Patsystems Share Discussion Threads

[bbd2] 19/5/2010 16:52

Up again today. Will it ever break out of this trading range ?

[interceptor2] 19/5/2010 07:46

GHF - Apologies on going off thread, but a share that may fit your criteria is JDG (I hold). Might be worth a look and would be interested to hear your views.

Regards ic2..........

[interceptor2] 18/5/2010 23:01

Hi GHF

We seem to be looking at similar companies which are undervalued and could be takeover targets.

Take a look at mlo today which has announced a takeover approach, a sign of things to come I think?

[glasshalfull] 18/5/2010 17:20

Ta interceptor2....keeping each other company on a few threads ;-)
Still a fair few that are undervalued.

Regards,
GHF

[interceptor2] 18/5/2010 16:18

Good to see Cazenove increasing their holding to 5.67% now.

See below.........

[dm1066] 07/5/2010 16:40

Brief mention of PTS in Forbes.......... market didn't seem to agree with the author's sentiment today though!!.

[interceptor2] 29/4/2010 19:19

Thanks GHF have made a note in the diary.

Agree that PTS are in the right markets. I nearly have a full holding here, just looking at one more top up which could be the AGM statement.

[glasshalfull] 29/4/2010 18:12

AGM 24th May



I've been adding to PTS having got my fill in FDP.
Both excellent value IMO.

Regards,
GHF

[bg23] 29/4/2010 16:55

i saw the trades, thought that they were a roll over of a position.

not sure there was anythig else to the trades, but you might be right.

i asked previously about the agm, no-one came back, so am in the dark here also

[interceptor2] 29/4/2010 14:20

Two decent buys yesterday both 1.9m @ 24 and 24.07p which pushed the share price up 0.75p. These trandaction total 2% so might be an RNS if it triggered over 3%.

PTS normally have a AGM at the end of April, but I haven't seen a date announced yet. Any ideas?

[bugs bunny] 19/4/2010 11:44

Some very intersting holdings in PTS major holders and FFA.

PTS Major Holders

Beneficial owner, as notified to the Company Number of Shares %
ION Trading Ireland, Limited 52,851,191 28.52%
Brewin Dolphin Limited 14,170,175 7.65%
First Clearing L.L.C. 12,687,500 6.85%
Herald Investment Management Ltd 12,000,000 6.47%
Sedaf Holdings SA 10,389,600 5.61%
Cazenove Capital Management Limited 6,333,416 3.42%

FFA Major Holders

ION Trading Ireland Limited 99 700 530 25.12%
Herald Investment Management 42 898 653 10,81%
ISIS EP LLP 25 984 615 6,55%
Mr Underwood 24 000 000 6,05%
Blackrock Merrill Lynch Investment Managers 24 453 382 6,16%
Artemis AIM VCT 20 691 429 5,21%
I R Kergel 15 250 000 3,84%
T K Todd 12 865 332 3,24%


ION and Herald Investment have a foot in BOTH camps.

[bg23] 14/4/2010 17:09

not sure its better,lol, but theres a completely new website layout

[bg23] 12/4/2010 13:17

GHF,
i agree, the company generated 3m cash balances last year, with the additional contract wins announced and the high level of recurring revenue,over 80%, I think its fair to expect an increasingly large cash at hand balance.

i don't understand the ins and outs of cashflow and other accounting minutae, but priced at £35m ex cash, value is screaming at you.

still, i tihnk that i was saying the same 18 months ago.

Woodcot,
thanks for the article, I hadn't seen it and certainly didn't know the volumes trading in china were so significant. regardless of size of contract, the potential is huge.

the company has a good presence in the region as evidenced by the increasing income levelsand contract wins, but I think the importance of the region will increase and may overshadow income from the US and europe ultimately.

i don't think it a coincidence that the ceo was quoted as investigating a hong kong listing recently, indeed, i was chatting to a fellow shareholder last week who suggested to me that the company might consider purchasing shares for treasury then re-issue them in hong kong by way of a secondary listing.

i'm not sure of the practicalities, but the possibility of a premium p/e ratio available for tech stocks in hong kong and the current permission that the company has to buy back shares would seem to make it a possibility.

perhaps we will hear something at the agm? does anyone know when this is - my shares are held nominee so i don't get the paperwork !

