Beaufort's note out this morning: "Sainsbury’s performance in Q1 FY 2017 was below average amid difficult market conditions. The company’s sales were impacted after it reduced food promotions in favour of a simpler pricing structure to compete with discount rivals. On the positive side, Sainsbury continued investments in improving the quality and range of its own-brand food and non-food products. Clothing and merchandise sales grew around 5% each. Sainsbury’s Bank continued its momentum, as it recorded a 28% increase in Travel Money transactions and 10% rise in the take-up of Travel Insurance. The company launched a groceries online app to enhance customer experience. Nonetheless, the grocery market recently slowed amid intense competition among market players. Additionally, food deflation and pressure on pricing continue to make the business environment challenging." taken from Research Tree
"Hardy has released its FY 2016 results and updates on its three assets in India. Enforcement of the arbitration award on CY-OS/2 is becoming an increasing focus for the company, with legal proceedings now being pursued in the USA alongside those in India. The award included cash compensation which now stands at US$52.9m net to Hardy and return of the CY-OS/2 block for a three year appraisal period. The cash in particular could provide Hardy with attractive optionality in an oil market where many peers are looking to sell..." Arden Partners note out this morning on Research tree
"The FY results were marginally ahead of our forecasts and represented the group's first positive EPS in five years as management resolved the last of the group’s legacy issues. As well as cheaper fuel, there was notable progress on non-fuel costs. Trading conditions remain tough, with headwinds from fragile demand and faster capacity growth across the industry." Liberum published a new note out this morning on Research Tree.
Zeus Capital published a note out this morning on Research Tree: "Deltex Medical Group plc (DEMG), the global leader in the field of Oesophageal Doppler Monitoring (ODM), today announced the establishment of two new platform programme accounts in the USA. Deltex has now established 7 new hospital accounts in the US this year and with 24 in total is well on the way to achieving its target of 30 in Q3 2016. One of the new accounts is with a large hospital in the San Francisco area within Deltex’s West Coast sales territory which is contracted to minimum order volumes of 30 probes per month following the initial order of 50 probes."
Liberum put out a note this morning on Research Tree: "Thin profitability defines Volex’s industry. Principal customers are leviathans. Competition is fierce. Global PC & laptop volumes have dwindled. Wireless technology is a headwind. However, FY16 EBIT has beaten February guidance by 60%, new management continue to fell costs and their credit facility has today been extended. A forward FCF yield of 16% and EV/EBIT of 5x, despite initiating with estimates 20% below guidance, warrants consideration."
Edison's note from this morning is up on Research Tree: "Ocean Wilsons Holdings (OCN) is an investment holding company that offers investors an unusual proposition: a controlling interest in a long-established Brazilian maritime services company (Wilson Sons) and a diversified investment portfolio, both run with a long-term view. While the trading background in Brazil is challenging, this is factored into market thinking and Wilson Sons has demonstrated resilience. An investor in OCN also gains the diversification provided by the global portfolio and a substantial discount cushion..."
Northland Capital published a note out this morning on Research Tree: "W Resources has completed its maiden mineral resource estimate at the São Martinho Gold Project, located within the CAA-Portalegre licence in Northern Portugal. The JORC compliant mineral resource estimate was completed by Golder Associates and totalled 3mt at a grade of 1.04g/t Au (I & I) with 111,987oz in contained gold. This was based on a limited confirmatory drill programme and the Company is confident that there is significant exploration potential around the initial resource estimate."
Panmure note out this morning: "Full results for Consort Medical are expected on 16th June. We expect a strong set of results, helped by currency, for which we adjust our estimates today. However, investor focus will be on the pipeline, in particular the expected launches of DEV200 (Voke) and DEV610 both due this year. Commentary from BAT gives a positive view on size of the Voke launch, but little on timing. We continue to believe that the steady growth multiple contracts with multiple pharmaceutical companies with significant new technology upside make..." Taken from Research Tree
New note out from Panmure, taken from Research Tree: "CareTech is expected to report interim results to March on 16 June. The positive H1 update in April indicated continuing demand for services, high occupancy and favourable trends on fees, giving us confidence in CareTech reporting a strong trading outlook at the results. A positive market environment, continuing high yield and falling gearing gives an attractive investment opportunity."
Note out from Arden Partners "First Property’s (Fprop) final results reflect the full year benefits of rental income from prior year property purchases but this was more than offset by profit headwinds from the weaker euro of £0.7m and lower one off performance and deal fees of £1.3m (2015: £4.0m), leaving reported PBT down 9% at £7.35m. We note that reported results include a number of other one off items, reflecting the (non cash) IFRS FX treatment of Fprop’s loans and property assets and other costs. Stripping these out, adjusted PBT was £7..." Scraped from Research Tree