Edison Investment Research

Samsung Q2 17 – Just chipper

A truly mighty performance from Samsung puts it well on track to promoted to being the largest semiconductor company in the world by revenues this year

JPMorgan Global Growth & Income raises annual dividend by 24%

Payout goes up under 4% distribution policy after year of strong performance

JPMorgan Global Growth & Income (JPGI) has announced it intends to pay dividends totalling 12.16p per share for the financial year beginning 1 July 2017. This will be the first full year of operation for the trust’s new distribution policy, under which it aims to pay out a sum equal to at least 4.0% of the year-end NAV. The proposed dividend – 4.01% of the 30 June 2017 NAV – will be paid in four equal instalments, in October, January, April and July.

Samsung Bixby - Old demon

The software / AI demon remains un-exorcised

Sound focus on Morocco after Badile disappointment

Sound Energy will switch its focus to its ongoing activity in its Sidi Moktar licence onshore Western Morocco following the sub -commercial gas volume discovered at Badile.

LeEco - Bleeding out

LeEco could be acquired by one of the BATmen

Digital sensors – Eyes and ears

Data is the raw material of artificial intelligence meaning that will be increasingly critical that the sensors that collect that data are reliable and accurate…sensors will remain an area of intense investment and an area where we would want to be invested

AIMing high

Liquidity in London vs other exchanges

Companies often ask us our opinion on listing whether they should consider listing on other exchanges to boost liquidity and move their shares closer towards their perceived fair value. The answer is a complex one, market timing, industry and peer group as well as overall market sentiment and always have an impact on the answer. However, the chart below indicate the added liquidity that companies see in London (vs Australia and Canada).

A tipping point as monetary policy shifts

Central banks on both sides of the Atlantic appear to be becoming more hawkish

In recent weeks, policymakers at each of the US Federal Reserve, Bank of England and ECB have become notably more hawkish. This is a new development as throughout the period 2010-2017 central bank balance sheets have been steadily expanding as the quantitative easing (QE) baton was passed around the globe. With asset prices rising strongly over this period many commentators have been quick to infer that the end of QE signals market trouble ahead. While certainly a headwind, we believe investors should not rush to judgement. There remain many acts to play out in this story before it is finished.

Market Commentary - Housing, Infrastructure, Construction and Services 29th June 2017

Babcock has announced it has won a contract and Civitas has spent some more of its equity on social housing stock and Utilitywise has a new FD and an accounting issue has been identified. Kier was the best performer yesterday as its update was seen as reassuring.

Alphabet - Timeslip

Google has time on its side in Android.