reports
Nanoco Group: 2 directors
Two Directors at Nanoco Group bought/maiden bought 3,672,380 shares at between 14p and 14p. The significance rating of the trade was 88/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over ...
- Richard Williamson
Nanoco Group - Board states case for voting against resolutions
Nanoco has issued a circular recommending that shareholders vote against both resolutions being proposed by Milkwood in its requisition for a general meeting (scheduled for 11:30am on 13 December 2024). We summarise the board’s key arguments below.
- Richard Williamson
Nanoco Group - European partnership not moving forward
Nanoco Group’s announcement that the collaboration with its European partner is essentially coming to an end is clearly disappointing news. We reduce our FY25 revenues by £2.5m and FY25 net cash by £2.1m to reflect this, although the contractual unwinding and potential restructuring may prompt further changes. While Nanoco is now clearly in a significant transitional state, the partnership with the Asian partner continues. The group’s intellectual property, expertise, manufacturing and test capa...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, August 28, 2024
GREATER CHINA Results Anta (2020 HK/BUY/HK$71.65/Target: HK$109.60) 1H24: Results beat. Fila's guidance slightly lowered; new brands performed well. China Overseas Property Holdings (2669 HK/BUY/HK$4.63/Target: HK$7.20) 1H24: Results meet expectations; higher dividend payout ratio. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$18.22/Target: HK$27.00) 2Q24: Margins deteriorate; automation demand outlook remains sluggish. Shenzhen Inovance (300124 CH/BU...
AS7 ANTA SPORTS PRODUCTS LTD.
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
BN2 VALUETRONICS HOLDINGS
4197 SIME DARBY BHD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
HANA HANA MICROELECTRONICS PCL
ERAA ERAJAYA SWASEMBADA
VALUE VALUE8 N.V.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
INRI INARI AMERTRON BHD
RHBBANK RHB BANK BHD
TXG 10X GENOMICS INC CLASS A
UMSH UMS HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
AZTECH NANOFILM TECHNOLOGIES INTERNATIONAL
MZH HANSOH PHARMACEUTICAL GROUP
3692 AEM HOLDINGS LTD
AEM 123FAHRSCHULE SE
123F AZTECH GLOBAL LTD
8AZ 029 GROUP SE
Z29 CTRIP.COM INTERNATIONAL
- John Cheong Ming Chern
Tech Manufacturers - 1H24 Review: Crucial To Be Selective; Top BUYs: F...
Two-thirds of the tech manufacturing stocks under our coverage reported weaker-thanexpected 1H24 earnings, except for Frencken and Aztech, due to weak customer demand (AEM, Nanofilm, Venture) and slow ramp-up of new plant (UMS). Our top picks are Frencken and Venture given their positive outlook for sequential earnings growth, especially for Frencken which is seeing strong orders from ASML. We also have BUY calls on Valuetronics and Aztech, and SELL ratings on AEM, Nanofilm and UMS. Upgrade the ...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Nanofilm Technologies International (NANO SP) - 1H24: Earnings Miss On...
Nanofilm’s 1H24 earnings of S$4m loss (-51% yoy) missed our estimate of S$7m due to higher-than-expected admin expenses. Revenue of S$83m (+13% yoy) in 1H24 was in line, at 42% of our full-year estimate, led by the AMBU segment which grew 20% yoy. Nano expects 2024 revenue and earnings to be higher than 2023, but because 2023 is a low base, 2024 earnings are still likely going to be unexciting. We cut our 2024-26 earnings forecasts by 32-55%. Maintain SELL. Target price: S$0.50.
- Richard Williamson
Nanoco Group - Visibility pushed back
Nanoco Group’s trading update flagged that, while its development work on second-generation materials continues to progress as expected, it does not expect to receive a follow-on order for commercial materials in FY24. These orders were expected to be low volume, hence the delay is not particularly material from a financial perspective, although it does remove an expected milestone to gauge Nanoco’s pathway to volume production. We have adjusted our estimates to reflect a more cautious scenario ...
Edison issues report on Nanoco Group (NANO, NNOCF)
Edison Investment Research Limited Edison issues report on Nanoco Group (NANO, NNOCF) 24-Jun-2024 / 09:42 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 24 Juni 2024 Edison issues report on Nanoco Group (NANO, NNOCF) to view the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. ...
- Richard Williamson
Nanoco Group - Sensing the opportunity
With the successful Samsung litigation now in the rear-view mirror, Nanoco’s focus will be fully on building the business as a developer, manufacturer and licensor of nanomaterials. With its extensive expertise in quantum dots, validated IP and high-volume manufacturing facilities backed up by a strong balance sheet, we believe that the business has a robust platform for growth. Partnerships with STMicroelectronics and an Asian chemicals supplier position Nanoco strongly to participate in the an...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Nanofilm Technologies International : 1Q24: Revenue In Line But Still ...
