Thursday preview: Glencore, Diageo, Playtech

24th Aug 2011 15:51

The flotation of Switzerland-based commodities trading house Glencore International back in May has been one of the more high profile new issues of the year, but since it went public the company has not covered itself in glory.Having floated at 530p, the shares can now be bought for around 390p, and long suffering shareholders will be hoping that Thursday's interim results will signal a change of fortunes for the share price.Broker JP Morgan Cazenove is forecasting earnings before interest and tax (EBIT) of $3.2bn, representing a slow-down from the first quarter, partly because of a slow-down at its marketing unit.Guinness brewer Diageo is set to bring out full-year results, a day after announcing it has acquired an additional 5.07% interest in Vietnamese spirits group Halico for £6.4m, taking its total stake to 30%.The two companies entered into a strategic partnership in January that will see Diageo assist Halico in areas such as branding and distribution.The alliance is indicative of the drinks giant's need to seek out new markets to conquer, to compensate for pedestrian growth in some of its mature markets. Trading in the Mediterranean countries, plus Ireland, is expected to have been especially tough.The market is expecting the Johnnie Walker distiller to announce pre-tax profit of £2.54bn on sales of £10.10bn. The full-year dividend is tipped to rise to 41.24p from 38.10p last year.Online gaming software developer Playtech's second quarter key performance indicators were a pleasant surprise to some brokers, and since July the likes of Daniel Stewart, Peel Hunt and Panmure Gordon have been queuing up to advocate buying the shares.The latter is forecasting Playtech will announce gross income of €95.3m and earnings before interest, tax, depreciation and amortisation of €54.1m."July was reported to have started well, with revenues slightly ahead of the daily average of Q2 (and +25% on Q3 2010)," Panmure Gordon notes. "In addition, the group recently launched casino and cash poker tables in Italy. The group has also announced a long-term software supply deal for Gala Coral. This is rumoured to be worth up to €5m PBT [profit before tax] per annum although, with migration to the Playtech platform not scheduled to begin until H1 2012E [first half of fiscal 2012], we would not expect this kind of profit uplift until 2013E," the broker continued. INTERIMSAegis Group, Aggreko, Amec, Aqua Resources Fund Ltd., Cathay International Holdings Ltd., Chaucer Holdings, Churchill China, Costain Group, Eurasia Drilling Co Ltd. GDR (Reg S), Glencore International, Hansteen Holdings, Hunting, Huntsworth, IMI, Johnston Press, Kazakhmys, Molins, Petropavlovsk, Premier Oil, Salamander Energy, SIG, Signet Jewelers Ltd., Sopheon, Sportech, STV GroupINTERIM DIVIDEND PAYMENT DATECharter European Trust, Matrix European Real Estate Inv Trust Ltd., Maven Income & Growth 3 VCTINTERIM EX-DIVIDEND DATEFirst Quantum Minerals Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Q2Signet Jewelers Ltd.GMSNiche Group (The)FINALSDiageo, Haynes Publishing Group, Impala Platinum Holdings Ltd.EGMSBalmoral International Land, BlackRock Absolute Return Strategies Ltd. GBP Shares, RGI International Ltd.AGMSBalmoral International Land, Midas Income & Growth Trust, Puma VCT III, RedHot Media International Ltd (DI)., Trakm8 HoldingsTRADING ANNOUNCEMENTSHaynes Publishing Group--jh