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re. Small Cap Rport (22 May) - ZYT, PGB, INL, CHH, PMP, SID, APH

Paul Scott — Wed, 22 May 2013 10:54:24 +0100

Paul Scott posted:
Good question alterego! In a word, "no", I don't know why they don't pay dividends, when they clearly have plenty of cash to do so. In the past they spoke openly about plans for the cash pile, but have gone strangely quiet about it recently. Perhaps there is an acquisition in the pipeline? There is an issue with the 2 large shareholders - one is connected to a Director, and the other tried to buy the company on the cheap a few years ago, but was rebuffed. So there are apparently...

re. Small Cap Rport (22 May) - ZYT, PGB, INL, CHH, PMP, SID, APH

alterego — Wed, 22 May 2013 10:48:58 +0100

alterego posted:
Paul, Do you understand why PGB don't use some of that cash to pay a dividend?

Small Cap Report (22 May) - ZYT, PGB, INL, CHH, PMP, SID, APH

Paul Scott — Wed, 22 May 2013 11:21:21 +0100

Paul Scott published:
Pre 8 a.m. comments I'll comment on Zytronic (LON:ZYT) after 8 a.m., as it's not especially time sensitive. Things that might be time sensitive include a contract win announcement from Pilat Media Global (LON:PGB). This is an Anglo/Israeli company with interesting-sounding company which supplies software to the television sector, globally. I have been a shareholder since being very impressed with their cheap valuation (in my opinion) relative to what struck me as good results, and also an amazing balance sheet which has around half the market cap in genuinely surplus...

re. Dolphin Capital Investors: Will 60% share price discount to NAV narrow this year?

johnrosier — Mon, 20 May 2013 07:57:07 +0100

johnrosier posted:
Dolphin Capital (38p and 4.4% of JIC) has announced that its 49.8% subsidiaries, Aristo Developers and Venus Rock estates have sold their interests in Venus Rock Golf Resort in Cyprus for €290m, which includes a €48.5m conditional deferred consideration payable within six months. It has been sold to a Hong Kong conglomerate and real estate Group. The €290m purchase price represents 22% discount to the latest valuation of €370m and as such is expected to result in Dolphins NAV per share after deferred income tax liabilities falling by 5.6% to...

Small Cap Report (20 May) - NRR, ZZZ, TNG, ZYT

Paul Scott — Mon, 20 May 2013 10:36:25 +0100

Paul Scott published:
Pre 8 a.m. comments Good morning! A fairly quiet morning for small cap announcements, so nothing earth-shattering to say before 8 a.m. A share that is high on my watch list, but haven't yet hit the button to buy, is Newriver Retail (LON:NRR) - a property REIT with a fantastic dividend yield of around 8% (not well covered though). Although it sounds unattractive, having invested in secondary retail properties, management appear to be very energetic in driving value out of their properties, and their tenant mix is firmly value-orientated, hence not...

re. Part 2 - Simon Denison-Smith - Insights from London Value Investor Conference, 9 May 2013

Paul Scott — Fri, 17 May 2013 22:23:00 +0100

Paul Scott posted:
Hi, Interesting feedback, thanks! Just as a post-script, Simon Denison-Smith's top tip, Cisco, which was $21.10 at the time of my report just a few days ago, is now $24.23, up 14.8% after a positive earnings announcement this week. He must be feeling pretty pleased, certainly great timing, am kicking myself for not buying any, as I almost did after his very convincing talk about why the shares are great value long term. Cheers, Paul.

re. Part 2 - Simon Denison-Smith - Insights from London Value Investor Conference, 9 May 2013

CantEatValue — Mon, 13 May 2013 18:06:23 +0100

CantEatValue posted:
On the other side though, it takes less stocks to achieve a decent level of diversification than most people expect. Obviously 4 is silly unless you're a Buffett, but around 20 is a lot better than many would guess at. However you need to be careful with being over-exposed to specific risks (i.e. not owning 10 miners out of your 20, etc):

re. Part 2 - Simon Denison-Smith - Insights from London Value Investor Conference, 9 May 2013

Edward Croft — Mon, 13 May 2013 12:44:21 +0100

Edward Croft posted:
Here's a piece I wrote on diversification a while back . http://www.stockopedia.co.uk/content/the-5-ways-diversification-can-kill-your-portfolio-returns-63448/ A study of 60,000 private investors showed they only own 4 stocks on average and underperform by 4% per year. Also those 4 stocks tend to be in the same sector. The points you raise Mark are v. v. v. important for people to understand - too few do. Greenblatt stated that IF you are an investor who can do the due dil, 6-8 stocks should be enough - if you aren't then just go for a more systematic 25...

re. Part 2 - Simon Denison-Smith - Insights from London Value Investor Conference, 9 May 2013

marben100 — Mon, 13 May 2013 11:42:11 +0100

marben100 posted:
Hi Paul, Thanks for your excellent report. Interestingly, again they take a concentrated approach, typically only holding 12 stocks. This is becoming a consistent theme with value investors, and is one I wholeheartedly agree with - after all, if you want to out-perform the market, you need to concentrate funds into your best investment ideas, not diversify away the future gains. However, clearly this should only be done once you have a proven track record of successfully picking the right stocks! It would be a potentially disastrous approach for inexperienced investors. It is worth...

Note on First Property by topvest

topvest — Sun, 12 May 2013 19:32:31 +0100

topvest -:
Purchased for 17.3p.