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buy back in if the SP drops another couple %. Was lucky to get out at recent peaks. Still believe its a good share, but can'r resist taking a profit now and then!!
has issued a buy recommendation today on XPP; makes reference to: Growing market share Niche growth product range Diversified revenue stream Attractive dividend yield
results along with good divi, should push the sp up.
should be profits coming in from the USA company purchase over the coming year.
dividend date approaching, 17th Dec. Some big buys going through...
recent purchase provides the company with a broader base. I'm always surprised that this company fly's below the general radar, particularly with its relatively high yield.
buy-in price on this present dip. XPP has provided a yield of 14.14% over one year, 20.79% average over 3 years and 11.41% average over 5 years. Plus four dividends a year its a hard one to beat. The buy recommendation by Investors Chronicle on 28th July when at 1,606p is still valid.
This time next year, they should be debt free all being well, so can see them paying us shareholders some special dividends.
Trading Update XP Power, one of the world's leading developers and manufacturers of critical power control components for the electronics industry, is today issuing a trading update for the fourth quarter ended 31 December 2013. Trading Revenues for the twelve months ended 31 December 2013 were 8% higher than those achieved in 2012. In constant currency revenues increased by 6%. The encouraging signs of recovering global demand for the capital equipment manufactured by our customers that were highlighted in our third quarter interim management statement, continued into the fourth quarter. This positive trend, in conjunction with improved factory loading at our Chinese facility and a positive contribution from our magnetics facility in Vietnam, underpin a sequential improvement in gross margins in the second half of the year, as expected. Financial Position Net debt was £3.7 million at 31 December 2013 compared to £10.6 million at 31 December 2012. Using the exchange rates prevailing at 31 December 2012, net debt at 31 December 2013 would also have been £3.7 million. Dividend A dividend of 13 pence per share for the third quarter will be paid today, 10 January 2014, to shareholders on the register at 13 December 2013. The recommended dividend for the fourth quarter of 2013 will be announced with the 2013 final results on 24 February 2014 but is not expected to be less than 17 pence per share, representing a minimum total dividend of 53 pence per share for 2013, an increase of 6% over the total dividend of 50 pence per share paid for 2012. Outlook XP Power has a long-established strategy of targeting blue chip customers with strong leadership positions in their respective markets, and whose insistence on vetting their suppliers' design and manufacturing facilities acts as a significant barrier to entry to many of the Group's potential competitors. This strategy remained successful in 2013 and we believe that we continued to take market share as a result. Furthermore, the macro-economic outlook for our customers appears to have slightly improved during the second half of 2013 and we consider that we are well placed to benefit from this improvement. Orders received in 2013 were £103.7 million compared to £96.6 million in 2012. We enter 2014 with positive momentum and we therefore expect that we should be able to show further modest growth in revenues in 2014. XP Power will announce final results for the 12 months to 31 December 2013 on 24 February 2014.
Nice to see an old favourite doing well. A good solid business....good management with a sound strategy. GL
Great results - great company. Up 11% on the day. Upgrade from SPAngel to 1600p....
I like this stock. Niche player, stable management, good margins, decent dividend which is rising steadily & small amount of debt which should disappear by the end of next year. Assuming they do not make any acquistions which would appear unlikely, I could see them paying special dividends in the future. Founders still hold a big chunk of equity so am sure they would like to return income to the shareholders. Costs are pretty fixed, so any uptick in demand for their products will all go to the bottom line. One to tuck away for the mid - long term IMO.
XP Power, one of the world's leading developers and manufacturers of critical power control components to the electronics industry, is today issuing a trading update for the quarter ended 30 June 2013. Trading The Group traded in line with the Board's expectations during the first half. Group revenues for the six months ended 30 June 2013 increased by 5% from the same period in 2012. In constant currency the increase was 4%. The environment for capital goods spending remains challenging. Orders for the first half of 2013 were flat versus the first half of 2012 but increased by 7% over the second half of 2012. Production volumes at our new factory in Vietnam have now increased such that it is supplying approximately half of our monthly demand for the magnetic components used within our power converters. At this level of production the Vietnam facility has reached a break even position and so is no longer reducing our margins. Given the combined effects of improved factory loading and reduced start-up costs from our new Vietnam facility, we expect first half gross margins will exceed those achieved in the first half of 2012. Financial Position Net debt was £8.5 million at 30 June 2013 compared to £15.0 million at 30 June 2012. Using the exchange rates prevailing at 30 June 2012, net debt at 30 June 2013 would have also been £8.5 million. Dividend An increased dividend for the second quarter of 12 pence per share (2012: 11 pence per share) will be paid on 10 October 2013 to shareholders on the register at 6 September 2013. Foreign Exchange Given our exposure to the US Dollar, the continued weakness in the Sterling/US Dollar exchange rate since the beginning of the year will result in slightly higher revenues due to translation. However, the effects on operating profit will not be significantly different as a high proportion of our cost of sales and operating expenses are also denominated in US Dollars. Outlook At the time of our last trading update in April, we reported that the global capital goods markets remained subdued. While this continues to be the case we are encouraged by the progress we are making as we continue to take market share.
XP Power: Investec improves target price to 1,440p from 1,375p, retains buy.
