Morning All!

Central Asia Metals (CAML)

22-Sep-2017 – Mkt Cap £283.9m – 254.5p

Interim Results For The 6 Months Ended June 2017 – Revenue up almost 30% and PBT up 36%, Interim Dividend up almost 20%. Cash of $41.7m.

Analysis & View – On a PER of 11 and with a reasonably well covered yield of 5.5%+ this looks quite good value here – Although it is, it seems, quite heavily reliant on the price of Copper. Note – There’s a placing announced this morning for the acquisition of Lynx Resources – Expected to be earnings accretive in the first full year. For now I am NEUTRAL – I like the look of this but know little if this is a good acquisition or not.

Indigovision (IND)

22-Sep-2017 – Mkt Cap £18.8m – 249p

Interim Results For The 6 Months Ended June 2017 – Revenue down and an increase in Loss.

Analysis & View – Revenues are up and down but generally, most recently, flat. It’s currently Loss making and this report is not very encouraging (in terms of growth, which is much needed here). There does seem to be enough Cash to last some time ($6,16m, 30% of Mkt Cap) – It’s a jam tomorrow company which probably will reward, the question being – When?  I am NEUTRAL for now.

Windar Photonics (WPHO)

22-Sep-2017 – Mkt Cap £38.7m – 92.5p

Interim Results For The 6 Months Ended June 2017 – Revenue up 62% (1.3m Euro - which is more than the whole of 2016).  Operating costs down 47% and EBITDA loss reduced to 0.4m Euro (from 1.4m Euro LFL).

Analysis & View – Flat Revenues in the past few years and also no Profits.  Projections are high…

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The latest update although encouraging, do little to provide assurance these (Revenue in particular) projections will be achieved – And, it looks like, in the meantime, another fund raise may be required. I will keep an eye on updates because if the projections are met, this may become much more interesting. I am NEUTRAL for now.

Will be watching CAML for educational purposes, anyone with views and comments – Most welcome.

Good weekend to all!

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