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Here's Investec's new note with an increased 393p target price: "Eros International (EROS.L) Price: 234p | Target: 393p | Rec: Buy HBO film channel collaboration suggests material long term value accretion, not only given financial upside, but also the link with a blue chip international player, HBO/Warner. Subject to execution, our analysis suggests good share price upside, with even our most pessimistic scenario implying c. 50p value accretion and our positive scenario suggesting over 200p. Our PT rises to 393p (300p) based on our mid-range scenario. Key risks are execution, launch costs and cannibalising existing TV sales. • Potentially game changing long term collaboration with HBO Asia to launch two new premium film channels in India utilising Eros films and content from HBO, Warner and Paramount. This is the first non-advertising funded film channel in India, so should be taken very well in our view. • The HBO/Warner link looks materially accretive to the Eros investment case financially. It could also lead to further joint initiatives and should be a positive affirmation for potential new shareholders if Eros makes its move to the NYSE. • The launch leverages rapid growth in India pay TV as DTH penetration increases and government drives cable migration from (pirated) analogue to more secure digital. This implies premium film content can now be monetised more effectively by pay TV operators - Eros/HBO are well placed. • Forecasts unchanged for now, though new channel launch/TV sales attrition could imply some FY14E launch costs ahead of material premium sub take-up. • Our analysis suggests value enhancement subject to execution - we believe HBO Asia premium channel penetration is c. 25% in other markets. Our DCF scenario analysis is driven by pay TV penetration assumptions (WACC 15%). • Our pessimistic scenario implies pay TV penetration of just 2.2% by FY17E and suggests value accretion of c. 40p. Our mid-range assumption assumes 4% penetration and implies 93p value, while our positive assumption assumes 7.4% penetration and implies value of 196p.

This interview fleshes out the deal even better - note that EROS doesn't have to pay a single rupee to get it going. Selling 44m subs at rs 16 net net to Eros per month would put $160m on their bottom line: http://www.moneycontrol.com/news/business/aiming-rs-500-cr-rev-post-tie-uphbo-asia-eros_791673.html "The beauty of the model is that Eros doesn’t have to shell out even one rupee Kishore Lulla Grp Chmn Eros Eros International Plc has tied up with and HBO Asia to launch two new premium advertising-free movie channels, HBO DEFINED and HBO HITS. Kishore Lulla, group executive chairman, Eros gives the details of the tie up to CNBC-TV18. Lulla says they are aiming to make Rs 500 crore after tieing up with HBO Asia for advertisement free channels. Below is the edited transcript of Lulla's interview to CNBC-TV18. Q: You have tied up with HBO Asia for an ad free channel? A: Yes, we have tied up with HBO Asia for this new channel. Q: What does this mean financially for Eros? Are you shelling out money? What will it mean in terms of costs? A: The beauty of the model is that Eros doesn’t have to shell out even one rupee. We are going to monetise our library and the way our catalogue will hold. So, it’s a revenue share arrangement. HBO Asia has got the biggest library and we are going to launch what HBO is known for premium television at free model and only available on digital subscribers. So, the way India is at the moment, we have 75 million digital subscribers, going up to 175 million digital subscribers in 2016. This will be available as a premium service. It will be similar to the service in US for the original HBO Series as well as the movie premieres (after theater release) on these two channels. Q: What kind of subscriber revenues are you expecting to make from this joint venture and how soon? When is it up on air and will you be making any in FY13? A: We are launching these two channels in the first quarter of 2013. We are looking at anywhere between 2 percent penetration to 25 percent penetration in the next three years. HBO’s penetration level has been always at 25 percent of the addressable home and if they can penetrate to 25 percent of the addressable homes of 176 million in three years, that will be amazing. The model is simple. The subscription will be north of Rs 100. So, after you share about 50-60 percent with the DTH operator or the distribution cost or the digital cable operator, let’s say the collaboration will get about Rs 40 roughly. Out of Rs 40, it has to be divided between the studios providing the content to Eros. So Eros will get about 35-40 percent net after the operating expenses directly to their bottomline. Q: So, that’s a 40 percent in terms of margins in that business? A: Yes. About 60 percent will go to the studios and HBO and 40 percent will come to Eros and there is no capex investment. That is the beauty of

The HBO deal is massive. This interview shows that yesterday's RNS is just the start - 500 crore would equate to £60m of revenues per annum. Not bad from a standing start: http://www.moneycontrol.com/news/business/eros-international-gains-2tie-uphbo-asia_791621.html "In an interview with CNBC-TV18, group executive chairman, Kishore Lulla said he aimed Rs 500 crore revenues from these channels in two years. "We will launch 5-6 TV channels with HBO in 2-3 years," he added. Kishore Lulla expects penetration to reach 25 percent in 3 years and is targetting to get 20 million subscribers for 2 channels in 2 years."

