I Read The News Today Oh Boy! 4-Dec-2018

Tuesday, Dec 04 2018 by

Morning all!

A bit of a mad one (hence the delay) with 13 stocks covered.

ITE ( ITE (LON:ITE) ) – 61.1p – £468.7m – PER 12.9

Preliminary Results For The 12 Months To End September 2018 – Revenue up 11% to £175.7m, Statutory Loss of -£3.7m (was –£3.2m last time) with Diluted EPS at -1.6p (-1.9p last time).

There’s nothing here to move my stance from Neutral at present.

Discoverie ( Discoverie (LON:DSCV) ) – 346p – £249.4m – PER 12.4

Interim Results For The 6 Months To End September 2018 – Revenue up 11% with Reporting PBT down -7% and Reporting Fully Diluted EPS down -3% - The Interim Dividend is up 6%.

I said previously that there is enough to like here but just not enough to get my conviction at present.

Park ( Park (LON:PARK) ) – 78p – £144.3m – PER 12.7

Interim Results For The 6 Months To End September 2018 – In-line.

I still can’t get excited about a gift voucher / prepaid gift card company that’s growing at <10% per annum.

Vianet ( Vianet (LON:VNET) ) – 103.5p – £27.2m – PER 9.84

Interim Results For The 6 Months To End September 2018 – Revenue up 14.43% (88% recurring), PBT up 10.46%, Basic EPS up 36.16% and on the down-side, the Interim Dividend is unchanged and Net Debt is £1m versus Net Cash of £2.72m last time.

I still reckon this is fairly priced around this level so I remain on the side-lines for now.

WYG ( WYG (LON:WYG) ) – 44p – £32.2m – PER 8.47

Interim Results For The  Months To End September 2018 – A tough 6 months but results (they look awful) are in-line with market expectations. Expecting seasonally stronger H2.

I still can’t get excited here at present – Will wait and see how that H2 plays out.

DX Group ( DX (Group) (LON:DX.) ) – 8.38p – £46.9m – PER 34.4

AGM Statement – First 4 months in-line with management expectations.…

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ITE Group plc is engaged in the organization of international trade exhibitions and conferences. The Company's geographical segments include Russia, Central Asia, Eastern and Southern Europe, Asia and Rest of the World. The Company specializes in producing exhibitions and conferences that advance business and economic development by connecting buyers and suppliers from around the world. Its events are a platform for commercial growth for a range of business opportunities, and for providing market knowledge and industry information. In addition to event programs, the Company provides a digital platform and product directory to connect professionals in the building and interiors sector called WorldBuild365 (www.worldbuild365.com). Its products range from specialist conferences to trade fairs. It offers services to sectors, such as food, drink and hospitality; travel and tourism; engineering and industrial; transport and logistics; security and protection, and healthcare and medical. more »

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discoverIE Group PLC, formerly ACAL PLC, designs, manufactures and supplies components for electronic applications. The Company operates through two divisions: Custom Supply and Design & Manufacturing. The Custom Supply division provides technically demanding customized electronic, photonic and medical products to the industrial, medical and healthcare markets, both from a range of international suppliers and from the Company's Design & Manufacturing division. The Design & Manufacturing division manufactures custom electronic products that are designed or modified from a standard product for a specific customer requirement. The products are manufactured at the Company's in-house manufacturing facilities or by third party contractors. Its technology areas include communications & sensors, power & magnetics, electromechanical & cabling, microsystems, and imaging & photonics. more »

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  Is LON:ITE fundamentally strong or weak? Find out More »

2 Posts on this Thread show/hide all

MrContrarian 4th Dec '18 1 of 2

My morning smallcap tweet: Jam seen at SRT, but this jar was snatched away once...

SRT Marine Systems (LON:SRT), Surface Transforms (LON:SCE), IXICO (LON:IXI), Marlowe (LON:MRL), Quartix Holdings (LON:QTX), Pelatro (LON:PTRO)

SRT Marine Systems (SRT) wins £31m 4 year contract from Philippines. This is the same project which the company previously announced had been cancelled and delayed due to a change of budget source from a foreign loan to Philippine government cash funds. I hold.
Surface Transforms (SCE) H1 trading. Rev down 3% at £509k. Commentary topped with a garnish of good news under which is a sickly fish. Customer 'OEM6' may delay production, may hit FY rev by £500k.
Ixico (IXI) FY up 32%. EPS -2.0p (-5.7p). The Financial Review is headed Ahead of expectations but there's nothing in the body about this. Rev matches F/C, EPS is worse than -1.5p F/C. Guides current FY in line.
Marlowe (MRL) H1 rev up 57%, EPS 8.8p up 41%. Guides FY ahead of current market expectations.
Quartix (QTX) guides FY adjusted EBITDA head of market expectations by 10-15% but "This is largely as a result of the Group's adoption of IFRS15 (Revenue from Contracts with Customers), which has increased profit and revenue in 2018 as noted in the trading statement on 2 July 2018." So broker(s) asleep at the wheel? Why did QTX not nudge them? Revenue and free cashflow guided slightly ahead of market expectations which were rev: £24.6m; adjusted EBITDA £7.5m; free cash flow: £5.4m.
Pelatro (PTRO) wins contract to provide Campaign Management Solution to NCell of Nepal. No £££.

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andrea34l 4th Dec '18 2 of 2

I think the results from Discoverie (LON:DSCV) are poor with PBT down; one I am glad I made the decision to sell out of.

I am put off investing in MS International (LON:MSI) due to (1) the dividend being only maintained doesn't demonstrate much confidence in the future, (2) the profit increase far outstrips a revenue increase which is not even 10%, (3) there is no breakdown between divisions of financial performance (I think this would highlight the defence division as very poor), and (4) there is an implication of significant investment required to get the defence division to a better place.

I'm happy to l hold 1pm (LON:OPM) for the moment.

I still hold Fulcrum Utility Services (LON:FCRM) for now, they don't state adjusted eps before the significant amortisation figure which is a bit annoying - as this is a non-cash cost, I would have though that would have highlighted more progress at that level. LFL growth looks quite good.

I have looked at the results of Marlowe (LON:MRL) and they look quite interesting (I don't hold). A 12 month run rate of 130m revenue and seeing results ahead of expectations sounds quite good, though only thing bothering me is that they are extremely acquisitive and there is quite an amount of restructuring costs which headline eps is stated before taking into account, but this is a cash cost surely.

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