Edison Investment Research

Park Group (PARK); trading update: profitability to be lower this year

Park’s trading update for the year ended March 2019 demonstrated that trading for the year was ahead of expectations, driven by performance of corporate and consumer businesses

The impact of IFRS15, taking into account the strong growth in the card business, is expected to be about £0.5m higher than previous estimates, with a greater proportion of profit being deferred until the current year.

Tungsten Corporation (TUNG); announces initial results of operating review

Tungsten announced several initiatives as part of its ongoing strategic review, including planned cost reduction measures, management changes, offerings in new markets and upgrades to its products

As of May 1, Tungsten will include Bahrain and all French overseas territories in both their global tax and legally compliant invoicing network. Tungsten are also exploring partnerships in Latin America, Vietnam, Japan and China.

Custodian REIT (CREI); NAV per share of 107.1p

Custodian reported NAV of £426.6m for the FY ended March 2019, unchanged from December 2018

Custodian reported NAV of £426.6m for the FY ended March 2019, unchanged from December 2018. NAV total return per share was 5.9%, consisting of 6.1% income and 0.2% capital decrease.

PPHE Hotel Group (PPH); total revenue increases 5.2% to £62.5m for 1Q 2019

PPHE Hotel Group posted its trading update for the three months ending 31 March 2019, showing that like-for-like (LFL) revenue rose 8.1% to £62.4m, driven by strong growth in the UK

PPHE Hotel Group posted its trading update for the three months ending 31 March 2019, showing that like-for-like (LFL) revenue rose 8.1% to £62.4m, driven by strong growth in the UK. RevPAR increased 7.9% and 10.1% on both an LFL and reported basis. The LFL average room rate increased 4.3%, while LFL occupancy grew 260bps to 76.4%.

ECB: Next ECB President must keep up the pace of change

Absence of a crisis risks a slowdown in pace of eurozone financial sector reform

Author: Alastair George

In only a few weeks, European leaders will have to decide on a new ECB President to replace the incumbent Mario Draghi, whose term expires in October. Draghi has been a radical ECB president, deftly playing a difficult political hand to win support for a EUR 2.5trn ECB balance sheet expansion. In a time of crisis he offered “whatever it takes” to save the euro. We can now believe his claim that he would do enough to restore financial stability to the eurozone. Yet the ECB’s work in terms of monetary policy, regulation and eurozone financial integration is far from complete. Unlike Draghi, the incoming ECB President faces no immediate crisis. However, politically challenging further convergence of fiscal trajectories, economic growth and bank sector regulation is required to ensure the long-term viability of the eurozone project.  We believe markets would applaud an ECB President offering policy continuity in the short-term combined with the experience and political skills to ultimately drive further eurozone integration.

Aberdeen New Thai Investment Trust (ANW); posts FY 2019 results

NAV per ordinary share of the trust's portfolio fell by 5.1% on a total return basis vs. the benchmark SET Index fall of 3.9%

Aberdeen New Thai Investment Trust reported in their final results for the year ended 28 February 2019. Ordinary share price fell by 3.7%, in total return terms, while the discount to NAV narrowed from 14.8% to 13.9%. In total, the revenue earnings per ordinary share were 18.5p (2018: 11.1p).

Aberdeen Latin (ALAI); NAV increases 11.2% to 78.22p for H2 2019

Aberdeen Latin’s NAV total return increased 13.8%, and ordinary shares delivered a share price total return of 15.3%

Aberdeen Latin announced its half-year results for the six months ended 28 February 2019. NAV total return increased 13.8%, and ordinary shares delivered a share price total return of 15.3%.

OnTheMarket (OTMP); issues 528,122 ordinary shares

OnTheMarket announced that an application has been made to the LSE for the admission of 528,122 ordinary shares of 0.2p each

OnTheMarket announced that an application has been made to the LSE for the admission of 528,122 ordinary shares of 0.2p each.

Globalworth Real Est (GWI); to acquire Retro Office House and Silesia Star for €113.2m

Globalworth announced a conditional agreement for the acquisition of two investments in Poland for a combined transaction value of €113.2m

Globalworth announced a conditional agreement for the acquisition of two investments in Poland for a combined transaction value of €113.2m. The acquisition is expected to close by July-end, subject to the fulfilment of customary conditions.

PPHE Hotel Group (PPH); Arena acquires 88 Rooms Hotel for about £5.5m

PPHE Hotel Group announced that Arena Hospitality Group, of which it is the controlling shareholder, has agreed to acquire 88 Rooms Hotel for around £5.5m from MK Aviation Services

The contemporary 88 Rooms Hotel offers 88 rooms and suites, a restaurant, bar, conference room and fitness facilities. Arena expects to acquire the full ownership of the hotel by end-2019.