Yet another fantastic trading statement on Friday, particularly given the current global economy. HVN's share price should be at least 90p imho. We should now be looking at at least 8p EPS for the year just about to end and possibly 9p-10p EPS: http://www.investegate.co.uk/harvey-nash-group-(hvn)/rns/interim-management-statement/201211300700073741S/ "with relatively good visibility from the Group's contract recruitment businesses and a robust forward order book in the offshoring business, the Board is confident that the out turn for the full year's profit before tax (adjusted for exceptional and non-recurring items), is now likely to be in the region of 10% higher than its expectations." Seymour Pierce have a 100p valuation from UK-Analyst's market report - that's around 70% upside from here: "Seymour Pierce reiterated its "buy" stance on Harvey Nash (HVN) with a target price of 100p. The broker is impressed with the recruitment company's recent trading update in which it reported pre-tax profits up by 3%, a rise which was above expectations. The broker is of the opinion that the outlook remains positive for and believes that Harvey Nash operates in attractive sectors of the recruitment industry where demand levels have recently remained elevated despite the weak macroeconomic conditions. The shares increased by 1p to 57p." Hopefully the large 1.6m share volumes on Friday will have cleared things out nicely for Monday.

This week's Cambridge presentation is now available to read here - the last few slides are pretty exciting: http://www.carclo.co.uk/~/media/Files/C/Carclo/pdfs/cambridge-technology-day-nov-2012.pdf Final slide: "Shipping now on high volume tablet and pilot line capacity sold out Market for touch growing rapidly with Windows 8 Fast capacity ramp up in 2013 CIT will have capacity to supply photosensitive film for 1 billion 3.1" screens by second half 2013 Cambridge facility will produce up to 100 million 3.1" screen equivalent sensors XSense™ is disruptive technology in a very fast growing market" I liked the separate slides for OLEDs and photovoltaics, and that the final slide is definitive in talking about commercial applications for them both in 2014 "and beyond". Not that far away now. The last slide also notes that for next year CAR will "launch next generation printed electronics capability". According to others this could imply "double sided with vias making for possible printing of inductive features (oscillator coils, filters etc) in a single process", plus component placement, given this from the FY Results - "The key technical development will be to add additional printing, product conversion and component placement capability to enable fully functional products to be produced on a roll-to-roll basis."

Apparently Liberum are now forecasting 45p EPS for the year to March '15. Tremendous stuff. If this is on the cards, then by the end of next year/H1 2014 I'd expect the share price to be a LOT higher than it currently is. One would expect a rating of 20 or 30 with this kind of rocketing growth, easily giving rise to a share price of between £10-£15 in say a year to 18 months' time. All being well, by that time CAR would also be progressing well with CDS, OLEDs, LEDs, photovoltaics, VEC, Afinion etc etc, so there would be plenty of formerly blue sky projects at or near commercialisation to go along with the success of FLT. That's an ideal scenario of course, but it appears that stage one of that scenario via Atmel and XSense is approaching reality in the next few weeks/months. Anyway, patience is the key here - delays of a month or two from here are completely irrelevant in the scheme of things as long as the end result is good, as the rewards are so enormous.

EIML's share price has shot up in India over the last few days. EROS' IPO in the States is obviously intended for the early part of next year, assuming market conditions are acceptable, which no-one can predict. Son of Sardar almost but not quite made 100 crore last wek - but the trade is predicting another good week for it so there should be more to come: http://entertainment.oneindia.in/bollywood/box-office/2012/son-of-sardar-10-days-collection-worldwide-box-office-101459.html With excellent overseas collections, which are particularly profitable, plus Thuppakki's success as another 100 crore film per here, EROS have had a fantastic start to this H2: http://entertainment.oneindia.in/tamil/news/2012/thuppakki-100-crore-box-office-101441.html

RNWH have smashed forecasts :o)) Consensus was 11.3p EPS, but they achieved 13.9p EPS.....core PBT was over £0.5m better than consensus. Nice 3.15p dividend too of course. Plus a huge order book and good debt reduction to minor levels now. There's also a small hint that further acquisitions may now be on the cards again given the reducing net debt and gearing. Finally, a very confident outlook. Couldn't ask for more. The broker forecasts for this year of 12p EPS are going to need heavy tweaking upwards :o)) WH Ireland have increased their valuation to 130p and Numis have begun coverage too: http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=20525295 "Renew Holdings: Numis initiates with a target price of 110p and a buy recommendation. WH Ireland raises target price from 125p to 130p, buy recommendation kept."

