Daily Stock Market Report (Fri 6 June 2025) - PINE, SDI, TRN, MHA, AVCT, BGO

Fri 6:02am by Graham Neary

50 comments 4571 reads

Good morning! And welcome to Friday's report.

The Agenda is complete.

2pm: wrapping up the report there, have a nice weekend everyone!

Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
AstraZeneca (LON:AZN) (£166bn)	Fixed-duration Calquence approved in EU	EU approval for treatment of adult patients with previously untreated CLL (leukaemia).
Canal+ SA (LON:CAN) (£1.99bn)	Performance and Results on Track	Confirmed 2025 revenue and EBITA outlook. 2025 cash flow from operations to exceed €500m.
Assura (LON:AGR) (£1.57bn)	Updates relating to the Cash Offer from Sana Bidco	Meetings to implement Cash Offer adjourned until further notice. Reciprocal due diligence ongoing.
Trainline (LON:TRN) (£1.17bn)	DPAYG trials tender award notification	SP +3% Trainline selected as a technology supplier to support digital pay-as-you-go trials. This is "a strategic opportunity to to demonstrate the benefits of [TRN's] in-app solution in a live environment", ahead of pay-as-you-go's potential rollout around the UK. Another announcement will follow upon formal contract signing.	AMBER/GREEN (Graham) [no section below] The potential financial consequences of this development aren't spelled out - and I imagine they would be very difficult to predict. But if digital pay-as-you-go is rolled out around the UK, then clearly Trainline will want to be at at the heart of this important change in the sector. I've long admired the company's quality metrics and I'm happy to upgrade it to AMBER/GREEN today, although I suspect that my fellow writers might disagree with this stance. The shares continue to trade below their £3.50 IPO price (2019) and have never paid a dividend, but the company has made significant financial progress over the past six years and consensus estimates suggest that its profits will continue to grow. At a P/E multiple of 13x, I think it offers some quality and value.
Pinewood Technologies (LON:PINE) (£402m)	Acquisition of Lithia’s Stake in North America JV	Buys 51% interest in US JV from Lithia Motors for $76.5m. New shares to be issued at 386.5p.	AMBER/GREEN (Graham) This is a High Flyer - an interesting growth story where the growth opportunity has just increased thanks to the buyout of its partners in North America. Not only will Pinewood shareholders enjoy the full benefit of their progress across the pond, but that progress should come more easily now that US auto dealers will not be buying Pinewood products directly from a competitor.
MHA (LON:MHA)…

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eParo

Fri 10:30am

I never put limit or stop loss orders at the open with HL. Always try to deal sharp at 8am. Just keep trying (smaller quantities if needed) if no quotes are available. I've managed to get better prices most of the time.

Seriously, don't bother with stops and limit with HL at the open!

intuitive6191

Fri 10:36am

I don't use stop loss as a lot of the control over the sale process has been signed away.

I think that a stop loss has a place for large caps where you have a made a strategic mistake on the long term prospects of the stock. Plenty of liquidity would mean that the stop loss should be executed at about price.

Helvellyn

Fri 10:58am

deleted

Fri 11:04am

Tortoise investor

Fri 12:29pm

Polar Capital Holdings (LON:POLR) is a big holding of mine. On the plus side it has a very tasty dividend which they've managed to maintain so far due to their big cash balance, and they have not seen the level of net outflows that other asset managers have seen.

On the downside it had a nasty fall in assets under management when it last reported for the quarter ending end of March 2025. There was then the big Trump sell-off.

To try and get an advantage in the market I've started keeping a regular eye on the performance of Polar Capital Holdings (LON:POLR)'s funds on a regular basis - which are the bulk of its assets. They are easy to look up e.g. morningstar regularly updates on the fund sizes. I have not been regularly looking at the sizes of the Trusts.

Despite the big rebound in the markets since April, as of 28 May (the latest data I last accessed) I estimated their overall funds under management had only increased around 3.3% since the end of March figures. Not exactly a gigantic rebound and most of the lag seems to be in its healthcare funds - I assume reflecting concerns about US tariffs and policy on pharmaceuticals. (I stress again I have not recently reviewed Trust performance).

I'm still very positive on POLR. It's been well managed and high performing and seems to have been one of the few asset managers that has bucked the trend of net outflows in recent years. But I think it's worth just keeping an eye on current fund performance versus broker expectations (and perhaps currently more optimistic market expectations!) for FY26 in case of risk of a miss.

Bouden54

Fri 1:02pm

Agreed - would love to see some articles on how AI can be used to assist the investment process. Have only really used it for simple queries to help with company research, but sure there's a lot more it can be used for.

JCPr

Fri 1:20pm

As a holder of Conduit Holdings (LON:CRE) I'd point out that they issued a profit warning mainly because of the hit they took when Los Angeles burned down. So GREEN but a bit blackened around the edges.

ken mitchell

Fri 1:32pm

Just adding to Charles Mitchell’s reply, in case you and the many recommending your Investment Trust post today don’t already know of it, here’s the link to the June Investment Trust thread here, which Charles runs, and he updates it every month. He adds an excellent header article each month and with a lot of useful Investment Trust links. And a wide range of Trusts are covered by posters there:-

https://www.stockopedia.com/co...

