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Shore Capital retained its "buy" stance on F&C Asset Management (FCAM), expecting the group to report increased assets under management for its first half, following positive market and exchange rate movements. Shore also expects the investment manager to introduce further cost cutting measures, primarily focused at its retail and wholesale division. On the broker's forecasts, the shares trade on a prospective earnings multiple of 8.7 times for 2012 and offer a dividend yield of 4.5%, covered 2.6 times. The shares lost 0.95p to 67.75p.

Canaccord Genuity kept its "buy" rating for Entertainment One (ETO) with a target price of 237p. The broker believes that the TV and film distribution company may make a bid for Canadian film producer Alliance Films, noting the size of Alliance's distribution network. Canaccord added that Entertainment One's shares trade on a prospective EBITDA multiple of 6.8 times for the 2012 financial year, which the broker feels undervalues the firm's growth momentum, including the growing international presence of its Peppa Pig cartoon series. The shares edged down by 1p to 156.5p.

Panmure Gordon reiterated its "sell" recommendation for TUI Travel (TT.), with a 160p target price. The broker expects the package holiday provider to report an underlying operating loss of 330 million pounds for its first half, 7.5% larger than in 2011's comparable period. Panmure believes trading in the UK remained resilient but warned of difficult conditions in France due to fewer travellers to North African countries such as Egypt. The broker noted that the shares trade at a small discount to the peer group, but given the firm's structural problems it feels that this is too generous. TUI shares descended by 6.1p to 189.8p.

Shore Capital upgraded its stance on Carnival (CCL) from "hold" to "buy", believing that the recently embarrassed holiday cruise operator will enjoy higher cash flows as its capital investment programme slows. The broker noted that the group plans to build between two and three new ships per year and added that this could lead to capacity growing slower than demand, giving Carnival increased pricing power.

Canaccord Genuity reiterated its "buy" recommendation for Optos (OPTS) with a 333p target price. The retinal imaging company's strong cash generation has allowed it to reduce debt over the last three years and the broker believes the firm is well positioned to take advantage of a recent increase in demand for its products. Canaccord noted wider geographic penetration, helped by the launch of its compact Daytona imaging product

The hotels company, Millenium and Copthorne is a conundrum thinks Tempus. The shares trade at a discount to the firm’s asset value but still at 15 times 2012 forecast earnings, they look pricey. The Chairman Kwek Leng Beng stil owns 54% of the firm which is not usually a good sign but the UK and Singapore markets are improving and the company may be able to snap up some hotels that banks have ended up owning after insolvencies.

In the Times, Tempus won’t be drawn on whether Smith and Nephew is a good buy. The firm, which makes components for knee and hip replacements has cut overheads, paid down debts and is doing well in the BRIC economies. But Tempus thinks the only real progress on the shares (currently trading at eight times forward earnings) will be from merger and acquisition news.

British satellite technology chiefs are pledging to bring something of Cobham to the state of Denmark. The defence and aerospace supplier has landed a satellite antennae rival, Thrane & Thrane, after a short-lived takeover battle. The acquisition, which has the recommendation of the Thrane board, presents an enlarged Cobham satellite communications threat to industry giants such as Honeywell of the United States. Cobham raised its offer to DKr435 (£47.50) a share from DKr420, valuing Thrane & Thrane at £275m. The British company won over Lars Thrane, the Danish group’s co-founder and its most significant shareholder with a 22% stake, with a promise that future business would come to Copenhagen and not be taken away, says The Times.

