...from XP Power (XPP) which is a long standing member of the CISP. I say surprising as it is not one I would have naturally had down as being a beneficiary of the US tax cut. However it is a pleasant surprise as they say it will reduce last years tax rate of around 22% to between 16 & 17% so a nice boost to earnings there.
They are also going to book some one off non cash deferred tax gains in the US and Singapore totalling £6.5m. Overall looks like this should lead to upgrades of 5 to 7% which seems to be partially reflected in the 2 to 3% rise in the share price this morning.
On balance with the shares having come back from their highs with the market recently, they look better if not very good value on around 20x this years expected earnings before any upgrades and comes with a 2.5% yield. This rating does however probably reflect the quality of their operations and the steady growth they have delivered in recent years.