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http://www.investegate.co.uk/Article.aspx?id=201210230700032579P

Valuation: Recent de-rating reflects global uncertainty The shares de-rated to 10.8x 2013 EPS ahead of the update, reflecting global uncertainty, and consensus already factors in slowing growth so we are not surprised by the share bounce on Friday after the reassuring update. With further benefits yet to flow through from the acquisitions, including greater internationalisation of Omega, we feel there is more to come from the group.

http://www.edisoninvestmentresearch.co.uk/researchreports/Spectris221012QuickView.pdf

Nikita Mishin, Chairman of Global Ports, commented: "This investment underlines our continued belief in the strong growth prospects of the Russian container market. Taking full ownership of what is already an excellent asset and one that has the potential to quadruple its capacity, is a strategically important step for the Group and is in line with our stated intention to pursue further growth in Russia and the CIS. "DP World has proved to be a reliable partner and we are happy with the results we have been able to achieve together in the development of this port."

Acquisition of remaining 25% stake in Vostochnaya Stevedoring Company Global Ports Investments PLC ("Global Ports", "the Company" and together with its subsidiaries and joint ventures, "the Group"), (LSE ticker: GLPR) announces that the Group entered into a sale and purchase agreement with DP World Limited ("DP World") to increase the Group's ownership interest in Vostochnaya Stevedoring Company LLC ("VSC") from 75% to 100%. The transaction values the 25% stake in VSC being acquired at USD 230 million. VSC, based in the port of Vostochny, is the largest container terminal(1) in the Far East of Russia and one of the key gateways for Russian container transport. The terminal can expand its capacity fourfold on its current site and in the first half of 2012 it recorded a year-on-year increase in container throughput of 18%. Funding for the transaction will be provided in the form of an unsecured loan by Transportation Investments Holdings Limited ("TIHL"), the Group's largest shareholder. The loan will carry an interest rate of 3-month USD LIBOR +2.0%. The transaction is expected to close this week.

http://www.investegate.co.uk/Article.aspx?id=201210220700061783P

Michael Yu, Director with responsibility for the Group's work on the UCH project, said: "We are very pleased to be supporting the Hospital Authority on one of its largest projects. There are a number of challenges involved with a scheme of this complexity, including the size and location of the existing buildings that need to be demolished before full refurbishment and construction works can begin. We will be working with the project team to ensure the construction phasing is carried out in such a way that minimises the impact on the hospital's day-to-day operations." Kim Berry, Managing Director, Asia Pacific, said: "The health sector is one of the Group's largest global areas of expertise, with high-profile commissions across Europe, the Middle East, Africa and Asia Pacific. The sector represented almost 20% of our revenue in the last financial year and currently makes up around 12% of our forward order book. "I'm particularly proud of our health team for securing the UCH commission announced today, our second major project on behalf of the Hospital Authority, following our work on the Yan Chai Hospital."

Sweett Group secures commission on 190,000m2 Hong Kong hospital project Sweett Group, in the international property and infrastructure consultancy, has secured a commission to provide cost management services on a 190,000m2 hospital development in Hong Kong. Working on behalf of the Hong Kong Hospital Authority, Sweett Group will provide a full range of cost management services on the expansion and refurbishment of the United Christian Hospital (UCH), including cost planning, tender preparation and reporting, contract documentation, payment valuations, financial reporting and potential contractual claims management. The Hospital Authority is the statutory body responsible for managing Hong Kong's public hospitals and is accountable to the Hong Kong Special Administrative Region Government. At present, the Authority employs around 59,000 staff, managing 41 hospitals and over 120 out-patient clinics. In total, the Authority provides 27,000 beds, the equivalent of approximately four beds for every 1,000 Hong Kong residents. UCH was established in 1972 and is a regional general hospital providing acute, extended care, emergency and community medical services. The Hospital Authority's HK$ 7.7 billion (GBP 600 million) investment in UCH will bring the latest in medical technology and services to residents of East Kowloon. Spanning over ten years, the project includes the construction of a new emergency department and an extension and refurbishment to existing facilities. The works will increase the capacity of the hospital from 1,400 to 1,700 beds.

http://www.investegate.co.uk/Article.aspx?id=201210220700071532P

ENRC has resolved not to buy mineral rights via controversial middlemen who campaign groups say pose an appearance or risk of corruption, the Mail understands. Chairman Mehmet Dalman has taken an increasingly active role in addressing the firm’s reputation for boardroom rows and opaque deals to buy mineral rights in the developing world. The FTSE 100 group has suffered damage to its image over mineral concessions in the Democratic Republic of Congo (DRC) bought via companies controlled by Israeli diamond tycoon Dan Gertler. His companies are located in secretive tax havens, raising fears that a lack of transparency obscured whether the right price was paid or who the ultimate beneficiary of the deals was, although Gertler representatives have previously denied corruption and stated that the Gertler family are the only beneficiaries. ENRC was also forced to pay out £800m to fellow miner First Quantum earlier this year to settle claims that the Congolese government had seized mines before selling them on to ENRC via Gertler, The Daily Mail writes.

