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Benchmark
Focusing on core areas and liquidity

While Benchmark generated good FY19 performance in its Genetics and Animal Health divisions, previously flagged challenging conditions in Advanced Nutrition contributed to the acceleration of a restructuring process. This includes a vigorous review of non-core assets with a view to their disposal or closure, helping ensure the Group’s ongoing financial liquidity. Factoring in disposals and efficiencies, our new forecasts indicate liquidity within its NOK bond-lending covenant terms, supporting our 2020-22 sales CAGR estimate of 12%. Sales will be driven by launches of BMK’s innovative sea lice treatment BMK08, shrimp genetics products and sustained underlying performance.

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  • 17 Jan 20
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Watkin Jones
Consistently high achiever

It’s sometimes easy for investors to get caught up in the latest ‘buzz doing the rounds’, and lose sight of the big picture. Namely finding quality stocks that can out-perform across the economic cycle. Cue Watkin Jones, a developer/manager of large scale, multi occupancy accommodation, who - since IPO’ing at 100p in March 2016 - has delivered a total return of 163% (28.6% IRR):- split 142p capital appreciation and 21p dividends.

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  • 14 Jan 20
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Rosslyn Data Technologies
Rapidly expanding orderbook

2019 proved to be challenging for many multi-nationals, with EPS growth for the S&P500 anticipated to be just 0.2% YoY ($162.2/share). Even the poster child of the tech world, Enterprise Software (ES), hit a pot-hole, limping along at a comparatively modest 6.2% to $445bn (source: Synergy Research) vs 13.5% for 2018. This temporary dip being largely attributable to concerns over the US/China trade tensions, Brexit, UK general election, Hong Kong protests, French/Paris strikes et al.

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  • 14 Jan 20
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Mpac
Excellent Q4’19 and record orderbook

The birth of a new decade spawns an abundance of investment opportunities, not least due to the seismic shift towards ‘Industry 4.0’ (see below). Indeed, despite lacklustre global manufacturing PMIs, this migration towards smart-technologies, improved product quality, lower cost and e-commerce is triggering one of the biggest upgrade cycles in the history of supply chain management, data analysis and system integration.

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  • 08 Jan 20
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Adamas Finance Asia
Just what the doctor ordered

DocDoc is an innovative business with considerable growth potential plus early mover/competitive advantages. We believe it is disruptive in ways that benefit its key industry stakeholders: patients, medical practitioners and insurers. We recently met DocDoc’s CEO Cole Sirucek to discuss the company’s business model and growth strategy and regard Singapore-based DocDoc as a prime example of the potential of ADAM’s investment template.

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  • 19 Dec 19
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Destiny Pharma
Differentiated anti-infectives

Following the set of largely established US and EU guidelines which recommend the decolonisation of patients’ noses of Staphylococcus aureus before surgery to prevent subsequent surgical site infections, Destiny recently reported the new Asia Pacific Society of Infection Control (APSIC) guidelines that are now harmonised with the US and EU positions. This is important for Destiny’s first product – XF-73 which is currently in a US Phase IIb study for the prevention of post-surgical staphylococcal infections.

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  • 18 Dec 19
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View the latest research on other companies in the sector. 

Firing on all cylinders

Being able to consistently deliver out-sized investment returns, is all about managing risk and finding high quality, growth stocks at the right price. We’ve seen this already in 2016 with many such smallcaps, like Keywords Studios, Fevertree Drinks, Boohoo, GW Pharmaceuticals and Tristel. Another stock we think that in due course could join this select band, is FastForward (up 100% since mid Oct’15) which invests exclusively in rapidly expanding technology firms. Today FFWD holds non-controlling positions in nine such privately owned businesses, which we understand are all either meeting or exceeding their internal plans. Here, progress was said to be “incredibly positive and very encouraging” yesterday, with updates being released in relation to three of them.

Fastforward Innovations

  • 30 Nov 16
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