Nanofilm’s 1Q24 revenue of S$39m (+19% yoy) is in line with expectations at 20% of our full-year estimate, but earnings are still in the red. AMBU saw a 41% yoy growth due to a 51% growth in the 3C sector and a 24% growth in the automobile sector. Gross margin rose 3ppt yoy due to increased contribution from the 3C and industrial segments. Maintain SELL with a 6% lower target price of S$0.56 after cutting our 2024 EPS. Nanofilm is trading at 18x 2024F PE vs 14x for Singapore peers.
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, April 24, 2024
GREATER CHINA Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & C...
002230 IFLYTEK CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
BBCA PT BANK CENTRAL ASIA TBK
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
KREIT KEPPEL REIT
SCI SCI E&C
WHA TB WHA CORP PCL
SCGP SCG PACKAGING PCL
AZTECH AZTECH GLOBAL LTD
- Richard Williamson
Nanoco Group - Mechanisms for shareholder returns confirmed
Following receipt of the £58.8m second tranche from the Samsung litigation on 24 January, Nanoco plans to return £30m to shareholders via a tender offer (c 38.5% of outstanding shares), alongside a £3m share buyback. After completing this £33m return and repaying c £5m outstanding debt, Nanoco expects to have c £23m cash to accelerate commercial production of nanomaterials at scale. With its validated technology, robust pipeline and strong financial position, we believe the group is positioned t...
- Richard Williamson
Nanoco Group - Steps on the pathway to volume production
Nanoco’s trading update confirms that H124 revenues and EBITDA are anticipated to be in line with company expectations. The main new information is that the company has commenced the build and fitout of a new 300m wafer device facility to accelerate product development and test cycles with both existing and new clients. This gives Nanoco scope to grow development revenues in the near term and reduce time to market of new production materials, while aligning the development platform with infrastr...
- Richard Williamson
Nanoco Group - Another major milestone delivered
Following a successful proof of concept, Nanoco recently announced a new joint development agreement (JDA) with its existing European customer, now confirmed as STMicroelectronics. This milestone further validates Nanoco’s smart materials capabilities, building on the first commercial orders for first-generation materials shipped in late 2023 and the expanded partnership with its Asian customer. With an improved financial position, Nanoco has been able to proactively invest in accelerating the d...
- Richard Williamson
Nanoco Group - First commercial order fulfilled – major milestone
Nanoco’s announcement that it has fulfilled its first commercial order heralds the company’s transition from a development-stage company to a commercial supplier of quantum materials. The order provides support for our FY24 forecasts and is a key milestone on the company’s pathway towards becoming self-financing in FY25, with the potential to scale up significantly beyond that, if design wins in high-volume sensing applications can be secured.
- Richard Williamson
Nanoco Group - Asian customer moves to the next phase
Nanoco Group has signed a new two-year joint development agreement (JDA) with its existing major Asian chemical partner to optimise and scale up production of Nanoco’s second-generation quantum dot materials for infrared sensing applications. This marks the company’s latest milestone on its path to becoming a commercial provider of nanomaterials to the sensing market and provides support for our FY24 forecasts.
- Richard Williamson
Nanoco Group - Pathway to commercial production
FY23 was a turbulent but ultimately pivotal year for Nanoco. The US$150m Samsung settlement (US$90m net costs) will fund the planned £33–40m return to shareholders with the retained c £20m providing good support to make the transition from development to commercial production. The company’s first commercial order is expected this calendar year. While volumes are expected to be relatively modest, this is a key milestone, and successful delivery should ease the pathway to follow-on orders and new ...
- Richard Williamson
Nanoco Group - Returning cash and investing in the business
Nanoco has announced its intention to return £33–40m of the funds won through the settlement with Samsung to shareholders, retaining £20m to execute its growth and intellectual property (IP) licensing strategy. Management expects to start this programme after it has received the second $75m tranche in February 2024 from the Samsung litigation. Operationally, multiple end-customer trials via Nanoco’s major partner are ongoing and it is seeing renewed interest from the display market. The group al...
- Richard Williamson
Nanoco Group - Concentrating on organic business going forward
Nanoco’s H123 revenues benefited from the successful delivery of technical milestones for its European electronics customer, taking it close to full production validation of two different wavelength materials for use in sensing chips. Shortly after the period end, Nanoco signed the final agreements to settle the litigation with Samsung. The settlement frees management to concentrate on getting the company ready for volume production in anticipation of receiving its first production order later i...
- Richard Williamson
Nanoco Group - Litigation settlement concluded
Nanoco Group has signed the final agreements to settle the litigation with Samsung on a no-fault basis for the alleged infringement of the group's intellectual property (IP), with Samsung paying Nanoco $150m (£125m) in cash. Nanoco’s H123 performance relating to the organic activities was slightly ahead of management’s expectations. We have revised our estimates to reflect both the settlement, which includes £3.0m in licence revenues recognisable in H223 and takes the group from negative to posi...
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