Trifast Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9551503
"Singer reiterated its "buy" recommendation for Trifast (TRI) with a 52p target price. The nuts and bolts manufacturer said that the integration of its Power Steel acquisition is progressing in-line with expectations and the broker believes that further capacity utilisation will be achieved in the 2013 financial year. Singer's earning forecasts put the shares on a prospective multiple of 10.8 times for the 2012, falling to 9.7 times in 2013, which the broker noted is a 15% discounted to the UK capital goods sector. Trifast shares advanced by 0.5p to 45.5p."

My view is that the synergistic benefits of the Power Steel integration are very undervalued. The TRI "self help" iniatives in sales & input costs will also lead to "better than expected" results.

My own 12 month target is therefore 60p+. By Stephen Maturin ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=9551503&action=detail Wed, 18 Apr 2012 18:24:00 GMT Stephen Maturin tag:iii.co.uk,2003:tst.9547687 http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=9547687&action=detail Wed, 18 Apr 2012 07:51:00 GMT moneybeingmade tag:iii.co.uk,2003:tst.9363011 Today (2012-02-28 17:51:29)
http://bit.ly/zlQvWD By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=9363011&action=detail Tue, 28 Feb 2012 17:27:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.9328965 February 21. at 5:52 pm
http://bit.ly/AwZW6I By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=9328965&action=detail Tue, 21 Feb 2012 17:16:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.9308318 Friday, Feb 17 2012 by Edison Investment Research
http://bit.ly/wvdHYR
Click for report
http://bit.ly/yoyfDg By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=9308318&action=detail Fri, 17 Feb 2012 11:46:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8970139 ')" target="_new" rel="nofollow">http://www.investorschronicle.co.uk/2011/11/17/shares/news-and-analysis/trifast-picks-up-speed-wccfFIify4xWuCL8d4RGCI/article.html
Trifast picks up speed
By Lee Wild, 17 November 2011

Trifast's results reflect further progress on pricing, improved sourcing and sales, and importantly there is little sign of momentum slowing. The industrial fasteners firm is "comfortable" with market expectations, despite the eurozone sovereign debt crisis, and a new acquisition in Malaysia is highly complementary.
In the first half, underlying operating profit grew by a third to £2.67m, driven largely by a 63 per cent profit surge in the UK to £1.45m and 19 per cent increase in revenue to Europe and the US. A greater focus on the European motor industry and the company's restructured US division, now in profit, helped there. Those contributions were certainly needed as the Asian unit failed to trump last year's stellar performance.
Still, £14.4m of sales in the Far East was 10 per cent higher than sales in the second half of the financial year to March 2011. Renegotiating contracts and better sourcing aided margin recovery, and improvements will continue to come through during the second half. Buying high-tech fasteners maker Power Steel for a net £12.2m – partly funded by an £8m placing at 37p – will help. That deal was announced alongside these results and, with an adjusted pre-tax profit margin of 17 per cent, Arden Partners estimates that it will enhance group net margin by 1.1 percentage points in the year to March 2013. For the current year, the broker expects adjusted EPS of 3.6p (3.2p for 2011).
TRIFAST (TRI)
ORD PRICE: 40p MARKET VALUE: £34.1m
TOUCH: 39-42p 12-MONTH HIGH: 54.75p Low: 35p
DIVIDEND YIELD: NIL PE RATIO: 17
NET ASSET VALUE: 52p* NET DEBT: 17%
Half-year to 30 Sep Turnover (£m) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p)
2010 52.0 1.48 1.37 nil
2011 55.4 2.13 1.77 nil
% change +7 +44 +29 –
*Includes intangible assets of £16.4m, or 19p a share
IC View:

Trifast's management is certainly keeping to its mantra of "underpromise and overdeliver". The acquisition is attractive, a forward PE ratio of 11 is below the sector average and the shares are good value. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8970139&action=detail Fri, 18 Nov 2011 22:22:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8963847 http://www.edisoninvestmentresearch.co.uk/researchreports/trifast171111update.pdf
Thu, Nov 17, 2011 at 4:20 PM

The £15m acquisition of Power Steel, of Malaysia, represents an earnings enhancing deal that also fits neatly with existing operations and the stated group strategy. Meanwhile, interim results are at the upper end of City expectations, reinforcing immediate estimates, despite the challenging trading climate. The shares have justifiably been marked up on the announcement, but continue to offer real value.

Trifast is a leading global manufacturer and distributor of industrial fasteners. Principal operations are in Europe and South-East Asia, with a modest, but growing presence in North America.