Thorough article about the new analyst coverage and the 85p target. OMI does have to deliver, but the upside is obvious from the current valuation. Either of 269p or 472p would do me fine :o)) http://www.proactiveinvestors.co.uk/companies/news/50787/orosur-mining-cheap-as-chips-suggests-broker-50787.html Extracts: "Orosur Mining cheap as chips suggests broker 12:01 pm by Philip Whiterow" "Seymour Pierce compared Orosur Mining’s intrinsic value to its peer group of 21 London listed gold producers using three standard financial metrics and three mining metrics. Applying this six metrics approach produced a value from 85p/share to 472p/share, but rather than use the mean value of 269p it has taken what it says is a more appropriate bottom of the range number as Orosur still has to deliver on its objectives especially after delays and cost over-runs at Arenal Deeps and the new tailings dam. “We believe Orosur Mining represents one of the lowest priced gold producers currently listed in London and hence is an exciting investment opportunity,” the broker concluded."

Not bad - almost 150% upside: http://www.stockmarketwire.com/article/4491354/FLASH-Seymour-Pierce-initiates-buy-on-Orosur-Mining-target-price-85p.html "FLASH: Seymour Pierce initiates buy on Orosur Mining, target price 85p 26 November 2012 | 10:13am" Gold back up to $1,740 today

A posting from elsewhere FYI: "I note in Atmel's Q3 SEC filing (a long read), that they intend to invest in expanding XSense capacity - We anticipate expenditures for capital purchases for the remainder of 2012 to be in the range of $5 million to $10 million, depending on business levels. We expect to use those investments principally to maintain existing manufacturing operations and to expand manufacturing capacity for our XSense products. " I also thought it was interesting that the Atmel XSense job spec specified that the successful candidate must be able to "simultaneously handle a large number of development projects".

Looking good for an upwards breakout here. Online one can only buy 10k maximum at 18.75p, whilst you can sell 50k at a good premium at 18.12p. Promising.

I note that Atmel are recruiting for XSense production..... http://www.linkedin.com/jobs?viewJob=&jobId=4096931&trk=jobs_seeking_view_job&goback=%2Evjs_3825756_*2_*2_*2_false_*2 "About Touch Material Team The Touch Materials team is a new business unit inside Atmel, working on an exciting new product: Atmel® XSense™. XSense touch sensors open a new world of possibilities for touch-based products. A highly flexible film, XSense sensors can be used on curved surfaces and edges, allowing customers to design capacitive touchscreens in shapes that previously weren’t possible. Summary The Atmel Touch Material product engineering team is seeking a talented Senior Product Engineer with experience in touch sensor, New Product Introduction, product management, characterization, and manufacturing. etc"

In the last few minutes......looks like CIT's new technology is in Windows 8 as hoped, judging by: "Atmel also offers a technology that allows the use of thinner and lighter touch sensors that do not require an extra indium tin oxide (ITO) shielding layer, reducing thickness and cost to help system designers create thinner, lighter and larger Ultrabooks and notebooks. These two technologies also result in the industry's highest signal-to-noise ratio, enabling mXT3432S controller-based Ultrabooks and notebooks to deliver high-performance touch capabilities.": Here's the full release: http://www.sacbee.com/2012/10/22/4928871/atmel-expands-into-rapidly-growing.html "Atmel Expands into Rapidly Growing Ultrabook and Notebook Markets with New Windows 8 Certified mXT3432S Enables Touchscreens Up to 17.3" with High Performance and Fast Touch Response By Atmel Corporation Published: Monday, Oct. 22, 2012 - 5:09 am SAN JOSE, Calif., Oct. 22, 2012 -- /PRNewswire/ -- Atmel® Corporation (NASDAQ: ATML), a leader in microcontroller and touch technology solutions, today announced it is shipping the maXTouch® S Series touchscreen controllers designed for the rapidly growing Ultrabook™ and notebook markets. Building upon the success of the maXTouch S Series, the new Windows 8 Certified Atmel mXT3432S is a touchscreen controller with a small footprint optimized for touchscreens up to 17.3 inches. As a co-engineering collaborator with Microsoft, Atmel has helped develop high performance touchscreen specifications to support prominent features of Windows 8. These include first-touch latency, finger separation, and support for up to 10 simultaneous touches on the screen as well as edge gestures. Original equipment manufacturers (OEMs) are demanding touch integration into Ultrabooks and notebooks. The move to thinner, lighter devices with larger touchscreens requires higher noise immunity due to the adoption of shieldless sensors, as well as more data processing due to higher node count. The mXT3432S enables designers to develop a new class of touch-optimized products that meet their design requirements. The new controller is designed to meet the requirements of Windows 8, and also supports Linux and Android. The mXT3432S is Atmel's first touch controller for Ultrabooks and notebooks featuring patented technologies. Atmel's patented noise immunity technology ensures robust performance with various chargers in noisy environments. Atmel also offers a technology that allows the use of thinner and lighter touch sensors that do not require an extra indium tin oxide (ITO) shielding layer, reducing thickness and cost to help system designers create thinner, lighter and larger Ultrabooks and notebooks. These two technologies also result in the industry's highest signal-to-noise ratio, enabling mXT3432S controller-based Ultrabooks and notebooks to deliver high-performance touch capabilities. etc&quo

