Facebook – Middle age spread
An opportunity lurks under the image of a maturing company.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services - 18th November 2016
Grafton has no Euroland fears, indeed it sees opportunity and has agreed to buy a 14 branch tool, fixings and ironmongery business based around Amsterdam. Lafarge Holcim this morning and CRH yesterday announced good trading conditions and while revenue development was not stellar overall YTD (down 1.8% L4L at Lafarge Holcim and up 5% at CRH) earnings growth was very good.Talking of which we attended the Forterra Brick Fest and factory tour yesterday in Measham
Read more...One man’s gift is another man’s bribe
How has the 2010 Bribery Act impacted Aerospace & Defence?
The recent BBC Panorama entitled ‘How Rolls-Royce bribed its way around the world” prompted me to revisit the 2010 Bribery Act. Crucially I wanted to understand whether Rolls-Royce’s business activities prior to the Act becoming law in July 2011 could be looked at retrospectively? And what punishments does the SFO have in its arsenal? In answering these questions, it is interesting to look at how the Aerospace & Defence industry is adapting in order to operate within the law.
Read more...Edison KOL call
Pediatric Epilespy
The second in our KOL series, Edison sponsors an interview between Dr Wirrell, Director of Pediatric Epilespy at the Mayo Clinic. and Max Jacobs (call leader). The conversation featured a discussion on the clinical course of various pediatric epilepsies and the place that Epidiolex might have in the treatment paradigm.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services - 17th November 2016
Kier has announced its update a day earlier than expected ahead of the AGM tomorrow. Norcros and Atkins have announced half year numbers, which were on the rota. Morgan Sindall has announced that it has a part to play in HS2 with the JV of which it a part being awarded the Central section enabling works worth £100m to MGNS.
Read more...Tencent Q3 16A – Work in progress.
Still a lot of work needed to realise its full potential.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services - 16th November 2016
Trading updates this morning from Forterra and Barratt Developments as well as half year results from Speedy provide us with good guides to investment decisions.Forterra has announced that it is trading in line, sales volumes are higher than last year and the supply chain issues are working through as expected. Civitas has raised £350m as the first quoted Social Housing REIT. The social housing sector in the UK is disaggregated and little know
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VinaCapital Vietnam Opportunity Fund announces divestment of major asset for at least $100m
VinaCapital Vietnam Opportunity Fund (VOF) has announced the divestment of an asset representing 7.6% of FY16 NAV, for a minimum of 65% above its most recent valuation.