Tricorn Share Discussion Threads

[yoyoy] 05/12/2011 15:12

My one concern

"This was as a result of a key customer changing its payment terms by an average of two weeks,"

[interceptor2] 05/12/2011 14:13

Positive write up in GCI. See below...



ic2...

[cockneyrebel] 05/12/2011 11:52

A flat H2 alone would be just under 3p eps for the year.

Rather decent results I thought and looks like the PE could be under 7 imo.

An interim divi too.

CR

[interceptor2] 05/12/2011 09:42

These results were better then I had expected and beat my forecasts, I had expected net margins of 3.66%, but they achieved 4.04%. Not even a mention of macro economic events in the statement, you don't see that very often.

They said that they were confident of meeting market forecasts, well I'm confident now that they will beat forecasts. 3.5p EPS ?

Aerospace division now at a much reduced operating loss of £0.045m, look at the breakdown of the last three half years below.

2010 H1 = £0.169m loss
2010 H2 = £0.114m loss
2011 H2 = £0.045m loss

So very likely a small profit for the full year which would add again to margin figures.

Plus borrowings paid off early which will reduce the finance charge, and they are confident enough now to pay a maiden interim devidend.

I did buy some more at the open.

ic2...

[cfro] 05/12/2011 09:12

Thanks for the full set of results via the link IC2.....on the ball as usual!!

Yes, superb results.

Margin improvement plus debt all gone and now in net cash!

Havent as yet bought any more shares, but i dare say i will do at some point.

[daz] 05/12/2011 08:08

Loan repaid ahead of time, interim dividend declared, looks like a company with confidence in the future, despite the current wider economic issues.

[interceptor2] 05/12/2011 07:50

Great results.

On ADVFN and some other sites the results are only showing the highlights, for results showing full balance sheet go to

ic2...

[wowy] 03/12/2011 16:28

Sadly I think the late uplift was down to me adding 40K at 25.75 so no great insight just a long term holder adding to a position. Hopefully the results will support the price as my reluctance to add was due to the recent weakness ahead of the results.

These micro caps can easily be moved by minor trades as this £10K adds £250K to market cap.

W

[cockneyrebel] 03/12/2011 11:05

Started firming again on Friday ahead of the results.

CR

[cfro] 02/12/2011 18:24

:0))

Bought another 5000 shares this morning IC2. Cant wait for the interims! LOL :0))

Yes, tho, you are quite right i will be buying more if the results are good....which i thoroughly expect they will be!

[interceptor2] 01/12/2011 19:14

It may seem a strange comparison using CMH, but I have often found they have a similar trading performances.

Not in CMH at the moment, only because I prefer TCN.

The other uncanny bit is that I also brought 10000 shares (but at a higher price), and I bet you are also looking to increase if the Interims are positive and net margins continue to increase. :o)

ic2...

[cfro] 01/12/2011 18:23

Pulled the trigger today IC2...finally!! :0)

10,000 @23.6p.

Your post is uncanny. Not only did i buy about an hour or so before but i was also going to ask you how you perceived CMH's results?

I had a quick look again at them this morning to try to 'read across' to what might be expected with TCN's results.

I though they were ok.

[interceptor2] 01/12/2011 14:58

A few buyers appearing now before the Interims on Monday.

I thought CMH results were very good this week, and though different products from TCN, their UK and European markets seemed to have seen no effects from any economic events.

With the last strong trading update in October from TCN, I will be looking forward to the Interims.

ic2...

[yoyoy] 26/11/2011 15:47

...but without the buyers

[cockneyrebel] 26/11/2011 11:05

In markets like this many punters just want out and when a stock like this, (which is pretty illiquid) starts to fall then each small sell triggers another tick down and makes any sellers want to be out even more if they can't take the pain imo.

Creates some very oversold situations at times that create bargains for buyers imo. The trading update in October was good and while things could have suddenly taken a turn for the worst I doubt it myself, more likely to be just the herd mentality capitulating in this market imo.

CR

[interceptor2] 26/11/2011 10:51

It seems to me that yesterdays fall was caused by one large seller, who started selling a few 5000 lots NMS @ 26p. Then another 5 transactions of 5000 @ 26.5p and 26p, keeping at the NMS to get the shares away at a decent price.

The last 45k @ 22p, I don't know, it looks like a panic sale to me to raise cash. I don't understand that though, I would have thought it would have been better to just keep selling in 9 x 5000 lots.

ic2...

[jbarker5555] 23/11/2011 22:41

From the trading update:

"Operating profit margins for the Group continue to improve with the focus on the Aerospace Division yielding the most significant progression. PBT* for the half year is expected to be ahead of the previous six months representing the fourth consecutive period of profit growth.
Full year PBT* is expected to be in line with market expectations."


Previous 6month was 0.58m so likely to be 0.6m. Maybe being slightly cautious saying fully year in line? Possibly leaving room to beat? IMO :)

[interceptor2] 23/11/2011 20:34

I agree about these markets, It feels like autumn 2008 again, but small caps seem to be holding up well. I'm not buying much at the moment, but trying to keep a decent cash balance to take advantage when this bear market turns.

But I am holding more now (7 stocks), than in 2008 when I only held one stock EDD.

My reason for buying TCN before the interims was that I could pyramid my purchases, with an initial purchase with a smaller downside risk if results aren't as good as hoped for. But I would add if the Interims are positive.

ic2...

[cfro] 23/11/2011 18:09

That is a very clever piece of research IC2...well done!! :0)

So....we could see quite an improvement in margins and EPS. Stil havent got round to buying yet, these markets are making me want to sit on my hands. I've gotta jump in at some point tho.

[interceptor2] 21/11/2011 20:30

I have just been checking the break down of net margin for each division in the last full year report. Overall TCN achieved 3.2%.

Energy = 5.8%
Transportation = 6.2%
Aerospace = Loss
Utilities = 9.1%

Aerospace loss was due to higher material cost and a delay in passing these on which led to margin pressure.

In October's trading update they said "Operating profit margins for the Group continue to improve with the focus on the Aerospace Division yielding the most significant progression"

Aerospace division had 23% of group revenue, a return to a profit in this division would have a very positive impact in group net margins and EPS figures imo.

Interims 5th December

ic2...

[jbarker5555] 17/11/2011 20:45

cfro - Don`t tell us about it, just buy!! (ps I do hold since 16p, sold half at 37)

By the way, what are you holding to not have a stake here? :)

[cfro] 17/11/2011 18:34

TCN is right at the top of my watchlist and to be quite honest i have no idea whatsoever why on earth i havent got round to buying this yet!..........

[interceptor2] 17/11/2011 10:38

Brought an initial position here this morning, and would like to top up at the Interims. Managed to buy well inside the spread @ 26.75p.

Have spent the last few hours researching TCN, and came the conclusion that they are still a great Zulu growth stock with a balance sheet that is becoming stronger. Also the more I read the last trading update, the more convinced I became that the next Interims 5th December should be rather good.

When I sold in August I did express concerns about TCN being too UK focussed, but that was incorrect, because they do export 66% of goods mainly via OEM companies.

Nice base on the chart also.

ic2...

[cockneyrebel] 25/10/2011 11:20

Dunno why it came off yesterday - a shake?

bouncing now tho.

CR