Some extremely nice detail in this new article - one billion XSenses to be produced next year for the forthcoming Window 8 :o)) http://seekingalpha.com/article/924471-atmel-to-regain-its-touch?source=email_rt_article_readmore&ifp=0 Extracts: "Atmel To Regain Its Touch October 15, 2012 by: Ivan Jimenez It is official now. Atmel's (ATML) alternative flexible touch sensor (named xSense) announced on April is now in production and its first commercial order was shipped last month to a Chinese smart phone manufacturer to be followed this month by a bigger shipment to a tablet manufacturer. Why Should You Care The market has been searching for an alternative to expensive Indium Tin Oxide (ITO) touch sensors and Atmel is the first to the market with a viable solution. Atmel's new touch sensor promises to be lighter, thinner, cheaper (around half the cost) and more precise than traditional ITO sensors. Also it has lower sheet resistance and that translates into less static, lower power consumption and increased sensor sizes. Atmel's Perfect Timing Atmel timing couldn't have been any more perfect with the release of Windows 8. Windows 8 will drive the need for larger touch sensors and Atmel's xSense with lower sheet resistance is perfect for the job. It has been estimated that Atmel will gain 60% of the Windows 8 touch market and that was without taking the xSense advantage into account. We are talking about millions of Windows 8 tablets of all sizes, styles and designs that can be running using xSense and maXTouch controllers. And to meet these staggering numbers Atmel is ramping up xSense production capacity to one billion by 2013."

Excellent news just out from CDS....... http://www.carclodiagnosticsolutions.com/media-centre/press-releases/12-10-2012.aspx "Status of micropoc-pro 12 Oct 2012 Mitcham (UK), 12 October 2012: Carclo Diagnostic Solutions Ltd (“CDS”) announces encouraging progress with its development of micropoc-pro, the third format within its micropoc family of disposable diagnostic device concepts. Micropoc-pro is a mechanism for partner companies to transfer an Enzyme-linked immunosorbent assay (ELISA) to a Point of Care (POC) environment. Micropoc-pro is being developed to take a sample of body fluid and provide a permanent output of a quantitative test result. The low cost technology should allow an ELISA test to be transferred to a POC environment and is being developed to test for kidney damage in urine. A standard ELISA can take 2-3 hours.CDS is aiming to develop either a colorimetric or fluorescence-based test that would be complete in around 30 minutes. One of the key features of the technology being developed is the simplicity of blood sampling and test control. The company feels that the technology can potentially be applied to many ELISA tests requiring a quantitative result. The technology will be available to interested parties to license and apply to their own specific assay. CDS, www.carclodiagnosticsolutions.com, was formed in June 2011 and is developing a range of proof-of-concept, microfluidic technologies. The company is seeking to license its innovative enabling technology to partners in the Point-of-Care (POC) diagnostics and home health screening arenas. CDS brings together expertise from Carclo Technical Plastics in the manufacturing of microfluidic diagnostic devices, electronics expertise from Conductive Inkjet Technology Ltd and in-house development of hydrophilic surface treatment, reagent chemistry and welding/assembly techniques. Carclo Technical Plastics, www.carclo-ctp.com, is the largest division within Carclo plc with manufacturing operations in the UK, East and West USA, Czech Republic, India and China. The business is a contract manufacturer for the Healthcare (medical, pharmaceutical, diagnostic and ophthalmic sectors), Electronics and Lighting industries. Typical healthcare products include drug delivery devices and diagnostic consumables."