Veterinary medicine group Dechra Pharmaceuticals has managed itself into an excellent position. It has made strategic acquisitions in key markets and now has an impressive global footprint to exploit. However, fully exploiting this will need a significant amount of investment. The shares have soared recently, on evidence that the group’s strategy is paying off. Friday’s first-quarter trading update showed its key US pharmaceuticals business keeping its impressive growth rate of more than 20%. It has been so successful in fact that the shares are now trading at a 40% premium to the European health-care sector on a June 2013 earnings multiple of 15.2 times, falling to 13.4 next year. The future is bright for Dechra, but on valuation terms Questor says sell.

Friday's trading statement from temporary power group Aggreko indicated a robust third quarter, with revenues up 22%. However, the shares tumbled by 7% as a number of headwinds emerged. Similarly, Rupert Soames, Aggreko’s chief executive, was cautious about economic prospects for next year. He is right to be so. Nevertheless, and despite lower capital investment, he still expects to be able to meet demand because the group’s fleet of equipment is mobile. Yet the most important thing to keep in mind is that there is a global shortage of power all over the world and Aggreko is ideally positioned to take advantage over the next few years. The Sunday Telegraph´s Questor team has had a hold rating on the shares since December last year when they hit 18.48 pounds. Because of the level of growth and size of the opportunity, the shares have been highly rated. Even after recent falls, the 2012 earnings multiple is 20, falling to 18.3 this year, and the shares have recently traded as high as 24 pounds. At such a valuation, the market prices in perfection. Any temporary stumble, which is how the market interpreted Friday’s statement, is always punished harshly. However, the shares are still worth holding for future growth, Questor says.

Investec Securities retained its "buy" rating for Workspace Group (WKP) with a target price of 335p. The broker noted that the real estate developer is undertaking a refurbishment programme at its more mature assets, which it believes will help drive rental growth. Additionally, Investec expects the firm's net asset value to rise to 405p per share by the end of 2015, from 297.9p as at 31st March 2012

Panmure Gordon reiterated its "buy" recommendation for Avacta Group (AVCT) with a 1.75p target price. The healthcare technology company will release full year results on 23rd October, and the broker expects to see revenues of 3.2 million pounds, with pre-tax losses of 1.3 million pounds. Panmure has high hopes for the firm's flagship product, the Optim 1000, which can significantly reduce the time and cost of drug testing. The broker will also be looking for news on the firms AX-1 product, which suffered from manufacturing issues and missed its launch target

Shore Capital upgraded its stance on Johnson Service Group (JSG) from "hold" to "buy", impressed with the firm's progress with the restructuring of its dry-cleaning business. The broker noted that the company has closed 103 branches, reducing the total to around 350, and believes that this will help future cash generation and debt reduction. Additionally, Shore said that this will give the firm the opportunity to leverage its environmental policy across its remaining stores, giving it a marketing advantage. On the broker's forecasts, the shares trade on a prospective earnings multiple of 6.1 times for the 2013 financial year and offer a dividend yield of 3.5%

Panmure Gordon maintained its "buy" rating for ASOS (ASC) with a target price of 2,530p. The broker noted that the online fashion retailer is changing its financial year end to August and expects to see EBIT of 45.6 million pounds, up 42.2% on the comparable period. Panmure also noted that the company is seeing growing interest from China and that it has opened an office in New York, with plans for offices in France and Germany by the end of October

Numis downgrades EMIS Group from add to hold, target price raised from 770p to 900p.

Valuation: Modest given the opportunity Xaar has secular growth potential – the transition of the ceramics market to digital is still relatively early stage, a healthy replacement market should start to develop from next year onwards and other applications are increasingly adding to the mix. Xaar’s 2013 P/E of 13.4x looks modest given its growth rate and cash flow potential (we estimate a 7.4% free cash flow yield next year). By way of comparison, Xaar’s high technology peers trade at an average of 15.4x earnings with an average forecast growth rate of 8% for 2013 versus 16% for Xaar.

http://www.edisoninvestmentresearch.co.uk/researchreports/XaarUpdate181012.pdf

Valuation: Evolving into a scalable pure SaaS play In our view, the recent distribution deals with fund administrators and software providers put the group in a strong position to drive growth in FY13 and beyond. The stock trades on c 21x our maintained FY12 EPS falling to c 20x in FY13 and to 18x in FY14. The valuation reflects the strong growth potential from the highly scalable new cloud-based solutions, supported by the cash-generative traditional software.