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FUND COM INC-CLASS A
FUND COM INC-CLASS A
22 May 17
N+1 Singer - Morning Song 22-05-2017
Carador Income Fund (CIFU LN) Strong primary and secondary market CLO activity | Future (FUTR LN) Delivering monetisation for investors | Horizon Discovery Group (HZD LN) New gene editing platform broadens capability; reiterate Buy | Midatech Pharma (MTPH LN) Lead candidate selected in glioma programme | Restore (RST LN) Positive start to 2017, lifting Target Price to 470p | StatPro Group (SOG LN) Trading in Q1 in line with expectations | Vectura Group (VEC LN) Positive Phase I VR942 data to be presented
Companies: VEC CIFU RST HZD MTPH SOG FUTR
18 May 17
"What a difference a day makes! Turmoil in Washington finally sparks a sharp reaction. Gold jumped while stocks and the US$ tumbled during yesterday's US session as the storm developing around Donald Trump gathered pace. The VIX 'fear gauge' spiked upward as investors rushed to defensives and haven investments, leading the S&P-500 and Dow Jones to register their biggest declines since September while the hit on the NASDAQ was the largest since June's Brexit vote. Impeachment talk amplified as the Senate Intelligence Panel requested former FBI-director Comey to appear in both open and closed sessions with a view to establishing whether there is any truth in the accusation of the President attempting to hide his connections with Russia. It was perhaps a little overdramatic of Trump to state that "No politician ever treated worse than me" even if his approval rating has now slumped to an all-time low. But while his authority is unlikely to be genuinely undermined by such preceding, particularly given that it would require a two-third majority Joint Congressional vote to achieve this, the pain for investors is that this background noise is taking focus away from the policies of reflation and deregulation Donald was actually elected for; it also could undermine confidence in the Fed sticking with its anticipated rate hike next month. US government bonds accordingly posted their biggest one-day rally in nearly a year, which puts focus on the Reserve Bank of New York's disclosure that total debt held by American households reached a record high during Q1'2017; exceeding its 2008 peak after years of retrenchment in the face of the financial crisis, recession and modest economic growth, this highlights Janet Yellen's ongoing problem of balancing consumer confidence, repayment rates and inflation. Asian equity markets were also broadly lower, with Japan's Nikkei and the ASX most damaged, while the Chinese markets recovered partially from steep early declines to end more modestly off as traders instead focussed on Beijing's giant Silk Road infrastructural investment plan and the benefits it might bring to quoted construction, materials and property groups. The Dollar steadied somewhat during today's early morning trading, but only after having seen it give back nearly all of its post-election rally by Wednesday's US close, during which it slid some 1.5% against the Yen. The UK's FTSE continued to outperform global indexes yesterday, as the rally in mineral and domestic plays continued, although a sell-off of US$ earners still ensured the index ended lower. Yesterday's macro releases confirmed Q1'2017 UK unemployment had declined to a four-decade low, despite slowing economic growth as earnings growth remained weak amid rising inflation. Traders will be sensitive to shares going ex-dividends today that are due to take 20.23 points off the FTSE100 index. The pan-European STOXX Europe 600, however, did not fare as well weakening by 1.34%, being pressured by the Xetra DAX dropping 1.35% and the CAC 40 by 1.63%. UK macro data due for release today includes Retail Sales for April, while the EU offers its ECB Monetary Policy Meeting Accounts and a speech from President, Mario Draghi. The US is due to detail Initial Jobless Claims and its Philadelphia Fed Manufacturing Survey; FOMC Member Loretta Mester is also due to make a speech. There are a good number of UK Corporates due publish earnings or trading updates, including Burberry Group (BRBY.L), Experian (EXPN.L), 3i Group (III.L), Royal Mail (RMG.L), Land Securities (LAND.L), National Grid (NG..L), Rank Group (RNK.L) and Greggs (GRG.L). London equities can be expected to extend yesterday's losses, with traders listening acutely for further revelations from Capitol Hill and the media; the FTSE-100 is seen opening down around 25 points."
Companies: Patisserie Holdings UBM
18 May 17
N+1 Singer - Morning Song 18-05-2017
Churchill China (CHH LN) Positive AGM update | Cineworld Group (CINE LN) Cracking trading update and upgrades, but largely priced in | First Derivatives (FDP LN) Making fast work of existing and new markets | IDOX (IDOX LN) Positive outlook; trading on track | IndigoVision Group (IND LN) Trading in line | Itaconix (ITX LN) Streamlining to prioritise product commercialisation | Marston’s (MARS LN) In line interims and a very usefully accretive deal | Safestyle UK (SFE LN) Weaker trading leads to 5% downgrades | Speedy Hire (SDY LN) Focused on restoring profitability | Wilmington (WIL LN) Trading update
Companies: SDY WIL IDOX MARS CHH IND CINE SFE ITX FDP
23 May 17
N+1 Singer - Morning Song 23-05-2017
accesso Technology (ACSO LN) Strong start to FY 2017 | Avon Rubber (AVON LN) Contract award helps underpin forecasts for FY18 | eg solutions (EGS LN) Clear visibility of full year targets | Entertainment One Ltd (ETO LN) EPS and DPS in-line, Debt rises in line with last update | Scapa Group (SCPA LN) Forecast upgrades; momentum strong | UDG Healthcare (UDG LN) Strong interims, FY guidance raised 2% | 1Spatial (SPA LN) Onwards and upwards | Driver Group (DRV LN) Turnaround on track |
Companies: ETO AVON SCPA UDG SPA DRV EGS
16 May 17
Platform for growth in illustrated publishing
Quarto is looking to expand opportunities as the leading global illustrated nonfiction book publisher. Children’s publishing, a key growth area, accounted for 28% of 2016 revenues. We see scope for sector consolidation and to exploit Quarto’s routes to market. In the near term, management sees soft economic conditions in key markets. Following disposals and a new reporting structure we have updated our forecasts - FY2017E PBT of $14.1m, EPS of 51.5c and a dividend of 15.3c, giving a PER of 6.4x and a yield of 4.7%. We retain our Buy.
