fruit bunches in the vicinity of their mill. CPO prices are reported to be ahead of January prices at €759 per tonne

Dekel Agri-Vision - January production update: Strong palm oil volumes up 56% on FY2023

This morning's production update from DKL signals a robust start to the year, with a strong outturn on crude palm oil (“CPO”) volumes in January following on from a positive end to FY2023 in this division. The group, a multi-commodity agriculture company operating in West Africa, reports CPO production of 2,839 tonnes for the month, up over 56% YoY, driven by increased availability of fresh fruit bunches in the vicinity of their mill. On the pricing front, DKL reports a softening in prices since

Dekel Agri-Vision - Record revenue year in FY23E: Strong overall progress based on palm oil success

This morning's full year operational update from DKL caps off an excellent year for the group's palm oil business, with a combination of strong production and historically high crude palm oil (“CPO”) pricing reported to have delivered one of the group's best annual financial performances in this division. The group also provides an update on its first year of commercial production in its cashew operation – where the anticipated ramp up in production has been held back by delivery delays and unde

Dekel Agri-Vision - November production update: Another record month sets up strong end to FY2023

Yesterday's production update from DKL illustrates another exceptional month for the group this year, with November's crude palm oil (“CPO”) production up over 150% YoY – a record performance – putting the group well on track to exceed our production estimates for the full year. Strong CPO production in the month was a result of both above-average availability of fresh fruit bunches (“FFBs”) from local producers and excellent extraction rates achieved at DKL's mill (21.7%), resulting in producti

Dekel Agri-Vision - October production update: Well positioned for strong end to year in palm oil

This morning's October production update from DKL further underpins strong expectations from the group's palm oil business this year, with crude palm oil (“CPO”) production tracking ahead of the prior year for the 8th consecutive month. Positively, the company also report a promising start to November, with CPO production expected to be ‘materially higher' than FY2022. Approaching year end, we remain confident of a very good performance from the palm oil business in FY2023E, validating expectati

Dekel Agri-Vision - Q3 production update: Strong year for palm oil continues; progress on cashews

This morning's Q3 production update from DKL reflects the continuation of a strong year in the palm oil business, with financial performance reported to be close to record levels, and further progress in the newly commissioned cashew project. Palm oil volumes continue to benefit from a strong harvest and good availability of fresh fruit bunches locally, with crude palm oil (“CPO”) production up 78% YoY and sales up over 190%, reflecting high levels of stock at the beginning of the period. In the

Dekel Agri-Vision - On course for stellar year for palm oil business with progress in cashews

H1 results from DKL today highlight a very strong performance for the palm oil business on pricing and volumes, while the company made further progress in its transformative cashew project. The company is an increasingly diversified agricultural group with operations in West Africa, comprising a fully operational, sustainably sourced palm oil business alongside its recently inaugurated cashew processing activity. Although the financial performance of the palm oil operation was solid, posting E

Dekel Agri-Vision - August palm oil production well ahead of FY2022

Today's August production update from Dekel's palm oil operation reflects a continuation of strong results from the business in recent months, with production up 38% over last year and a marginal increase in pricing month on month. Strong production in August follows record monthly production numbers earlier in the year, combining with historically elevated pricing to position DKL for a strong financial performance from this division for the full year. Cumulatively, production in the year to dat

Dekel Agri-Vision (DKL) - Encouraging July palm oil operational update, speaks well of FY23E

Reflecting Crude Palm Oil (CPO) production 2.4x higher than a year ago, an encouraging monthly palm oil update this morning caps a strong period in recent months for the palm oil operation overall. Progress announced this morning is on the back of a productive high season which generated a strong and progressive recovery in CY23E, while in parallel the group also succeeded in bringing the new cashew operation on stream as highlighted in last month's H1 operational update. DKL is an increasingly

Dekel Agri-Vision - H1-23 operational update: palm oil production continues strong with high prices

