TGP refinances its USD 225m RCF Two new contracts, LNGC contract coverage at 98% in ’20 and 94% in ‘21 Refinancing risk reduced, but it was already very low in our view Bond spreads imply distress that is not there

Teekay LNG Partners LP

• 04 Apr 20
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XP Power’s Q1 trading update confirmed that revenues increased 4% y o y/q o q and the Chinese facility has returned to normal staffing levels. Strong demand, mainly from healthcare customers, saw a 25% q o q increase in orders and a Q1 book-to-bill of 1.49x. Despite strong Q1 demand, the level of uncertainty surrounding both supply and demand for the rest of the year has caused XP to cancel its previously proposed Q419 dividend in order to preserve cash. We maintain our revenue forecasts, but factor in higher costs in FY20 and remove our Q419 and Q120 dividend estimates.

XP Power

• 03 Apr 20
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Anexo’s trading update confirms that FY 2019E adjusted PBT will be in line with market expectations but that forward guidance is withdrawn given the current uncertainty over COVID-19 – although trading so far in FY-2020 looks relatively unaffected. Accordingly, we make no changes to our FY 2019E numbers and withdraw those for future years until the outlook is clearer. The timing of the FY 2019E results announcement will be confirmed in due course. Like others, Anexo is taking measures to preserve cash. Crucially, it continues to operate as an essential business under the current government restrictions. Staff are following the appropriate guidelines while providing a service to many key workers. Obviously, there is uncertainty over the long term impact of COVID-19 and therefore the focus on collections remains vital. In our view, the group remains in a strong position to drive cash out of its backlog of cases without necessarily committing further new working capital.

Anexo

• 03 Apr 20
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Positive trading update

Anexo

• 03 Apr 20
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The Indian Government and Reserve Bank of India has announced several relief packages to combat the adverse impacts of COVID-19 and the lockdown implemented last week. The lockdown encompasses all non-essential industries and has resulted in Mercantile shutting down operations. As a result of the current market uncertainty, we are withdrawing our forecasts from the market and move our recommendation to Under Review until macroeconomic conditions stabilise. We believe the long-term prospects for Mercantile remain unchanged and expect management to continue to convert pipeline customers.

Mercantile Ports & Logistics

• 02 Apr 20
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AVCT FLO ODX TRCS KRM

• 02 Apr 20
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Full year results – a transitional year culminating in a record order book Journeo is a specialist provider of both on and off-vehicle tailored solutions to the transport community. FY 2019A illustrated significant progress for the company, culminating with £9.0m of new orders, secured in the later stages of the year, giving substantial visibility with respect to FY 2020E. In addition, the £1.2m placing in December, for working capital purposes, significantly strengthened the balance sheet, and should be of great comfort given the broader global macro-economic backdrop. The FY 2019A results, announced today, largely reflect a business in transition, the adjusted loss before tax of £0.9m reflecting the previously flagged pressures in Fleet Systems. Whilst the current backdrop brings with it the potential for delays to new contracts, the group benefits from its highest level of secured work in its history and with further opportunities continuing to be presented under high-profile government initiatives. As such, at this stage we leave our forecasts unchanged. Our estimate of fair value stands at 75p.

Journeo

• 02 Apr 20
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Thruvision’s trading update to March 2020 reflects a good year which experienced a ‘material slowdown’ in order-flow in March due to COVID-19. Revenue is expected to be £8.0 million - 6% shy of our forecast, but still a very-creditable 33% up on the prior year. H2 saw continued strategic progress in key markets of aviation and “profit protection” (employers checking employees for items smuggled out of distribution centres). These sectors may exhibit some level of resilience despite COVID-19, if the Company can work via its existing in-country representatives. The impact of the pandemic on orders and product trials – and hence revenue visibility - is clearly significant and management has decided against giving guidance for the new financial year. We adjust our FY 2020E estimates to reflect the revenue and cash described in the update (Thruvision retains a healthy balance sheet) and leave numbers for FY 2021E and FY 2022E unchanged until such time that the position becomes clearer. Those latter two estimate years are obviously now subject to a very high degree of uncertainty.

Thruvision Group

• 02 Apr 20
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