Year
End Revenue
(£m) PBT
(£m) EPS
(p) DPS
(p) P/E
(x) Yield
(%)
03/10 85.9
0.92 0.68
0.00
59.0
N/A
03/11 106.1 3.77
3.23
0.00 12.4 N/A
03/12e 115.0 4.75
3.54 0.30 11.3 0.8
03/13e 130.0 6.70 4.30 0.50 9.3 1.3
Trifast is a research client of Edison Investment Research. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8963847&action=detail Thu, 17 Nov 2011 15:22:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8956832 16/11/2011 Robert Tyerman
http://www.growthcompany.co.uk/news/1672328/strong-first-half-at-acquisitive-trifast.thtml


Industrial fasteners concern Trifast (TRI) is seeking £8 million for a Malaysian takeover after interim profits up 40 per cent to £2.1 million pre-tax. The fully-listed company, which operates in Europe, America and Asia, increased sales to its assembly industry customers a more modest 6.5 per cent to £55.4 million in the six months to September, with Europe 19 per cent ahead against an Asian market flat against a year earlier but 10 per cent higher than in the second half of 1010-11.

Steered by executive chairman Malcolm Diamond, an industry veteran, Trifast lifted return on capital from 8.5 per cent to 10.3 per cent and hoisted earnings 27 per cent to 1.66p a share. The company cites selective contract price increases, improved sourcing, branded products growth and a stepped-up focus on sales to the USA, which moved into the black after a restructuring, and China, as reasons for its margin expansion.

Meanwhile, Trifast has identified private Malaysia's Power Steel and Electro-plating Works (PSEP), maker of highly engineered parts for the motor and compressor industries, as an 'exciting' strategic fit. The company has agreed to pay up to £15 million to buy PSEP, which made the equivalent of £2.2 million pre-tax on £13 million turnover last year.

Headed by businessman Charlie Foo, whose founding father wants to retire and arrange an orderly sale, PSEP uses Mitsubishi processes and, argues Diamond, will enable Trifast to extend its automotive product range into premium products and complex , 'high spec' items. A new facility from DB Bank in Singapore will fund nearly half the cost and Trifast, which ended September with £6.5 million cash and net debt of £7.6 million, has raised £8 million at 37p through broker Arden for the rest.

Diamond says restoring the dividend at formerly troubled Trifast is an 'extreme priority'. The shares, recommended by Growth Company Investor at 24p in 2009 and 50.5p last December, have perked up 1.75p this morning to 41p, valuing the company at £35 million. With analysts expecting full-year profits of £4.4 million, they could rally further.





Tags: Automotive parts, Full list, Industrial Fasteners, Malaysian takeover, Malcolm Diamond

Sector: Industrial Engineering

Companies: Trifast By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8956832&action=detail Wed, 16 Nov 2011 10:14:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8940276
"Trifast (TRI) kept its "buy" rating from Shore Capital, expecting a strong performance from the nuts and bolts manufacturer in the second half of the year. The broker notes that the group performed well in the first half, with further opportunities presenting themselves at the time. However, Shore expects a reduction in revenue growth, resulting from the company's new strategy of focusing on added value contracts. Trifast shares gained 0.5p to 39.75p."

My own view is that Shore are being a bit pessimistic on revenues - I don't see TRI seeing the need to give up business due to tightening margins. The work that they've done on the cost base & input costs should ensure competitiveness in their main markets. By Stephen Maturin ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8940276&action=detail Fri, 11 Nov 2011 18:04:00 GMT Stephen Maturin tag:iii.co.uk,2003:tst.8646574 Friday, Aug 12 2011 by Edison Investment Research
http://www.stockopedia.co.uk/research/solid-increase-59094/
http://www.edisoninvestmentresearch.co.uk/?ACT=18&ID=5610


Aug 12th 2011 - Edison Investment Research today published a report on Trifast (TRI.L, LSE:TRI, LON:TRI) entitled "Solid Increase". In summary, the report says:

There is a distinctive contrast between the recent Trifast share price movement and the positive AGM statement announced yesterday. Conditions may become more challenging following the events of the past week, but we see no reason, at this stage, to adjust our profit estimates, which still look conservative. With the shares at a 23% discount to their 2011 high, we see a clear buying opportunity. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8646574&action=detail Fri, 12 Aug 2011 07:33:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8597580
This year the AGM is on 11th August & I fully expect that we will see an IMS on the day or, possibly, just ahead of it.

I'm expecting a "steady as she goes" comment on demand but a more positive comment regarding margins with on overall "meeting management expectations" prognosis.

This potential guardedly positive statement may have a depressing effect on the sp - as it has with so many companies issuing statements recently.