Companies: Quarto Inc
16 May 17
N+1 Singer - Morning Song 16-05-2017
Avon Rubber (AVON LN) Good growth in H1, expectations reiterated for FY17 | First Derivatives (FDP LN) Strong FY 2017 sets up further significant returns to shareholders | ITE Group (ITE LN) Interim results and first reaction to strategy update | PureTech (PRTC LN) Two pivotal readouts in H2 provide inflection points | Speedy Hire (SDY LN) Solid performance in FY’17 confirms turnaround plan is complete | Summit Therapeutics (SUMM LN) PhaseOut DMD enrolment completed; $22m milestone triggered | Zytronic (ZYT LN) Strong H1, trading in line
Companies: ITE SDY SUMM AVON ZYT PRTC FDP
23 May 17
Strong performance across the group
An excellent performance in Television and Family and the recovery in Box Office in Film underpinned strong revenue and EBITDA growth in FY17 and the outlook for FY18 remains positive. The efforts that the group has made to move closer to the creative process in Film, and to diversify beyond Film, has greatly improved the financial and risk profile. We expect the ratings gap to peers to narrow.
Companies: Entertainment One
19 May 17
N+1 Singer - Future - Delivering monetisation for investors
Future has had a cultural and strategic overhaul and has been positioned to meet modern consumers’ demand for high quality multi-format content and make e-commerce productive for the consumer and advertiser. The Company has a portfolio of exploitable brands and will continue to add to this as it seeks to leverage its sophisticated platform. It operates internationally and there is scope to expand further. After a leap in profitability in 2016 todays interim results show EBITDA almost matching the whole of 2016 and trading is ahead of FY17 expectations. Future is on a solid track to deliver FY18 through secured synergies, providing visibility for investors. We think the shares are trading some way below even a conservative intrinsic value.
19 May 17
N+1 Singer - Morning Song 19-05-2017
Future (FUTR LN) Interims ahead on revenue, profit and cash | Grainger (GRI LN) Strong growth in recurring profit, +3% NNNAV, strategic progress | Hargreaves Services (HSP LN) Sale of Legacy Assets |
Companies: GRI HSP FUTR
19 May 17
Panmure Morning Note 19-05-2017
Ahead of its AGM on May 22nd, JPR has provided an update on recent trading. Trends for the 17 weeks to April 30th look very much in line with those previously indicated for the first 11 weeks (continuing the slight improvement in trends seen since Q4 2016, but still tough). While this is reassuring at the margin, the share price remains very much driven by the ongoing strategic review around options for refinancing the bond debt due in 2019 – on which, no news today.
Companies: Johnston Press
19 May 17
Global platform strategy starts to pay
Future has produced strong H117 figures, as per April’s trading update, boosted by growing e-commerce revenues and a strong showing from events. Momentum into H2 is good and we have raised our FY17 and FY18 forecasts for revenue, profits and earnings. Progress on reducing net debt was also ahead of our forecast. The strategy to build a global media platform business around Future’s high-profile brands, backed with quality content and across multiple revenue streams, is starting to deliver meaningful returns and growth well above the sector average. The market valuation of the shares has yet to reflect this differential.
12 May 17
Continued turnaround in fortunes
The group has issued a positive trading statement, which covers the first four months of the current year. It suggests that actions taken by management over the past 12-18 months have progressively steadied the ship.
17 May 17
Panmure Morning Note 17-05-2017
UBM’s update adds little new information, as usual. Essentially the full year outlook is unchanged, but key show performance continues to feel mixed in Q1. While this update is unlikely to excite, we do think the shares are starting to look increasingly attractive following a drift back from the recent high of 765p. Organic growth remains dull in the near term, during the final year of management’s portfolio restructuring programme. Until this picks up, it remains something of a ‘show-me’ stock. However, the long term positioning of the company does look attractive – a near-pure play on the global events sector, with 40% exposure to Asia Pacific markets post Allworld, and a potential takeover target in a consolidating sector. Valuation looks increasingly attractive at 14.4x EPS with a 3.2% dividend yield.
27 Mar 17
The Joy of Techs
Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.
Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO
12 May 17
Results to the left of them, results to the right of them
We continue to see outperformance by the junior market indices. In our view, this is largely due to smaller companies delivering robust trading in updates, although M&A activity is also playing a part. Indeed, the majority of corporate results continue to be in line with expectations. The UK election rumbles on in the background and near term the focus will likely remain on the domestic political landscape. In Share News & Views we have covered Braemar Shipping*, Downing Strategic Micro-Cap Investment Trust*, Invesco Growth Trust* and Warpaint London*.
Companies: BMS CRPR ECSC EUSP FDM PCF PPIX QRT SNX SPRP SQS TCN TRI W7L