Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AMPHION INNOVATIONS PLC. We currently have 11 research reports from 2 professional analysts.
|09Dec16 03:50||RNS||Director/PDMR Shareholding|
|08Sep16 07:00||RNS||Re-negotiated terms of Motif CPN|
|07Sep16 07:00||RNS||Interim Results for the six months to 30 June 2016|
|22Aug16 03:58||RNS||Additional Draw Down on Loan Facility|
|29Jul16 07:00||RNS||Results of AGM and Directorate Change|
|18Jul16 04:33||RNS||Transfer of Shares|
|13Jul16 07:01||RNS||Notice of Intention to List on NASDAQ by Motif Bio|
Frequency of research reports
Research reports on
AMPHION INNOVATIONS PLC
AMPHION INNOVATIONS PLC
08 Sep 16
"Equity markets globally remain in 'wait and see' mode. The overnight American and Asian markets all closed with just fractional, albeit mixed, movements as the US central bank's Beige Book, which based anecdotal feedback on economic activity collected during July and August from a dozen district banks, was seen to chant the same old lacklustre message. It noted the economy continued to expand at a modest pace and that contributors expected growth at a 'moderate' pace in the coming months, coming in tandem with a Fed Reserve report noting on Wednesday that a tight labor market and rising wages were not generating substantial inflation pressure. 'Steady as she goes' might be one interpretation, but 'clear as mud' might be another for Chair Janet Yellen who is expected to make an informed policy decision at the looming Federal Open Market Committee Meeting scheduled for 20th and 21st September. Betting right now, perhaps not surprisingly, is that rates will remain unchanged while expected data releases between now and the year-end a still expected to suggest opportunity for at least a 25bp hike, even if hawks like Jeffrey Lacker continue to bang the drum for earlier, decisive action. In the Far East, China provided the main talking point following its release of monthly export data, its traditional engine for growth, that showed a slide of 2.8% in US$-terms on last year following a 4.4% decline in July; a dull outcome, but still sufficient to beat the consensus expectations, which the Wall Street Journal polled as a 4% contraction. The ASX was the only market keen enough to make a decisive move in the region, as the commodity-led index continued to adjust to the hit on the US$ following disappointing ISM data earlier in the week, although oil futures were seen to extend gains during early morning trade following a report from the American Petroleum Institute that detailed a steep weekly draw on crude stockpiles in the US, bucking expectations of a rise and pushing prices back closer to the US$50/bbl level. Europe is in focus for macro releases this morning, with the ECB interest rate decision anticipated, along with a press conference from Mario Draghi. PM, Theresa May, is also due to meet Council President, Donald Tusk, today in London while Chancellor, Phillip Hammond, is presenting to a House of Lords Committee. Earnings figures are due form Deltex Medical (DEMG.L), Genus (GNS.L), Mattioli Woods (MTW.L) and Tower Resources (TRP.L), along with a trading statement from Dixons Carphone (DC..L). The FTSE-100 is seen opening around 8 points up this morning in relatively light volume." - Barry Gibb, Research Analyst
24 Jun 16
Leave. A scenario that mainstream City-based investors at least, entertained but never truly assumed. So the global knee-jerk reaction this morning for markets and currencies will, most certainly, be big. We can already see some of the results - In Asia, Japan's Nikkei plunged 8.2% in the early hours as the result became clear (its biggest fall in 5 years), as shares in exporting companies were forced down while the 'safe haven' Yen surged close to parity with the US cent and futures trading was suspended; shares in Hong Kong shares dropped 4.7%, although UK-exposed banks like Standard Chartered and HSBC Holdings were both hit almost twice that amount. Oil prices were also knocked in early morning trade, with Brent crude down almost 6%. Pre-opening, European shares are faced with the single thing they most dislike - uncertainty. For the UK itself, the best guess probably came from the Treasury - which sees Brexit resulting in a 3.5% hit on GDP, unemployment rising by 0.5m and house prices (key to consumer confidence) falling 10%. As far as Sterling is concerned, having instantaneously tumbled to its lowest level since 1985, Soros has already suggested that the devaluation would be 'bigger and more disruptive' that the one its suffered back on Black Wednesday. Indeed, the coming weeks and months will be difficult to predict given potential structural changes to the UK economy, as Article 50 of the Lisbon Treaty is presumably enacted and the Bank of England takes emergency measures to either protect Sterling or inject express stimulation plus liquidity into the economy, while the Prime Minister and Chancellor contemplate the extent of their remaining mandate. Worries of political contagion mean that the main European indices, like the Dax and CAC will open sharply lower, perhaps down 6% to 8%. The FTSE-100, which will suffer intense volatility throughout the trading period as investors are forced to weigh short and longer-term considerations, is seen opening down about 9%. All other background financial news effectively fades into insignificance; no macro data is scheduled for release in the UK, although data watchers may still take an interest in this morning's ifo survey release from Germany and Frances GDP data. No major UK corporates are due to report this morning."
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.