Friday tips round-up: Euromoney, Serco, Synergy Healthcare...

Publisher Euromoney has cut costs by imposing pay freezes, forced holidays and redundancies on its staff, but is now seeing the benefit.

Subscriptions are down, but it is looking to renewed advertising - led by the emergence of new banks such as the confusingly monikered Bank of America Merrill Lynch - and the healthier Asian markets to propel it forward next year. Buy says the Independent.

Resolution announced third-quarter sales yesterday, although they are basically Friends Provident's. The latter is now Clive Cowdery's vehicle for gobbling up a chunk of the UK life industry. On valuation grounds Resolution not pricey. MF Global has it trading at 73% of its full-year forecast for the business's embedded value. While the risk-averse should avoid, those already there might as well hold on says the Independent.

Serco has historically proved a poorer performer during times of economic recovery and there is a danger the shares will be left behind in favour of more cyclical plays. Recent share disposals by its chairman and finance director also give pause for thought. At 526œp, or 16 times 2010 earnings, short-term investors should look to follow suit suggests the Times.

Just over a year on, Synergy Healthcare is showing no ill effects from last autumn's profit warning - the first in its eight years as a public company. The greater excitement comes from the Far East, where Synergy, attracted by tighter infection control regulations in China, opened a new facility last month. With 22m surgical procedures undertaken in China every year - against 1m in Britain - and Synergy the only commercial operator, the scope for growth is huge. At 619p, or 14 times next year's earnings, buy on weakness suggests the Times.

Satellite broadcaster Inmarsat deserves a premium rating because of the continuing trend for mobile broadband services on aeroplanes and ships, but the Telegraph feels that there may be a better time for new investors to make a purchase. While it remains a buy, new investors may wish to wait for a few weeks until the excitement over the inclusion in the MSCI world index has subsided, the newspaper suggests.

Contractor Amec reckons capital spending in oil and gas is likely to be flat next year, which suggests that it will have to make good on its plans to get bigger in faster-growing territories, such as the Middle East, South America and Australasia, if the shares are to advance. In three weeks it will give details of its strategic direction over the next five years. Until then, at 822œp, stand aside suggests the Times.

HSBC's infrastructure fund is currently yielding 5.4% and it plans to increase its full-year dividend to 7p by 2013. At today's price, that implies a future yield of 6%, which is well worth having. Because of the long-term deals that the company strikes - the pay-out also looks pretty secure. This is definitely a share for income seekers suggests the Telegraph.

Dairy Crest, the company behind Cathedral City cheese and Clover, has enjoyed a strong run of late, with its shares up by around 80% this year. Besides improving results - the company posted a 20% hike in pre-tax profits for the six months to end of September - the stock has been helped by growing confidence in the balance sheet. The stock trades on 9.16 times RBS's full-year forecasts - means that, while the Independent would recommend buying into any weakness, for now it can only justify a 'hold' stance.








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