Titon Share Discussion Threads

[wad collector] 07/4/2016 10:08

Have you messaged the thread creator?(Click on his name on the header) He is still active but I suspect sold his holdings long ago and lost interest.

[petersinthemarket] 07/4/2016 09:24

I take it that's a no then - is there anybody there?

[petersinthemarket] 30/3/2016 09:02

Any chance of adding a a daily share price move chart at the top here?

[wad collector] 24/3/2016 09:46

Even an EPS of 13p is pretty attractive at 96p.
Sitting on a healthy paper profit but tempted to add.

[mr. t] 23/3/2016 17:46

There's a research note out on Titon by Hardman & co:

www.hardmanandco.com/docs/default-source/company-docs/titon-holdings-plc-documents/titon-final-clean-print

They forecast modest growth - eps of 13.4 in 2016, 14.0 in 2017, and 14.6 in 2018.

I would have thought Titon will do more than that this year but I imagine Hardman have good access to the directors so are better informed than me.

Interesting to see the sector comparisons towards the end of the note. Titon are the second cheapest by PER but are towards the top on many metrics.

[robbiereliable] 10/3/2016 11:37

Agreed rainmaker. The more relevant indicator is what proportion of their holdings they are buying or selling. If a director offloads 5% of their holdings it's probably just for a nice Jag or Landrover. If they offload 25% or more of their total holdings it's something to be concerned about.

[rainmaker] 05/3/2016 12:23

Pat, if you're looking for a director's share sales as a leading indicator then watch out for Financial Directors share dealings in reasonably large sums.

regards

[rainmaker] 05/3/2016 12:19

Hi Pat, thanks to Mr T for putting one Director's single share sale in a greater context. It should also be remarked upon that a Director might sell shares for 101 reasons eg divorce, children's school fees, loans or gifts to family members to help pay a deposit to buy a property etc,etc so really shouldn't read anything of great significance into a single directors share dealing in isolation.

regards

[rainmaker] 05/3/2016 12:12

Hi Glen, thanks for your message and I hope you're well. I'm working on a couple of projects which are taking most of my time so forgive me for not responding sooner or posting as often as I would like. Really the UK profit figures were entered very much as an afterthought because readers would want the UK profits alongside turnover but you're absolutely right that there are other expenses that need to be deducted from those profits.In listing the annual UK turnover,in a historical context,I wanted to show the large scope for both UK turnover and profits to recover.

best wishes

[mr. t] 03/3/2016 17:19

patviera,

From my point of view, Nicholas Howlett's sale of 25k shares doesn't mean much. He also acquired 35k shares by exercising options on 15 Jan.

Both these numbers are small in the context of directors owning almost 3.5m shares and having over 400k in options.

[patviera] 03/3/2016 13:31

RmDirector sell change anything for u?

[profdoc] 01/3/2016 12:49

Thank you Rainmaker,

When examining segment profit do you need to then deduct R&D expenses, Sales admin expenses and "other expenses"? In 2015 these were £535K, £568k and £1,193k. When these are deducted the "segment profit" does not look quite so good. However, some of that central overhead should be assigned to the Korean business, e.g. a share of the R&D expense.
At the AGM the directors said that the profit contributions were roughly two-thirds Korea and one-third UK and the rest.
Very roughly £900k for Korea and £433k for UK and the rest (after deducting "non-controlling interests".

Glen

[mr. t] 01/3/2016 11:52

Thanks for the historic UK results analysis Rainmaker - interesting and promising.

The outlook from Taylor Wimpey today was positive, and relevant for Titon:

The UK housing market remained robust during late 2015 and has strengthened into the beginning of 2016. The market continues to show price growth and very good sales rates across most geographies.

[rainmaker] 29/2/2016 21:31

I think this is first time I can remember that the Titon Holdings(TON)share price is making noticeably sustained increases between sets of results which IMHO is a good sign for holders.

regards

[rainmaker] 29/2/2016 21:22

Re my earlier point about the UK business not having recovered to pre recession levels, taken from annual reports-

UK T/O Year to 30 Sep(£/mln)/segment profit(£/mln)
2005 £16.44mln/£1.18mln
2006 £16.60mln/£0.89mln
2007 £15.27mln/£1.73mln
2008 £14.54mln/£2.08mln
2009 £11.86mln/£1.55mln
2010 £12.56mln/£2.04mln
2011 £12.24mln/£2.12mln
2012 £11.21mln/£1.47mln
2013 £10.54mln/£1.81mln
2014 £11.78mln/£2.18mln
2015 £12.46mln/£2.61mln

regards

[rainmaker] 29/2/2016 13:45

The Company made exactly the same point last year.

regards

[wad collector] 29/2/2016 12:02

The pound barrier appears not to have provided resistance. Onwards....and upwards?

[mr. t] 26/2/2016 09:34

Some recent good news for Titon - all boding well for the next results.

House completions up, house starts up, planning applications up:



Residential transactions up:



In the US, home depot is boosted by strong us housing market:

[profdoc] 23/2/2016 10:24

Titon have developed a nitrous oxides filter for homes - the media interest in air quality might be helpful.
Glen

[wad collector] 23/2/2016 10:00

Thanks for that too.
Indoor air quality has hit the headlines today here.

Our house does not need trickle vents , the wind howls through the gaps!

[mr. t] 18/2/2016 21:12

Sladdjo, thank you for the helpful write up from the AGM.

[sladdjo] 18/2/2016 11:00

TON AGM 17/2/16

There were several shareholders present, including two ex-employees. As with last year, the AGM was held in Titon’s offices in Stanway and the company made shareholders feel welcome. All resolutions were passed. The following are my notes, please excuse any errors/omissions.

Commenting on their current trading, TON hasnt seen any impact despite Geopolitical worries and concerns in financial mrkts. One of their current concerns is Brexit, but that’s mainly based on the uncertainty around it - TON doesn't mind outcome as long as still have free trade with Europe. Recently TON appointed new salesmen focussed on Europe. They’re starting to get traction and think it’ll be a big market for them but economies are weaker than UK. W.r.t living wage, their will be inflation of their costs. If living wage had been in effect last yr, total profs would've been <10% lower than they were. However, comp is taking measures to increase productivity and automate more to offset the increase in wages (so will be some investment in Automation), and hence doesn’t expect there to be much effect on results. W.r.t to TON’s large Cash pile - no plans on special divi or acqns.

Korea continues to trade well, though TON doesn’t think that Korea will be able to keep growing at ~25%. More competition there, so margins likely to decline, but overall expect profs to continue to increase from that part of the world. W.r.t. UK, they're part of the group behind hxxp://myhealthmyhome.com/ and have had good publicity from the site from likes of mailonline. They're going to focus more on getting message across to Asthma & Heart charities, etc, where poor indoor air quality affects people with bad health. Hopefully that will get people putting pressure on MPs who'll start to introduce some regulations, o.w. builders dont always include ventilation as they want to max their profits. Looking forward, TON feels that they are under the radar and are keen to increase their presence so will be looking to get broker forecasts and attend investor events.

Comp not aware of the reason for the increase in price of the shares y'day.

[wad collector] 17/2/2016 17:42

Well that remains a mystery surge . Can't see the AGM was the cause unless some price sensitive info was released ; anybody go?