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http://www.investegate.co.uk/Article.aspx?id=201206250700090061G

Northland Capital reiterated its "buy" recommendation for Gem Diamonds (GEMD), but with a reduced target price of 338p, from 400p. Delays in production at the firm's Letseng mine, as the result of two fatalities, lead the broker to reduce its 2012 revenue forecast from 423.1 million dollars (271 million pounds) to 396.9 million dollars (254.2 million pounds). However, while rough diamond prices remain weak, Northland is confident that this is a short term trend and that demand will exceed supply in the medium term

Shore Capital maintained its "buy" rating for Paragon Group (PAG), impressed with the mortgage provider's improved revenue mix. The broker said that the firm's acquisition of loan portfolios is helping drive earnings growth, noting that the company had a strong pipeline of targets. Shore increased its earnings forecast by 10% for the 2012 financial year to 23.4p, putting the shares on a prospective multiple of 7.2 times. The broker added that the dividend could be increased to between 9p and 10p, giving a yield of between 5.3% and 5.9%.

Panmure Gordon retained its "buy" stance on Immunodiagnostic Systems (IDH) with a target price of 530p. Following the two recent profit warnings, the broker has hopes that the firm's preliminary results release on 25th June will show signs of a recovery in the final quarter. Panmure noted that vitamin D sales bounced back to deliver revenues of 16.9 million pounds, compared to an expected 15.4 million pounds, and expects the firm to deliver cost savings of 2 million pounds in the year.

pp...another interesting piece on GBG ...Definitely one to watch when the world regains its sanity and direction

Just over 40% of GB Group´s revenues are from verification services, with customer registration, marketing services and tracing making up the rest. It has taken GB a decade to get to where it is. In this time it has knitted together 72 different datasets culled from the likes of BT, the DVLA and the credit checking agencies, it is able to search them using proprietary software and algorithms developed in-house. These relationships with the data providers and its technical expertise provide a huge barrier to new entrants. And this is a big and growing market. Furthermore, what the company believes will be crucial now, and the area in which it is well ahead of the competition, is to be able to provide a global verification solution. The company made progress in this respect last year, more than doubling the number of countries for which it has data to 14. The company is valued slightly ahead of the sector average, according to the City research firm Edison. But this assumes a tax rate of 22%, where the reality is the group has significant tax losses it can deploy. On that basis the P/E drops to 12 and below the average. “Up 60% in the past year, the shares have enjoyed a good run. However, GB’s fortunes could alter irrevocably if it can piece together the jigsaw and provide an international solution to internet identity fraud. This is one to buy and hold for the long-term,” says The Financial Mail on Sunday´s Midas column.

Last week we had profit warnings from French group Danone and US-listed Procter & Gamble. Should we expect one from Unilever? Unilever’s exposure to Spain is pretty minimal in comparison with that of Danone. However, it is obvious that all Western markets are challenging. Rising commodity prices are also an issue for all players in the sector. As for P&G’s warnings, they could actually be good for Unilever, which has been investing in emerging markets , which make up about 56% of the group’s business. Part of the problem has been that P&G has been trying to take on Unilever in areas where it is already strong. Although rising commodity prices have been a problem, prices and inflation are falling. This could provide some relief to those worried about Unilever’s margins. The European issue is likely to be more of an issue for Reckitt Benckiser, which generated 40% of sales in Europe, than Unilever. The reported slowdown in China is more concerning, but the region accounts for just 3% of sales. Trading on an earnings multiple of 16.1, falling to 14.7 and yielding 3.8%, Unilever shares are not cheap; but they are worth owning as a structural play on emerging markets. Hold, Questor recommends.

Ashtead hires construction equipment and has tapped into a trend of companies renting rather than buying plant in order to preserve their cash. It also continued to invest through the downturn, despite a slump in construction. AS well, the company has one of the largest market shares of the fragmented US market and smaller rivals have had difficulty investing in their businesses. This has given Ashtead an edge. In the year to April, revenues rose by 21% to £1.13bn and pre-tax profits jumped to £135m from £1.7m. This demonstrates the company’s leverage to any improvement in the construction market as it has a relatively high fixed-cost base. The total dividend is 3.5p, with the final payment of 2.5p slated for September 7. The shares trade without this payment from August 15 and the prospective yield in the current year is 1.4%. Trading on a current year earnings multiple of 13.3, falling to 11, the shares are at a premium to its US-listed peer United Rentals. However, upgrades are likely, as is more infrastructure spending. Buy, says the Sunday Telegraph´s Questor team.

http://www.edisoninvestmentresearch.co.uk/researchreports/EastPlats220612Update.pdf

Peel Hunt has hiked its target price for pubs group Greene King from 561p to 617p and reiterated its 'buy' rating, saying that the stock still has some upside despite the recent strong performance ahead of its full-year results. "Retail like-for-like (LFL) sales over-performed the sector average and are strong by any standards, at +4.5% in the final difficult quarter, or +4.6% for the year to date.

