Month: February 2019

Research – Scorpio Bulkers (SALT) – Lowering price target

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Tuesday, February 12, 2019

Scorpio Bulkers (SALT)

Global Growth and Trade Concerns Dampen Near-term Rate Outlook.

Scorpio Bulkers Inc
is a shipping company based in Monaco. It owns and operates a fleet of modern
mid to large-size dry bulk carriers which provide marine transportation for
major bulks, which include iron ore, coal and grain and minor bulks which
include bauxite, fertilizers and steel products internationally.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

  • Adjusting
    EBITDA estimates     to reflect 1Q2019 contract cover, time charters, recent dry bulk market weakness and scrubber installations. Lowering adjusted 2019 EBITDA estimate to $110.3 million (from $143.4 million) and TCE rates to $11,938/day (from $13,823/day), which represents a modest improvement over adjusted 2018 EBITDA of $107.3 million and TCE rates of $11,844/day.
  • NobleCon
    XV Transportation Panel offered positive long-term outlook for dry bulk
    industry.     Our conference panel of five seasoned executives from three dry bulk and two tanker companies reinfo…


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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

News – Trump vs Obama: Who did the first two years better?

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Trump versus Obama: an economic review of the Presidents’ first two years.

(Note: related
companies are at base of the story and all the sources listed in the
“Balanced” section)

The first half of President Trump’s first term of office is over.  And whether or not the administration did a good job in office probably depends on one’s political persuasion.  But what do the facts say?  As you might expect, some data points favor the Trump administration and some favor the Obama administration.  This article is not meant to be a commentary on performance but simply a scorecard of key economic indicators during each president’s time in office.  Here’s a look at the two presidential economies at the midpoint of their first term.

A MUST WATCH – panel of key opinion leaders – a cure for diabetes

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Is science on the threshold of a cure for diabetes?

9.4% of the American population has diabetes. It’s the seventh
leading cause of death with a total cost of diagnosed diabetes topping $325
billion annually.* According to key opinion leaders, this is about to change.

Led by Dr. Camillo Ricordi, the Chief Academic Officer of the
Diabetes Research Institute of the University of Miami, a panel of experts will
discuss how we are steadily moving towards life-changing cures for this
devastating disease. Filmed live from NobleConXV, January 29, 2019 (HD video, approximately
one hour). 

Watch the Video Now

*Source American Diabetes Association

The business of cannabis – WATCH an industry panel break it all down

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Cannabiz – is it all smoke and mirrors or do opportunities abound?

With the growing legalization of cannabis, so too are investment opportunities with the market for legal weed forecasted to be more than $20.2 billion by 2021.* With marijuana companies cropping up on a daily basis looking for investors, how can you cut through the clutter and pick the winners? Watch this distinguished panel of industry representatives, from all aspects of the business, break down the current state of the business. Filmed live from NobleConXV, January 29, 2019 (HD video, approximately one hour).

Watch the Video Now

*Source FiveThirtyEight

WORTH READING – Electric Cars, OPEC Today, FED Impact

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Get
the bullish, bearish and balanced angle on the events that might shape our
future. And the future of the companies poised to gain or lose.

All the talk about electric cars; with 1% of
global cars sales, why is anyone listening? Read it Now

Is OPEC still the ruler of global price-setting
or does the “O” now stand for obsolete? Read it Now

The FED has raised rates at the displeasure of
the President; is there reason to panic? Read it Now

Research – Pangaea Logistics (PANL) – NobleConXV Highlights

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Friday, February 8, 2019

Pangaea Logistics Solutions (PANL)

NobleCon XV presentation highlights strong competitive position.

Pangaea Logistics
Solutions Ltd and its subsidiaries provide seaborne drybulk transportation
services. It transports drybulk cargos including grains, coal, iron, ore, pig,
iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and
limestone. 