CONT "In Australia, we have increased drilling capacity as planned and delivered over 70 wells in the quarter; 31 in the month of March. Significant upstream contract awards for facilities and infrastructure are progressing. At the LNG plant on Curtis Island, dredging continues to progress to schedule; construction of the two LNG storage tanks is ongoing; and the first of 47 modules from Thailand is due for delivery in the second half of 2012. Despite cost pressures, the project remains firmly on track for first LNG in 2014." Sir Frank continued, "in addition to project delivery, the Group continued to enjoy exploration and appraisal success, maintaining our position as one of the industry's leading explorers." "In Tanzania, a fourth consecutive success in this emerging new province raised the estimated gross mean recoverable resources to approaching some 7 trillion cubic feet of gas. Offshore Brazil, a new appraisal well confirmed the westerly extension of the Iara accumulation in the BM-S-11 concession, underlining the potential of the Group's interests in the world-class pre-salt Santos Basin." Commenting on the Group's funding programme, Sir Frank highlighted that, "since the start of the year, BG Group has met important milestones, executing a Memorandum of Understanding to sell our stake in Comgás and reaching an agreement for the sale of the Quintero regasification terminal in Chile; we are also moving further ahead with our plans to divest our interests in gas-fired power generation plants in the Philippines. The execution of our funding plan was complemented by an agreement with Export Development Canada for a credit facility of $500 million and, also, by the acceptance from the Brazilian Federal Development Bank of BG Group's eligibility for up to $1.8 billion in long-term financing for its projects in Brazil." Sir Frank also remarked upon the Elgin incident in the UK North Sea, in which BG Group holds a 14.11% interest, "we continue to work closely with the operator, Total, to ensure the issue is resolved in a safe and timely manner." In conclusion, Sir Frank said, "BG Group has delivered significantly stronger financial results in the first quarter and with new production coming onstream, further progress on our major projects, and continued exploration success, we remain firmly on track to achieve our long-term objectives."

03/05/12 BG Group's Chief Executive, Sir Frank Chapman said: "BG Group has posted a strong set of first quarter results with total operating profit up 21% to $2.4 billion, earnings up 55% to $1.3 billion and cash generated by operations up 47% to $2.6 billion." "Our exploration and production business delivered a 5% increase in volumes and total operating profit for our LNG business was up 42% to $812 million, boosted by continuing strong demand from Asian markets." "This year we have brought key new developments into production, continued to make material progress across our major projects, and we announced further exploration success." Sir Frank added, "four of our 2012 projects were successfully brought onstream and began production build-up." "In Egypt, phase seven of the West Delta Deep Marine development was brought online; offshore Norway, we achieved first production from the Gaupe field; in Thailand, new facilities at Greater Bongkot South began delivering volumes; and, in Bolivia, the first phase of production from the Margarita field commenced." "These new sources of production will, at plateau, add around 50 000 barrels of oil equivalent per day net to the Group's production; helping to keep us on track to deliver our 6% to 8% annual average growth rate through to 2020." On BG Group's major projects Sir Frank said, "we're making rapid progress in Brazil with the development of the 'big five' Santos Basin discoveries. A fourth producing well has been connected to FPSO1 and the construction and conversion programmes for the further 12 FPSOs continue to advance providing tangible progress towards 2.3 mmboe per day of installed capacity by 2017."

Oil and gas giant BG Group was Credit Suisse's 'Focus List Stock' on Friday, which it gave an outperform rating and 1,730p target price. Credit Suisse said that BG's first-quarter results were overshadowed by a 36% increase in Queensland Curtis LNG capital expenditure, which "served as a reminder that BG is more exposed than other majors to execution risks owing to high concentration of value in two countries (Brazil and Australia)", this morning's research note said.

Geoff Wild, who has occupied the role Chief Executive Officer at speciality chemicals producer AZ Electronic Materials since January 2010, dumped 46,000 shares in the firm one week after the firm reported a robust performance during a tough first quarter. Wild, 55, disposed of the shares at 322.4048p each, reducing his stake in the company to 845,749 shares, equivalent to just 0.002%. The sale, which earned the director around £0.15m, was made on May 3rd, six days after the company posted a 4% year-on-year dip in first quarter revenue from $192.3m to $184m.

Performance Review and Outlook Gary McGann, Smurfit Kappa Group CEO, commented: “We are pleased to report a relatively strong EBITDA of €246 million for the first quarter. Despite significant increases in input costs and downward pressure on box prices in the period, our EBITDA margin of 13.5% reflects the efficiency of our integrated system in Europe. Our Latin American businesses also continued to perform well, contributing to 23% of the Group’s overall EBITDA in the quarter. Basic EPS is 74% up compared to last year, primarily as a result of exceptional gains. Sequentially, both our basic and pre-exceptional EPS declined, largely as a result of a tax credit in the fourth quarter of 2011. Notwithstanding increased working capital levels in the quarter, our net debt to EBITDA ratio was unchanged at 2.7x at the end of March, and well within our objective of remaining below 3.0x through the cycle. In the first quarter, we successfully completed amendments to our Senior Credit Facility, providing us with increased financial flexibility and extended debt maturities to 2016 and 2017. During quarter one, 2012, box demand in Europe was stable compared to the fourth quarter, 2011 levels, and industry inventories reduced. This market backdrop combined with rising input costs allowed SKG to implement price increases for testliner and kraftliner during the first quarter and into April 2012 which should underpin some box price recovery during the second half of the year. For the full year 2012, subject to macro-economic volatility and normal business risk, we expect to deliver an EBITDA performance broadly similar to that achieved in 2011. This will in turn support good free cash flow generation and further de-leveraging, thereby continuing to expand our available range of strategic and financial options. This strong performance expectation is underpinned by our leadership position in packaging innovation and sustainability, our efficient integrated operating system, and our continued financial discipline at all levels of the company.”

