Month: August 2019

Research – One Stop Systems (OSS) – A Solid 2Q Rebound Sets Up the Second Half of 2019

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Friday, August 9, 2019

One Stop Systems (OSS)

A Solid 2Q Rebound Sets Up the Second Half of 2019

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems.

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

Refer to full report for price target, fundamental analysis and rating.

  • 2Q19 Results. Driven by the capture of business that spilled over from Q1, revenue increased 153% year-over-year to a record $14.9 million. Reported EPS came in at a loss of $0.11 compared to a loss of $0.12 last year. On an adjusted basis, EPS for the second quarter was $0.06 compared to a loss of $0.10 in the 2018 second quarter.
  • Keep on Winning. During the first half, One Stop won 11 new design wins with multi-year values in excess of…


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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 – Genco Shipping (GNK) – A Tough Quarter But Rebound Ahead

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Friday, August 9, 2019

Genco Shipping (GNK)

A Tough Quarter But Rebound Ahead

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels.

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

Refer to full report for price target, fundamental analysis and rating.

  • 2Q2019 EBITDA of $5.4 million was well below expectations. Lower TCE revenue of $5.8 million and higher opex of $2.6 million were the main drivers of the shortfall.
  • Lowering 2019 EBITDA estimate to $79.8 million (from $102.4 million) to reflect the
    2Q2019 negative variance, 3Q2019 forward cover, and updated dry dock data.     2019
    TCE rate estimate is $11,372/day, and 65% of available…




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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 – Avino Silver & Gold (ASM) – Entering the Second Half with Strong Liquidity and Leverage to Higher Commodity Price

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Friday, July 19, 2019

Avino Silver & Gold (ASM)

Entering the Second Half with Strong Liquidity and Leverage to Higher Commodity Price

Avino Silver & Gold Mines Ltd. engages in the acquisition, exploration, development, production, and sale of mineral properties in Canada and Mexico. It primarily explores for gold, silver, copper, zinc, and lead deposits.

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

Refer to full report for price target, fundamental analysis and rating.

  • Second quarter results roughly in line with our expectations. Avino Silver & Gold Mines Ltd. reported a second quarter loss of $166 thousand, or ($0.00) per share, compared to earnings of $839 thousand, or $0.02 per share during the prior year period and our net income estimate of $217 thousand, or $0.00 per share. Second quarter results were negatively impacted by 5 days of unplanned downtime at the San Gonzalo mine and an expected decline in grades as the San Gonzalo mine approaches the end of its life. Second quarter EBITDA were $350 thousand, compared to $2.4 million during the prior year period.
  • Updating estimates. While our 2019 EPS estimates remains unchanged, we have increased our 2020 EPS estimates to $0.11 from $0.10. Revisions to our estimates reflect…



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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 – The McClatchy Company (MNI) – Significant Progress Toward Maintaining Cash Flow

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Friday, August 9, 2019

The McClatchy Company (MNI)

Significant Progress Toward Maintaining Cash Flow

The McClatchy Co is the third-largest newspaper publisher in the United States, operating 30 dailies and approximately 50 nondaily publications in 29 markets nationwide.

Michael Kupinski, Senior Research Analyst, DOR, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Overachieves second quarter expectations. While revenues were a little lighter than expected, the company’s earlier cost reductions significantly kicked in. As a result, cash flow from continuing operations (excluding asset sales) was nicely better than expected ($26.3 million versus our $22.6 million estimate). Notably, the company was able to maintain EBITDA margins at 14.7%. 
     
  • Disruption not as bad as feared. The company implemented a number of sales and structural strategies at the company in the second quarter, which potentially…




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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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 – Coeur Mining (CDE) – Momentum Building in the Second Half?

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Friday, August 9, 2019

Coeur Mining (CDE)

Momentum Building in the Second Half?

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. The company is involved on the discovery and mining of gold and silver, and generates the vast majority of revenue from the sale of these precious metals. The operating mines of company are palmarejo, rochester, wharf, and kensington.