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

  • NobleCon XV presentation highlights
    strong competitive position.     CFO Gianni Del Signore presented at our conference and he highlighted the the three pillars of the long-standing and consistent operating strategy. PANL remains focused on: 1) executing a unique business model generates solid revenue outperformance versus dry bulk market indices; 2) maintaining a unique asset base and opportunistic growth strategy with well-timed acquisitions; and 3) utilizing a cargo centric approach capitalizes on strong customer relationships and tempers exposure to shipping market cycles. The business model has generated consistent results over several dry bulk cycles and no surprises are expected when FY2018 operating results are reported in early March.
  • Transportation Panel at NobleCon XV offered
    positive views of the dry bulk market.     Our conference panel of five seasoned executives from three dry bulk and two tanker companies reinforc…


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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – IEC Electronics (IEC) – Raising price target

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Thursday, February 07, 2019

IEC Electronics (IEC)

Bookings momentum accelerates into 2019.

IEC Electronics Corp.
provides electronic manufacturing services (EMS) to technology companies in the
United States. It involves in the custom manufacture of circuit cards, system
level assemblies, and an array of custom cable/wire harness assemblies. The
company also provides electronic manufacturing services primarily for wireless
communication systems, test diagnostic equipment, military and defense systems,
transportation products, and medical instrumentation.

Christian Herbosa, Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

  • Significant
    Top Line Beat.     Fiscal Q1 revenue was $35.4 million beating our estimate of $34 million. On a sequential basis revenue grew 3.6% over Q4, which is a meaningful increase considering Q1 revenue typically experiences a seasonal drop. As the seasonally lowest sales quarter, these results imply strong year-over-year growth in 2019 assuming revenue can build sequentially throughout the year.
  • Organic
    Growth Momentum.     IEC continued to attract new work driving backlog up over 15% during the quarter. Industry-wide component shortages have created an obstacle to converting thi…


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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Aurania Resources – Financing 2019 Growth Initiatives

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Thursday, February 07, 2019

Aurania Resources Ltd. (ARU:CA)

Rights offering leads the way in financing 2019 growth initiatives.

Aurania Resources
Ltd. is a Canada-based junior mining exploration company engaged in the
identification, evaluation, acquisition, and exploration of mineral property
interests, with a focus on precious metals and copper. Its flagship asset, The
Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of
Morona-Santiago. The company also has several minor projects in Switzerland.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

  • Rights
    offering expires March 6.      Aurania recently announced a rights offering to raise up to C$6.35 million.  Eligible shareholders were entitled to one right for each share held at the close of business on February 4, 2019.  For every fourteen rights held, shareholders are able to purchase one common share for C$2.70 per common share until 5:00 pm ET on March 6, 2019.  The shares recently closed at $2.85 per share.
  • Rights
    began trading on February 1.      The rights began trading on the TSX Venture Exchange under the symbol ARU.RT on February 1 and will trade until 12:00 pm ET on March 6, 2019.  If sha…


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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Information Services (III) – NobleCon 15 Highlights

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Tuesday, February 05, 2019

Information Services Group Inc. (III)

NobleCon 15 presentation highlights digital, RPA business.

Information Services
Group (ISG) (III) is a leading technology insights, market intelligence and
advisory services company, serving more than 500 clients around the world to
help them achieve operational excellence. ISG supports private and public
sector organizations to transform and optimize their operational environments
through research, benchmarking, consulting and managed services, with a focus
on information technology, business process transformation, program management
services and enterprise resource planning.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

  • NobleCon 15. ISG management’s presentation at NobleCon 15 highlighted the Company’s ongoing expansion in the digital and Robotics Process Automation (RPA) markets. With some 53% of surveyed firms reporting significant investments in RPA and 44% investing in the cloud to achieve operational cost savings goals, according to a 2018 study, we believe ISG is in the right place at the right time.
  • Revenue Mix Continues To Trend Upwards. As we stated in prior reports, the rapid adoption of RPA services is continuing, with revenue now at a $25 million run rate. In addition, recurri…


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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.