City Of London Investment: Why I’ve Reduced My Holding

15 September 2015
By Maynard Paton

Quick update on City of London Investment (CLIG).

Event: Final results and annual report published 14 September.

Summary: No surprises here, as everything important was revealed within July’s summary figures. However, CLIG did confirm its funds under management had dropped by 17% during the recent market downturn and my sums are now starting to ask questions about the 24p per share dividend. All told, I do not feel comfortable with the current valuation and have therefore decided to reduce my holding.

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M Winkworth: Rental Goal Looks Promising Amid Lacklustre Results

09 September 2015
By Maynard Paton

Quick update on M Winkworth (WINK).

Event: Interim results published 8 September

Summary: A somewhat lacklustre set of results, blamed on a nervous pre-election housing market and extra costs associated with a corporate-relocation department. While the potential of additional lettings income looks promising, cash generation remains disappointing. I still like the simplicity of this franchising business, but must admit to having doubts about the size of its full potential. I continue to hold.

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Tasty: Accelerated Expansion Supports Multi-Bagger Hopes 

08 September 2015
By Maynard Paton

Quick update on Tasty (TAST).

Event: Interim results published 8 September

Summary: A very satisfactory set of results, with highlights including higher margins and a further acceleration of new restaurant openings. It certainly appears as if TAST will expand using debt rather than equity, though further borrowings will be needed for the business to become self-funding. I remain convinced the family management here can replicate its earlier success at Prezzo (PRZ) and can perhaps quadruple TAST’s market cap. I continue to hold.

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Castings: A Rare Combination In The Current Market

04 September 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at Castings (CGS).

Here are the initial attractions that prompted this research:

Respectable financials: The accounts showcase a dependable dividend, net cash and property assets
Straightforward management: The executives do not collect grandiose wages nor own any options
Interesting valuation: The shares could offer a possible P/E of 11

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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Record: I’ve Slashed My Earnings Guess By 27%

25 August 2015
By Maynard Paton

Quick update on Record (REC).

Event: Business update published 25 August

Summary: A very disappointing statement. A major client has withdrawn $2.8bn from REC’s administration and I’ve had to slash my earnings guess by 27%. The shares have dropped significantly, though at 29p they remain valued at 10x possible profits and yield 5.7%. The business remains high margin and cash rich, but sadly still dependent on a small number of customers. I continue to hold.

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Mincon: Tough Results Showcase Improved Q2, 15% Margins And £24m Net Cash

24 August 2015
By Maynard Paton

Quick update on Mincon (MCON).

Event: Interim results published 19 August.

Summary: These figures were not too disappointing given MCON’s lacklustre first-quarter statement. A definite improvement occurred during Q2 and 15% margins suggest MCON retains a respectable competitive position. Nonetheless, the firm’s acquisition strategy remains unproven and working-capital demands are still very high. While a P/E valuation of 12-14 does not tempt me to top up, I continue to hold.

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French Connection: Reasons To Keep Holding (As Well As Avoid!) This Frustrating Investment 

Today I’m summarising my current thoughts on French Connection (FCCN), a small-cap fashion retailer that continues to suffer from poor trading and which remains an under-whelming investment in my portfolio.

You can read my earlier Blog posts on FCCN here. But to cut to the chase, a trading statement in April owned up to weak retail sales and it’s likely the current year will witness FCCN’s seventh overall annual loss in eight years.

One day I’m sure a sustained turnaround here could deliver an exceptional share-price gain — although there is the real chance this company may never actually turn…

Anyway, prompted by FCCN’s share price falling steeply of late, I’ve weighed up the various pros and cons of what has become a very frustrating business and investment. Just to confirm, I continue to hold the shares.

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Watch List: Updates On Ashmore, Bioventix, Daejan, Goodwin, Latchways And Shoe Zone

5 August 2015
By Maynard Paton

Today I’m reviewing the six shares that reside on my Watch List. After all, there’s no point in me operating a Watch List if I don’t occasionally review the progress of my potential investments — and ensure I’m all ready to buy when their valuations become more attractive!

So here is what’s happened at my Watch List companies since the initial write-ups.

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Panther Securities: The Boss Has Waived His Pay For 8 Years

30 July 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at Panther Securities (PNS).

Here are the initial attractions that prompted this research:

Thin-cat management: The boss last collected a salary during 2006
Resilient dividend: The payout has not been cut following the group’s 1994 flotation
Interesting valuation: The shares trade at 86% of net asset value

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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City Of London Investment: 7% Income Confirmed In Double-Quick Time

15 July 2015
By Maynard Paton

Quick update on City of London Investment (CLIG).

Event: Summary annual results published 15 July

Summary: A set of satisfactory outline results, commendably issued once again in double-quick time. But it was no real surprise to see CLIG downgrade some of its earlier growth assumptions, while new client money continues to be required to help earnings recover and lift the dividend. The accounts remain great and for now I’m content with the 24p per share payout and 7% income. I continue to hold.

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J Smart & Co: 20 Years Of Dividend Advances But Still Not For Me

10 July 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at J Smart & Co (SMJ).

Here are the initial attractions that prompted this research:

Loyal management: The Smart family has controlled the business for decades
Dependable dividend: The payout has advanced every year since at least 1994
Interesting valuation: The shares trade at 52% of net asset value

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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Q2 2015: How My Portfolio Looks Now

30 June 2015
By Maynard Paton

Happy Tuesday! I trust your shares are holding up in this tricky market and that you continue to find my Blog useful.

I’ve been in this full-time investment lark for six months now — and I am pleased to say that I have still not lost everything just yet!

Indeed, my portfolio has witnessed further gains of late — so much so that I reckon I am now beating the market so far this year. Nonetheless, I continue to hold a few standstill shares that I would love to see move higher!

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Mountview Estates: My NAV Guess Is £180 Per Share

26 June 2015
By Maynard Paton

Quick update on Mountview Estates (MTVW).

Event: Preliminary results published 25 June

Summary: MTVW’s best-ever results, albeit they included what looks to have been quite a weak finish to the year. Importantly, gross margins were high and management’s outlook continues to be positive. Furthermore, the dividend marched upwards once again. My sums point to a possible NAV of £180-plus per share based on the firm’s previous gains from its sold properties. I continue to hold.

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BP Marsh: 11% Average NAV Growth For 25 Years

17 June 2015
By Maynard Paton

Today I’m continuing my hunt for Watch List shares with a look at BP Marsh (BPM).

Here are the initial attractions that prompted this research:

Lowly valuation: The shares trade at a 28% discount to the group’s net asset value
Appealing history: Book value has reportedly grown at an 11% annual average since 1990
Owner management: The present boss established the firm and boasts a 63% shareholding

As usual, I’m applying a question-and-answer template to help me pinpoint companies that match the criteria set out in How I Invest. I’m looking for as many Yes answers as possible.

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Record: The Dividend’s Up 10% And I Have Bought More

16 June 2015
By Maynard Paton

Quick update on Record (REC).

Event: Final results published 16 June

Summary: Satisfactory results, with a positive outlook and a 10% dividend lift supporting my belief that REC’s recovery is gathering pace. However, news of a 10% company-wide salary hike for staff was not so pleasing, and my earnings guess for 2016 has been trimmed accordingly. Nevertheless, the accounts remain impressive and the valuation looks lowly, and I have bought more shares today.

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