Edison's note on Amur is up on Research Tree, free to access
"Following its resource updates for Maly Kurumkon-Flangovy (MKFL) and Ikenskoe-Sobolevsky (IKEN) in April and May, respectively, on 10 May Amur announced the results of the process to similarly upgrade and refine the resource at Kubuk. Overall, the update demonstrated a 24.8% increase in mineralised tonnages at Kubuk to take the total resource at Kun-Manie to 740.1kt of contained nickel, or 982.7kt of nickel equivalent. The newly developed geological models for MKFL, IKEN and Kubuk were compiled by SRK in accordance with JORC..."
Read finnCap's note on SDI, out this morning on Research Tree: "The company has released a trading update for the full year to 30 April 2016, stating that statutory pre-tax profit is in line with expectations and that the acquisition of Sentek in October 2015 has met management expectations. Final results will be released in July. Trading statement in line with expectations. The Board has indicated that it expects reported profit before tax for the year ending 30 April 2016 to be in line with expectations. Our forecasts are for a statutory PTP of £0.5m. Adjusted pre-tax profits are expected to be c£0.8m, an increase of 123% over FY 2015..."
Read Northland Capital Partners's note on MRS, out this morning on Research Tree: "MRS raised £300,000 (before expenses) via a placing of 3,529,411 shares at 8.5p. This represents c. 9.7% of the issued share capital of the company. The net proceeds will fund a pipeline of new and potential contract wins as well as provide the business with additional working capital needs. Trading in the new shares will become effective on or around 27 May 2016 and following admission the company will have a total of 36,346,093 shares in issue..."
Read Northland Capital Partners's view on Keras Resources. It's available on Research Tree: "A positive development for Keras Resources that results in the brining forward of the payments due to Keras. Previously, Keras was due to be paid 42 days after all laboratory test work on moisture content, recoveries and grade was completed. This was a significant amount of time for valuable working capital to be tied up and could have delayed work at Keras’ other projects. Following this latest agreement, Keras will receive the pre-payment once the ore has been processed through the mobile plant and a provisional gold determination statement has been prepared. The payment will..."
AlphaValue's published a note on AstraZeneca, out this morning on Research Tree: "AstraZeneca’s Q1 results came in behind our expectations with product sales growth of 1% to $5.6bn. Externalisation revenue (+78%) contributed $550m, leading to group sales of $6.1bn (+5%). NB All growth numbers at CER unless specific otherwise. Currency had a negative impact of 4% on group sales, which ended at 1% growth yoy. Higher-than-expected R&D spend (+11%) was offset to some extent by effective cost containment at COGS (-19%) and SG&A (-8%), culminating in reported operating profit of $1bn (+17%). Core operating..."
Read Panmure Gordon & Co's note on Aveva, out this morning on Research Tree: "Final results are in line with guidance. For us the positive is Asia - not as bad as feared, and balancing this, exceptional costs are higher than we had anticipated. Ahead of meeting the company we have elected to leave estimates unchanged. The valuation remains a bit toppy for now, with EV/EBITDA at 14.3 and no news of the ‘special’ which we had been arguing for. We are relaxed with our Hold..."
Panmure Gordon & Co's note on Chamberlin was published this morning. It's up on Research Tree: "Today’s full year results demonstrate the group’s resilience to severe downturn in end-markets and adverse movements in forex. Despite the 15% fall in revenues, group operating margin was maintained at 2.4% and net debt improved by 16%. End-markets remain difficult but self-help initiatives and favourable forex movements should help maintain PBT in FY2017. Strategically, the major new contract to supply fully machined turbo charger bearing housings, announced in February, should help deliver sustainable EPS growth from FY..."
Panmure wrote a note on DMG Media this morning, it's up on Research Tree: "DMGT reports interims on May 26th. Although we expect trading to remain generally tough, our updated SOTP valuation of 735p (from 700p, 1% above the current share price) suggests that much is already discounted in a valuation of just 13.3x EPS (calendar 16E). Despite the valuation attractions, we remain cautious. We are concerned that the longer term case for buying the shares is eroding, given growing structural pressures on parts of the portfolio, and increased strategic uncertainty following the new CEO appointment. Apply..."
"Micro Focus delights with a better than expected end to FY2015A. The company posts an across-the-board beat with revenue, EBITDA and Net Debt all ahead of expectations. As the shares were trading in line through the Q4 the performance suggests, to us, that licence sales had a strong finish to the year. Hats off to Micro Focus as underlying this is; (i) a better product narrative and as licence sales are the key forward looking indicator, we should see a decent pull-through for maintenance. (ii) Let’s not forget this suggests..." Panmure published a note on Micro Focus that was out this morning, it's available on Research Tree