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Ian Pollard – HSBC Believes It Is Enhancing Its Reputation

HSBC Holdings HSBA saw growth in operating expenses easily outstrip the banks increase in revenue. Todays interim results reveal reveal that during the first half, revenue rose by 4% whilst operating expenses grew by 7%., or 8% on an adjusted basis. Adjusted profit before tax fell by 2%. The Group Chairman descended from on high to tell us that a good start had been made on its two main targets of enhancing not only performance but reputation as well. He does not enlighten us but I wonder who told him that, customers or senior management ?, Whoever it was has presumably not  had the experience of trying to get a broken down(for the umpteenth time) ATM to dispense cash on a Saturday afternoon, or even if it was not broken down, having the same problem because it has, yet again, run out of cash. Go back to the grass roots Mr. Chairman and find out the truth about your bank’s real reputation.

Tesco TSCO has signed its long term strategic alliance with Carrefour. It will become operational in October and last for three years. What possible good it will do even to troubled Tesco, only time will tell.

easyJet plc EZJ was hit by a triple whammy in July, with industrial action in Europe, a runway closure at Gatwick and adverse weather.. Despite that it still managed to increase passenger numbers by 4.5% but this was well down on the 6.2% increase over the year from July 2017. Load factor for this July rose by only 0.1% compared to 1.4% for the rolling 12 months.Still, unless the European Union has its evil way, it will be a few years before they are reduced to doing pleasure flights round Blackpool Tower.

Ultra Electronics ULE benefited from increased US defence spending during the half year to the 30th June but the reported results were impacted by cost overruns. Organic revenue rose by 1.3% and organic profit growth by 1.4%. Basic earnings per share were down by nearly 50% and statutory profit before tax fell by a third to 20m. The order book has been and continues to be strong and better than expected. Foreign exchange “headwinds: are blamed for a 5.8% impact  on underlying operating profit. The interim dividend remains unchanged at 14.6p per share.

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Ian Pollard – HSBC More Secure Than in 2011, Surprise Surprise !!

HSBC Holdings HSBA claims that 2017 produced good results which demonstrate the strength and potential of HSBC and, believe it or not, it is simpler, stronger and more secure than it was in 2011.If that is the best it can find to say about itself that is not a rosy picture. Adjusted profit before tax rose by 11% and reported profit before tax by 141 %. The final dividend has been maintained and the group has benefited from 1% of positive adjusted jaws which should please everyone who enjoys jargon. Significantly I can not find in the report a single mention of service or customer care, although plaudit upon plaudit is heaped on senior management for the sterling work it is said to have done during the year. HSBC has also agreed to pay over $100m dollars by way of settlement of a US criminal investigation into rigged currency transactions in which its excellent senior management involved it.

Dunelm Group DNLM is increasing its interim dividend by 7.7% for the half year to the 31st December, after like for like sales growth of 6% and total growth of 18%. Online sales grew by 50% or 36.8% on a like for like basis.  Underlying basic earnings per share fell by 6.6% as against a rise of 1.8% on a reported basis, whilst underlying profit before tax fell by 8% compared to a tiny rise of 0.7% on a reported basis. The company is pleased that it continued to gain market share in a static homeware market.

Tracsis Group TRCS  trading across all parts of the business was strong in the six months to the 31st January and comfortably ahead of the previous year. Revenue rose from £15.6m to £18m and EBITDA was up by 25%. The completion of two acquisitions on the 1st February are expected to lead to further growth

Lighthouse Group LGT delivered an excellent set of results for 2017 with profit before tax rising by 32%, in celebration of which it is increasing the final dividend from 18p per share to 30p.representing an increase of 55% for the full year after taking into account the increase in the interim dividend from 9p. to 12p. Revenue for the year grew by 13% and EBITDA by 27%.

Synectics plc SNX is increasing its final dividend by 50% to match the rise in profit before tax also up by 50%, despite revenue for the year to 30th November remaining static and a fall in the year end order book.

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HSBC – Positive Jaws And An Urivalled Footprint ! – A fish with feet !!

HSBC Holdings HSBA announces that a further share buy back programme of up to 2bn pounds will start shortly and will be completed in the second half of 2017. The interim dividend remain unchanged after a rise of 12% in adjusted half year profit before tax, following a 3% rise in revenue. Global banking performed strongly with a 16% rise in revenue and to match its positive jaws which delivered a rise of 0.5%, it claims that its footprint in Asia and the Middle East is now unrivalled.