Highlights Strong EBITDA of €246 million despite significant cost pressures during the quarter Performance reflects the strength and efficiency of SKG’s integrated system Net debt/EBITDA of 2.7x stable versus year-end 2011 despite increased working capital High input costs and positive supply environment underpin continued pricing progress Expect full year 2012 EBITDA performance broadly similar to that achieved in 2011

http://www.investegate.co.uk/Article.aspx?id=20120504070000Z5388

Just back home - drop seemed a bit harsh

Outlook l Domestic price control for refined products expected to ease but assurance of feedstock purchase remains key l In line with the strategy to increase exposure to higher margin speciality chemicals, capex expected to rise in the short to medium term l Demand for biochemical products expected to remain strong l Volatile global political and domestic economic environment continue to make trading challenging

Financial Highlights l Total revenue increased by 46.4% to CNY13.6 billion (or £1.3 billion, 2010: CNY9.3 billion or £902 million) l Petrochemical products revenue grew by 46.5% to CNY12.1 billion (or £1.2 billion, 2010: CNY8.3 billion or £806 million) l Chemical products (including speciality, salt and biochemical) revenue increased by 45.9% to CNY1.5 billion (or £146 million, 2010: CNY1.0 billion or £97 million) l Profit for the year was CNY41.9 million (or £4.1 million, 2010:CNY12.0 million, or £1.2 million) l Loss attributable to the Group was CNY7.1 million (or -£0.7 million, 2010: profit of CNY42.6 million or £4.2 million)while pro-forma profit was CNY19.9 million on the basis that the acquisition of the non-controlling interests had happened as at 1 January 2011 l EPS was -CNY0.19 (or -£0.018, 2010: CNY1.11 or £0.108) while pro-forma EPS was CNY0.52 on the basis that the acquisition of the non-controlling interests had happened as at 1 January 2011. l Recommended final dividend of £0.012 (2010: £0.026)based on pro-forma EPS l Cash and cash equivalents balance grew by CNY28.3 million to CNY210.0 million as at end of 2011 while total loans balance grew by CNY1.1 billion to CNY3.9 billion, when compared to the previous year. The increase in the loan balance was mainly due to capital expenditure in relation to the construction of Dongying Hebang Chemical Co., Ltd. ("Hebang"), and the acquisition of non-controlling interests in three subsidiaries during the year. The Group is in continuous dialogue with its debt providers and they are fully supportive of the management's strategies

Jan G Holmstrom, Chairman of Densitron, commented: "I am delighted with the progress that the business has continued to make during the year. The foundations that were laid several years ago have enabled the business to develop and grow despite difficult economic conditions."

PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011 Densitron Technologies plc ("Densitron" or the "Company" or the "Group"), the designer, developer and distributor of electronic displays is pleased to announce its preliminary unaudited results for the year ended 31 December 2011. A further year of substantial growth has enabled the Group to move forward with its growth plans. Ø Revenue increased by 11% to £23.1 million (2010: £20.8 million). Ø Profit from continuing operations (excluding loss on disposal of available-for-sale asset in 2010) increased to £1.1 million (2010: £0.7 million). Ø 2011 profit from operations reduced by £0.1 million due to exceptional legal costs. Excluding these costs the profit from operations would be £1.2 million (2010: £0.7 million). Ø Capital reduction and special dividend totaling 5p per share paid to Shareholders. Ø Dividends for the year totaling 0.6p per share (2010: 0.3p per share) an increase of 100%. Ø Earnings per share (excluding disposal of available-for-sale asset in 2010) increased to 1.18p (2010: 0.72p). Ø Increase in gross margin from 28.1% to 29.6% reflecting an increase in the Group's range of quality products. Ø Growth of the new branch office in Italy. Ø Introduction of internally developed products providing intellectual property for the Group. Ø Promotion of new products and growth in the range of existing products.