Singular Research Director's Letter: May performance 2019

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May 2019 Director’s Letter

 

Trade wars and global slowdown trigger sell in May stampede.

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The Singular Research Coverage list has managed to avoid the May correction, powered by powerful outperformance from a handful of issues. The trade war with China and fears of an impending global economic slowdown were drivers of the correction.

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Roku ( ROKU) benefited from a robust and stronger than expected q1 2019 eps report. We continue to support the long-term fundamental attractiveness of ROKU and increased our price target to $99. Control 4 ( CTRL) received a cash buyout offer from a French private equity firm that sees strategic synergies with its our investments that seek to benefit from the long term growth potential of smart homes. Floor and Décor ( FND) a short call , sold off significantly when its q1 2019 eps reports failed to impress and provided disappointing guidance for q2 2019.

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HBIO was our worst performer , missing estimates and providing disappointing guidance . Grennsky ( GSKY) also had a disappointing q1 2019 report as its solar lending business continued to decline. While new healthcare-based lending continued to ramp higher.

In May, we dropped coverage on three companies, Huttig Building Products (HBP), Cordoba Minerals (CBD) and EVIO Inc (EVIO), all suffering from a disappointing fundamental outlook with lack of near-term institutional interest.  

 At Singular Research we wish to thank our clients and followers for their continued commitment and support of our unbiased, independence research model as we strive to consistently deliver Alpha generated from the lack of coverage out- performance anomaly.

 

Thank You

Singular research Staff

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