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FUSION TELECOMMUNICATIONS IN
FUSION TELECOMMUNICATIONS IN
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Panmure Morning Note 05-12-16
05 Dec 16
Filtronic, the designer and manufacturer of microwave electronics for the wireless telco market, has provided a solid 1H17 trading update. As seen during 1Q17, demand for its new ultra-wide band integrated antennas has been driven by its key customer. Crucially the roll-out provides a reference client and adoption from other clients should be coming in due course. Having said that, programme roll-outs tend to be lumpy in nature and management expect activity to be slowing in the early part of 2H17 until customer concentration is remedied, meaning Filtronic will be exposed to short-term fluctuations in demand.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Strategic focus at interims
30 Nov 16
KCOM’s interims show a focus on the continuing transformation of the business in cost and investment, under a single brand. The benefit of the cash injection from the network sale has led to the opportunity for significant investment both in the Hull & East Yorkshire division and the nationwide Enterprise division, to create a platform for growth. With a reiterated commitment to a minimum 6p dividend for FY17 and FY18, ongoing cost-saving initiatives, and proof of customer enthusiasm for the integrated platform which investment will further support, KCOM continues to deliver an attractive dividend in anticipation of its return to headline growth. Target 130p reiterated.
10 Nov 16
"Quite astonishingly, markets yesterday chose to give Mr Trump the benefit of the doubt. His acceptance speech, in which a rehearsed, conciliatory and more presidential tone was adopted, marked the turning point for European markets to reverse their opening panic into broad optimism as the US$ clawed back much of the losses taken during the Asian session. Markets warmed to a vision of a dramatically reflated US economy being the means by which the western world might find its way out of the 'lower for longer' scenario that otherwise has become etched deep into the minds of global central bankers. It's an awful lot to take on trust and many sceptics remain like the Wall Street Journal, for example, headlining 'Trump's Upset Will Sink In' but nevertheless, all Principal US indices staged gains of over 1% as an economic advisor to the president-elect surprised many by stating that Fed Chair, Janet Yellen's resignation is not being sought after all effectively putting market expectation of a December rate-hike back on again. Asia followed suit with Japan, yesterday's major casualty, recovering dramatically with the Nikkei ending up 6% while other regional markets put on between 1% and 3%, despite being reminded of Trump's threats to impose tariffs of up to 45% on Chinese imports while also exiting trade pacts like NAFTA. As soon as details of his proposed Cabinet and advisory team are released, markets should start to have a greater understanding of exactly how he proposes to keep his promises and, indeed, whether the Republican victory could even lead to a reversal of the US financial regulations that followed the 2008 crisis. One thing is for sure though, Trump is a great believer in debt. And so he needs to be. In attempting to power annual growth back to 4% or more, some $600bn of infrastructure spending has been suggested, with the ambition to create millions of new jobs, while his tax reforms have been estimated to cost the nation as much as US$4.4tr. Add it all up and some US$6.2tr will be added to US national debt, while the US credit rating could potentially find itself under treat. Exactly where such huge sums will be found is the big question, although some speculate that major US corporations with giant cash piles held offshore, like Microsoft, could be tempted to bring it back through some form of interim tax concession. With the ECB's Coeuré noting that Trump's victory reflects transformation in developed economies, for the time being hope will continue to win over despair. This leaves equities to extend Wednesday's gains today, with the FTSE-100 seen up around 40 points in opening trade as traders give up on some of the safe-haven positioning they took as a hedge against such an outcome. Today, the UK is expected release of figures from the Council pf Mortgage lenders along with earnings or trading updates from the likes of 3i Group (III.L), AstraZeneca (AZN.L), Bovis Homes (BVS.L), Dairy Crest (DCG.L), Gem Diamonds (GEMD.L), Halfords (HFD.L), National Grid (NG..L) and Ophir Energy (OPHR.L)." - Barry Gibb, Research Analyst