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  • 16 Oct 19
Third Quarter of 2019

There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies.

Companies: AEMC BIOG SIGT IBT JEFI MHN MERI MTE PSHD RSE SIR FJV LTI MVI SEQI SONG SLI EGL WPCT VNH CSH VSL BRLA UTL ADAM SOHO GPM TPOU LEAF JRS JLEN SEC IGC MPO LIV INTU THRL

  • 14 May 19
Understanding the deepest discounts

At Hardman and Co, we try to answer the questions of why to invest in a company and what the risks are in doing so. For many investors, simply having a deep discount to NAV is a good enough answer to the first question. However, investors need to appreciate the risks and, in particular, the reasons why the shares are at a discount. Having understood those risks, investors need to be convinced that there is a catalyst for change on the part of the manager and how long (if at all) it will take for market sentiment to reflect this in a lower discount. In this report, we examine the companies with the largest discounts and review those very issues.

Companies: ADAM BC12 BGHL CGI HAN JZCP LMS MPO MVI MHN NSI NAS OCI PSHD RSE SIHL TFG TPOU UTL VIN ELTA ELX

  • 06 Oct 17
Small Cap Breakfast

Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017. Offer TBA. Due 11 Oct. Cora Gold— West African focused gold exploration business, significantly enlarged by the amalgamation of the gold exploration assets in Mali and Senegal of Hummingbird Resources and Cora Gold's former parent, Kola Gold. Raising £3.45m at 16.5p. Mkt Cao £9.07m. Springfield Properties—Scottish housebuilder. “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” Expected Mid October. Offer TBA. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.

Companies: BXP RWS DATA FIF TLY VAST DUKE SOLG MIRA MPO

  • 25 Aug 17
Small Cap Breakfast

appScatter Group—Sch1 from the B2BSaaS platform that allows its paying users to distribute their apps to, and manage their apps on, multiple app stores. Following admission, appScatter intends to launch the public version of the platform, at which point the platform will be available to all app developers and publishers worldwide. Offer TBC, expected early Sept 2017 | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 per cent. for the year ending 31 March 2019. Issue price 100p. Raising up to £150m. | Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September. | Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017 | OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Chesterfield Resources-newly established company formed for the purpose of acquiring a company, business or asset that has operations in the mining sector that it will then look to develop and expand. Raising £1.3m at 5p. Due 29 Aug. Mkt cap £1.4m. | Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017

Companies: FAL NCCL IHC WYG MPL CNIC ACC SDX MPO

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Macau Property Opportunities Fund. We currently have 12 research reports from 4 professional analysts.

Open
112p
Range Today
116/116p
52 Week
112/173p
Daily Volume
0.0k
# Shares
61.8m
Daily Liquidity
(0%)
Pension Liability
Enterprise Value
£190.8m
Market Cap
£71.7m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
29Nov19 13:37 RNS Result of AGM
11Nov19 07:00 RNS Notice of AGM and Reduction of Costs
08Nov19 16:40 RNS Second Price Monitoring Extn
08Nov19 16:35 RNS Price Monitoring Extension
04Nov19 07:00 RNS Quarterly Net Asset Value update
07Oct19 07:00 RNS Annual Results for the Year Ended 30 June 2019
02Sep19 16:45 RNS Director/PDMR Shareholding
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  • 03 Dec 19
LIBERUM: Ramsdens Holdings* - 12% adj. PBT growth. On track for H2.

We welcome a confident outlook statement and dividend raise after hitting H1 expectations, even excluding the extra profit from gold sales. EPS estimates unchanged.

