SIF Portfolio September review: Central Asia Metals and Air Partner

Wednesday, Sep 27 2017 by
SIF Portfolio September review Central Asia Metals and Air Partner

In April, I decided to extend the portfolio’s minimum holding period from six to nine months. I did this gradually to avoid too much disruption, but we’ve now reached ‘the new normal’. This week I’m looking at the portfolio’s nine-month old stocks. From October onwards, I’ll deliver monthly reviews once more.The two stocks potentially up for eviction this week are:

A quick look at the SIF portfolio fantasy fund suggests performance has been a mixed bag.

Air Partner is up by 25%. I’ll be taking a look at recent performance, and finding out whether this stock stock qualifies for an extended stay in the portfolio.

Central Asia Metals has only just returned from a period of suspension ahead of a big reverse takeover deal. In addition to reviewing CAML’s recent performance, I’m going to take a look at this deal to see how shareholders are likely to be affected.

Air Partner

Aviation services group Air Partner operates in sectors include specialist air charter, travel management aircraft broking and safety consultancy.

The group’s 2016/17 results showed a significant improvement in margins, lifting operating profit from £3.2m to £4.4m despite a 15% fall in revenue:


Highlights of last year included a strong performance from the group’s Consulting & Training business, which contributed 10% of underlying pre-tax profit, having operated at a loss during the prior year. The group’s charter business also performed well.

Cash generation remained strong. After stripping out the advanced payments received from JetCard private charter customers, the group ended the year with net cash of £1m.

As you can see from the Stockopedia figures, Air Partner’s return on capital employed rose to a praiseworthy 24% last year, while operating margin reached double figures for the first time:


Further strong growth is expected this year. The group’s H1 trading statement in August confirmed guidance for underlying H1 pre-tax profit of “not less than £4m”, compared to £3m for the same period last year.

This is consistent with analysts’ forecasts for full-year earnings growth of around 35%:


Hold on for more?

Overall, it seems an attractive picture. The StockRank remains high, at 86, and the forecast valuation looks reasonable, with a P/E…

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Central Asia Metals plc is a United Kingdom-based copper producer with operations at Kounrad, Kazakhstan, and a zinc and lead producer at the Sasa mine in Macedonia. The Company operates through three segments: the solvent extraction- electrowinning (SX-EW) copper plant at Kounrad in Kazakhstan; the Sasa zinc-lead mine in Macedonia, and the Shuak exploration project in Kazakhstan. It produces copper from the Kounrad in-situ dump leach and SX-EW operation close to Balkhash in central Kazakhstan. Sasa is a zinc, lead and silver mine in Macedonia, approximately 150 kilometer (km) from Skopje. It also operates Shuak, which is a copper and gold exploration project with a license area of 197 square kilometers in northern Kazakhstan and 300km north of Astana. Its subsidiaries include CAML Kazakhstan BV, Shuak BV, Sary Kazna LLP, Kounrad Copper Company LLP, Ken Shuak LLP, CAML MK Limited, Lynx Resources Limited, Lynx Mining Limited and Monresources LLC. more »

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Air Partner plc is a United Kingdom-based aviation services company. The Company provides worldwide solutions to industry, commerce, governments and private individuals. The Company has two divisions: Charter division comprising air charter broking and remarketing and the Consulting & Training division comprising the aviation safety consultancies, Baines Simmons, Clockwork Research and SafeSkys, as well as Air Partner's Emergency Planning Division. In addition for reporting purpose, the Company is structured into four divisions: Commercial Jets, Private Jets, Freight (Charter) and Consulting & Training (Baines Simmons, Clockwork Research, SafeSkys and Air Partner's Emergency Planning Division). more »

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

1 Comment on this Article show/hide all

Howard Adams 27th Sep '17 1 of 1


Air Partner (LON:AIR) announces interims 28/09/17. Should be interesting to see if they are still able to sustain their growth in margin. (I hold).


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About Roland Head

Roland Head

I'm a private investor and writer on stock markets, with a particular fondness for free cash flow, dividends and value. I also have an interest in (profitable) commodity stocks.  I hold the CFA UK Investment Management Certificate (IMC). One of my investment interests is developing rules-based strategies such as my Stock in Focus portfolio. This reflects a significant part of my personal portfolio and is the subject of my weekly column here at Stockopedia. In earlier life, I worked as an engineer in telecoms and IT. The rules-based approach required for this kind of work undoubtedly influenced my investing style. I also learned a lot from seeing the tech bubble deflate in 2000-1, when I was working for a large and now defunct Canadian firm.  more »


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