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

Refer to full report for price target, fundamental analysis and rating.

  • CDE reports second quarter loss. The company reported a second quarter adjusted loss of ($0.11) per share, compared to earnings of $0.01 during the prior year period and our estimate of ($0.10). Adjusted EBITDA amounted to $30.6 million versus $48.4 million during the second quarter of 2018 and our estimate of $26.0 million.
  • Updating estimates. While our 2019 estimates remain unchanged, we now project 2020 EPS of…



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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 – ACCO Brands (ACCO) – New $100 Million Share Repurchase Authorization Continues Capital Return Theme

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Thursday, August 8, 2019

ACCO Brands (ACCO)

New $100 Million Share Repurchase Authorization Continues Capital Return Theme

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International.

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

Refer to full report for price target, fundamental analysis and rating.

  • Added Buyback Authorization. Yesterday, ACCO announced its Board had approved an authorization to repurchase up to an additional $100 million of common stock, increasing the combined authorization to $169.6 million, or roughly 18% of the outstanding market capitalization. The announcement continues a return of capital trend at ACCO.
  • Past Activity. Since the original October 2015 $100 million authorization and $100 million addition in February 2018, ACCO’s share repurchases have unfolded as follows…




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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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) – Will they really be able to convert this backlog efficiently?

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Thursday, August 8, 2019

IEC Electronics (IEC)

Will they really be able to convert this backlog efficiently?

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.

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

Refer to full report for price target, fundamental analysis and rating.

  • Fiscal Q3 Results. Strong revenue growth and margin expansion in Q3 showed that IEC is able to efficiently convert on its growing backlog despite ongoing supply chain constraints. Third quarter revenues of $40.3 million roughly met our expectations reflecting year-over-year growth of 35.4% or 8.1% sequentially. EBITDA margins improved to 6.5% up from 3.7% in Q3 2018 meeting our expectations.
  • It’s Still Growing. Backlog again grew to about $218 million by quarter end, which reflects an increase of over 64% over year end 2018 for a book-to-bill ratio of…




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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 – Orion Group Holdings (ORN) – A Construction Award Bolsters Robust Outlook

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Thursday, August 8, 2019

Orion Group Holdings (ORN)

A Construction Award Bolsters Robust Outlook

Orion Group Holdings Inc is a US-based company which provides solutions in marine construction, design and specialty services both on and off the water in the continental US, Alaska, Canada, and the Caribbean Basin.

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

Refer to full report for price target, fundamental analysis and rating.

  • Another construction award. A $26 million award for concrete related work on a 45-story residential tower in Austin is another positive. The work should begin in 4Q2019 and run about 19 months. The larger and longer contract improves the mix and is positive for the construction outlook.
  • Pickup expected with large project on the horizon. About $1.3 billion of bids remain outstanding so…




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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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 – Kelly Services (KELYA) – Will the Second Half of 2019 Be Better than the First Half?

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Thursday, August 8, 2019

Kelly Services (KELYA)

Will the Second Half of 2019 Be Better than the First Half?

Kelly Services provides workforce solutions to a diversified group of customers in three regions: the Americas; Europe, the Middle East, and Africa (“EMEA”); and Asia Pacific (“APAC”). The customer base spans a variety of industries and includes more than 90 percent of the Fortune 100 companies. In 2018, the assigned approximately 500,000 temporary employees to a variety of customers around the globe.

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

Refer to full report for price target, fundamental analysis and rating.

  • 2Q19 Results. Kelly Services reported revenue of $1.37B, down 1.4% for the quarter, and EPS of $2.12, although this number includes a number of positive items, compared to a loss of $0.40 in the same period last year. On a like basis, EPS would have been $0.-— compared to $0.54 last year.
  • Top Line The Issue. A difficult top line is the reason behind the miss, with comparable sales…




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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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 – TherapeuticsMD (TXMD) – Promising Quarter Signaling to a Positive 2H 2019

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Thursday, August 8, 2019

TherapeuticsMD (TXMD)

Promising Quarter Signaling to a Positive 2H 2019

TherapeuticsMD Inc is a major drug manufacturing with a focus on creating and commercializing products targeted exclusively for women. The company intends to commercialize advanced hormone therapy pharmaceutical products.

