Titon Share Discussion Threads

[cjohn] 29/1/2010 11:53

Hello Rainmaker. Yesterday's interim management statement made, on the face of it, for mixed reading. UK construction activity has sloped off a little, in comparison with the previous quarter. Nonetheless, group turonver for the three months is 9% higher - thanks to increased sales in South Korea.

Cash remains healthy at 3 million sterling.

These are sharply undervalued: the downturn in their trading perfromance over the last couple of years has a clear cyclical component, and trading will pick up at some point.

[rainmaker] 03/1/2010 09:22

As it has a full listing it's isable

regards

[rainmaker] 03/1/2010 01:34

I firmly believe so with Titon making a £156k profit in the second half. Thought I should copy and post the following from another (VAL) thread here-

Take a Company I have recently mentioned,Titon Holdings(TON) as an example-currently,you get approximately £5.5mln of liquid assets less all liabilities for just £4mln but you also acquire their tangible fixed assets consisting Land,Property, Plant, Machinery etc of £4mln at no cost.That's some margin of safety for a share purchase that is 75% covered by the Company's cash. Ok, so understandably business isn't great at the moment with a recession but they have ruthlessly controlled costs-they have made a third of their staff redundant over the last two years and they even managed to make a £156k PROFIT in the six months to 30 September 2009(although they made a loss overall for the year).IMHO this is another example of "earnings myopia"-that's the stockmarket's obsession with a Company's short term earnings outlook at the expense of everything else.So the Company made losses in 2008 and 2009 but a profit in each of the previous six years. You might think that the outlook for this Company is dire but I would have to disagree. They have opened a new low cost manufacturing joint venture in Korea-something they should have done years ago and they are very likely beneficiaries in a growing move to energy efficient ventilation systems let alone possible changes in Building regulations that require trickle ventilators in all replacement windows.(this will be considered and an announcement is expected in the coming weeks.)

[wad collector] 11/12/2009 17:46

Todays cautiously optimistic results have obviously launched a devastating surge of activity on this BB.
The worst behind us?

[cockneyrebel] 25/8/2009 17:39

Perhaps - but was a tiny holding and couldn't be R's to keep watching it.

CR

[this_is_me] 25/8/2009 17:16

I have every intention of keeping my small holding until it becomes a large holding! Never sell a share unless you are sure it is going down is one of my investment rules. This is not going down.

[liarspoker] 24/8/2009 19:47

Well I tell ya something, someone is hoovering them up and it ain't me. I actually sold about 10K recently and the price didn't flinch.

[cockneyrebel] 24/8/2009 16:27

Just took my profitsd and sold.

Going higher I expect but I have so few and it's proved to difficult to get any more at a decent price. Was only holding 5k, not meaningful enough to keep really.

Good luck all.

CR

[cockneyrebel] 30/7/2009 11:16

:-)

Quite a decent statement LS, surprised it's marked down, are the mm's mad?

£2.4m cash after paying the divi, property and plant of £4m+ and a market cap of £3.8m.

Signs of stabilisation being seen now too. Over the worst imo - a nice buy I'd have thouight, shame they are so illiquid.

I'll continue to hold thanks and won't be selling for you to buy them :-)

CR

[liarspoker] 30/7/2009 11:10

Terrible T/S - sell this dog. :O)

[cockneyrebel] 20/7/2009 15:30

Right - you're as slow as me then :-)

CR

[liarspoker] 20/7/2009 13:59

Late reply: No it wasn't me CR. :O)

[cockneyrebel] 16/6/2009 11:39

:-)

Hasn't stopped creeping up here - my top up cost looks higher and higher if I ever get any now :-(

Is it you buying up CPSP too Liarspoker?

CR

[liarspoker] 12/6/2009 20:24

I was talking about TFL CR.....and don't call me a 'b't. ;O)

You'll get your 10K TON on Monday as I am on 2 weeks holiday from tomorrow. :O)

[cockneyrebel] 12/6/2009 16:17

Some 'b't screwd my buy with a 10K buy today - again.

CR

[cockneyrebel] 12/6/2009 16:16

Debt position? They had net cash balance of £2.5m at the interims. No bad for a co with a mkt cap of £2.9m and paying 2p divi per year.

CR

[liarspoker] 11/6/2009 19:16

Well you bought at 25p when I had an order in at 23p so no sympathy from me there. :O)

Quite a few net net asset stocks about still. Missed TFL though....and I was so close to pulling the trigger. Can't remember why I didn't buy - the debt position perhaps. I got a small few ACTA. Trading at over 50% discount to working cap less all liabilities. Note in the account reckons property and land is understated on the balance sheet too.

[cockneyrebel] 11/6/2009 19:12

no, I tried to get 10K after that 10K went through but no luck, not even 5K. Three times someone's beaten me to stock that was about.

Got some more CPSP tho - again, murder to get hold of - but a PE of 4, great growth record and the order book higher than what it was last year says forecasts are way too cautious imo.

CR

[liarspoker] 11/6/2009 19:04

Did you buy today CR ?

One trade of 10K showing. Do these trade on Plus ?

[cockneyrebel] 11/6/2009 17:59

well you did better than me then, I couldn't even get 5K.

Some beggar has beatem me to the stock here 3 times now .

CR

[tdoghouse] 11/6/2009 15:02

Well, I finally managed to get 5K today via RBS.

[liarspoker] 10/6/2009 20:57

3 largish ( for an illiquid stock ) trades today:

10K @ 30p
25K @ 26.6p
10K @ 26p

Looks like 1 buy and two sells but no movement in share price ? Normally trades this size would quite obviously move the price.

Any thoughts ?

[liarspoker] 09/6/2009 10:59

I got 5,000 shares this AM.

Waited for the BB punter activity to die down.

Still trading at a nice discount to stock X .5 + Receivables X .75 + Cash minus ALL liabilities.

Plus the fixed assets contain +- £2m land and property from memory. :O)

[tdoghouse] 21/5/2009 20:34

How difficult is it to buy this thing! Max amount of 2000 shares from SippDeal - thats not even an online amount.

Shame as the fundamentals look great.

[cockneyrebel] 14/5/2009 21:51

I found the divi a sign of confidence.

What many won't know is these have been going 42 years. They must have been there, seen it and done it - going bust I doubt, they have been through about 4 recessions.

That divi costs £100K - they can easily afford it.

I know someone that uses their products too, they are recommended for things like mould growing in buildings from condensation, quite a problem and they are the market leaders.

I've looked back at the past performance too - on the first bit of good news these will probably double through the illiquidity - that have often doubled in days in the past.

Ok, you can only buy about £1.5K or so but it looks as safe here as anywhere and one day in the next year they'll RNS good news and it will be like having a winning scratchcard that I forgot was in my pocket - it's on a chart low too.

Anyway, appreciate your comments Sheik.

CR