Credit Suisse has downgraded its recommendation for recruitment firm Michael Page International from 'neutral' to 'underperform', saying that on a risk-reward basis, the stock is the 'most vulnerable of the employment agencies given weakening economic conditions'. "While the medium term outlook for the professional recruitment market remains attractive we think that current cyclical weakness will dominate the share price in the near term." Credit Suisse has slashed its target price for the stock from 385p to 355p.

IFG Group, the Dublin-based pensions adviser and administration company, saw Non-Executive Director Peter Priestley buy 70,000 shares in the company on Friday. He bought the shares at a price of €1.34 each (around 108p) for a total of £75,544. The company said that the director is indirectly interested in 825,545 ordinary shares, equal to a 0.71% stake in the country.

Riddler - good morning - yes 1p or indeed less over the next few days / weeks

New loan facilities, early repayment of existing term loan and increased working capital facility Related party transaction Coral announces new loan facilities totalling £500,000, early repayment of its existing term loan and an increased working capital facility. Since acquiring Interpack Limited in September 2011, the Company has incurred significant capital expenditure in the second half of the year ended 30 April 2012, tooling up to produce a range of food packaging products, as announced on 1 May 2012. As a result of the need to finance this expenditure and the desire for greater flexibility to meet expected increased working capital demands and to support the Company's growth, the board has sought to strengthen its financing lines. Coral's existing facilities comprise, inter alia, a term loan and a debtor finance facility capped within an overall aggregate indebtedness limit. As detailed in the Company's AIM admission document dated 19 August 2011, the Board arranged a £1.4 million term loan in August 2011 to finance part of the purchase of Interpack Limited. The loan was to be repaid in 24 equal instalments ending in August 2013 and as at 31 May 2012 approximately £900,000 was outstanding. The new loans comprise a £350,000 asset purchase loan over 3 years on normal commercial terms with Close Brothers Asset Finance and, in addition, Joe Grimmond, Chairman of Coral, has provided the Company with an unsecured loan of £150,000 at 10% interest per annum repayable on or before 31 August 2013. The new loans will be used to make an early repayment of £500,000 of the term loan. The balance of approximately £400,000 will be repaid by 31 December 2012. In light of the early repayment, Coral's bankers have agreed to increase the Group's working capital facility by £800,000, thereby significantly enhancing the Group's ability to fund its growth plans, including its working capital needs, over the coming months.

http://www.investegate.co.uk/Article.aspx?id=201206220727339409F

Merchant Securities initiates buy on Micro Focus International, target price 530p.

Citigroup downgrades BAE Systems from buy to neutral, target price cut from 340p to 290p. CM-CIC upgrades BAE Systems from accumulate to buy.

CONT The ore extracted using shallow hole blasting will be blended with the ore from the main stoping block, which is expected to lead to an increase in the average grade of processed ore to 10-11 g/t in the fourth quarter. On this basis TSG expects 2012 production of 31,000 oz gold and 48,500 oz silver. The introduction of shallow hole blasting will require additional equipment which has already been purchased. We are also recruiting additional staff with the relevant experience. On 24 April 2012 TSG reported problems with the non-availability of one of the trucks used to bring mined ore to the surface. An additional truck has been purchased and will be delivered to site in September 2012. Additional equipment for the site laboratory has increased its sample capacity to more than 100 assays per day. The additional drilling rig purchased to improve the quality of geologic sampling in the mine is expected to be delivered to site by the end of June 2012.

Asacha mining and production update LONDON: 22 June 2012 - Trans-Siberian Gold plc ("TSG" or the "Company") (TSG.L) will provide an update on mining and production at Asacha in the first five months of 2012 at the Company's Annual General Meeting today. Mine development in April and May 2012 comprised 674 metres, while ore extraction (including ore from stoping and mine development) amounted to 20,080 mt. In the same period, an average 10,284 mt per month was processed through the Asacha plant. Plant throughput has improved following the resolution of problems with the size of the ore and with the plant's power supply in the first quarter of 2012. Plant performance has continued to be affected by the low grade of ore, principally due to dilution. The mining method prescribed in the design of the Asacha mine involves long hole blasting, however a review by a Moscow design institute has concluded that, although appropriate for the mine as a whole, long hole blasting is not as suitable for the more fractured rock enclosing the main stoping zone in the 2012 mine plan. Although that mine block has been fully prepared for long hole blasting, the Company plans to introduce shallow hole blasting for the adjacent blocks, from which it is planned to extract approximately 30% of 2012's stoping ore, with only minor dilution.

http://www.investegate.co.uk/Article.aspx?id=201206220700039079F