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I have just heard that the company has been dissolved and am absolutely disgusted. This has all happened because of Chinese fiscal policy where they have stopped money going out of the country. Therefore no money to pay dividends, audit fees etc. I imagine that the company is still happily trading in China but meanwhile my pension has taken a hammering. Does anyone know if us UK shareholders can make a claim against the company in China? Is it something the FSCS would handle?
Sunk to the depths .aim listing gone.
Wrote about this company last year and warned people that the cash in their balance sheet isn't transparent because accounting and auditing in China are more obscured than in West. Don't you find it strange that a company with 5 TIMES cash over MKT.CAP. FAILS to report their results? A different company would be dying to report their numbers. Here is a re-cap of my analysis HERE: - http://bit.ly/2tsq0LM Also, I noticed Leon Boros has made some positive comments on my post at Stockopedia. Thanks for the kind words!! You can read it here: - http://bit.ly/2s51tIh
The bid price is up almost 30% in the last few days on almost no volume. All very strange. The results are imminent, but we know what they are going to be. The only surprise is likely to be the dividend. So wWhy are the market makers pushing these up?
They struggle to get money out They don't offer great dividends in what they could really afford- if they announced 5p as a Dividend instead of 1.4p - this would move Its a punt as too many Chinese Companies have been scams falsely reporting cash in bank etc
david It seems illogical that AFG should be on that list, because the company has done everything 'by the book' so far. The share price is down a lot since the IPO in 2015, but that might have something to do with the regular defamation of the company by ************* on their website. This is a solid business with a great CFO. I'm sure it will come through this difficult period. It's very cheap at this price.
Rightly or wrongly, AFG features in Share Prophets 'filthy forty' list. Search for AFG and you should find the 29 March update by Nigel Sommerville.
Yes, it's completely daft. No wonder there's almost no transactions. But it's not quite as big as it looks on the screen. A broker ringing a market maker can probably buy for 13.5, sell for 11.5. My advice is ignore the bid price. If you're buying at 13.5 you're getting the company at a PE of a bit over 1. We might get a rise in volume at the finals. I think there will be some buyers if the BoD keep the dividend unchanged at 0.7p. When there is any demand it rises very fast. We could see some selling pre April 5th, and the end of the tax year . The offer price may come down a bit and that would be a good moment to buy.
I can't believe the spread on this, I'm not a current holder, so I'm not sure how real it is - but it's huge!
agreed - the Accounts look like £120m MCAP, not £15m but comeonvog has obviously been burnt before and i have seen many companies present misleading accounts so its not like you can't 100% say everything is ok.
comeonvog I think you're fighting yesterday's battle here. Those scandals in 2015 caused a lot of embarrassment to the Chinese authorities. They are unlikely to let them happen again. The risk of buying into a Chinese company like this is reflected in the P/E of about 1 and the large net cash position.
If you look into most of the company's i have listed , they all follow a similar pattern. They all show plenty of cash, promises good divs but then the bad news starts with falling revenue. Im off now as i dont want to ruin peoples trading . atb
i was never in there, just had a look at the last financial update prior to suspension and it reads very similar to here. i suppose its whats called a gamble either they are truthful in the RNS and this is say (8 x Profit) + Cash = circa £125m+ or Its a scam and its worthless Current SP (£15m) prices in this risk The big thing would be an actual decent Dividend (1.4p) last year is decent compared to Market Cap, but its tiny in regards what they could pay
JQW had plenty of cash , supposedly. They all start by paying divs then that stops .
so lots of cash still held (3 x Market Cap) but there is troubles bringing it to UK if they proposed a Dividend so what is the point of been listed in UK then If you say £0 cash then is the current trading fair value of SP Trading Update was as expected - looks decent - nothing really bad
look at Asian Growth Properties
Most have this header shares appear to be de-listed or suspended. Just a quick search on LSE will confirm. I got stung with JQW and started to take an interest , and now i post only to warn. www.abchurch-group.com doggy if you ask me .
coeonevog - I don't recognise all those names, but it's certainly true that the record of Chinese companies on AIM in 2015 was a shocker. It's not surprising that their reputation stinks. The Chinese authorities have tightened up on things since then, which is good. Also, there is good reason to believe in AFG. It's quite big and it is very profitable. There are plenty of things about the business that can be 'proved', like its Scottish suppliers of mackerel. And it has a high-calibre CFO who is ex PWC in Malaysia. But of course there's definitely some risk when you invest in a purely Chinese company like this, that's why it has a PE of about 1.
i have no interest in this company, but just look at this list , tells a very sorry story. JSI,NBU,JQW,CAMK,CFU,ACHL,GWIN,TNCI,CFC,GNG,TAIH,QIH,GTS,SORB,PCGE,
I can't see any big surprises here. Although the general tone of outlook statement is cautious and 'downbeat', the company looks in good health to me. It continues to make nearly £1m a month net profit. Annual sales are £109m, and the net profit is expected to be 10-11% - so about £12m. Not bad for a company with a market cap of about the same amount. Also 375m RMB cash on the balance sheet (£44m). I'm surprised this hasn't gone up a bit. Working capital has increased. The strategy seems to be ''we are waiting for a tempting acquisition to come along, and we are saving up our cash for when that happens'. Sounds sensible to me. The economic background in China sounds difficult, with a lot of discounting going on. But incomes in China are rising, and this will feed through in the end. I'm happy to hold here, but won't add until the market makers narrow the spread.
and yet another company with its businesses in China o a slow spiral downwards.
AFG saw quite a lot of trades today, for AFG. Almost 100k in a day. But it looks as though they were all sells. Presumably bought by the market makers.
Visit Prox and report 20:43 hrs post
It's possible that investors are too negative about AFG. There's plenty to like in this story - decent director buys last year (about £30k-wortth), appointment of a good CFO wth experience outside China, a very solid business model, a dividend, etc, etc. There's one real negative, but it's a big one - the record of Chinese companies on AIM in 2015 that turned out to be frauds. But that caused a lot of embarrassment to the Chinese authorities and there seems to be a lot more vigilance now. It's unlikely the same would re-occur here, IMO. . Personally I'm confident that this company is the real deal. If the Q4 update is 'in line' or a bit better (which means revenues of 250m RMB or above, and net margins steady around 11%) we should see a return to at least the 25p area, and then a rise to more like 40-50p after the finals.
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