Titon Share Discussion Threads

[pugugly] 03/12/2020 08:57

No liquidity - either up or down and horrible spread - Virtual family control so if buy in quantity potentially locked in - NAV nice (on paper) - So (imo) one for youngsters only with long timelines -

[wad collector] 03/12/2020 08:28

Not much to say when the news is rare and most of the business on the other side of the globe.

[argylerich] 02/12/2020 17:12

shhhh it's a hidden gem ;-)

[inthemix] 02/12/2020 16:14

Anyone here? No selling which is good but no buying either haha

[its the oxman] 24/11/2020 16:29

Nice to see a few more small buys today.

[likitorma] 20/11/2020 11:16

NT to buy.

[its the oxman] 13/11/2020 15:42

Looks like all sells still today. Very tempting bar the horrible spread.

[netcurtains] 19/10/2020 16:28

From todays BBC - German Gov going to spend £500M on improved ventilation to fight covid

[netcurtains] 11/10/2020 08:23

This is the finalist in the ventilation awards:


It includes these (I guess) covid related features (perhaps its these sort of features that are helping sales both here, the USA and in South Korea):

A) Effective in reducing pollutants in the home and improving Indoor Air Quality (IAQ), therefore reducing the risk of Toxic Home Syndrome

B) Antimicrobial (Microban® – integrated hygiene protection)

[wad collector] 09/10/2020 10:17

Assuming that it survives Covid , there seems little reason that in a couple of yrs this should not be valued at £2 again.

[argylerich] 09/10/2020 09:27

Even if this year (and possibly the next with Covid still running) is used simply to steady the ship and not pay divis, going forward this is one of those companies that emerges debt free and ready to take full advantage of opportunities arising.

[inthemix] 09/10/2020 09:15

Cracking little share this, I'm in ":^)

[jane deer] 09/10/2020 08:49

Generating £800,000 of cash April to Sept is impressive - without any government help (I presume the VAT deferral was repaid before end-Sept, although the text does not make this 100% clear). Working capital has clearly been tightly managed.

[netcurtains] 09/10/2020 08:17

thanks 'Its the OXMAN'. Do you know how much construction shrinks in wet summers in Korea? Is there a weather to construction graph I can look at? I know there is a housing bubble/boom in Korea but that is about the limit of my knowledge.

ps - I've found it. Wet days can delay construction by 21%. So the next million dollar question is how much wetter was this summer in Korea then normal?

OK - I've looked up the tables. Korea's July and Augusts are always wet (dry summers are an exception):



Phew!

[its the oxman] 09/10/2020 08:15

Generally positive but I think s korea is the big profit driver so the wet summer impact might limit short term upside.

[netcurtains] 09/10/2020 08:03

As this is a near "net-net" stock (using my basic definition) I guess a good trading update can only shift the price one way. The million dollar question is by how much and over how long a period?

[netcurtains] 09/10/2020 07:35

I bet the chap who marked down my post "Ventilation is important" is feeling a bit of an idiot now. 😀

[argylerich] 09/10/2020 07:19

Positive early update 😎

[netcurtains] 06/10/2020 11:00

Ventilation is important.

[wad collector] 05/10/2020 16:33

profdoc "Wad Collector: I can see you are very interested in economics so you might want to pick up a paper I co-authored, published in the Journal of Investing "Testing Benjamin Graham's Net Current Asset Value Strategy in London" Ying Xiao and Glen Arnold, Winter 2008"

I think I missed that publication first time round , but I just forwarded a copy to Kim Jong-Un for his education.

[netcurtains] 02/10/2020 14:31

profdoc: MCS (from 2020 accounts - half year)
current assets 869 - 1/5 = 696
total liabilities = 311
Mrk Cap = 394

696 - 311 > 394 so it is not quite a net-net by your definition (more or less).

Then you have problems with trying to sell houses to old people in an old people pandemic when most of them are probably still "shielding" and will be for ages.

Then are the assets actually the unsaleable houses? if so its possibly worse.

I think TON - using the looser net-net model (80% of basic net-net) is better because ventilation actually could do quite well during covid. It depends on next update.

of the two gut feeling is TON is better than MCS.

However, you're right, MCS could fly when things get better (but so could TON)...

Good luck. A reasonable idea but I'm not sure the old will be moving anytime soon .

I'm in Titon and I have a good feeling about it - but it will be a while yet.

[netcurtains] 02/10/2020 13:22

profdoc: Thats weird, Wall Street Journal does not have balance sheet for MCS but it does have TON.

Is there any reason why WSJ does not have balance sheet info for MCS? Have they recently changed their ticker symbol (year or so)?

[profdoc] 02/10/2020 10:26

BTW I've continue my interest in Titon after selling out of what was a NCAV back May 2016
It definitely was a NCAV when I bought at 37.9p 5 September 2013, but it was not when I sold at £1.06 in May 2018.

I'm still waiting to get back in. Currently there is no margin of safety there.

[profdoc] 02/10/2020 10:19

A very interesting discussion - thank you gentlemen. I'll throw one in that I bought yesterday. Even if you knock one-third off McCarthy and Stone's inventories and one-fifth off receivables it is what I refer to as a Net Current Asset Value investment. Inventories consist of properties (£709m). MCap £380m

Wad Collector: I can see you are very interested in economics so you might want to pick up a paper I co-authored, published in the Journal of Investing "Testing Benjamin Graham's Net Current Asset Value Strategy in London" Ying Xiao and Glen Arnold, Winter 2008.