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Hikma Pharmaceuticals: Jefferies raises target price from 1250p to 1500p, but downgrades from buy to hold.

Home Retail Group: N+1 Singer moves target price from 220p to 230p and maintains its hold recommendation.

Intu Properties: Jefferies reduces target price from 344p to 270p, while leaving its hold recommendation unchanged.

Ladbrokers: Credit Suisse lowers target price from 130p to 125p maintaining its underperform rating. UBS cuts target price from 180p to 165p, while its buy recommendation remains unchanged.

Where SIG impresses the most is the way it cut costs and disposed of underperforming assets in the downturn, while at the same time maintaining a progressive and well covered dividend. That leaves it well positioned to benefit from operational gearing as the economic picture improves

In the UK and Ireland, the group opened a net eight new sites, bringing the total up to 323, and turnover rose by 5 per cent. However, on a like-for-like basis, this was trimmed back to just 0.8 per cent, as sales at SIG Energy Management fell by 60 per cent. The government's energy-saving incentive, Green Deal, may still be at the embryonic stage, but the rationale supporting a reduction in energy costs has not disappeared; it has simply been moved down the line. It's also worth pointing out, though, that the energy management division now accounts for less than 1 per cent of group turnover. Trading in the current year has started well, albeit against some weak comparatives, and SIG expects to benefit from a continued strong revival in the UK housing sector. Non-residential activity is expected to remain broadly flat, although this should mark an end to year after year of decline. And, as chief executive Stuart Mitchell points out, the nature of the business means that sales kick in much later in the construction cycle, and he expects to see an uptick in demand towards the third and fourth quarters of this year. Shares in SIG are trading at 17 times 2014 forecast EPS, which is cheap compared with CRH on 26 times and Kingspan on 23 times. Perhaps more pertinently, though, the shares promise much upside based on the price-to-earnings ratio of just 0.44 times - a classic measure of value for recovery stocks. This compares with a 2007 peak of 0.96 times, and gives the shares plenty of scope to re-rate as profitability builds, and there is plenty of potential here given that operating margins of 3.9 per cent are well below the peak of 6.5 per cent achieved in both 2006 and 2007. The dividend yield is not too impressive, but it should be noted that throughout the downturn the dividend has been increased every year, and covered nearly three times by net earnings suggests that there is room for further increases.........

Many cyclical stocks are already through their recovery phase with shares in many, like those in the housebuilding sector, trading at near peak levels on key valuation metrics. However, for insulation and roofing materials giant SIG (SHI), significant re-rating and earnings recovery potential remains with signs of improving trading conditions only just emerging now. All through the downturn, SIG has been busy cutting its cloth to fit, identifying cost synergies and disposing of underperforming assets. The German roofing business was sold off for a net gain of £7.2m, for example, and even without this, management has generated annualised cost savings of £7.9m, with £5.1m expected to be realised in the coming year. Keeping a tight hold on the purse strings meant that core operating costs were down slightly last year, and the return on capital employed edged up from 8.6 per cent to 8.8 per cent, which is a significant advance on the 5.3 per cent return achieved in 2009. Net debt remained a modest £121m, and while up £16m from a year earlier, this was after a £10m increase in net capital expenditure to £38m and £16.4m paid out on nine acquisitions, with spending on further acquisitions expected to reach as much as £50m in the coming year. Inevitably, the recovery story is a rather patchy one at the moment. Poor trading in the first half of last year was not helped by the extreme weather conditions, and like-for-like sales dipped by 3.1 per cent. But sales gathered momentum in the second half, rising 2.2 per cent. In fact, after stripping out discontinued operations, sales were up by 4.4 per cent. This would have been higher still without the poor weather that affected the roofing division, with volume and pricing pressures trimming UK gross margins by 40 basis points. In mainland Europe, which accounts for just over half of group sales, trading remained tough, with like-for-like sales dropping in France, Germany and Benelux countries, although turnover was up in Poland. This left sales down 1.5 per cent on the previous year, although currency movements meant that in sterling terms sales were up 3.8 per cent. There were other bright moments here too. In France, for example, SIG estimates that the market for insulation and roofing materials fell by 5.3 per cent, while SIG's like-for-like sales were down just 1.1 per

The Australian Institute of Geoscientists said Wednesday the Federal Government’s announced tax breaks for junior miners could be the lifesaver the sector has been waiting for. According to ABC News, 19% of geoscientists are currently unemployed, compared with fewer than 2% three years ago. And while the group acknowledges that mining employment is cyclical, it said it hopes the Exploration Development Incentive will help to improve job prospects for its mining industry members. In recent months, several junior miners that had been hanging by their fingernails have gone out of business. This hasn’t surprised experts, especially Sprott Global Resource Investments chairman Rick Rule, who last year made a few waves by saying that most of the 800 junior miners listed on the ASX were worthless. But market conditions are improving and exploration firms should soon begin to see the light at the end of the tunnel. Quoting Mining Speculator publisher Greg McCoach’s words: “when the market does recover, it is going to be a screamer.

well done another piece of the jigsaw....

