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After a stellar period of trading through the various stages of Covid 19 restrictions, and easings, ScS
has reported a step-back in trading momentum in recent weeks. We await to see if the slower
trading is temporary, reflective of a change in Christmas shopping patterns, or of a more permanent
basis. We leave forecasts unchanged, looking for CPTP of £13.7m and EPS of 26.5p (both IFRS 16
compliant), as such the stock trades on an undemanding EV/EBITDA multiple of 4x for FY22 and 3.4x
Companies: ScS Group plc
Marks & Spencer ("M&S") has developed a ‘building the brands’ component to its overall strategy to transform and so improve its Clothing & Home ("C&H") performance. To date the most notable development in this complementary work to its core brand improvement has been the acquisition of Jaeger, which is now going through the gears of positive change. Alongside wholesale and exclusive collaborations, M&S has now announced that it is acquiring a 25% stake in ‘Nobody's Child’, a fast-growing respons
Companies: Marks and Spencer Group plc
STU’s integrated online retail/credit model performed well in H1, even with well-documented headwinds in late Q2. EBITDA margin in the traditionally quieter half was >14%. As outlined in the June CMD, Studio has a clear growth strategy capable of driving EPS to c100p in 3-5 years. However, new customer recruitment has softened short term. On top of cost headwinds, PBT guidance has reduced by c£6m and we have downgraded estimates across all years.
Companies: Studio Retail Group plc
Motorpoint’s interim results for the 6 months to 30th September are record breaking and reflect very well
on the Group’s ability to traverse what remain unusual and volatile market conditions. Whilst said
conditions have undoubtedly supported sales in the nearly new market, availability has been a challenge
which has brought to the fore Motorpoint’s flexible, agile and brand agnostic model, in our view. With H1
22 sales and margin strongly ahead, we are upgrading our FY22 CPTP forecast by c22
Companies: Motorpoint Group Plc
Nightcap has added another five cocktail bars to its portfolio through the acquisition of Barrio Familia Ltd (“Barrio”). The £4.94m acquisition price is being funded by £3.63m of existing cash resources and the issue of £1.31m of shares to the vendors at 23p. Barrio made £600k of EBITDA in the first quarter of the year to June 2022, conservatively assuming £1m EBITDA for the full year equates to a 4.9x EBITDA acquisition multiple (or 3.0x our Barrio June 2023 forecast). Funded principally throug
Companies: Nightcap PLC
Compass reported in line FY21 results and a weaker-than-consensus FY22 margin guidance due to short-term headwinds. The expected alleviation of these negatives in H2 22 and the cost reduction programmes should support a nearly-full recovery of margin in FY23. As a result, the FY22 consensus should come in lower but the FY23 consensus should be more optimistic.
Companies: Compass Group PLC
Bivictrix 26.5p £17.5m (BVX.L)
BiVictriX Therapeutics, an emerging biotechnology company applying a novel approach to develop next generation cancer therapies using insights derived from frontline clinical experience announced a collaboration to manufacture BiVictriX's antibody-drug conjugates with Abzena Limited, a partner research organisation for integrated discovery to cGMP manufacturing solutions for biologics. The collaboration will allow BiVictriX to cost-effectively manuf
Companies: CHRT CSSG CCS CYAN FIH MIRI YGEN
Last week Inchcape held a Capital Markets Day where it communicated the key elements of its Accelerate strategy. Through its two primary growth drivers – distribution excellence (Distribution) and vehicle lifecycle services (VLS) – the company is looking to win distribution market share and capture more of a vehicle’s lifetime value. With these growth pillars, Inchcape aims to deliver mid-to-high single digit profit growth in Distribution and an additional £50m of incremental PBT from VLS withi
Companies: Inchcape plc
Companies: Everyman Media Group PLC
M&B’s has announced a strong closure to FY20/21. The adjusted EPS came in much ahead of both our and market consensus. The publican has also made a good start to FY21/22, with 2.7% lfl growth (vs same period in FY19). In the coming few quarters, we expect M&B to perform ahead of close competitors, in turn gaining market share. Positive stock recommendation is maintained on the UK-based publican.
Companies: Mitchells & Butlers plc
One Media iP (OMiP) has released a solid set of H1/21A interim results, with revenue up 8.5% YoY in USD terms. The company has been active on the acquisition front, having deployed £4m of capital so far in FY21E (mostly post period end), and the pipeline remains strong. OMiP has a highly scalable platform, which should result in steadily improving margins as the group adds new royalty streams to its portfolio, and remains well-placed to benefit from the structural growth underway in the music in
Companies: One Media iP Group PLC
Photo-Me has detailed that the Group’s trading performance was better than expected in May, June and July. This was driven by a stronger than anticipated recovery in photobooth activity, mainly in continental Europe. Guidance for FY 2021 has been raised to sales of c.£210m (previously c.£200m) and adj. PBT of £25-30m (previously £21-24m). We have consequently upgraded our FY 2021E EPS by 22% but leave our FY 2022E forecasts onwards unchanged for now. In effect, we assume the recovery is taking p
Companies: Photo-Me International plc
Draftkings has made a £16.4bn ($22.4bn) bid to acquire Entain in a cash (630p) and stock offer, valuing the target at 2800p/share. While the bid is promising, MGM (BetMGM’s JV partner) can throw a spanner in the works (counter-bid or a veto).
Companies: Entain PLC
Companies: Air Partner plc
Entain registered Q3 21 top-line growth of 6%, driven largely by online (10%). In the all-important US market, BetMGM surged ahead with a further expansion in market share of (23% in three months to August vs 22% in Q2 21).
FY21 EBITDA guidance of £850-900m was re-iterated, a positive given the recently announced headwinds from Dutch regulations.
We do not expect any significant change to our estimates, given that the performance was largely in line with our estimates.