Research for 2013

Market Commentary November 2013

29-11-2013

Since our last market commentary, in which we moved to equalweight from overweight on equities, the FTSE 100 has fallen 117 points (1.73%). After reaching multi-year highs, the equity market was simply looked tired. Indeed, various indicators at the beginning of the month predicted this – the b [...]

Buy Provident Financial Plc

11-11-2013

Provident Financial is a rare financial company that offers double-digit earnings growth (EPS CAGR of 15%), resulting in 25% potential upside to our price target of 1970p, coupled with a high and growing dividend yield of 5.4%. Recent investor concern that PFG’s major shareholder may be looking [...]

Market Commentary October 2013

31-10-2013

Since our last market commentary, in which we moved to overweight on equities, the FTSE 100 has risen 253 points (3.9%). As expected, the debt ceiling can was kicked down the road and the markets took off in response. Our Buy recommendation on Shire Plc (See trading note of 16th May 2013) at 2051 [...]

Market Commentary September 2013

27-09-2013

Please find this month's Market Commentary newsletter which contains our view on the stock market based upon fundamental and technical analysis along with some recommended investments for the current market. Since our last market commentary, in which we remained equalweight on equities, the FTSE [...]

Market Commentary August 2013

30-08-2013

Please find this month's Market Commentary newsletter which contains our view on the stock market based upon fundamental and technical analysis along with some recommended investments for the current market. Since our last market commentary, in which we moved to equalweight on equities (from over [...]

Intermediate Capital Group Plc 6.25% 19/09/2020

22-08-2013

Please find some complementary research on the 6.25% 19/09/20 bond issued by FTSE250-listed specialist asset manager Intermediate Capital Group Plc. Following its launch last year, the bond has mostly traded above par, reaching at one point a high of 106.5. Having retraced to the 103 level, we b [...]

Market Commentary July 2013

31-07-2013

Please find this month's Market Commentary newsletter which contains our view on the stock market based upon fundamental and technical analysis along with some recommended investments for the current market. Since our last market commentary, in which we remained overweight on equities, the FTSE 1 [...]

Market Commentary June 2013

30-06-2013

Please find this month's Market Commentary newsletter which contains our view on the stock market based upon fundamental and technical analysis along with some recommended investments for the current market. Since our last market commentary, in which we remained equalweight on equities, the FTSE [...]

Market Commentary May 2013

31-05-2013

Please find view this month's Market Commentary newsletter which contains our view on the stock market based upon fundamental and technical analysis along with some recommended investments for the current market. Since our last market commentary, in which we remained equalweight on equities, the [...]

Sell Smith & Nephew / Buy Shire

16-05-2013

Today, we are recommending our clients to sell Smith & Nephew Plc and switch into Shire Plc. Smith & Nephew Plc has performed well since we added the stock as a 'special situation' in our model portfolio. We are now advising our clients to take profits as though the business is in reasonable shap [...]

Market Commentary April 2013

30-04-2013

Please click find this month's Market Commentary newsletter which contains our view on the stock market based upon fundamental and technical analysis along with some recommended investments for the current market. Since our last market commentary, in which we turned neutral on the markets and ad [...]

Market Commentary March 2013

28-03-2013

Please find this month's Market Commentary newsletter which contains our view on the stock market based upon fundamental and technical analysis along with some recommended investments for the current market. Since our last market commentary, in which we remained negative on the markets and advise [...]

Sell Prudential / Buy Aviva

21-03-2013

Today we are advising our clients to switch from Prudential to Aviva. Prudential has had a great run of late. The stock is up 30% year-to-date and 13% since the evening before the FY12 results were published. The stock is trading on a 2.9% yield and 1.4x Price/EV (enterprise value), a premium sec [...]

Market Commentary February 2013

28-02-2013

Please find this month's Market Commentary newsletter which contains our view on the stock market based upon fundamental and technical analysis along with some recommended investments for the current market. Since our last market commentary, in which we turned negative on the markets, the FTSE 1 [...]

Market Commentary January 2013

31-01-2013

Please find this month's Market Commentary newsletter which contains our view on the stock market based upon fundamental and technical analysis along with some recommended investments for the current market. Since our last market commentary, in which we reverted to a neutral stance on the market [...]