Astaire Securities gave the nod to full year figures from Australian oilfield services group Rheochem (LON:RHEP), which saw revenue increase to A$20.4m from A$10.1m in 2009 – although the prior period’s revenue was adversely impacted by the loss on revaluation of a venture capital investment. As a result, profit for the year came in at A$2.5m against a loss of A$42.9m in 2009. Astaire said that services revenues should not be impacted by the double blow of flooding (in Queensland) and project deferrals this year, which supported management’s expectations of significantly higher revenues. An increase in activity in coal bed methane should see a take up of the company’s products for this industry, also adding to revenues.

WH Ireland retained a “market perform” rating for tableware manufacturer Churchill China (LON:CHH) following interim results that indicate the group is on track to deliver an improved full year performance in line with market expectations. WHI said Churchill’s share price was close to its target of 277p but maintained its recommendation on valuation grounds. Likewise, it noted that some investors may consider a purchase on account of the attractive dividend yield. Elsewhere, WHI marked Dawson International (LON:DWSN) a “speculative buy” on the basis that the share price was failing to recognise the profits generating capability of the reshaped textiles group, though it did acknowledge the uncertainty associated with an increased pension liability. Finally, WHI initiated coverage of support services group Cape Plc (LON:CIU) with a “buy” recommendation. The broker said that while it would be easy to dismiss the shares given the recovery since March 2009, it believes that there will be a number of catalysts over the next 12-months, including potential upgrades to forecasts, the reinstatement of the dividend and proposed move to the Full List from AIM, that could spark a significant re-rating from current levels.

Evolution Securities upgraded its FY2011 forecasts for pension consultants Mattioli Woods (LON:MTW) on FY2010 results that were broadly in-line with expectations and the recent acquisition of City Trustees. The broker said it anticipated that more benign market conditions combined with improved earnings should help reverse some of the de-rating experienced over the last year. Turning to TT Electronics (LON:TTG), Evo said that better than expected interims underpinned by a strong balance sheet and the return…

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