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My advice is to hang on. It's always tempting to sell when it's like this, but I can't see any logic to sell based on what we know.
British stocks tend to be massively undervalued right now and ripe for takeover, especially those with technological assets.
Of course if you are like a certain ex-president you might need the money in a hurry, but otherwise..
Lol
Well I've hit my stop so out now. Daft just watching it fall every day. Felt it will probably drop more on results.
Just added more. Short term anything can happen, so advantage of it if you have spare cash.
I'm in no rush to make money with this one.
Not looking good for either of us. Relentless selling. Seems that someone knows something....
Bought a small amount today. got them at 152. Looking at the NT site he paid 157.
Https://www.adsadvance.co.uk/tt-electronics-to-provide-challenger-3-cable-assemblies.html
Well done Wildtiger looks like you have saved yourself nearly 50p on the downside. I'm still holding TTG and looking for growth in PTP when the results for 2023 are published on 7th March but am a bit concerned that the new CEO (Peter France) will want to throw in all the provisions possible so that growth in 2024 looks good. (I have been around long enough to see several incoming CEOs do this in small quoted stocks.) That said, I expect even further PTP gains in 2024 although this early on in the year much could go wrong. My estimate of fair value for TT is 205p but I expect it to continue to trade below fair value; I just hope the discount will reduce. I think you will make money Wildtiger but I have a vested interest !
Sold this at 195p last year. The UK Army will need many more tanks for the pre-war phrase and TTG plays an important role in that
Since my previous post I have bought a couple of slices and reduced my average very nicely.
I am not entirely pessimistic about this stock but I have sold roughly half my holding in the last few weeks. I have also taken what profits I can from other stocks and hold a lot more cash than usual. Unfortunately I can't see anywhere to invest it with things as they are.
I agree with your comments MP, tone definitely deteriorated since last update as is shown by the revenue decline in H2 to date. I sold up this morning for 14% loss. Not that cheap and quite risky given debt IMO
The tone is very different from the upbeat statement when the half year figures were announced (3rd August). The machinery breakdown at Sensors and Specialist Components was mentioned but the actual words were:- "Organic revenue was 11 per cent higher even with some output shifting from the first half into the second half, due to a machinery breakdown in June" I was not expecting the breakdown to be "impacting profit in Q3 by circa £2m" and would have thought an announcement should have been made earlier, given we are in late November now, last year's trading update was a week earlier. (AllAtSea, I didn't see the £3m hit you mentioned.)
The shares appear cheap even with profits at the lower end of expectations but the company is just too small to be reliable. One machine breakdown costing £2m is a big hit for for a company only making circa £44m a year, volatile profits can't be put on the same rating as reliable profits so the shares will remain "cheap". Glad to see that they are "on track to deliver much improved cash generation over last year" That was my previous concern now I have to worry about machine reliability!
"We are mindful of the wider macroeconomic backdrop, but see continued positive momentum in the business, with a robust order book providing good visibility of revenues for 2024.
Peter France, TT Chief Executive Officer commented:
"Having joined in October, I have now visited the majority of our sites, spent time with colleagues and met a number of our customers and other stakeholders. I have been greatly impressed by the quality of our people, the strength of our culture and the depth of our customer relationships.
I am excited about the potential for TT and can already see opportunities to unlock further value across the business, driving growth, efficiencies and performance through capitalising on our positions in the structural growth markets in which we operate. I look forward to sharing more detailed thoughts shortly after our FY23 results, as we plan the next phase of our disciplined growth strategy.
The business continues to show good year over year improvement and I look forward with confidence."
https://www.londonstockexchange.com/news-article/TTG/trading-update/16219439
"Though reassuring of strong organic revenue growth in the year so far to October, TT said a machinery breakdown at one of its sensors and specialist components facilities hit third-quarter profits by £3 million.
“As a result of the machinery breakdown [...] we now expect to report group adjusted profit before tax towards the lower end of current market expectations,” the company added in a statement."
https://www.proactiveinvestors.co.uk/companies/news/1033934/tt-electronics-slumps-on-machinery-breakdown-profit-hit-1033934.html
We are due a trading update on TTG. This time last year they gave an update on the progress for the period to end October 2022. With only a couple of months to go to the end of 2023 they should have a fairly clear idea about the full year's profits and other metrics, particularly cash flow. Silence would IMHO be ominous.
This article would be more helpful .
https://ascoworld.com/news/financial-results-2022
Extracts
"ASCO has reported a 52 percent increase in turnover in a strong year for the Aberdeen-headquartered business, which saw it win new clients, grow its range of services and sectoral support, and expand into new geographies.
Accounts lodged for the year ending 31 December 2022 show that the company, a leading global provider of logistics and materials management services, saw group sales rise to £637.9 million, up from £419.4 million the previous year."
I'll bring this when departing from his last employer:
"It has been an honour to lead Asco during the past five years. I am grateful to all of my colleagues who have worked tirelessly through challenging times such as the pandemic to deliver positive growth.”
..
"Asco employs about 1,500 people in operations spanning more than 60 locations around the world. The firm is owned by a consortium of investors, trading as Zander Topco. Its last published accounts show turnover for the 2021 calendar year came in at £419 million, up £72m, or nearly 21%, from about £347m in the previous 12 months."
..to the party .
https://www.pressandjournal.co.uk/fp/business/5987020/exclusive-aberdeen-firm-asco-announces-change-at-the-top/
Sounds hopeful.
I streamed the analysts meeting at 9.30 this morning. It was Richard Tyson's last presentation; I thought he looked tired. He was presenting oh-so positive results to which he had given the lead and would not be around when further progress is made in the second half. Was It tiredness or regret? Anyway the growth story is intact and my only concern (negative cash flow) has reached an inflection point and turned positive. I have upped my eps earnings for the year but the company said nothing about its forecast relative to the market. The shares would probably have gone up if they had felt able to say they would be at the upper end of market expectations.
Hopefully, Mr.Picky, you will be rewarded following the release of new information today.
Reads well to me, but the market has a habit of wanting more from time to time. My holding is deep underwater with plenty of opportunity for me to have averaged down which I have resisted. Perhaps this news will reverse the southbound trend, which, if it does, I might be induced to increase my holding to align it with my original invested percentage, (2%) within my portfolio.
Thanks Alas, I did see the appointment of Peter France but I don't know how good he is. I never followed Rotork so I don't know if he did a good job there or not. He is 55 now and been out of Rotork for six years and, again, I don't know how to read that. Does anyone know Mr France's track record?
Mr.Picky, news yesterday of appointment.
I see two reasons why the shares have been languishing. First, no news yet on the appointment of a new CEO so we don't know who will be leading the company. Institutions like to have a view on who is at the helm. Secondly, their half year figures (to end June) are due out on August 3. At the AGM they confirmed the guidance of £41.5m - £46.0m ptp this year, any hint that they may not make it or that there borrowing have gone up will crash the share price. An upward revision to the years profit would send the shares northwards. The shares, at under 160p, are cheap in my view but why take the risk of buying now when you could be nimble on the morning of their interim announcement. (Unless you want make a biggish investment, in which case you need to build up before Aug 3 which is what I have done.)
Seems to have a lot of potential upside to me. I awaiting a dividend from elsewhere which I hope to use here if the price stays low.
Institutional investor increasing holding.
Always a good sign for minority investors where shares are lightly dealt