Daily Stock Market Report (Mon 18th August 2025) - SALT, HICL, TGA

Good morning!
And welcome back. I'm expecting a much busier day than last Friday, which was the slowest news day I remember seeing for a very long time!
The Agenda is complete.

Spreadsheet accompanying this report: link (last updated to: 24th July).

Companies Reporting
Name (Mkt Cap)RNSSummaryOur view (Author)Land Securities (LON:LAND) (£4.3bn)Landsec announces sales of QAM office for £245mSale earlier than planned means FY26/27 earnings will be slightly lower, with cash rec’d in FY25.HICL Infrastructure (LON:HICL) (£2.3bn)Interim UpdateSold 7 PPP assets for £225m in line with Mar ‘25 book value. On track for FY26 dividend of 8.35p and FY27 dividend of 8.5p.AMBER/GREEN (Roland)This infrastructure investment specialist is doing what it needs to do to raise cash and evolve its portfolio while its discount to NAV means it’s unable to issue new equity. While I think there’s some risk that cash generation from the portfolio may weaken as older PPP assets mature, on balance I think HICL is probably well run and has sufficient scale to adapt. From a pure income perspective, I think the 7% yield could be worth a closer look.Thungela Resources (LON:TGA) (£507m)Interim ResultsProd +4%,...