Air Charter Service CEO, Justin Bowman commented: "With our growing share of the Asian private jet and cargo aircraft charter markets, we are keen to ensure our customers' booking process is as easy as possible. The private jet charter market is particularly competitive, so having a product that will allow us to accept Chinese clients' preferred payment method in all of our global locations is of great value to the Air Charter Service Group." - Ends- For further information, please contact:

oneySwap Plc ("MoneySwap" or the "Company") 18 March 2014 Signs Merchant Agreement with Air Charter Service MoneySwap (AIM: SWAP), the provider of payment solutions to online and point of sale merchants licenced for UnionPay in the UK, is pleased to announce it has signed a merchant agreement (the "Agreement") with Air Charter Service ("ACS"), a leading global aircraft chartering specialist, which will enable ACS to accept UnionPay bank cards using MoneySwap's solution. This Agreement is in line with MoneySwap's strategy to become a leading provider of UnionPay online payment solutions to UK merchants and in the process provide its shareholders with exposure to the continued rapid increase in Chinese tourism and spending in the UK. ACS specialises in the chartering of private jets, helicopters, airliners and cargo aircraft. It arranges nearly 7,500 charters per year with a cumulative turnover exceeding US$400 million for clients including international companies, government entities and high net worth individuals. In 2013, ACS was voted Cargo Charter of the Year at the ACW World Cargo Awards and Charter Broker of the Year at the Payload Asia Awards. Richard Proksa, Chief Executive Officer of MoneySwap, said: "We are delighted to partner with ACS and enable it to accept payment via UnionPay cards, the largest bankcard in circulation in China, with over 800 million cardholders. This will make it easier for Chinese travellers to pay for charters with ACS and for ACS to better serve and accommodate its growing Chinese customer base. This Agreement with ACS follows our Sales Partnership Agreement with SoEasyPay, a significant Payment Services Provider in the UK earlier this year. With discussions on-going with other payment providers and UK merchants, we expect to secure similar agreements in the near future, as we look to provide UK merchants with reliable functionality to accept payment from Chinese customers."

CHAIRMAN'S STATEMENT During the interim period net assets declined from 0.33 to 0.25 pence per share as a result of an operating loss of £795k (Dec 2012: -£1,987k) which primarily reflected declines in the carrying value of quoted investments of £590k. Cash balances declined from £2.0m to £1.75m, partly relating to a negative movement in working capital which has since reversed. As at 14 March 2014 cash balances were £1.79m. The principal development over the past year has been the continued decline in the value of the Company's interest in Wessex Exploration Plc ("Wessex"), which is an asset held for sale. During the calendar year 2013 the decline in the carrying value of Wessex declined by £1.49m, from £1.64m to £0.15m, significantly reducing the expected proceeds available on realisation available for deployment into the Company's investment strategy. The decline in the value of Wessex has largely offset the additional £1.88m raised in March 2013, leaving net assets virtually unchanged over the calendar year at £2.43m (Dec 2012: £2.45m). An unrealised loss was also recorded during the period in relation to the mark to market value of the Company's holding in Plant Health Care Plc (Plant Health Care). Plant Health Care's products increase crop yields by enhancing natural processes within the plant. The need for these products has never been greater. With world population now at more than seven billion and increasing prosperity leading to demand for more and better nutrition, agriculture is facing ever greater challenges to produce enough food in ways which are sustainable, especially when resources such as water are becoming scarcer and the climate less predictable. Plant Health Care, with is quoted on AIM, provided an update on delivery of its new strategy in January, and is due to announce annual results on 24 March 2014. During the interim period other income of £90k was recognised in relation to services provided by staff to third party clients (Dec 2012: nil) Since the period end, cost reductions have been implemented which are expected to reduce administrative expenses by approximately 50% and will take effect before the end of the year

Positive Points: Management now expects group benchmark profit before tax to be slightly ahead of the top end of the current range of market expectations of £107 million to £111 million. Like-for-like Argos sales increased by 5.2% in the quarter. Growth in video gaming, TVs, small domestic appliances and white goods all contributed. Internet sales for the full-year represented 44% of total Argos sales, up from 42% for the same period last year. Within this, mobile commerce sales grew by 89% to represent 18% of total Argos sales. Like-for-like sales at Homebase increased by 9.3% in the quarter, driven principally by growth in big ticket sales. The Chief Executive previously noted that "we remain on track to deliver the investment plans in both businesses." A replacement for the parting Chief Executive was previously named. John Walden has been appointed. He joined the Group in February 2012 as Managing Director for Argos. Currency movements can work in the retailer's favour. Over the next five years, Argos has around 275 store lease renewals or break clauses due. By the end of FY18, Argos expects to have around 75% of its store estate with lease terms of five years or less.

