Titon Share Discussion Threads

[shanklin] 11/4/2014 16:10

El1te

Yet to read your article but having sold at circa 50p some time before the end-Jan trading statement, and having failed to buy any after said statement, I have just bought a few on the current weakness. Very illiquid so would not want very many.

Cheers, Martin

[el1te] 11/4/2014 13:13

Good points Eezy. Took the 'fallen' cash out of the NTAV calculations though to form a base estimate. Ultimately, the disparity is pretty small so doesn't have a large impact in terms of the overall NTAV.

The comfort of TON (As you are probably aware! Skipping back through the posts you have clearly been involved with TON for a while) is that the NTAV is above the share price, and given that the company is profitable, it is a nice secure position to be in, despite the 'Korean discount'.

Reminds me of the situation with MWE a few months back. Expect a continued re-rate here as well.

El1te

[eezymunny] 11/4/2014 12:40

Nice write-up El1te

FWIW I added TON to the EezyMunny portfolio yesterday



Just a couple of points:

a) you say cash lower as of Jan therefore net tang assets lower. That's almost certainly not true as that cash will have been absorbed into working capital or possibly capex (tho capex on intangibles eg software would indeed reduce NTAV). Indeed with on-going profitability NTAV should be higher by now.

b) There is freehold property in the books which has been depreciated for years so may be worth much more. Potentially also less as I guess it's mostly factory premises. Probably irrelevant anyway as factory needed for on-going biz. Just thought worth mentioning.

As you say share price performance dependent on future trading but sounds like good numbers are all but in the bag for H1. We should find out early May.

[el1te] 10/4/2014 23:38

Titon Holdings - Asset Backed Earnings Play

New write-up on Titon available below. Feel free to sign up to free email updates via the right hand sidebar and leave comments on the article



Good Luck with your investments

El1te

[wad collector] 10/4/2014 14:40

I just added this afternoon at 70p - the order had been sitting a while with the spread too high for my liking.

[drewz] 11/3/2014 00:12

I am a believer.

[rainmaker] 10/3/2014 19:17

Hi again WD, I hope you and everyone else here is doing very well financially,as I've been saying for quite some time,in sincere opinion for a variety of reasons,we're going a great deal higher at least twice current levels.I strongly suggest everyone thoroughly researches the Company,its markets,its products, competitors etc, etc.

DYOR as always and think for yourself.

regards

[wad collector] 10/3/2014 18:25

Blue on a red day - looks good.

[patviera] 15/2/2014 12:39

Sorry...MS international...code is MSI..about 200p..looks cheap to me.Im a buyer at 180 on market setback.

[rainmaker] 12/2/2014 18:19

Pat,it's MSI some sort of scan? No seriously, I'm not familiar with the Company.

regards

[patviera] 05/2/2014 15:04

any view msi?
so mallett titon and fccn are your favourites?

[rainmaker] 05/2/2014 13:30

Very much Pat, see my comments on my Value thread.Re Titon, you're absolutely correct that it's cyclical business but imo that's just way too simplistic a viewpoint.Study the business, its markets in a historical context,its customers, its products.....they're all far more favourable to Titon then they were when we last had more typical trading conditions in 2006. For example, Titon only opened their first ever lower cost foreign manufacturing base in 2008.

AIMHO, DYOR

regards

[patviera] 05/2/2014 12:05

rainmaker
I see fccn are up...was that one you like?

[wad collector] 05/2/2014 10:05

Looks like the share price is off again. Not sure about £3 target though !

[mr. t] 04/2/2014 14:06

More good news for ton's uk business. Construction pmi in January is 64.6, above December's 62.1. Housing activity increases at its highest since 2003. Residential property the strongest sub-sector. Strong degree of positive sentiment towards the outlook for business activity over the next 12 months:

www.markiteconomics.com/Survey/PressRelease.mvc/a06d326f6fdf4bc4886e92532257af35

[patviera] 02/2/2014 23:01

wow thats an incredible price target
I think the price has nothing in for an upturn in the UK business which will come
however we are a cyclical business so 300p...wow!!
maybe i wont sell at 100p,its just a tgt ive always had but will play it by ear.

[drewz] 31/1/2014 14:35

But Mr Rainmaker, the UK business is struggling: competition is fierce, margins are under pressure.

Surely they have to make better progress here with UK product offering and not be over-dependent on South Korea sales growth if they are to 'multibag' in the manner you suggest.

[rainmaker] 31/1/2014 13:54

Pat-you'd be a lunatic to sell out at 100p or 120p

regards

[rainmaker] 31/1/2014 13:52

Hi Pat, I hope you're well and not also suffering from flu, although I think I'm over the worst.I worked out many months ago that the Titon share price was going substantially north of 100p simply because the Company would generating a return on its tangible net assets of 83p a share beyond its cost of capital. I don't have any doubts that this Company will multi bag, probably to 250p/300p.

regards

[mr. t] 31/1/2014 12:21

The lack of interest in TON is startling given its solid balance sheet, low valuation, rosy future and strong share price appreciation.

This bodes well for the coming months as the good rns statements continue to roll in.

[someuwin] 31/1/2014 09:51

Good share price response here.

[patviera] 31/1/2014 09:29

rainmaker ..any thoughts?

[patviera] 31/1/2014 09:29

Nice stmnt
100p tgt
I bought in mid 40s so v happy
shame about my holding in summit but hopefully will bounce on good news.

[spob] 31/1/2014 08:24

yes and this was just for one quarter

[mr. t] 31/1/2014 08:22

Very nice.

Titon only made £505k pbt in the whole of last year (including a one off bonus of a legal settlement) which shows the progress being made. Much more to go here imho.