boohoo Group (BOO LN) - Building back to growth

FY23 revenue and EBITDA is a marginal beat vs. estimates with cash generation the standout beat. Market conditions are challenging, reflected in lower FY24 growth, but strategic progress is delivering improved profitability, with medium term guidance confident in a return to double-digit growth and increased profitability.

Initial Equity Trading Comments - 15 May 2023

Cenkos: Solid State Plc -- Solid Supply Chain

Solid State has a track record of delivering consistent growth in revenue and earnings, supported by secular organic growth drivers and a successful strategy of targeted acquisitions. We examine the customer industries, the company's technology specialisms and the financial performance drivers. Solid State is well positioned to continue delivering growth and shareholder value creation over the medium-term. We initiate coverage with a BUY.

Mixed thoughts about Imperial Brands

Despite falling short on the bottom line, the H1 23 results were in line with the street’s expectations in terms of the top-line and operating profit. The challenges posed by high comps and the effects of the COVID period significantly impacted tobacco volumes but this decline was effectively mitigated by pricing strategies. In our assessment, the market’s lukewarm response to the results can be attributed to a perceived lack of catalysts for Imperial.

Morning Note – 11 May 2023

AGM update; benefitting from geographic diversity

Portmeirion has issued a brief AGM statement covering the traditionally quieter period of the year. Progress has been made YTD with geographical diversity and self-help being supportive features we understand. Overall, the expectation is for a flat H1 performance, which in the context of a challenging consumer backdrop would be a creditable outcome. We note USA has been singled out as showing customer caution in recent weeks re ordering and will need to be closely monitored over Q2. With c.80% o

Portmeirion+ (PMP, House Stock, 508p) - No changes to forecasts on AGM statement

Portmeirion+ (PMP, House Stock, 418p) - Appointment of Non-executive Director

LSE AIM - Market Screener (30 May 2023)

 The market capitalization of AIM stocks was £95.9bn as of 26 May 2023, down 3.7% since 14 April 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 216.6%), Vast Resources (+325% YTD), B90 Holdings (+212.4%), Verditek (209.1%, MktCap £7.5mn), Star Phoenix Group (+175%), Inspecs Group (+166.3%). Among the bottom movers, were companies canceling admission to AIM: Applied Graphene Materials (-88%,), Circle Property (-93%, MktCap £1.2mn), Purplebricks Group (-93.1% on a possi

Cenkos: Seeing Machines Ltd -- Strong aftermarket KPIs

We believe Seeing Machines quarterly Key Performance Indicators for Q3/23E show the company looks to be on track to meet our overall FY23E expectations. Whilst the vehicles produced with Seeing Machines DMS technology for Q4/23E needs to step up to meet our latest FY23E forecast, we believe the overall OEM division is performing strongly. Also, the Aftermarket division looks to be on track to exceed our monitored connection forecast and, with product availability continuing to increase, we exp

Morning Note – 9 May 2023

Hybridan Small Cap Feast - 22 Feb 23

22 February 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 objec

Morning Note – 19 April 2023

Surface Transforms (SCE): A major quantum production ramp up now secured

Final results were announced on 17 April, together with 1Q’23 sales and an update on the now rectified major production hiccough. In November 2022, SCE announced a second OEM 10 contract, the largest for SCE to date. The forward pipeline has been replenished and remains the same. The OEM 10 order commences in 2025, which is normal visibility. OEM 8 comprises the large majority of 2023 and 2024 revenue and was scheduled for a rapid 2022 start of production, but OEM 8 requested a few months’ pause

Strong start to FY23, meagre impact on market sentiment

Mercedes published preliminary Q1 23 results beating expectations on the margin and industrial free cash flow as pricing remained strong, volume rebounded (especially in the Vans unit) and the product mix continued to grow in line with the groups’ premiumization strategy. Today’s good print from Mercedes adds little to Renault’s report yesterday in terms of answering investor concerns about the risk of a price war. While we do not expect an upgrade to the group’s FY23 guidance, the Q1 figures un