Ahu Demir, Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Exceeded our expectations. TherapeuticsMD reported the second quarter revenues of $6.1million (mm) beating our estimate ($4.7mm). The company also slightly raised full year 2019 revenue guidance to a range of $29.5-34.2mm from $27.1 to 33.1mm. This increase was derived from prenatal vitamin business, rather than FDA approved product revenues.
  • Increasing payers coverage is fundamental. The company is on track securing last few top commercial (covering 71% commercial lives) and Part D payers. The contract amendments and decisions are expected…




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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 – Tribune Publishing (TPCO) – Another Beat And Raise; Will Investors Take Notice?

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Thursday, August 8, 2019

Tribune Publishing Company (TPCO)

Another Beat And Raise; Will Investors Take Notice?

Tribune Publishing Co, formerly Tronc Inc is a print and online media company that publishes various newspapers and websites, such as The Chicago Tribune, Los Angeles Times, Baltimore Sun, San Diego Union-Tribune, and the Orlando Sentinel. The company creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating. 

  • Overachieves second quarter. Revenues were $250.3 million, which was better than our $243.7 million estimate. Cash flow (Adj. EBITDA) beat our expectation ($24.4 million versus our estimate of $20.5 million). The company benefited from a sequential improvement in print advertising trends and strong revenue growth at Best Reviews (up 43%). 
  • Better than expected Q3 guidance. Q3 revenue is expected between $235 mil. and $240 mil., which is better than our $227.9 mil. estimate. In addition, adjusted EBITDA guidance range of…

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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. 

Markets see a slight calm: how long will this last?

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Markets see a slight calm: how long will this last?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section)

With the surprise weakening of the yuan on Monday, the market went into shock and investors sought safer investments. Export data from China released on Thursday however, gave investors a slight sense of relief and stocks saw a tentative recovery. The fears of a recession are still up in the air, as the end of the ongoing tensions are unknown.  

IPO Podcast – Patrick Drake

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1 minute preview above. Click below to listen to the full episode.

The idea: Drive a meal-in-a-box start-up to #1 in the world in six years. Meet Patrick Drake.

Former Wall Street firm lawyer to Head Chef and Co-founder of HELLO FRESH – the largest meal-kit provider in the world (market-cap $1.5 billion, sales $1.3 billion) – Patrick Drake has proven what it takes to topple competition and build brand recognition in an industry that, well, didn’t even exist 10 years ago. Find out how he swapped-out his pinstripe suit for a chef’s hat and created a business built on passion. Full episode available August 8th, 2019.

GUEST:

Here’s a Type “A” Personality, who hired Type As, and that A-team build the largest meal-kit provider in the world with annual sales of more than $1.3 billion. And they assembled their first kit by hand only eight years ago. Listen in on how hard work, perseverance and an unwavering passion for getting it right, can pay huge dividends. The inspiring story of Patrick Drake, Head Chef and Co-founder of Hello Fresh… on IPO.

Running time 48:24

HIGHLIGHTS:

11:18 – Interview with Patrick Drake

14:30 – “We’re now delivering over 20 million meals a month in 12 countries”

24:12 – “The investor who backed us in the beginning is to this day our biggest investor”

HOST:

Brant Pinvidic, Hollywood producer and director (Bar Rescue, Biggest loser), C-level corporate consultant, columnist for Forbes and author (3-Minute Rule – Penguin Random House, October 2019).

The most innovative Ideas, the inspirational People behind them, and the wealth of Opportunities they create… that’s IPO from Channelchek.

watch the IPO series trailer