I'm going to continue to hold regardless of short term sp movements. The TRI management are doing all the right things & this will soon be recognised by the market. A "growth" P/E of 12 on an FY13 forecast eps of 6.5p to 7p could see us with an sp of 75p+ within 15 months. This is higher than current analyst's forecast - but they appear not to have recognised the turnround that the "new" management team has effected. By MelchiorHoffman ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8597580&action=detail Sun, 31 Jul 2011 08:38:00 GMT MelchiorHoffman tag:iii.co.uk,2003:tst.8437354 By TOM MOORE
Last updated at 12:39 PM on 23rd June 2011
http://www.thisismoney.co.uk/money/article-2007277/Newspaper-magazine-share-tips.html#ixzz1Q6CHLScw

THURSDAY
Shares Magazine
Market recovery should drive earnings upgrades at industrial fastenings specialist Trifast. The firm's management team has a medium-term target to restore the operating return on sales to 2008's pre-recession levels of 8.2%, as against last year's 4.1%. If this is achieved then, according to estimates from broker WH Ireland, profits could almost treble from £3.8m in the year to March 2011 to £10.5m within the next three years. The turnaround at Trifast is gathering pace and is likely to be reflected in estimates. Buy.

An office worker looks at a screen showing trading on the FTSE 100 index

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Trade is going well at construction and outsourcing group Kier, which confirmed this week that results were in line with expectations. Obviously there have been concerns about the construction sector, given the gloomy market backdrop. However Kier said it had secured all its expected construction revenue for the year to June 2011 and 86% of targeted revenue 2012. This is a very impressive level of visibility and it will be supportive of the share price. Buy. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8437354&action=detail Thu, 23 Jun 2011 11:50:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8372456 http://www.stockopedia.co.uk/research/powering-ahead-57195/

http://www.edisoninvestmentresearch.co.uk/?ACT=18&ID=5184
Thursday, Jun 09 2011 by Edison Investment Research


Jun 09th 2011 - Edison Investment Research today published a report on Trifast (TRI.L, LSE:TRI, LON:TRI) entitled "Powering Ahead". In summary, the report says:

Trifast has powered ahead over the past year. We raised our estimates several times in response to trading announcements, but the final figures comfortably beat our target. The management changes of two years ago are clearly delivering and still have some way to go. We continue to view the group with confidence. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8372456&action=detail Thu, 09 Jun 2011 14:24:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8336336 ')" target="_new" rel="nofollow">http://www.independent.co.uk/news/business/sharewatch/investment-column-galliford-looks-to-set-to-build-on-its-gains-2291972.html

Investment Column: Galliford looks to set to build on its gains
Iomart; Trifast

Trifast

Our view: Buy

Share price: 47.75p (-0.25p)

There was much in the way of doom and gloom around manufacturing yesterday after new figures pointed to a slowdown in the sector's pace of growth in the UK. But on the markets there was some good news.

Trifast, which manufactures and distributes industrial fastenings and other components, issued better than expected full-year results.

And besides the headline numbers - gross margins improved to 25.2 per cent, while margins on earnings before interest, tax, depreciation and amortisation were up to 5 per cent – there were also some positive hints on the dividend. No payout was proposed, but the company hopes to "address" the yield this year, which augurs well, in our view.

In fact, we would wade in now, before the company makes a firmer announcement on the matter. A positive decision could drive the shares higher as income investors move in.
By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8336336&action=detail Thu, 02 Jun 2011 04:59:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8332398
01/06/2011 Robert Tyerman

Industrial fasteners concern Trifast (TRI) is looking for acquisitions after turning £2.8 million annual losses into £2.5 million pre-tax profits. The fully-listed company increased turnover nearly 24 per cent to £106 million in the year to March and achieved a £3 million turnaround into profitability in its UK operations, which executive chairman Malcolm Diamond attributes to restructuring, improved logistics and warehousing and a 'strategic' approach to purchasing, as well as a recovery in markets.

Trifast's key Asian business enjoyed a particularly good first half year, though overstocking made for a weaker second six months. The company, which has an established network in Asia and is strong in Thailand elsewhere, says it is now looking into potential opportunities in Vietnam, Malaysia and elsewhere in South East Asia.

With return on capital up nearly fourfold to 8.7 per cent, Trifast saw net debt rise 50 per cent last year to £7.14 million, which Diamond explains reflects a £5 million increase in stock levels, though he points out the company improved its stock turnover from 23 to 22 weeks during the period. Diamond says Trifast has been spending more on research and development, citing a new thread for plastics which is being adopted by a major European electrical group.

He stresses the company is now looking for bolt-on acquisitions to increase its global penetration. Trifast says it will 'address' the matter of restoring the dividend during the current financial year.

Recommended by Growth Company Investor at 24p in 2009, Trifast shares now trade at 48p, valuing the company at £40.9 million. Hold on.

Tags: Full list, Industrial Fasteners, Malcom Diamond, South East Asia

Sector: Industrial Engineering

Companies: Trifast

http://www.growthcompany.co.uk/news/1627148/trifast-scores-53m-turnaround.thtml By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:TRI.L&display=discussion&id=8332398&action=detail Wed, 01 Jun 2011 10:54:00 GMT SpikeyDT