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The quarter enjoyed the ongoing recovery in revenue margins and net provision releases further boosted by a portion of the announced tax gains. The question is not at what pace profitability will recover but instead at what pace will it normalise? In the meantime, the group is accumulating excess capital that will be returned to shareholders.
Companies: Lloyds Banking Group plc
Legal & General’s performance in its H1 21 release came with a certain satisfaction. Most of it is attributable to an improving rates environment and strong performances, finally, from LGC and LGI.
Companies: Legal & General Group Plc
Duke has announced its third new royalty partner since April's placing, with a C$8.3m (£4.8m) agreement with Creō-tech Industrial Group Inc (“Creō-tech”). This scheduled new partner is another buy & build platform, with follow-on deployments expected. It represents Duke's 12th current royalty partner and its first in North America, adding diversity in number and geography. This should further add to the anticipated step-up in quarterly cash revenues from Q2/22, after Q1/22's £2.9m record.
Companies: Duke Royalty Limited
The quarter enjoyed stronger-than-expected provision releases and a partial reversal of the first quarter negative equity adjustments, whereas the DTA remeasurement offset ongoing restructuring charges.
Companies: Barclays PLC
Companies: Oakley Capital Investments
Q2 progress very much followed the trend of Trident continuing to build the foundations of what we believe can be a leading diversified royalty company. Some exciting asset level progress which should materially bolster future royalty revenue potential and some top-notch additions to the Board. With $8m cash in the bank and the $10m Tribeca loan facility finalised and drawn-down, TRR is well placed to secure further value accretive royalty acquisitions
Companies: Trident Royalties Plc
TPFG has delivered an impressive H1/21E trading update, confirming a doubling of interim revenues. The result reflects a buoyant sales market and only a partial contribution from sales-focused Hunters, whose March 2021 purchase looks astute. Given sales pipelines remain robust (set to convert largely over H2/21E); the 73k managed properties continue to provide a high degree of recurring & transactional income; and Ewemove continues to scale quickly, we view the outlook positively. Despite the sh
Companies: Property Franchise Group PLC
The quarter enjoyed accelerated provision releases. The improved visibility on the group’s mid-term perspectives enabled management to increase its capital distribution plan over the next three years.
Companies: NatWest Group Plc
Ground Rents Income Fund (GRIO) has today released its Interim Results for the period ending 31 March 2021. The NAV fell by 1.1% to £101.4m (104.5 pps). Dividends of 1.98p have been paid over the six month period, but going forward the Board have announced that they will be reducing the annual dividend target to 3.0pps and expect the dividend to be fully covered by the year ending 30 Sep 2022. At the AGM in March, shareholders approved the authority for the Company to purchase up to 14.99% of it
Companies: Ground Rents Income Fund PLC
Trident Royalties Plc (AIM: TRR) has, this morning, provided an update on its activities undertaken during the quarter ended 30 June 2021. The key elements of the announcement are:
Significant progress across a number of projects over which Trident holds royalties.
Total quarterly royalty revenue of US$381,808 from two paying royalties over copper and iron ore assets.
The appointment of Mr Paul Smith as Non-Executive Chair alongside a personal investment of £1 million at 40p as well as the ad
L&G reported an operating profit from continuing divisions (excluding Mature Savings and General Insurance businesses) of £1,128m, -2.2% yoy. The COVID-19-related cost was £129m. LGR posted a growing operating profit to £721m. Net profit amounted to £290m vs. £874m a year before, being affected by the reduced discount rate used to calculate LGI reserves. The Solvency II ratio stood at 173%. The Board recommended an interim dividend of 4.93p/share, stable relative to H1 19.
Record’s assets under management equivalent (AUME) has continued to grow in Q122 with net inflows including the launch of the new Record Emerging Market Sustainable Finance Fund. This is the first of several new product initiatives to be realised and will contribute to diversification of revenues. The group is also continuing to focus on modernisation and succession to support future growth.
Companies: Record plc
The quarter enjoyed further net provision releases whereas the pre-provision performance came in line with our expectations. The group is on track to meet its mid-term financial objectives.
Companies: HSBC Holdings Plc
Altus Strategies* (ALS LN) – BUY, Target 118p – New addition to the team to manage Egyptian portfolio of assets
BHP (BHP LN) – Main workers union at Escondida rejects company offer
Newcrest Mining Ltd (NCM AU) – Additional targets close to Havieron
Piedmont Lithium (PLL AU) – Delays predicted supply timeline for Tesla deal
PureGold Mining (PUR LN) – PureGold reaches commercial production
URU Metals* (URU LN) – Zebediela project sale completed
Companies: PGM ALS BHP URU NCM PLL
The quarter enjoyed accelerated provision releases whereas the pre-provision performance came in line with expectations. Management reiterated its short and mid-term guidance.
Companies: Standard Chartered PLC