Hardman & Co Research: Titon Holdings (TON): Condititoning
Initiation of our coverage was 16 March 2016 at 101.5p. In February 2018, the price was 215p and it stayed north of £2 for another year. In fiscal 2019, though, Titon weathered a perfect storm most notably in its largest profit earner, South Korea. Titon’s PBT dropped by a fifth and, now, early in fiscal 2020, a profit warning. Titon is a veteran with branded products and core financial strength. It is battening down the hatches and cutting costs (including Hardman & Co). It will prevail.Titon Holdings is engaged in the design, manufacture, marketing and sales, plus its associate's activity in real estate development: trickle vents and hardware products for the window and door fabricator markets in the U.K., Europe and the U.S.; mechanical ventilation products for the new build residential markets in the U.K. and Europe; and natural ventilation products for the new build residential market in South Korea. The first two activities are carried out by Co.'s subsidiaries, Titon Hardware Limited and Titon Inc. (in the U.S.). The third activity is carried out by Co.'s subsidiary, Titon Korea Co. Ltd. and Browntech Sales Co. Limited, Co.'s associate company.
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