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The FTSE 350 next week

3 August 2018

No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

Next week is the last truly manic week of the summer. However, there’s still time for a glut of UK financials, worth a collective £229bn, to report.

Among the companies we’ll be covering:

  • We’ll be looking out for Prudential to give more details on its strategy after deciding to split the business.
  • Tritax delivers half year earnings on Thursday. We’ll be keeping an eye out for any comment around the wellbeing of the retailers it counts as tenants.
  • The size of fund outflows at Standard Life Aberdeen will be under the (probably quite large) microscope.

FTSE 350 stocks reporting next week

06-Aug
HSBC* Half Year Results
Synthomer Half Year Results
Ultra Electronics Half Year Results
07-Aug
Domino's Pizza Half Year Results
Hargreaves Lansdown Full Year Results
InterContinental Hotels* Half Year Results
Intertek Half Year Results
IWG Half Year Results
Meggitt Half Year Results
Rotork Half Year Results
Standard Life Aberdeen* Half Year Results
TP ICAP Half Year Results  
08-Aug
Bellway Trading Statement
Glencore Half Year Results
Hastings Half Year Results
Hill & Smith Half Year Results
Paddy Power Half Year Results
PageGroup Half Year Results
Prudential* Half Year Results
Spirax-Sarco Half Year Results
UDG Healthcare Q3 Earnings Release
09-Aug
Card Factory First Half Trading Statement
Cineworld Half Year Results
Coca-Cola HBC Half Year Results
Derwent London Half Year Results
Evraz Half Year Results
G4S Half Year Results
Ibstock Half Year Results
Legal & General* Half Year Results
Randgold Resources* Half Year Results
Savills Half Year Results
Tritax Big Box REIT* Half Year Results
TUI Q3 Earnings Release
10-Aug
No FTSE 350 reporters

*Companies on which HL offers research

Prudential

The decision to split Prudential into two companies with different goals seems a good one on first glance, but has left us with a few questions.

The first business is a life insurer targeting the US, as well as the growing middle classes in Asia. It should be a solid foundation for rapid growth.

With the second, a mature UK/European life insurer and asset management company, you’d expect slower growth, but with potential for a consistent dividend.

Management should be able to focus on the separate aims of each of the businesses. But with the resignation of current Chief Executive of M&G Investments, Anne Richards, a deeper dive into understanding the group’s new strategy is what we’re really looking for.

Prudential share prices, charts & research

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Tritax Big Box

Tritax runs a simple business model. Acquire sought-after warehouses and distribution centres, then lease them out to those that need them, usually big retail names.

Occasionally, it goes to shareholders to ask for new cash to help fund more acquisitions. That’s due to its REIT structure. Real estate investment trusts need to pay out 90% of rental profits, so retaining funds for future development is out of the equation.

Its latest round of financing saw it raise £155.6m. A good chunk of this has been used to buy up a £120.7m site in Darlington, but it hasn’t quite spent it all yet.

Appetite for new sites should be strong. While high street names have been battling stiff headwinds, online retailers have been soaring. As long as this remains the case, we think Tritax will be on the lookout for new assets to augment its portfolio of big boxes.

Tritax share prices, charts & research

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Standard Life Aberdeen

When Aberdeen and Standard Life merged back in 2017, both were seeing significant outflows. Fast forward to the present day, and not much has changed.

In fact, we wouldn’t be surprised if outflows in the flagship fund have increased as performance hasn’t met expectations. A steady stream of outflows isn’t a great look for a group which is increasingly focused on asset management after the sale of its remaining life books.

There are some brighter points, however. Savings from integrating the two businesses are coming in strongly, and the group has outlined plans to return £1.75bn to shareholders. We’ll be keeping an eye on what the group has to say on its capital returns plans on Tuesday.

Standard Life Aberdeen share prices, charts & research

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Author George Salmon is an Equity Analyst.

Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.

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Investment notes
No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

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