UK Other Main Markets

UK Other Main Markets equity research

Explore the most viewed and latest equity research and media content for companies in the UK's other main markets.

Other UK Stocks

Broker research, valuations, & analysis on other UK stocks

08 Jan 20

UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).

Companies: ABBY BDEV BWY BKG BVS CRN CSP CRST GLE GLV INL MCS PSN RDW SPR TW/ WJG

13 Jan 20

XP Power - Demand acceleration through Q419

While previously reported issues with an ERP upgrade limited the amount of product XP could ship in Q419, revenues for FY19 came in ahead of our forecast and XP closed the year with a strong order book after an acceleration in demand across all markets in December. We have revised our forecasts to reflect both factors, with normalised EPS upgrades of 4.3% in FY19 and 1.5% in FY20.

Companies: XP Power

10 Jan 20

THE MONTHLY January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather includes everyUK quoted company. The ONS samples share registers every two years; our study uses six-monthly data points. Our survey also extends to shareholders on NEX; the ONS does not.

Companies: AVO AGY ARBB BUR CMH CLIG DNL FLTA GDR MCL NSF PCA PIN PHP RECI RMDL SCE SIXH SHED VTA

14 Jan 20

FuM leaps to over $6bn

CLIG’s Funds Under Management (“FUM”) rose 11.6% to US$6,014m; Sterling strengthened 3.9% against the US dollar to £1 = US$1.32 and Emerging Market Index (MXEF) rose 5.7% to 1,115. CLIG’s Emerging Market, International Developed and Opportunistic Value strategies outperformed with good NAV performance and narrowing discounts.

Companies: City Of London Investment Group

16 Jan 20

LIBERUM: Kier Group - Reassuringly in-line statement

Kier has issued an unscheduled trading statement that guides to trading in line and we therefore leave our estimates unchanged. We introduce estimates for H1 2020, when we assume a 40% weighting of PBT to H1.

Companies: Kier Group

16 Jan 20

Q4/2019 Trading Update

Capital Drilling (LSE: CAPD) this morning provided its Q4/2019 trading update and its unaudited FY/2019 consolidated trading update. Capital achieved full year revenues of US$114.8 million, at the mid-point of US$110-120 million guidance. Revenues for the quarter were broadly in line with our expectations. Lower ARPOR due to greater proportion of exploration contracts and single-shift operations was offset by higher utilisation rates. Using this updated revenue figure, we now estimate EBITDA of US$26.6 million for FY2019, a margin of 23%, and profit after tax of US$9.8 million.

Companies: Capital Drilling

17 Jan 20

Cenkos: Record Plc -- Upgrades arising from a positive update

Record achieved +8% growth in AUME to $65bn over Q3/20E. Favourable FX movements, further Passive inflows and a temporary inflow in the higher margin, multi-product strategy all underpinned the rise. These, combined with the delivery of the year's first performance fee of £1.8m, ahead of expectations, leads to material EPS upgrades in FY20E & FY21E.

Companies: Record

16 Jan 20

Headlam

FY19 marginally ahead; modest improvement expected in 2020

Companies: Headlam Group

09 Jan 20

Cenkos: Retail Sector -- Termination of coverage

Due to an analyst departure, Cenkos Securities plc has suspended coverge of the following stocks (see table below). Our previous recommendation and forecasts can no longer be relied upon.

Companies: ASC DC/ HFD HWDN KGF MKS NXT

13 Jan 20

The Industrial Revelation

India's industrial production beats expectations for November, South Korean exports rise YTD, Spirit AeroSystems to lay off 2,800 workers due to 737 Max

Companies: Castings

15 Jan 20

Secure Trust Bank - Positive pre-close

Secure Trust Bank’s (STB) pre-close trading update indicates that FY19 results should be in line with expectations, despite the economic slowdown dampening loan demand in the second half of 2019. STB highlighted its strong control over risk while interest margins have been stable. The bank is cautiously optimistic about 2020 and is well positioned, with healthy capital, good liquidity and new business pipelines. STB does not envisage material changes to 2020 guidance, and we are maintaining our estimates and 2,428p per share valuation.

Companies: Secure Trust Bank

16 Jan 20

3Q IMS

Halfords 3Q IMS is in our view positive with PBT forecasts for FY 2020 held at £50-55m and good LFL in Retail cycles +5.9% and Autocentres +4.6% where most of new management development work has been focused. Retail Motoring products LFL -2.7% continues to show impacts of discretionary spend softness in our view. Management retains its caution about near term demand prospects overall and its development programme in Autocentres and key aspects of the business overall (notably new integrated website) moves up a notch in calendar 2020. This said PBT guidance for 2019/20 has been maintained and this trading shows promise in our view.

Companies: Halfords Group

05 Nov 19

Execution strength fuels growth

Excellent execution underpinned a strong recovery year for UPGS in FY2019, which augurs well for future growth. Headline results confirm the company’s 9 th September trading statement. Detailed sales data reflect the company’s ability to enhance core domestic growth with strong progress in both international and online. In our view, growth should remain positive in FY2020.

Companies: Up Global Sourcing

14 Jan 20

Carr's Group - Engineering pipeline to offset weather challenges

Carr’s trading update for the first 18 weeks of FY20 notes that while trading in Agriculture was lower than expected, primarily because of the mild UK weather, the strong Engineering pipeline should enable the group to meet management expectations for the year. Management also notes that a greater weighting than normal to the second half is likely. We leave our estimates unchanged and reiterate our indicative valuation of 190p/share.

Companies: Carr's Group

16 Jan 20

Custodian REIT - Diverse portfolio still paying dividends

Custodian REIT (LON:CREI) remains one of the best dividend/yield plays in the UK market going into the calendar year 2020, in our view. The company has recently released its interim report for the half-year period ending September 2019, confirming continued solid progress. During the period Custodi

Companies: Custodian Reit

20 Nov 19

InnovaDerma PLC launches limited edition chocolate range of Skinny Tan products

17 Jan 20

Custodian Reit results show increased fully-covered dividend

20 Dec 19

IQ-AI's David Smith explains proposed Stonechecker sale and 2020 vision

15 Jan 20

S & U PLC focused on accelerating profit growth next year

15 Jan 20

City of London Investment Group potential for a ‘12% annual return for many years’

Premium

05 May 15

Overview of the business with CEO Dennis Melka

14 Jan 20

Emmerson infrastructure development means huge cost saving

23 Dec 19

Zoetic International has laid platform for uplift in CBD revenues believes CEO Tulloch

13 Jan 20

InnovaDerma’s first half revenues advance 28%

14 Nov 19

Norcros plc - Interim Results

13 Jan 20

InnovaDerma’s first half revenues advance 28%

18 Apr 18

Telford Homes - Trading Update

07 Jan 20

First commercial order for BATM subsidiary Ador

19 May 17

Leading UK fund manager, Gervais Williams, discusses investing, his outlook and two companies he's excited about

Latest Content

Civitas Social Housing - Strong financial and social returns continuing

H120 results showed strong year-on-year growth in rental income and earnings. Dividend cover is increasing and full cover is in sight, with debt facilities in place to fund further portfolio growth as the company gears its existing equity. Through its investment adviser, the company continues to work closely with housing associations, other counterparties and the regulator to raise performance and delivery standards that will benefit all stakeholders over the longer term.

Civitas Social Housing