[glasshalfull] 09/4/2010 17:04

Thanks for that.

Interesting trades during the last few days and I can't remember the last time the offer improved a couple of times in a day.

This year on a PER 10-11 and estimates indicate that a quarter of market cap will be covered by net cash given PTS's strong cash generative qualities.

Cheap in my book.

Regards
GHF

[woodcot] 09/4/2010 16:10

bg23

Taken from the 3I BB.

Interesting article in the Times on line today (Tuesday), about how the futures market is shifting 'from West to East'

[bg23] 08/4/2010 10:50

good volume yesterday, approx 3.7m traded at 23.

a seller cleared out? perhaps the reason why this has drifted recently.

when is the agm? must be pretty soon, so some sort of statement due alongside i'd imagine

[woodcot] 12/3/2010 17:45

It seems as though PTS has not caught the eye of the private investor at this stage but believe if the company can get some of the potential clients on board we will see a good increase in the share price

I'm looking at a 12 month period, to see what the management can achieve.

[interceptor2] 11/3/2010 16:23

Hoodless Brennen comments from yesterday. See below..........

PatSystems (PTS, 24p, £44.52m)

PatSystems (PTS, 24p, £44.52m) has announced Bursa Malaysia Derivative Berhad has selected its technology for its Order Management Systems. We maintain our BUY recommendation with the same 30p price target.

Recommendation: BUY

[bg23] 11/3/2010 07:55

i've also added to my holding since the numbers, impressed with the results and outlook. given the cash generation and the high repeat income, I think its only a matter of time beofre we see new highs for the year.

news yesterday confirms the companies statement that there is a good pipeline of potential clients lined up, and this will further increase the recurring revenue.

income diversifiaction across eu, us and asia shows strength and is a natural hedge against currency fluctuations although the company does hedge the majority of income in order to avoid unpleasant income surprises.

ION,silent as ever. no point in second guessing if when or whether they will make a move.but an improving customer base, income and share price might force their hand one way or another.

[woodcot] 10/3/2010 23:49

I've bought a few of these over the last 2 weeks and believe this stock has good potential over the next 12 months.

Definitely one to keep an eye on!

W.

[interceptor2] 10/3/2010 07:53

Another good contract win in Malaysia this time. This shows the strength of their trading platform, and is a nicely developing business in fast growing markets.

Should soon emerge from under the radar.

[interceptor2] 23/2/2010 18:59

Thanks for bringing to my attention the above link Steadyitgoes, it was a web site I hadn't visited before, so I have now signed up and will spend the evening looking through some Edison research notes.

The rearch note on PTS today was very interesting at 12 pages long. They are forecasting PBIT 2010 = £4.7m and 2011 = £6.10m. And expecting net cash to increase to 2010 = £12.30m and 2011 = £16.90m.

I thought the geagraphical spread was of interest with Asia = 37%, Americas = 30%, Europe = 33%, and of course Asia showed a 53% increase.

[steadyitgoes] 23/2/2010 17:25

PTS report -

[glasshalfull] 19/2/2010 19:05

Thanks bg23.
Certainly positive news emanating from the company for some time.

I top sliced yesterday (25%) and content to run remainder for long term.
Absolutely nothing wrong with PTS, just wished to diversify holdings in this sector and availed myself of a few FDP (no ramp - long term play).

Don't disagree with your previous post over potential for listing. Surely Ion would have been consulted prior to the CEO's comments following results?

As regards potential for rerating - I was only highlighting that the other companies had been rerated. Quite diverse businesses.
As a former RCG holder I spent some time looking at tech valuations on
Hang Seng and from memory discovered PER 20+ fairly standard. I'll try and dig out research.

Regards,
GHF