Funderstruck

Fri 1:41pm

Graham; Thanks for your comprehensive reports and todays excellent idea to revisit past greens to assess post report latter performance.

Extremely help full , all of this helps me to become a much improved investor.

Graham Neary

Fri 1:46pm

You're welcome, Funderstruck - and it was nice to meet you yesterday! All the best.

Elric Langton

Fri 2:06pm

After nearly four decades of investing, I ought to be immune to surprise—but the sheer depth of blind faith some private investors place in @Avacta still manages to raise an eyebrow. I wouldn’t mind so much if the Company didn’t have a track record littered with bluster, aggressive dilution, and a litany of RNS announcements that, being charitable, veer toward the misleading. Yet, social media is awash with die-hard believers, many of whom appear to have staked every last penny on this outfit, cheerleading it as though fundamentals were an optional extra.

ISAallowance

Fri 3:29pm

Generally I would also rather simply buy the individual companies and avoid the fees, but I can think of a number of reasons why buying the collective vehicle could be preferred:

* If you're managing the account of a relative etc (A J Bell allow this, I'm sure others may do), then you might want it to be able to run reasonably well unattended for a while in the event of your incapacity or death. That might be easier with trusts/funds etc than individual shares, since you still have the manager making buy/sell decisions after your passing.

* If you're buying outside of a tax wrapper, then it may be more tax efficient to buy the collective vehicle. It's much more efficient to pay all capital gains tax in one at the end of a long compounding than to pay it at regular intervals along the way. So if the shares that either you or the trust would buy are rotated at regular intervals then the capital gains efficiency inside the trust might conceivably out-way the management fees. Not relevant inside an ISA/SIPP of course.

* Trusts can use gearing. PIs can in theory probably access cheaper gearing by way of remortgaging part of their primary residence, but every time the markets crash and I suggest that to my wife I'm met with a firm "no". So trusts may have access to cheaper gearing than the average PI can access in practice.

* If the discount is greater than normal, then there's a possibility of gaining from the discount closing.

Howard Adams

Fri 3:53pm

Hi, I use AI quite a bit for investment research. For me one important aspect is to be quite pointed in how to define the prompt to be researched. For example I often use the AIs to assess how company X compares with company Y (or even across multiple companies).

By way of an example I submitted this into GROK today ....

Can you examine the similarities and differences between Archer Aviation In. (ARCH) versus Joby Aviation Inc. (JOBY). Differences i the products, the services they are proposing, the extent to which they have reached commercial services, any major contracts, their key partners, any positive or negative news feeds in past 12 months (or so)

I requested GROK to do a DeepSearch mode on this. Grok looked at 52 sources for me in less than 60 secs. and provided a well formatted report.

You could just cut and paste my prompt into your AI and see what it does for you.

Regards

Howard

ridavies

Fri 4:07pm

Hello psin - and others who presumably speak the same language. Please indicate what share you are talking about.

Fri 4:11pm

Have you spelled the first company correctly? Should it be Inc. rather than In.?

Fri 4:41pm

Hi ridavies

Yes you are correct should be Inc. ... but the AI can work with my typo

David Wordsworth

Fri 11:07pm

Just want to say a quick thanks to all the team over Mello- Graham, Ed- who took time to speak + engage with subscribers.
Was lovely to meet you in person and thanks again for the comments and wisdom.

The Boon Fund

Fri 11:08pm

That's the problem with Bango (LON:BGO) - I agree with the strong product, DVM. As well the moat they have built around the Transactions side of the business. I used to work in Telco, so am a little familiar with the ecosystem.

I do think their margins will grow strongly in the coming years, as Retention Rate stays >100% as clients mature, DVM penetrated deeper into their (Telco) customer bases, and they keep signing on more new Telco clients.

However, they have a mess of a debt, loans, warrants, etc. If they just sort out that side, and stick to cashflow neutral for a year or two while having rapid top-line growth and client number growth, the shares would re-rate to be a tech darling....

On my watchlist to add at some point. The time will come when the balance sheet is in a better place, and this will soar. Hopefully before the full margin momentum becomes apparent in the results.

Disco Dan

9:01am

The market makers software see your stop losses and actively try and trigger them. good to use them but trigger them manually.

9:06am

Yes, I’ve never quite seen anything like it. There are some X commentators very heavily invested, or so they say, and a load of private investors with their whole portfolio stuck in it. As far as stories go it’s one of the best - we can stop the pain of chemo and cancer and help people live longer. It’s an emotional story which has drawn investors in. on the other hand, it’s at the level it was at in 2020 and it went on 1200% run, so it’s worth keeping an eye on. Just don’t fall for the marketing.

Daily Stock Market Report (Fri 6 June 2025) - PINE, SDI, TRN, MHA, AVCT, BGO

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Graham Neary

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