Trinity Mirror TNI Claims a resilient performance for the half year to 2nd July despite difficult trading conditions and a volatile environment in print. Like for like revenue fell by 14.6% and management claims full credit for being so strong and managing to limit the fall in adjusted operating profit to only 9.4%. The interim dividend is to be increased by 7.1% to 2.25 p. per share and the second half is expected to show improving revenue momentum.

Coats COA Good to know that we still have a textile industry and that this part of it seems to be thriving. Coats is increasing its interim dividend by 7% after a strong first half in which adjusted operating profit for the six months to the 30th June rose by 14% and revenue  by 5%, both at constant exchange rates. Adjusted  basic earnings per share rose by 38%

Utilitywise UTW warns that revenue for the year to today will be 4.0 to 4.5m below managements previous expectations. The gross order book for the year however is 18% higher than for the year to 31st July 2016.

Hiscox HSX Interim profit before tax for the half year to the 30th June halved to 102m or rose by 12.5% if the impact of foreign exchange movements are ignored and  the interim dividend is to be raised from  8.5p to 9.5p per share . Hiscox USA stood out with growth in premiums of 31.3% in local currency terms.

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Zak Mir & Brand CEO Alan Green discuss latest macro headlines on TipTV


Zak Mir, Technical Analyst for Zak’s Traders Cafe, was alongside Alan Green, CEO of Brand Communications, when he opened the Tip TV Finance Show to discuss the latest macroeconomic headlines including focus on the BoJ after their recent meeting, as well as the performance of LGEN and SBRY after the release of results and the chances of a US Fed rate hike. Topics Covered: Sainsburys (SBRY), Legal & General (LGEN), BoJ, Federal Reserve, US, HSBC (HSBA), Lloyds (LLOY), Standard Chartered (STAN).

Daily Actions – UK Main & AIM market 11032016

IntellisysLogoDaily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London

AIM Market

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Uranium Resources Buy Neutral
Financial Services    
Advanced Oncotherapy Buy Neutral
FastForward Innovations Neutral Buy
RAB Special Situations Company Strong Buy Buy
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Accsys Technologies Buy Neutral
Dart Group Sell Neutral
Hydro International Sell Neutral
Petards Group Buy Neutral
Sabien Technology Group Neutral Sell
Oil & Gas – Explorers    
Sirius Petroleum Neutral Buy
Oil & Gas – Producers    
Pantheon Resources Buy Neutral
Personal & Household Goods    
Telford Homes Buy Neutral
Technology    
StatPro Group Neutral Sell
Telecommunications    
Monitise Neutral Buy
Travel & Leisure    
Goals Soccer Centres Buy Neutral
PPHE Hotel Group Neutral Sell

Main Market

ST Rec. changed
From To
Banks    
HSBC Neutral Buy
Electronics & Electrical Equipment    
Laird Neutral Sell
Household Goods & Textiles    
Hornby Neutral Sell
Leisure & Hotels    
Mitchells & Butlers Neutral Buy

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HSBC Worried About China

HSBC (HSBA) has found slowing growth in China is creating a bumpier financial environment and becoming an increasing cause for concern. Reported profit before tax for 2015 rose by 1% (far, far less than Chinas reported growth ) and operating costs rose by a sturdy 5%. At least it had a year free of new scandals and penalties.

Associated British Foods (ABF) has found the recent  weakness of sterling providing a welcome bonus during its first half year to 27th February. In the UK bakery market prices are at their lowest for 8 years, wich is of course a good thing, unless you happen to be in the UK bakery market. Primark sales for the half year are expected to be up by 7% but trading at Christmas was weaker because of unseasonably warm weather across Europe – this of course ensured that shoppers could go out and enjoy their Christmas shopping without having to trudge through ice, snow and sleet or even worse, remain housebound.  .Any excuse is better than none for the busy executive.

Petra Diamonds (PDL) has been badly hit by lower diamond prices to the extent that it allows the dreaded word “impacted” to creep into its interim results. Net profit after tax for the six months to 31st December fell by 85%, revenue was down by 28% and adjusted EBITDA by 43%. Profit margins remained at a healthy 36% and production rose by 2%. The first tender of the second half saw both stable prices and more stable market conditions, which cold provide a ray of hope for the second half.

Bovis Homes (BVS) enjoyed  record profits and revenue as the overheated housing market continued to boom in 2015. Profits for the year to the end of December rose by 20%, revenue by 17% and the full year dividend is increased by 14%. Forward sales at the year end were up by 14% on the previous year. Demand for new homes continues to run ahead of supply, thereby enabling 2015’s average selling price to be hiked by 7%.

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