Edison Investment Research

Facebook – Gamification.

Facebook does not intend to play second fiddle to Tencent for long.

It pays to be civil in the long run

Backlog execution should enable improved investor returns

By the end of September, Boeing and Airbus had surpassed an aggregate of 1,000 aircraft deliveries as previously announced product introductions and rate increases continue to drive up demand across the aerospace supply chain. By the year end the two companies are expected to deliver an aggregate of around 1425 aircraft, slightly higher than in 2015.

Huawei & Xiaomi – Easy come, easy go.

Huawei and Xiaomi need a deal with the BATmen.

Market Commentary - Housing, Infrastructure, Construction and Services -1st November 2016

The only relevant news today is from Renew Holdings which has announced the acquisition of Giffen Holdings Limited from its PE owners RCapital. Renew has paid £7m cash for the shares and to redeem loans in Giffen; given the acquiree’s revenue of £22m last year to end September and £0.7m PBT the price looks fair, though as we discuss below this is a turnaround from the prior years and we need to ask about what has changed. The HICS sector continues to show a number of small risers each day and most stocks drifting downwards a bit. Some have drifted, had a brief rally and then dipped again.

BOE leadership: Carney’s conundrum

Mark Carney’s testimony to the UK’s House of Lords economic affairs committee was notable both in regard to his personal intentions and the future interaction between fiscal and monetary policy. In respect of the former, his emphasis on personal circumstances in terms of whether he wished to serve a full 8 year term at times felt uncomfortably close to sounding as if he wished to spend more time with his family. Even if this may have been unintentional it has contributed to the speculation over his future.

Baidu – Headache of state.

Chinese regulatory risk laid bare in Baidu’s latest earnings report. 

Market Commentary - Housing, Infrastructure, Construction and Services 31st October 2016

There is no formal news this morning from HICS sector stocks. The FT carries a report indicating that Capita is to undergo a full review of its operations. News expected this week comes from Persimmon with a trading update on Wednesday and Howden Joinery with its Interims on Thursday. Berendsen is still waiting for the cavalry (of buyers) to arrive and fell a further 4.4% on Friday last to 985p

VinaCapital Vietnam Opportunity Fund announces full-year results to 30 June

Outperforms benchmark VN index by 11pp in USD terms

In its annual results to 30 June 2016, VinaCapital Vietnam Opportunity Fund (VOF) has reported positive returns both in absolute terms and relative to the VN index benchmark. Its US dollar net asset value rose by 15.3% over the period, outperforming the benchmark, which rose by 4.3%.

Tetragon Financial Group declares US$0.1675 per share Q316 dividend

Q316 dividend in line with Q216 and 3.1% higher than Q315

Ahead of releasing its results for the three months to 30 September 2016, Tetragon Financial Group (TFG) has declared a dividend of US$0.1675 per share in respect of the third quarter (Q316). The ex­dividend date is 31 October 2016, the record date is 1 November 2016 and the payment date is 25 November 2016.

GOOG/AMZN/TWTR – Mixed bag.

Solid quarter at Google but Amazon slips back into bad habits. Twitter in limbo.