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Cathay General Bancorp (NASDAQ: CATY ) stock drifted down 1.1% in Monday late morning trading after Piper Sandler analyst Matthew Clark downgraded the regional lender to Underweight from Neutral on the basis of its lower reserve coverage and its relative valuation. In a note to clients, Clark pointed out that CATY's 0.81% reserve coverage trails that of peers by 31 basis points. The downbeat coverage also comes after the bank lowered its 2023 guidance for net interest margin to 3.45%-3.50% from 3.50%-3.60%. Even so, the stock has still gained over 10% since that downward revision. In addition, "its buyback is also on hold for the next few months and until it receives regulatory approval," the note said.

Cathay General Bancorp cut to Underweight at Piper Sandler

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Tennent's Lager is brewed in the east end of Glasgow (Image: Colin Mearns, Newsquest)
LAGER and cider maker C&C Group has certainly had choppy waters to navigate in recent months, most notably this spring’s disastrous implementation of a complex enterprise resource planning (ERP) system upgrade in its Matthew Clark and Bibendum (MCB) wine wholesale business in Great Britain. This botched IT upgrade saw its chief executive David Forde quit in the immediate aftermath but with former chief financial officer Patrick McMahon now installed at the helm and with a “robust performance” in Scotland and Ireland from its market-leading Tennent’s and Magners brands in the six months to the end of August, the business is being steered on much calmer seas. The Dublin-based and London-listed firm also saw its share price slump in January after issuing a profit warning as it revised down its earnings expectations for the full year 2023, highlighted continuing cost of living pressures and the impact of rail strikes on footfall in urban areas during the crucial festive period last year. Admittedly, trading conditions remain challenging – for C&C and its competitors – and there will no doubt be a lingering hangover for the thousands of bars, restaurants and hotels across the UK which depend on Matthew Clark and Bibendum for supplies of wine and spirits and saw service levels deteriorate amid the software chaos earlier this year. However, the group, which owns brands including Bulmers Irish ciders, Heverlee, Caledonia Best and Addlestones cider, said service levels had now been now restored to pre-ERP implementation levels – and CEO McMahon pledged that “delivering outstanding service, winning customers, continued business simplification and improved operating efficiency” remain top priorities for the second half. “Set against a difficult market backdrop we are pleased with the strength of the performance of our branded businesses in Ireland and Scotland in the period,” he noted. “We have made significant progress in restoring customer service levels following the ERP system implementation issues in our GB distribution business within our planned timeframe.”
As previously indicated by the firm, operating profit of €30.5 million was down €22.8m, principally driven by the one-off €22m impact of the botched IT upgrade. The company also revealed that it had written off a balance of €0.5m associated with the deposit return scheme in Scotland, following the announcement by the Scottish Government in June that the scheme would be delayed until at least October 2025. However, the Tennent’s Lager owner C&C unveiled net revenue of €872.5m for the six months – down 1.2% on the same period last year – and it is clearly making a good recovery having put its IT problems behind it, working hard to restore customer confidence and hailing a positive outlook for the full year.

CEO McMahon steering lager and cider maker C&C Group on calmer seas

Netalogue offers a  B2B ecommerce platform for wholesalers, distributors and manufacturers. 

On December 12, 2019, Netalogue was acquired by TrueCommerce. The terms of the transaction were not disclosed.

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`` The awards validate our ability to deliver enterprise class eCommerce solutions that enable our clients to extend their ecommerce platform far beyond just selling online and we look forward to deepening our strategic relationship with Matthew Clark as we continue to help them deliver their fast moving and constantly evolving digital strategy . ''

TrueCommerce Netalogue wins two UK eCommerce Awards for its work with Matthew Clark

iTradeNetwork, Inc. isa global provider of on-demand supply chain management and intelligence solutions to the retail, hospitality and foodservice industries. Built upon deep industry expertise, a rich data foundationiTradeNetwork's industries' most extensive trading partner network, ITN's collaborative solutions allow distributors, manufacturers, operators, retailers, suppliers and wholesalers of all sizes to reduce cost, grow revenue and strengthen trading partner relationships. Today, ITN's growing customer list includes over 5,500 global companies.

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Matthew Clark is the largest independent distributor to the UK on-trade drinks sector, delivering to approximately 17,000 premises each year. The company offers a range of over 4,000 products including beers, wines, spirits, ciders and soft drinks, sourced from in excess of 300 suppliers.

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