Small Cap Report (6 Feb) - QED, CAP, LOQ, ECK, RHL, VNET, KBC

Wednesday, Feb 06 2013 by

Quintain Estates And Development (LON:QED) is a property developer with two key projects in London (Greenwich Peninsula and Wembley), plus student accommodation, and property fund management divisions. I've followed the company fairly closely in recent years, and have visited them for investor presentations, etc.

In the end I grew disillusioned with the company, since there is no dividend, and any revaluation gains seem to be swallowed up in declines elsewhere in their portfolio, hence NAV has actually been falling. Therefore no return whatsoever for shareholders, but plush Mayfair offices and nice salaries for the staff. So my conclusion was that this seems to be a company that operates for the benefit of its staff and Directors, rather than its shareholders - i.e. what development gains they have generated, are dissipated by hefty administration costs - something that's likely to continue, given the very long-term (20 years) scale of their London projects.

Quintain's Q3 IMS issued today doesn't contain any new information that is likely to alter the share price, in my opinion. This is a share that I tend to dip in & out of, as it moves in fairly predictable waves. It did look poised for another move up recently, but it has stalled, so I sold out at 62p a few days ago, as there seem better value opportunities elsewhere. Maybe I'm being too cynical, but it's difficult to see a short term catalyst for a higher share price at QED.


I generally try to avoid blue sky shares (or "story stocks"), as it's really just gambling, and the vast majority fail commercially. However, I've also found that finding a convincing-sounding blue sky share early on, or when the market cap is on the floor after initial disappointments, can prove rewarding. The trick is to not get too caught up in the hype, and to top-slice the profits along the way.

One such share which somebody recommended to me a while ago, and which I quite liked the look of, but then forgot about, was Clean Air Power (LON:CAP). They have an interesting technology (with Patents & pending) which allows diesel trucks to run on natural gas. Moreover, it's not just an idea, it's a working product which is out there for sale, through a European truck…

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1 Comment on this Article show/hide all

brigandchief 6th Feb '13 1 of 1

QED sold end of Jan at 62.85p, promises, promises, promises, and no actrion!!

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About Paul Scott

Paul Scott

I trained as an accountant with a Top 5 firm, but that was so boring that I spent too much time in the 1990s being a disco bunny, and busting moves on the dancefloor, and chilling out with mates back at either my house or theirs, and having a lot of fun!Then spent 8 years as FD for a ladieswear retail chain called "Pilot", leaving on great terms in 2002 - having been a key player in growing the business 10 fold. If the truth be told, I partied pretty hard at the weekends too, so bank reconciliations on Monday mornings were more luck than judgement!! But they were always correct.I got bored with that and decided to become a professional small caps investor in 2002. I made millions, but got too cocky, and lost the lot in 2008, due to excessive gearing. A miserable, wilderness period occurred from 2008-2012.Since then, the sun has begun to shine again! I am now utterly briliant again, and immerse myself in small caps, and am a walking encyclopedia on the subject. I love writing a daily report for on most weekday mornings, constantly researching daily results & trading updates for small caps. Cheese! more »


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