Companies: Ramsdens
  • 03 Dec 19
Acquisition of VCT contracts, £30m ABB; HY results show NAV growth

Mercia has announced the proposed acquisition of three VCT contracts for a total consideration of up to £25m, which would add £270m AuM – driving the group to pro-forma cash profitability from asset management in the first full year. An accelerated bookbuild has been launched to raise £30m (gross) at 25p in order to fund the initial acquisition consideration (£12.4m) and £15m to drive the Mercia balance sheet towards an evergreen (self-funding) position. Interim results, also announced, show NAV growth (+2.6%) including £3.2m net revaluation gains in the portfolio. As joint broker to Mercia, we await the outcome of the General Meeting (20/12) before updating our forecasts.

Companies: Mercia Technologies
  • 06 Dec 19
Cenkos: Duke Royalty Ltd -- Scaling of the portfolio delivering riches

Duke delivered significant YoY growth in H1/20A results, as earlier efforts to broaden the royalty portfolio came through this year. This strong growth will continue with recent debt & equity raises forward funding investments to income levels of £15m by FY21E. Met with an enhanced, but now stabilised cost base, operational leverage should drive continued strong adj EBIT growth (to £13m, at a c85% margin) and further DPS rises.

Companies: Duke Royalty
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 09 Dec 19
Palace Capital*

Priory House disposed; empty rates & costs saved

Companies: Palace Capital
  • 03 Dec 19
LIBERUM: NewRiver* - Accretive acquisition of Bravo Inns for £17.9m

NewRiver has acquired Bravo Inns for £17.9m, representing an attractive 6.8x EBITDA. The transaction is expected to generate annualised outlet EBITDA of £2.6m (14% yield on cost) and importantly will be accretive to underlying FFO, further increasing dividend cover.

Companies: Newriver Reit
  • 04 Nov 19
THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN SRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

  • 05 Dec 19
Mercia Asset Management - Huge stride towards an evergreen model

In parallel with its H120 interim results, Mercia has announced the acquisition of NVM’s VCT business for up to £25m in cash and equity, funded by a £30m placing at 25p per share (a 22% discount). Subject to shareholder approval, the acquisition increases AUM to £760m and moves Mercia towards being the UK’s number one regional investor. The deal expands Mercia’s shareholder register, further dilutes existing major shareholders and means Mercia should be profitable before fair value adjustments, closer to its target of an evergreen model (c £1bn AUM). In its H120 results, Mercia’s direct investment portfolio increased to £102.0m, with £11.1m of cash invested in 16 companies and a fair value uplift of £3.2m. Mercia has £17.8m of unrestricted balance sheet cash (pre-placing) and the shares continue to trade at a significant discount to NAV.

Companies: Mercia Technologies
  • 11 Sep 19
FY19 results - Settlements ahead of expectations

Revenue increased 17% to A$34.7m (Ae: A$48.4m). We note that the difference to our forecast was due to an accounting presentation change only, whereby revenues are now stated net instead of gross including capital deployed. We believe this new presentation is much more intuitive and note that, if it had not been applied, revenue was in fact in line with our numbers at A$48.2m. Gross profit, or net gain on investment, was up 23% to A$20.3m (Ae: A$19.0m). This is particularly encouraging as it shows the actual gain on the capital previously deployed. We noted in our 5 July note that our numbers were likely on the light side, so it is pleasing to see this come through. ROIC increased from 117% last reported to 135%, displaying the lucrative returns of recent settlements.

Companies: Litigation Capital Management
  • 08 Oct 19
AUM impresses, ESG stars continue to align

Impax closed FY19 managing £15.1bn of assets, 20% up on the £12.5bn AUM of 30 Sep 2018, and beating our forecast of £14bn. Longer-term, we think the business remains well placed for strong revenue growth, capitalising on a global structural shift towards Environmental, Social and Governance (ESG) investing, and even stronger profit growth because of operational leverage.

Companies: Impax Asset Management Group
  • 20 Nov 19
Strong earnings growth, a product of resilient flows

Interim results are in line. Sustained net inflows during H1 drove AuM to new highs, overcoming headwinds. This delivered +17% adj. PBT growth. AuM momentum has continued into Q3, complemented by the Neptune acquisition which stands to make a step change contribution in H2’20 and beyond. We leave forecasts unchanged. 42% of our FY20 forecast has already been delivered in H1. A 15x FY20e PER falling to 13x FY21e is undemanding given earnings momentum and flow resilience.

