Morning all!
Arrow Global ( Arrow Global (LON:ARW) ) – 257.5p – £438.0m – PER 5.93
Interim Results For The 6 Months To End June 2018 – Underlying PAT up 10% to £28.4m, EPS also up 10% from 14.8p to 16.3p - On track to finish the year in line with market expectations.
Well, this is quite interesting in that according to Stockopedia (Normalised) EPS is expected to be up almost 100% this year (to 37.3p). Stockopedia has this down as an Adventurous Value Trap and I wonder if it is or not. But, basically, I just don’t know enough or have enough conviction in the numbers to take a risk here – I will remain Neutral for now.
Churchill China ( Churchill China (LON:CHH) ) – 1000p – £109.7m – PER 15.4
Interim Results For The 6 Months To End June 2018 – Revenue up 6% to £27.2m (H1 2017: £25.8m) with PBT up 24% to £3.3m (H1 2017: £2.7m) and EPS up 24% to 24.4p (H1 2017: 19.6p). The Interim Dividend is upped 18% to 8.7p (H1 2017: 7.4p) - Good progress against strategic objectives.
On a PER of 15.4 I am being swayed (slightly) away from my Neutral view here. Requires a little more research on my behalf.
Morses Club ( Morses Club (LON:MCL) ) – 150p – £199.1m – PER 10.8
Trading Update For The 26 Weeks To 25th August 2018 – Trading in-line and confident for the rest of the year.
Although reasonably attractive on a PER of 10 and a yield of 5% or so I remain Neutral here (have a feeling this sector is perhaps due even more regulation).
Scisys ( SCISYS (LON:SSY) ) – 173.5p – £51.3m – PER 13.5
Trading Update – H1 & H2 to be more balanced this year so H1 expected to be stronger than usual, Net Debt almost halved (now £3.3m) and Order book at record levels (circa £100m). Confident of outlook.
This was on my Watchlist at 120p, so missed out by not paying up after the previous results were announced. For now, though I will go Neutral as…
