Ms Share Discussion Threads

[cockneyrebel] 08/4/2006 11:15

Thanks David.

One of the interesting parts of that is the build up in stock, raw materials and good. I think we discussed this here before regarding reduction in cash. £7.6m up from £4.9m. That tells you they have strong advance orders and work in progress imo. That's impressive imo.

CR

[xdavid] 08/4/2006 11:01

To clarify companies making up the MS-International group, from the printed annual report for 2005...

WHOLLY OWNED SUBSIDIARIES
MSI-Defense Systems Ltd
MSI-Forks Ltd
MSI-Forks Inc (sale and part manufacture of fork-arms in US)
MSI-Quality Forgings Ltd (according to Companies House, active for some years)

JOINT VENTURE
Global-MSI plc (50% owned by MS-International)

So MSI-Quality Forgings has been operating for some time & the new web-site appears to reflect increased marketing of this. Perhaps indicating an increase of importance of this subsidiary within the group earnings?

Global-MSI is a joint venture with at least two other european companies, to facilitate design and construction of forecourts throughout europe. The other companies involved can be found on the Global-MSI website.

No breakdown of turnover etc was given in the annual report for the separate subsidiaries, this being deemed "seriously prejudicial to the interests of the group". However, you can identify the contribution of Global-MSI as this is separated out as the joint venture.

Nothing of note in the report which is not in the RNS announcement. But one of the things I was curious about was: Freehold property of £5.9m, valued May 2004.

Regarding reduction in cash from 2004 to 2005, due to stated build up of materials etc, this can be seen within the report under Stocks (in £m, 2004 in brackets)...

Raw Material Stock: 2.5 (1.6)
Work In Progress: 3.8 (2.3)
Finished Goods: 1.3 (1.0)

Then there was the purchase of shares: 1.3 (0.4)

No window dressing of the figures regarding creditors - average creditor days down to 59 from 89 (2004). Amount: 11.2m (12.5m)

Employee Numbers, 2004 in brackets, incl directors...
Production: 221 (215)
Technical: 38 (34)
Distribution: 30 (30)
Administration: 46 (47)
Total Cost: £10.2m (£9.4m)

Copies of report available from: 01302 322133

-david

[capa] 06/4/2006 08:49

My wifes got a G-Spot I could borrow, if I could only find it !

capa

[cambium] 05/4/2006 22:41

I've got a g-string will that do!

[cockneyrebel] 05/4/2006 19:40

About 16K net buys and it's up 6p - imagine what 30K buys would do, a break out on a miserly ne £45K worth!

That's how illiquid this is - silly little 2K trades have stalled it - now they are done watch and see what a modest bit of buying does imo.

£70K buys would mean G-Suits.

CR

[rivaldo] 05/4/2006 19:34

Indeed. Plus the fact that MSI bought back 100k shares in December at just below the current price, with director buying also at slightly lower levels....

Too many positives to take in :o))

[xdavid] 05/4/2006 16:16

Even at 157p, the current 2006 year PE will still only be around 9.2 (conservative 17p earnings).

For forward earnings of 22p (25% growth on top of this years 30%) then the PE would be 7.1, PEG 0.24.

Put it on a PE of 12 in a years time would give a price of £2.60

So plenty more to come to the patient!

[gswredland] 05/4/2006 15:57

me too but may hold off now...bought some a while back at 161!!

[iandippie] 05/4/2006 15:51

Nope. Wish I had tomorrow's ISA allowance today. :-(

[Abuse team] 05/4/2006 15:50

Post removed by ADVFN

[cockneyrebel] 05/4/2006 15:49

Now above the previous high - change in chart trend.

CR

[gswredland] 05/4/2006 15:40

Ian.was that your 2,500 buy? you had to pay over the quoted odds?

[gswredland] 05/4/2006 15:38

but i might hope for a dip again!

[gswredland] 05/4/2006 15:36

angora..some of each...

[iandippie] 05/4/2006 15:12

I can lay claim to today's rise. I was deliberating on whether to top up PKW or MSI today. I chose PKW, hence the rise in MSI ;-)

[cockneyrebel] 05/4/2006 14:41

When this goes through 165p it's going to £2 imo.

CR

[tonyx] 05/4/2006 14:36

Just bought another 2.5k!

[cockneyrebel] 05/4/2006 14:26

At last - nice uptrend forming imo - ain't gonna take many jumping on board to set this motoring.

CR

[angora7] 05/4/2006 14:08

gsw, you are going to be torn between msi and elm tomorrow, aren't you ;-)

[gswredland] 05/4/2006 10:27

Looking to put some more in my ISA tomorrow...

[xdavid] 04/4/2006 23:15

Fork division web site is back up...


redirects to: so maybe a temporary relocation whilst it was being updated.

Nice to see they have brought back the
"Welcome To The Wonderful World Of Fork-Arms" title :-)

If this is just an expansion of an area that they have been in already, then this is a very good rebranding! MSI-Quality Forgings gives the correct premium market message. I agree, CR, that we may well be underestimating them - and I was already deeply impressed!

I just love the way they never announce anything - Just get on and do it!

[cockneyrebel] 04/4/2006 22:25

Nice find Mr T :-)

I think this is the fork division and the reason why the old site is down.

However they are pushing a much wider range of products than they used to in the past and much more lucrative than just fork lift forks.

They say in the interims 'all three divisions' so there is only three but it's clear at least one division has gown and spread its net much wider over the last six months.

Don't know much about this but it sounds impressive:

"MSI-Quality Forgings Ltd is proud to announce that we have recently expanded our range of NORSOK approved materials. We have approval for all weights of F51 and F55 material forgings (Duplex and Super Duplex), and this range has now been expanded to include forgings for F44 material (6 Mo)"

And not something they were promoting 6 months ago.

If they have expanded this division into more lucrative business then I reckon we might even be under estimating MSI more than I thought.

CR

[xdavid] 04/4/2006 21:51

Well done, Mr T! Same location as the Forks division so looks like they are splitting out another niche division for what looks like the top end of the market. Good branding strategy!

MSI-QF stocks and forges a wide range of engineering materials - typically:
CARBON & ALLOY STEELS
STAINLESS, DUPLEX & SUPER DUPLEX STEELS
NICKEL ALLOYS , BRONZES & EXOTICS

I have no idea what "Exotics" are but they all sound nicely expensive :-) and in the premium market to pass along those energy costs to customers. All looks very modern too (but surely that 'chemical plant' in the main picture isn't it?)

[rivaldo] 04/4/2006 19:53

Mr T, good find! This company has extra bits we didn't even know about...is Forgings part of the Forks division? Seems like another nice niche to be in (energy costs might be a bit high though?).