Argento's Research Services


Argento offers research services to both corporate and institutional clients. As well as producing detailed reports and regular updates on corporate clients, we are also able to publish independent thematic research for institutional investors and wealth managers.

What we offer:


    • Our analysts’ significant stockbroking and industry experience enables us to provide coverage of the main sectors in the small and mid-cap space, including: property, consumer, resources, technology, power and infrastructure.
    • As well as extensive experience in their chosen sectors our analyst team has the ability to communicate that specialist sector knowledge to investors, via thorough analysis expressed in straightforward language.


    • We offer a sponsored research service, which is just as rigorous as the independent research offering, to enable companies to increase their level of coverage in the market, following recent increases in regulation and the unbundling of broker research.
    • We can structure the research offering flexibly, in line with the company’s reporting calendar, or alternatively on a more announcement driven basis as required, so that it provides additional support to the company’s investor relations efforts.

Targeted Distribution

    • The distribution of research is targeted towards the investor base that we know is interested, or likely to be attracted, to the stock. We can also use third party distribution services like Thomson Reuters for circulation to a broader mailing list where required.

Complementary Services

    • The research team provides a complementary service to our fund raising and advisory services which include public and private fundraising and  mergers and acquisitions.


The importance of Research:


    • The importance of objective research in reaching a wider audience cannot be overstated, as the flow of Information is fundamental to creating an efficient market.
    • Therefore, published research on a company is a positive declaration of its intent to raise its profile and reach a wider investor audience.
    • In the long run this generally improves a company’s liquidity and access to capital, especially for smaller corporates, which often have less analyst coverage than larger companies.
    • Improving the liquidity and visibility of a company’s stock tends in turn to raise its valuation and thus reduce the cost of capital.

If you would like to be included on the research distribution list, please email

Our Most Recent Research


Chagala 2018 Interims. Realty Invest Offer Closes 28 September.

  September 21, 2018    Argento Capital

Chagala’s interims announced on 18 September 2018 have followed hard on the heels of its delayed 2017 full year accounts published in July. Revenue, profit and asset value have all decreased, partly as a consequence of adverse currency movement. Increasing competition in Atyrau, the main area of operation of Chagala, is also apparent. However, the…

Chagala Unconditional Cash Offer from Realty Invest – irrevocables provide control

  September 11, 2018    Argento Capital

Chagala has received the expected unconditional cash offer (the “Offer”) from a SPV procured by TIPP Investments PCC (“TIPP”), as announced in June, following the prior offer by Asian Investment Management Services Limited (“AIMS”). The SPV, Realty Invest Holding LLP (“Realty Invest”), already has irrevocable acceptances from TIPP, Chagala’s directors and those associated with them,…

Chagala 2017 Year End Results and Forecasts

  August 2, 2018    Argento Capital

Following the start of commercial production at the Kashagan oil field, North Caspian Operating Company N.V. (“NCOC”), which was the Group’s largest client, has been cutting costs, which has had an effect on its occupancy of Chagala facilities, as seen in the 2017 figures. The Group will undoubtedly continue to feel the decline in business…

Potential competing Cash Offer for Chagala

  June 26, 2018    Argento Capital

Following the AIMS Offer last week at US$1.55 per share, Chagala has received a potential competing bid indicated at US$2.15 per share, in cash which will be made by a special purpose vehicle (the “SPV”) to be procured by TIPP Investments PCC (“TIPP”). For the avoidance of doubt, the cash offer will not be made…

Chagala Cash Offer by AIMS

  June 21, 2018    Argento Capital

  Chagala has received an unconditional Cash Offer for its shares on 20 June 2016 from existing shareholder Asian Investment Management Services Limited. The offer price of US$1.55 is at a substantial discount to our previous estimated NAV of the Group of US$3.54. Outstanding litigation against the Group by a member of a concert party…

Chagala Group: H1 2017 profits boosted by 2016 refinancing

  October 12, 2017    Argento Capital

Price: US$1.25 Market Capitalisation: £20m Click here to download full note pdf. Chagala reported an 8% rise in interim pre-tax profits, on the back of lower interest costs following the debt refinancing last year and foreign exchange gains, as the local currency strengthened. Although EPS fell 8%, NAVPS was up 5% to US$3.75. Positive free…

Chagala Group: Forecasts revised following 2016 results

  June 11, 2017    Argento Capital

Chagala Group (CGLO.L) Forecasts revised following 2016 results Price: US$1.25 Market Cap: £20m Click here to download pdf Chagala reported a 10% increase in adjusted profits before tax in 2016, despite a 14% fall in turnover and the ongoing effects of local currency devaluation in 2015. Although EBITDA was 4% lower, operating profit increased 17%…

Chagala Group (CGLO.L): Share placing appears crucial for bond refinancing

  September 21, 2016    Argento Capital

Chagala Group (CGLO.L): Share placing appears crucial for bond refinancing Price: US$1.25 Market cap: £20m Download PDF version Placing to raise US$5.75m: On 6th September Chagala announced a placing and open offer to raise gross proceeds of US$5.75m (US$5.5m net) at a price of US$1.00, a 50% discount to the closing price before the announcement. The funds…

Chagala: Concert party overshadows good results

  July 1, 2016    Argento Capital

Download PDF Chagala reported a 17% increase in 2015 adjusted profits, despite a 16% fall in turnover and a severe devaluation in the local currency. Adjusted PBT increased 17% on lower depreciation and interest costs. We have revised our forecasts to reflect the weaker currency and lower cost environment. The stock still trades on a…

Lok’nStore (LOK.L) More of the same in 1H16

  May 6, 2016    kdgbalmer

Price: 317p, Market cap: £80m Adjusted profits increase 23% View in original PDF version   LOK reported a strong set of interims, leaving management feeling very upbeat about the outlook. Adjusted operating profit was 17% higher at £2.4m, on the back of a 5% (8% like for like) increase in turnover to £8m. Adjusted EBITDA was…