Electrical product sales again contributed to sales growth at Argos. As such, Argos is now in competition with the likes of Amazon and Dixons. Major electrical retailer Comet was previously placed into administration. Profit margins at Homebase fell by 0.75%, principally driven by the sales mix impact from the growth in big ticket products. Valuation concerns have been raised by some analysts. The share price is up over 55% over the last year, compared to a 2.2% increase for the UK's benchmark FTSE-100 index. A net reduction in the Argos store portfolio of 3 stores in the current financial year to 734 was reported. Argos continues to negotiate for the addition of lease break clauses, where one does not currently exist. Competition remains fierce. Supermarkets have over recent years invested in their non-food and online offerings. Jewellery sales at Argos experienced a small decline year-over-year. Currency movements have previously impacted. With many products imported, a drop in the value of the pound makes goods more expensive. The IAS 19 valuation as at 31 August 2013 for the group's defined benefit pension scheme obligations was a net deficit of £84.7 million (2 March 2013: £85.1 million)

Financial Highlights: Management now expects group benchmark profit before tax to be slightly ahead of the top end of the current range of market expectations of £107 million to £111 million. Total sales at Argos grew by 5.2% to £526 million. Like-for-like sales increased by 5.2%. Total sales at Homebase grew by 6.9% to £203 million. Like-for-like sales increased by 9.3%.

Fourth quarter update: The group's Chief Executive appears to be leaving on a high. Current full year profit expectations were again raised, with Mr Dudley passing the baton against a backdrop of clear growth momentum. Online sales at Argos are on an upward trajectory, while Homebase appears to be another beneficiary of the government's Help to Buy scheme and its revival of the UK housing market. On the downside, the growing importance of electrical goods for Argos brings it into a highly competitive and cyclical arena, whilst the 55% plus hike in the share price over the last year alone is increasingly testing longer term investor faith. For now, Home Retail remains well placed in terms of capturing the UK economy's unfolding recovery. A clear digital strategy at Argos has been established, whilst a more female friendly format at Homebase offers unique appeal over rivals. In all, with analyst opinion having recently cooled from a cautious buy to a hold, we believe some upgrading of expectations could again be seen.

Share tip summary The share price has fallen 10 per cent over the past year, while the yield - the main reason for favouring the stock - is looking perilously high and seems more of a smokescreen for poor trading. With sales falling and no clear strategy in sight on how to move the brand forward, it's time to move your money elsewhere

The yield is another concern. Currently pushing an eye-watering 10 per cent, it's the most generous in the sector. But such a high payout makes us uncomfortable. Should poor trading persist - pre-tax profit declined 11 per cent at the half year stage and is likely to be flat or slightly lower for the full year - the dividend will be unsupported by earnings. In fact, dividends declared and paid out so far this financial year of 2.5p a share are already unsupported by earnings forecasts for the year of 2.04p a share. True, there’s the net cash pile of £17.8m and proceeds from the Moss Bros disposal would have generated some £8m. But that money should be diverted towards investing in the brand and the product offering, rather than keeping shareholders appeased. After all, Laura Ashley’s image has faded significantly since its peak in the 1990s. The bonus dividend paid in February felt particularly disconcerting as the aim was to "show appreciation to the shareholders for their continued support,” which to us suggests management is doing everything it can to keep investors happy in the absence of any foreseeable growth. Finally, we have yet to see a clear strategy to stem falling sales and refresh the brand. The shares are trading on a bargain 13 times forward earnings, but for good reason.

Home furnishings and fashion retailer Laura Ashley (ALY) was left out of the re-rating enjoyed by the general retail sector last year. As earnings upgrades streamed out for recovery plays like Dixons (DXNS), Laura Ashley seemed to flatline. Some of that was down to the bizarre weather patterns in spring and summer. But like-for-like sales continued to slide into autumn and winter, and even crucial online sales dropped - an area where most retailers can at least count on decent growth. It worries us that management has not set out a clear strategy for tackling these problems, but of more concern was the recent disposal of Laura Ashley's entire shareholding in Moss Bros to "enhance" its financial position, use for additional working capital and for "other purposes", quickly followed by a special dividend to show shareholder “appreciation". To us, this suggests trouble at mill. After a soggy start to the year, Laura Ashley had an equally dismal second half. Comparable retail sales in the 19 weeks to 7 December fell 0.7 per cent. Online sales, which account for roughly 14 per cent of the total, managed just 1 per cent growth after a first-half decline. As of 7 December 2013, like-for-like sales for the financial year were running 1.6 per cent lower, a stark contrast to peer Next's (NXT). Admittedly, much of second-half profitability is generated over Christmas and January, but we’re not convinced this will have offset the poor trading which dominated the year - particularly given the unprecedented level of promotional activity in the run up to the holidays.

Macfarlane's shares appear to be a classic smaller company valuation anomaly that should be corrected when the UK economic recovery translates into higher earnings growth and the pension deficit is patched up. The wide bid-offer spread means it may take some patience to build a decent-sized stake, but it should ultimately prove worth it