Analyst Research Report Snapshot

Title:

Peel Hunt: Tech Weekly FDSA IMG IOM MCRO NCC PIC SDL

Price:

$115.00

Provider:

Peel Hunt

Date:

10 Jan 2014

Pages:

11

Type:

AcrobatPDF

Companies referenced:

IMG.L FDSA.L IOMG.L MCRO.L NCCG.L PIC.L SDL.L

Available for Immediate Download
Summary:

Tech Weekly Google is the brain I never had The theme at CES this year is wearable technology, a category of devices designed to replace your eyes, ears, memory and other stuff that has evolved over tens of thousands of years. We suspect that these consumer devices are not going to drive the Internet of Things – more likely it will be serious healthcare monitors, industrial and automotive applications, etc. Our UK semi companies should ultimately benefit from IoT volume but the market is unlikely to move this year. We take a quick look at our top picks for growth (IOM), value (PIC), income (MCRO) and recovery (IMG) and reiterate Sells on SDL and FDSA. NCC reports interims next week. News and previews Pace (Buy, TP 400p from 360p) – acquisition completion; trading update NCC Group# (Buy, TP 210p) – solid interims expected next week Key recommendations We select iomart# for growth, Pace for value, Micro Focus for income and Imagination Technologies for speculative recovery. We retain sells on SDL and Fidessa. Stock performance The majority of technology stocks performed well last year, the best performers being the software stocks, given clear structural growth trends, particularly around internet growth that will continue through the next 3+ years. The software sector re-rated from 16x at the start of 2013 to 21x, at the upper end of the normal range. Hardware stocks proved more volatile, as a result of troubles in the smartphone market in the second half and the outlook is still uncertain through H1 this year. Internet of Things trends Alexandra.Jarvis@peelhunt.com

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