Atmel news overnight - I notice they play on the curved touchpads. It's good to see Atmel innovating in auto touchscreens, which CAR/CIT have mentioned in the past. Samples already available, and "Mass production will start the end of October 2012": http://www.sacbee.com/2012/10/11/4902013/atmel-expands-automotive-qualified.html "Atmel Expands Automotive-Qualified maXTouch Controller Family for In-Car Control Systems Industry's First Touch Solution for Gloved Finger Operation Now Supports Touchpads Up to 7 Inches in Automobiles By Atmel Corporation Published: Thursday, Oct. 11, 2012 - 5:11 am HEILBRONN, Germany, Oct. 11, 2012 -- HEILBRONN, Germany, Oct. 11, 2012 /PRNewswire/ -- Atmel® Corporation (NASDAQ: ATML) today announced new automotive-qualified maXTouch® controllers for in-car control systems. These new devices will bring today's smartphone experience into contemporary cars, even for drivers wearing gloves. Expanding the Atmel portfolio of maXTouch automotive-qualified devices, the new mXT143E and mXT224E touch controllers are designed for small automotive touchscreens and touchpads up to 7 inches in diameter such as center stack displays, navigation systems, radio human-machine interfaces (HMIs) and rear-seat entertainment systems. By addressing smaller screen and touch-pad sizes, the mXT143E and mXT224E controllers complement the company's growing family of automotive-qualified touchscreen controllers that support screens/pads from 2 to 12 inches in diameter. With these new automotive-qualified maXTouch devices, Atmel strengthens its position as a market-leading touch innovator and supplier. The maXTouch family is known for its superior performance and rich feature set, including unlimited touches, fast response time, touch precision, robust operation and low power consumption. etc"

The Yorkshire Post notes that the tablet computer sensors will be shipped this month, i.e in the next three weeks....triggering a $10m receipt from Atmel: "DLEM 11 Oct'12 - 09:35 - 5800 of 5802 Yorkshire post say “It is also in line for a $10m payment from its commercial partner when sensors to be used in tablet computers are shipped THIS MONTH.” Carclo upbeat on second half 9th October 2012 By James Reed - Deputy Editor, Yorkshire CARCLO is expecting a stronger second half after completing the first shipment of its new touch sensor product. The sensors will be used in a smartphone and the company said today that problems with the device's design it had flagged up last month had now been resolved and more orders will be shipped this quarter. It is also in line for a $10m payment from its commercial partner when sensors to be used in tablet computers are shipped this month. Ossett-based Carclo said its Technical Plastics division, a manufacturer of moulded plastic components used in medical, optical and electronics products, had enjoyed some "significant new business awards" and planning was underway for a "significant capacity increase" at its US medical facility. The company is also expecting first half profits in its LED Technologies division to be ahead of last year thanks to success of its supercar lighting business. Its precision engineering businesse have also enjoyed "a good first half", trading ahead of the previous year. Carclo raised £13.3m through an equity placing in July."

Again thx to queeny2 elsewhere - this sounds rather exciting: "Strong CIT ramp expected : As may be recalled both Carclo and Atmel are putting in place a very large amount of capacity next year to cater to expected volume orders from a variety of customers across smartphones, tablets and laptops. By January 2013 Atmel will bring on board metallization capacity for 120m 3.1” equivalent screens, followed by a further 90m-100m by mid-2013. Carclo is setting up coating capacity for half a billion screens by mid next year. This capacity is much higher than our projected shipments for the company over the next three years."

Posted by queeny2 elsewhere FYI: "'Reiterate Strong Buy' from Liberum today folowing Trading Update. I hope this table below is legible, I can't be arsed to format it throughout, but there are 4 years, the first of which is last year. Kinda bullish - they have sales nearly doubling in three years, ebit margins growing from 7% to 21%, average eps growth of 80%. They finish up with: 'While growth opportunities at CIT from touchscreens is well recognized by the market, our forecasts do not include potential new business from printed electronics where we expect the company to sign agreements with Asian partners sometime next year. We also expect some formal agreements and partnerships on Carclo Diagnostic Solutions to be announced, adding yet another earnings stream. In the meantime the LED and technical plastics businesses are expected to continue to grow profitably. We therefore, reiterate our buy recommendation and 430p price target on the stock.' Absolute screaming buy if they're right! Summary Financials & Valuations March Y/E FY12 FY13 FY14 FY15 Sales (£m) 93 102 125.8 160 Sales growth (YoY) 5% 9% 23% 27% EBIT* (£m) 7 10 20 34 EBIT* margin (%) 7% 10% 16% 21% EPS (GBp) 7.5 12.3 25 44 EPS growth (%) -22% 65% 107% 72% PER (x) 52.2 31.7 15.3 8.9 EV/Sales (x) 2.8 2.5 2.1 1.6 EV/EBIT (x) 38.9 25.8 12.8 7.6 Price/Book (x) 72.1 33.3 11.9 11.9 Net Debt/(Cash) (£m) 18 20 12 12 Net Debt/EBITDA 1.7 1.4 0.5 0.3"