Silver Chef Limited ($SIV) reports this Friday 20 Feb

Silver Chef Limited ($SIV) reports this Friday 20 Feb. We believe SIV's GoGetta asset acquisition (rental contract origination) could surprise on the upside given the momentum seen in 2H14. This should be taken as a positive, however it will have dragged on the result (upfront commission) which has been flagged with guidance. Bad debts/impairments could negatively surprise given the uptick in the trend over the past few periods and a new CFO. We expect guidance to be re-affirmed at A$13.75-14.25m NPAT. SIV has re-rated to within 5% of our target price (and to ~14x PE), so at this point we are waiting on the result detail to provide more conviction. If SIV can execute well in GoGetta, this should see decent growth over the next two years - by which time Canada can start to contribute meaningfully.