6-month palm oil volumes flagged in this morning's DKL operational update are substantially ahead YoY overall with Fresh Fruit Bunches (FFB) up 52% for the period to end June and Crude Palm Oil (CPO) posting a 49% increase. The numbers thus reflect a strong and progressive recovery in the current year while the group also succeeded in bringing the new cashew operation into operation. DKL is an increasingly diversified agricultural group focused on West Africa (Côte d'Ivoire), with activities w

Dekel Agri-Vision - FY22A results: palm oil profits held up well; cashews bedding in; expects strong ‘23

DKL's FY results today show that its palm oil business generated a highly creditable performance in a year in which harvests were unusually low, while the group also succeeded in bedding in the new cashew operation. The latter made a negative contribution in FY22A, but is now well-positioned to become cash-generative in the course of FY23E. DKL is an increasingly diversified agricultural group focused on West Africa (Côte d'Ivoire), with activities which include a fully operational, sustainabl

Dekel Agri-Vision - Continuation of strong palm oil volumes in May production update

This morning's monthly production update from DKL demonstrates a continuation of the strong palm oil production volumes seen in April, with crude palm oil (“CPO”) production up 145% over last year in a record outturn for the month of May. Strong volumes, alongside prices which remain high relative to historic standards, strengthen expectations for a strong performance in Dekel's palm oil production business in H1 2023 – a significant improvement over the exceptionally weak volumes seen last year

Dekel Agri-Vision - Record volumes and strong pricing drive exceptional April palm oil figures

This morning's monthly production update from DKL reflects an exceptionally strong recovery in palm oil volumes for the group, with crude palm oil (“CPO”) production reaching record levels for April, fresh fruit bunch (“FFB”) volumes up almost 120% YoY, and strong pricing continuing into the year. With the palm oil high season typically peaking in March, the improvement in today's figures over the prior month reflects a later start to the high season than usual, providing reassurance after weake

Dekel Agri-Vision - Inaugural quarterly cashew update: Strong growth in production

Today's maiden quarterly cashew update from Dekel marks another significant milestone for the company's newly commissioned cashew processing plant, pointing to growing daily production rates and a move towards steady commercial operations. Dekel - a diversified producer of cashew nuts and crude palm oil (“CPO”) in Cote D'Ivoire – has reported key operating metrics from the first quarter of FY2023 as the business enters the raw cashew nut (“RCN”) buying season, with the quantity and quality of R

Premier Foods+ (PFD, House Stock, 139p) - Pension cash contributions suspended

LIBERUM: Genus: Time to go the whole hog?

Greggs - Showing us how it's done

The second full year of Greggs’ five-year growth plan to double revenue by FY26 should be marked down as very successful, especially so given the challenging external environment. Unlike many consumer-facing companies, high selling price inflation was accompanied by volume growth, leading to good market share gains. The consumer is responding well to new initiatives to grow revenue in new dayparts and digital channels. Profitability was well-managed with better recovery of input cost inflation t

Carr's Group - An enhanced value creation strategy

Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.

BWMX: 1Q Preview: Moving to the Offensive; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company announcing 1Q24 (March) results after the close on Thursday. We believe, with momentum returning at the Betterware division, JAFRA remaining on a new product and marketing focus, the United States market becoming a larger emphasis and BWMX continuing to offer a compelling (and secure) dividend yield of 8.5%, BWMX remains well positioned to reward investors on multiple levels, and we r

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

BWMX: Snapping the Catalog: 1Q Registered Progress; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the March catalog. March completed a 1Q with material YoY positives, from higher SKU counts, rising cadence of new and debuting products, a return of key favorites and continued reductions in overall discounting levels. We believe Betterware management has been able to capitalize on the return to normalcy for their supply chain to roll out compelling new items, offer normalized pricing

Hybridan Small Cap Feast - 11 Jan 23

11 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Hybridan Small Cap Feast - 20 Mar 24

20th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Growth Companies - Share & share alike Sell in May?

Anpario+ (ANP) - House Stock (from Buy), 208p - Appointment as NOMAD & Broker leads to withdrawal of recommendation.

Anpario+ (ANP, House Stock at 230p) - FY24F upgrades - recovery play

Initial Equity Trading Comments - 20 March 2024

Morning Note – 23 January 2024

Morning Note – 27 February 2024