XP expects to report slightly weaker FY12 revenues than we were expecting, as customers continue to take a cautious approach to ordering. The transfer of outsourced manufacturing to in-house facilities is on track, driving the gross margin recovery in H2. We have reduced our FY12 and FY13 forecasts to reflect a more cautious start to the year, although we continue to forecast +20% operating margins and reduction of debt. Upside from this point depends on a sustained uptick in bookings, particularly from the technology sector
Trading Statement 10 January 2013 XP Power Limited ("XP Power" or "the Group") Trading Update XP Power, one of the world's leading developers and manufacturers of critical power control components to the electronics industry, is today issuing a trading update for the fourth quarter ended 31 December 2012. Trading Revenues for the twelve months ended 31 December 2012 were 9% lower than those achieved in 2011. In constant currency revenues also declined by 9%. Customers continue to be cautious in placing new orders and taking delivery of product from their existing call off orders. Although markets have remained challenging, revenues showed a marginal sequential improvement from the first half of the year to the second half. Factory loading in our Chinese facility has increased and start-up losses in our new Vietnamese facility have declined. These combined factors should result in a solid improvement in gross margins in the second half of the year compared to the first half, as expected. Financial Position Net debt was £10.7 million at 31 December 2012 compared to £18.6 million at 31 December 2011. Using the exchange rates prevailing at 31 December 2011, net debt at 31 December 2012 would have been £11.1 million. Dividend A dividend of 12 pence per share for the third quarter will be paid today, 10 January 2013, to shareholders on the register at 14 December 2012. The dividend for the fourth quarter of 2012 will be announced with the 2012 final results on 25 February 2013 but is not expected to be less than 16 pence per share, representing a minimum total dividend of 49 pence per share for 2012, an increase of 9% over the total dividend of 45 pence per share paid for 2011. Outlook XP Power's customers supply capital equipment to markets across the globe. The macro-economic outlook for these customers appears to be less positive entering 2013, in an environment characterised by reduced government spending and increased taxation, which are not generally positive indicators for increased investment in capital equipment. Orders received in the second half of 2012 are 8% higher than the comparable period in 2011. However, at this early stage of the year, this would indicate flat or only modestly increased revenue for 2013. XP Power has a long-established strategy of targeting blue chip customers with strong leadership positions in their respective markets, and whose requirement to vet their suppliers' design and manufacturing facilities acts as a significant barrier to entry to many of the Group's competitors. The success of this strategy has mitigated some of the reduction in the market for power supplies in 2012 and should leave us well placed for the year
http://www.fsa.gov.uk/static/pubs/international/short-positions-daily-update.xls. Checkout the daily update and you can see who is shorting this stock
XP Power Ltd. (DI) Buy 06-Nov-12 £25,000.00 James E Peters 2,500 @ 1,000.00p XP Power Ltd. (DI) Buy 06-Nov-12 £25,000.00 James E Peters 2,500 @ 1,000.00p
Valuation: Waiting for bookings upturn XP trades on a P/E multiple of 11.8x FY12e and 10.4x FY13e revised EPS, with a forecast dividend yield of 4.8%. It trades in line with UK distributors and towards the lower end of global power converter companies, a discount not justified by its superior margins or dividend yield support, in our view. To see upside from this point, investors will need to see evidence of a sustained improvement in bookings in Q4 and into 2013.
The Financial Times´s David Schwartz has just bought shares in XP Power, a designer and manufacturer of power converters. These are devices that allow electronic equipment to operate efficiently. XP Power shares were in the 1,600-2,000p range during the first half of 2011; but investors ran for cover after the level of new orders began to slip in mid-year. The slowdown eventually caused lower profits in the first half of 2012. But the company’s order rate is now spiking higher. So Schwartz expects second-half results to be much higher than last year’s figures. Even better, XP Power is quite optimistic about its future. It recently launched 10 product lines. It brags about its strong design win record in the current year. The share of revenues derived from products manufactured internally is rising. These are more profitable than those manufactured externally. Its new factory in Vietnam has just come on stream, which will also help to increase margins. The dividend has just increased and now approaches 5%. “I was impressed by the 8% gain last Monday when first-half results were released. Recall that the FTSE 100 fell 118 points on the day. I expect substantial gains in the weeks ahead," he writes.
James Peters, the Deputy Chairman of XP Power, which makes power control components for the electronics industry, underlined his support of the company with the purchase of 11,000 shares on the same day the company posted declining half year revenue and profits. Peters handed over 1,010.50p per share for a total of £0.11m. He now owns 2.2m shares, equal to 11.38% of the issued share capital. Profit before tax for the year came in at £9.6m (2011: £11.9m) on revenues of £46.5m (2011: £51.9m), pushing the gross margin from £25.7m to £21.8m. This was mainly due to weaker order intake in the latter part of 2011 as industrial electronics demand softened in response to the weaker macroeconomic outlook.
Valuation: Not reflecting profitability XP trades on a P/E of 11.2x FY12e and 9.7x FY13e, with a forecast dividend yield of 4.9%. It trades in line with UK distributors and towards the lower end of global power converter companies, a discount not justified by its superior margins or dividend yield support, in our view. While the stock has already gained c 25% since its low in January, we think further upside could be triggered by evidence of a sustained improvement in bookings in H2