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|26/10/2016 17:07:31||London Stock Exchange||Director/PDMR Shareholding|
|26/10/2016 17:07:08||London Stock Exchange||Director/PDMR Shareholding|
|19/08/2016 07:00:05||London Stock Exchange||Half-year Report|
|17/08/2016 07:00:09||London Stock Exchange||Additional Listing|
|05/08/2016 07:00:12||London Stock Exchange||Net Asset Value(s)|
|05/08/2016 07:00:10||London Stock Exchange||Shareholder Update|
|15/07/2016 12:30:44||London Stock Exchange||Director/PDMR Shareholding|
Frequency of research reports
Research reports on SYMPHONY INTERNATIONAL HOLDI
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01 Mar 16
Symphony has released full year results for the period to the end of December; the group’s NAV decreased by 2.2% in the year to $695.6m or $1.32 per share, a good performance given the difficult market backdrop. We retain our Buy recommendation and $1.16 target price, implying 70% upside to the current share price.
Panmure Research - Symphony International Holdings Flash 29-10-15
29 Oct 15
Symphony has announced a shareholder update for the period to the end of September 2015. The group's NAV declined by 8.5% to $613.2m (or $1.16 per share) with the decline a result of the fall in the share price of Minor International, in addition to the depreciation of the Malaysian ringgit and Thai baht versus the US dollar. At the beginning of Q4, the company has seen a recovery in the share price of its listed investments. Symphony continues to trade at a substantial 45% discount to NAV and listed investments and cash and cash equivalents, which equated to $0.898 per share at the end of September, a 26.5% discount to the current share price. We reiterate our Buy recommendation on Symphony and reduce our target price to $1.16 ($1.27) per share.
Panmure Morning Note 27-08-15
27 Aug 15
Symphony has announced interim results for the period to the end of June 2015 and, as anticipated, due to heightened global and economic risk in Q2 2015, Symphony's NAV has declined by 5.9% to $669.9m (or $1.27 per share). This is likely to have continued into Q3 2015 given global growth concerns, particularly related to China, whilst many emerging market currencies have weakened against the US Dollar. However, despite the fall in the group's NAV the stock continues to trade at a c.48% discount, in addition to trading at a discount to listed investments and cash. Therefore, we reiterate our Buy recommendation and slightly reduce our price target to $1.27 (from $1.30).
Panmure Research - Symphony International Holdings Flash 05-08-15
05 Aug 15
Symphony has announced a half year update to the end of June 2015 with trading Symphony's NAV declining 5.9% in the period to $669.9m (or $1.27 per share). The decline in NAV was predominately driven by share price movement in Minor International and IHH Healthcare, in addition to the movement in the Thai baht against the US dollar. With Symphony's share price moving in line with the decline in NAV in the quarter, down 6%, the discount to NAV remains substantial at over 40%. We retain our Buy recommendation on Symphony and slightly reduce our target price to $1.30 (from $1.47).
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
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N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
N+1 Singer - Morning Song 20-10-2016
20 Oct 16
A highly disappointing update from Senior reports a number of issues adding up to the Group being behind expectations. Following the Flexonics issues over the past 12 months, there are now issues on the Aerospace side which are affecting the outlook. In a period when some stability was required, this is disappointing. We have downgraded FY16 EPS by 6.8% and, whilst we see Senior remaining a US takeover target, we move from Buy to Hold (target price down from 262p to 196p) until more clarity is available on the direction of the Group.