Next week on the Stock Market

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The coronavirus outbreak and collapse in oil prices has rocked global markets, and we think company reporting will continue to take a back seat next week.

However, the direct effect of this disruption on some companies could be limited. Next week sees results from three companies who will be hoping their profits can escape the worst of the fallout – even if their share prices still take a knock.

• Tritax Big Box REIT’s rental income should be pretty stable, but demand for new builds is less clear cut
• The vital role EMIS plays in the NHS should stand it in good stead, with recent restructuring complete, the outlook could be upbeat
• Ocado’s burning through cash, which is less than ideal in a ‘risk–off’ world, but demand for its product could be set to spike

FTSE 100, FTSE 250 and selected other stocks scheduled to report next week

16-Mar
Quilter	Full Year Results

17-Mar
Antofagasta	Full Year Results
Polypipe	Full Year Results
Softcat	Full Year Results
TI Fluid Systems	Full Year Results
Tritax Big Box REIT*	Full Year Results

18-Mar
EMIS*	Full Year Results
Ferrexpo	Full Year Results
Inditex*	Full Year Results
Morrison Supermarkets*	Full Year Results

19-Mar
Energean Oil & Gas	Full Year Results
Halma	Full Year Results
IG Group Holdings	Q3 Trading Statement
Next*	Full Year Results
Ocado*	Q1 Trading Statement
OneSavings Bank	Full Year Results
Sanne Group	Full Year Results

20-Mar
Investec	Pre-Close Statement
J D Wetherspoon	Half Year Results

*Companies on which we will be writing research.

Tritax Big Box

Tritax’s giant warehouses are crucial to the supply chains of its blue chip retail customers. That should make the group’s rental income pretty stable and we’re not expecting any surprises on that front in this set of results.

However, a sustained economic downturn could be bad news for the big box assets the group is in the process of building. It’s increased its development activity in recent times, but while existing warehousing capacity might be secure fewer companies will be looking to expand.

That makes the group’s outlook statement more important than usual. Evidence that interest in big box assets remains strong will be well received while any suggestion that tenants are turning more cautious could hit the share price.

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EMIS

EMIS provides patient record and practice management software to GPs and Pharmacies across the country. Its services are crucial to its customers, and ultimately play a key role in underpinning the NHS. That’s even more important in times of crisis.

Targets for the full year include mid/high-single-digit revenue and operating profit growth. So far there’s little reason to think that’s not achievable.

Key indicators of longer term success are the performance of the upgraded Patient Access app – which allows patients to book doctor’s appointments and access pharmacy services – and market share gains in the core EMIS Health business. With recent restructuring efforts now complete we’d like to see operating margins improving too.

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Ocado

The impact of coronavirus and oil price falls on food retailers is a complex one.

On the one hand it potentially increases demand for certain products. If consumers spend more time indoors that will likely see spending on food and drink to consume at home grow too. Supermarkets rely on long supply chains though, and disruption has the potential to limit availability of some products. If the current disruption leads to a sustained economic downturn that’s bad news too.

Ocado’s position is even more complex. Widespread self-isolation might increase demand for the online food deliveries that Ocado specialise in and could accelerate uptake of its technology all over the world. However, the group is also burning through cash at the moment as it looks to build scale. That means it’s more reliant on the goodwill of investors to fund its international expansion, and that’s a level of risk investors might not be so comfortable with in the current environment.

It will be interesting to see how management see things playing out.

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