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Record H1 driven by direct sales and medical business

A strong H1 trading performance gives us increased confidence in our FY expectations. We have considered a slight upgrade to expectations; however, uncertainty over the impact of the recent high profile storms in the company’s South-Western US region leads us to be prudent at this stage. Overall, ClearStar continues to trade just below breakeven at an EBITDA level, while steadily building revenue from a move to direct sales, particularly in the medical market. Future growth will be assisted by the on-boarding of major new clients such as IntelliCentrics and MultiLatin, as well as the new global employment screening solution built around the Sphere platform and the new biometric services.

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  • 19 Sep 17
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KWS OPTI SCE GEMD CLST

Morning Note

Keywords Studios (KWS): Ticking every box (except valuation) (HOLD) | OptiBiotix* (OPTI): SlimBiome commercial update (CORP) | Surface Transforms* (SCE): Steady progress (CORP) | Gem Diamonds (GEMD): Recovery of high quality 115 carat diamond (BUY) | ClearStar* (CLSU): Record H1 driven by direct sales and medical business (CORP)

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  • 19 Sep 17
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Keywords Studios

Ticking every box (except valuation)

Interims are in line with July’s trading update, with sales up 17% LFL and adj PBT margins robust at 15.0%, +90bps vs. 1H16. Despite this strong performance and our long-term confidence in the business, we move from Buy to Hold in view of the stock’s exceptionally strong run.

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  • 19 Sep 17
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STR LRM WRL PDL AMO MPE

Morning Note

Stride Gaming (STR): Changing pace (BUY) | Lombard Risk Management* (LRM): Strategic alliance with Euroclear (CORP) | Wentworth Resources (WRL): Payments received (BUY) | Petra Diamonds (PDL): Annual results (BUY) | Amino Technologies* (AMO): German contract win (CORP) | MP Evans (MPE): Excellent interim results (BUY)

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  • 18 Sep 17
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Stride Gaming

Changing pace

Stride Gaming is a UK real money gaming (RMG) operator of online bingo and soft casino games, and an international social gaming (SoG) provider. We initiate near Stride’s all-time valuation low, believing that regulatory concerns and recent weakness in social gaming have resulted in Stride trading at discount to its peers, despite stronger growth prospects, limited downside from SoG and a robust position ahead of regulatory changes. We initiate with a 264p target price and an out-of-consensus view in FY19E (EBITDA: +9%) in view of material cross-selling opportunities.

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  • 18 Sep 17
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M.P. Evans Group

Good operational management results in a FY2017 upgrade

In August, we downgraded our FY2017 forecasts as the CPO price did not appear to be recovering as we expected this year. Only one month later we find ourselves in the surprising position of upgrading FY2017 forecasts, albeit for totally different reasons. Interim results have highlighted an unexpected development: following the construction of a new mill at Bangka in 2016, management have managed to find considerably more FFB from outside providers to optimise loading of the mill while the associated plantation ramps up production. While this outside FFB will eventually be largely replaced with own production (FY2019), it does produce a useful bump to CPO production in FY2017 and FY2018. We upgrade FY2017 EBIT by 20% and FY2018 EBIT by 10%.

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  • 18 Sep 17
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KWS OPTI SCE GEMD CLST

Morning Note

Keywords Studios (KWS): Ticking every box (except valuation) (HOLD) | OptiBiotix* (OPTI): SlimBiome commercial update (CORP) | Surface Transforms* (SCE): Steady progress (CORP) | Gem Diamonds (GEMD): Recovery of high quality 115 carat diamond (BUY) | ClearStar* (CLSU): Record H1 driven by direct sales and medical business (CORP)

 View

  • 19 Sep 17
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STR LRM WRL PDL AMO MPE

Morning Note

Stride Gaming (STR): Changing pace (BUY) | Lombard Risk Management* (LRM): Strategic alliance with Euroclear (CORP) | Wentworth Resources (WRL): Payments received (BUY) | Petra Diamonds (PDL): Annual results (BUY) | Amino Technologies* (AMO): German contract win (CORP) | MP Evans (MPE): Excellent interim results (BUY)

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  • 18 Sep 17
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BLTG ABZA NAUT STX HUR AMO APH

Morning Note

Blancco Technology (BLTG): Cash or growth – choose one (SELL) | Abzena (ABZA): Trading update (U/R) | Nautilus Marine Services* (NAUT): 2017 interim results (CORP) | Shield Therapeutics (STX): Interim CFO appointed (BUY) | Hurricane Energy (HUR): Operational update (BUY) | Amino Technologies* (AMO): New contract win – Finland (CORP) | Alliance Pharma (APH): Interims highlight strong free cashflow (BUY)

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  • 14 Sep 17
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CHAR OPTI AGL

Morning Note

Chariot Oil & Gas* (CHAR): 2017 first half results (CORP) | OptiBiotix* (OPTI): Strategic partnership for LP-LDL (CORP) | ANGLE* (AGL): Exclusive option over key patents (CORP)

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  • 13 Sep 17
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STM IOF COG IDP FLO MMX VANL

Morning Note

STM* (STM): Emerging growth and solid recurring revenue (CORP) | Iofina* (IOF): Production expansion – IO#7 construction (CORP) | Cambridge Cognition* (COG): Funding award (CORP) | InnovaDerma* (IDP): Strong FY 2017 results (CORP) | Flowtech Fluidpower* (FLO): Interim results on track for FY expectations (CORP) | Minds + Machines* (MMX): Building on strong foundations (CORP) | Van Elle (VANL): Q1 has been encouraging (BUY)

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  • 12 Sep 17
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K3C SEE AGL MAI PDL

Morning Note

K3 Capital* (K3C): Organic growth accelerating (CORP) | Seeing Machines* (SEE): Sales beats forecast while loss is lower (CORP) | ANGLE* (AGL): QIAGEN strategic co-marketing agreement (CORP) | Maintel* (MAI): Interims: vendor diversification, cloud growth (CORP) | Petra Diamonds (PDL): Update on operations in Tanzania (BUY)

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  • 11 Sep 17
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