Companies: Liontrust Asset Management
  • 04 Dec 19
LIBERUM: U+I* - All to play for in H2

U+I’s H1 results were in line and the company is on track to deliver on expectations for FY20E. We expect important progress in H2 from planning consents and submissions in the pipeline, as well as continued operational efficiencies.

Companies: U&I Group
  • 10 Dec 19
S&U#

Trading in line with expectations

Companies: S&U
  • 23 Oct 19
Texas Instruments tanks semis; Lyft forecasts FY21 profit; TransferWise expands to Middle East

The recent run-up in semiconductor stocks hit a speed bump Tuesday afternoon that could turn into much more. Texas Instruments gave a forecast that was much worse than expected in a Tuesday earnings report, raising questions over whether the cycle is anywhere near the trough as was widely expected.

Companies: ENET TRAK BGO BOKU CAPX CML EQLS IQE SEE TCM TRCS QTX XPP FIN NETW

  • 09 Oct 19
The Renewables Infrastructure Group - Overview

The Renewables Infrastructure Group (TRIG) is a play on the burgeoning renewable energy sector. It differentiates itself from the other funds in the sector by being a non-specialist fund (wind, solar and battery storage so far) but with a remit to invest across the UK and in European countries where the directors and managers believe there is a stable renewable energy framework. Recently TRIG has announced a further extension of this policy, and the board is seeking shareholder approval to increase the proportion of assets the company can invest in Europe from 50% to 65%. TRIG invests in assets which offer attractive long-term cash flows, elements of which are linked to inflation. The aim of the company is to provide long-term, stable dividends for shareholders, with any surplus cash flows after debt amortisation being re-invested to help maintain the capital value of the investment portfolio. The current portfolio, when fully built out in 2020, will be represented by 71 projects, with net capacity of 1.5GW. This is equivalent to 1 million UK homes or 1% of the total electricity generated in the UK. Wind is currently the largest component of the portfolio (86% by value). However in the company’s recent announcement the managers state that to further diversify the portfolio they are considering investing in unsubsidised solar plants in Iberia, taking advantage of steeply declining capital costs and high solar resource. Solar provides a natural complement to wind technologies, given its peak electricity generation is during the summer months, while for wind peak generation occurs in the winter. The push to invest overseas has gathered pace over the last couple of years, and during the 2018 calendar year 77% of new investments by value were made outside the UK. For the six months to end-June 2019, the company has invested in five projects, all of which are overseas (in Sweden, France and Germany). In total, 45% of the portfolio is currently invested outside the UK, up from 28% at the end of 2018. TRIG has a progressive dividend policy. The company’s dividend has increased each year since launch, at an average compound annual rate of 1.8% pa. Every year the board sets a dividend target for the following year, payable in four equal installments. The current dividend target is 6.64p per share, equivalent to a yield of 5.1% at the current price and representing an increase of 2.2% from 2018. The company has delivered strong and consistent returns since inception. Over the past five years, it has outperformed the FTSE All Share index on a NAV total return basis, but with lower volatility. Since its initial public offering (IPO) in 2013 the company has delivered total shareholder returns of 10.4% per annum (to 30 June 2019). TRIG currently has long-term gearing of approximately 36% of portfolio enterprise value, all of which is all held at the project level. This is at the low end of the peer group. The longer-term debt is amortised over the life of each asset’s specific subsidy regime, which de-risks these assets over time (unsubsidised assets are not geared). The company continues to enjoy robust demand for its shares. Currently the share price premium over NAV is around 14%, a slight premium to the sector average premium of 12.7% (Source: Numis).

Companies: Renewables Infrastructure Group