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HSS Warthog4
27 Aug 2015
Re: bounce tomorrow Further correction-13%
GBG Go Dink
27 Aug 2015
Dividend pay date tomorrow (28 Aug)? I think GBG maks their divi payment tomorow (28 Aug) which might explain the fall in sp.Rated a weak buy on sp weakeness but long term hold; imhoDYOR
UTG Maddoxx
27 Aug 2015
Re: Unite's China fall-out?!?! Further to my above post, low interest rates are good for Unite – and it is highly unlikely the UK would lead the US in raising rates. So the news that in response to the market turbulence Bill Dudley, the president of the New York Federal Reserve, made it pretty clear that the Fed will not be putting up rate rise soon has got to be positive. As they say 'Every cloud…. Regards, Maddox
SLI Stepenwolf
27 Aug 2015
Re: Dividend reduction Hi PJ - if Halifax etc....can do it why not iii ? Not comforting
SGZ horaceanddorismorris
27 Aug 2015
Re: I'm in I have always regretted not taking up the last rights issue. It was a hard one to call. As I remember, the sp had slid down to only about 0.02p above the issue price. Which is why I guess most of us stayed our hand on that occasion. All was not entirely lost for me, because I did top up a wee while later, but not at such a good price as if I'd jumped in on the issue.
SMDS oldjoe1
27 Aug 2015
SMDS Broker Buy Views......... Broker Views for Smith (DS)SummaryChartNewsTradesDirector dealsBroker viewsDate Broker Rec. Price Old target price New target price Notes21 Aug 15 Berenberg Hold 390.20 350.00 375.00 Reiterates05 Aug 15 Jefferies International Buy 390.20 435.00 435.00 Reiterates20 Jul 15 Investec Buy 390.20 - 450.00 Resumes
KLN BOWOOD
27 Aug 2015
Re: Moving up nicely... Yes it's good to see interest returning and I think that the current level of 2p/2.5p will have looked a bargain this time next year.
HSS Warthog4
27 Aug 2015
Re: bounce tomorrow Correction-10%Another dog for my portfolio kennel
TATE oldjoe1
27 Aug 2015
TATE, Broker Upgrades........ Tate & Lyle PLC (TATE:LSE): Last: 519.00, up 17 (+3.39%), High: 526.50, Low: 518.00, Volume: 982.90kBEDeboo at Jefferies turns buyer.BEGrowing signals of improving CWM economics lead us to upgrade numbers, and view. The ’16 HFCS pricing round in the US has started early and robustly: a sign of confidence. Experience shows that HFCS is a barometer of wider SFI & Bulk economics and that when the cycle turns, it can do so quickly, and dramatically. With the shares visiting 500p and yielding 5.6%, we turn positive.Opening shots in the pricing round signal confidence…and rising margins. Reports indicate that pricing letters on HFCS for 2016 have been published – the earliest we can remember. Millers are asking for a 15-20% hike, in a climate of flat to falling corn costs. This signals healthily tight utilisation. It may not conclude quite this well, but it doesn’t need to, to sweeten Tate’s bottom line very nicely.BEBenefits Bulk directly, but a positive signal on SFI, too. We obsess on HFCS, unapologetically, not just because it’s now c.40% of profits but also because it’s a visible signal of the wider health of US Corn Wet Milling (CWM), which will account for over 80% of profits following the exit from Europe. There is strong correlation between Tate’s profits in SFI and Bulk and between both and HFCS margins.Complications: tolling, ethanol & Sucralose. 75% of Tate’s HFCS is on de-risked tolling contracts, which moderates any upside, and they are still brewing 40m gallons of (unprofitable) ethanol. Yesterday’s acquisition of Splenda by Heartland might impact tabletop Sucralose volumes. So we skip the final couple of turns of our pencil sharpener.BEQ1 body language positive. Chairman Buying. We’ve been quiet since the Q1. Worth remembering, then, that ‘body language’ on the call – on Sucralose, Allulose, and life generally – was notably more positive, from a what has been a bruised and battered team. The Chairman has just bought 10,000 shares.Dividend provides strong underpin – we think it’s sustainable. Tate is yielding a juicy 5.5%. This is more or less covered by EastStarch proceeds in FY16. From FY17, it has to be funded organically and we have it 1.2x covered by cashflow. Tight but doable we think, in a climate of what should be rising profits & stable £:$ fx.Upgrading. Underlying momentum better than it looks. We upgrade FY16 by 4% and FY17 by 8% FY17 EPS growth is impacted by Europe exit reversal and a rising tax charge. Forecast 12% LFL EBIT growth is the truer measure of momentum for us.
XAR Centre Court
27 Aug 2015
Re: Good interim results IMHO the results are not really good but could have been worse. The cash position is the result of improved margins, which in itself is the result of cost cutting. In terms of EPS / operating profit, I think the IFRS figures are the more accurate and reflect the true operating performance since the adjusted figures included not only one off's such as restructuring costs, but also R&D. A tech. company like XAAR need to regularly spend on R&D to maintain its market position. Based on the adjusted EPS, the 2015 PER is around 22; based on IFRS EPS it is nearer 50. Way too high for a company which has stabilised its business but still heavily dependent on the Chinese construction sector which is not exactly in recovery mode.
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