Small Cap Report (6 Feb) - QED, CAP, LOQ, ECK, RHL, VNET, KBC

Wednesday, Feb 06 2013 by

Quintain Estates And Development (LON:QED) is a property developer with two key projects in London (Greenwich Peninsula and Wembley), plus student accommodation, and property fund management divisions. I've followed the company fairly closely in recent years, and have visited them for investor presentations, etc.

In the end I grew disillusioned with the company, since there is no dividend, and any revaluation gains seem to be swallowed up in declines elsewhere in their portfolio, hence NAV has actually been falling. Therefore no return whatsoever for shareholders, but plush Mayfair offices and nice salaries for the staff. So my conclusion was that this seems to be a company that operates for the benefit of its staff and Directors, rather than its shareholders - i.e. what development gains they have generated, are dissipated by hefty administration costs - something that's likely to continue, given the very long-term (20 years) scale of their London projects.

Quintain's Q3 IMS issued today doesn't contain any new information that is likely to alter the share price, in my opinion. This is a share that I tend to dip in & out of, as it moves in fairly predictable waves. It did look poised for another move up recently, but it has stalled, so I sold out at 62p a few days ago, as there seem better value opportunities elsewhere. Maybe I'm being too cynical, but it's difficult to see a short term catalyst for a higher share price at QED.


I generally try to avoid blue sky shares (or "story stocks"), as it's really just gambling, and the vast majority fail commercially. However, I've also found that finding a convincing-sounding blue sky share early on, or when the market cap is on the floor after initial disappointments, can prove rewarding. The trick is to not get too caught up in the hype, and to top-slice the profits along the way.

One such share which somebody recommended to me a while ago, and which I quite liked the look of, but then forgot about, was Clean Air Power (LON:CAP). They have an interesting technology (with Patents & pending) which allows diesel trucks to run on natural gas. Moreover, it's not just an idea, it's a working product which is out there for sale, through a European truck…

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Quintain Estates and Development PLC is a United Kingdom-based company that develops and invests in London property. The Company has four operating segments: Wembley, which consists of investment and development assets at Wembley Park; London Portfolio, which consists of investment assets in London and the WELPUT asset management services; Quercus, which includes asset management of and share of results due to investment in the Quercus Healthcare Fund, and Non-core, which consists of other property investments and the Quantum joint venture. The Company's subsidiaries include English and Overseas Properties Plc, HHW Hotel 2 Limited, HHW Hotel 4 Limited, Letterbag Limited, Listed Offices Limited and Permitobtain Limited, among others. more »

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Clean Air Power Limited designs, develops and delivers Dual-Fuel and second-generation MicroPilot engine systems. The Company designs, develops and delivers compression-ignited natural gas engines for heavy duty transport applications and manufactures hydraulic valves, injectors and filters for natural gas engines sold to truck manufacturers around the world. Its business segments are the Dual-Fuel segment, which sells, installs and services compression-ignited natural gas engine systems, and the Components segment, which designs and delivers hydraulic valves and components for natural gas engines. The Company operates through three business units out of facilities in Leyland, United Kingdom and Poway, California: engineering services, natural gas systems and specialist components. It assembles, distributes and installs two types of Dual-Fuel engine system: Non-interfaced Dual-Fuel Systems and Interfaced Dual-Fuel Systems. more »

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accesso Technology Group, plc is a United Kingdom-based company engaged in the development and application of ticketing, mobile and e-commerce technologies and virtual queuing solutions for the attractions and leisure industry. The Company's solutions include accesso LoQueue, accesso Passport and accesso Siriusware. accesso LoQueue is a queuing solution that includes Qsmart, which enables purchasing the services and managing reservations through smartphone; Qbot, a handheld queuing device that allows guests to reserve their rides, and Qband, a queuing solution designed for water parks. accesso Passport is a ticketing solution that includes OnSite, an OnSite ticketing solution; OnLine, an online ticketing solution, and OnTheGo, a mobile ticketing solution. accesso Siriusware offers ticketing and admission solutions. accesso Siriusware offers modules, such as OnSite Ticketing, OnLine eCommerce, Point-of-Sale and Guest Management. more »

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  Is Quintain Estates And Development fundamentally strong or weak? Find out More »

1 Comment on this Article show/hide all

brigandchief 6th Feb '13 1 of 1

QED sold end of Jan at 62.85p, promises, promises, promises, and no actrion!!

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About Paul Scott

Paul Scott

Paul trained as an accountant, then spent 8 years as FD for a ladieswear retail chain.He became a professional small caps investor in 2002 to date.Paul writes a small caps report for on weekday mornings. He joined Fundamental Asset Management Ltd as a research associate in 2014, as part of their Small Cap Value Portfolio team. more »


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