A BUMPER MONTH FOR US

ITM - POWER

Having almost given up on this share, we were amazed to see it rising substantially over the past month. An increase of over 100%. We are still showing a heavy loss overall, but there is hope on the horizon.

The company designs and manufactures Proton Exchange Membrane (PEM) electrolysers, which use renewable electricity to split water into hydrogen and oxygen. This technology produces green hydrogen, a net-zero fuel for industry, transportation, and energy storage. Based in Sheffield, UK, they provide large-scale, skid-mounted hydrogen plants for decarbonization.

The company are delighted to announce that they have secured an investment of £40 million from Great British Energy, a publicly owned company of the UK government.

Furthermore, the Department for Energy Security and Net Zero has confirmed their intent to award ITM a grant of £46.5 million.

The funds will support the establishment of a new 1 GW automated manufacturing line for our next-generation stack Chronos in the UK.

A definite hold for us.

Price at the time of writing 129.60

FILTRONIC

Our most recent investment.

We have been watching Filtronic since November 2025 when the share price was 155p and eventually made the decision to invest into this company last month when the share price was sitting at 178p. Whilst we missed out on the initial rise, the share price has been rising steadily and is now sitting at 263p showing us a paper profit of over 40% in that short period.

Filtronic is a UK-based specialist in radio frequency (RF), microwave, and millimetre-wave (mmWave) technology with over 45 years of experience. They design and manufacture advanced components for defence, aerospace, space, and telecommunications markets, focusing on high-performance GaN power amplifiers, filters, and transceivers, including 5G infrastructure.

Another definite hold.

LEGAL AND GENERAL

Legal & General (L&G) has unveiled a new "Partnership Registered Provider" model, aiming to unlock £9bn annually for affordable housing by partnering with housing associations and institutional investors.

The company pays a good dividend of 8.65% which is payable in early June. This attracts investors looking for a stable income.

It is a slow burner rising just 5% over the past 6 months.

However the company is well-positioned for growth, targeting 6-9% core operating EPS growth through 2026-2027 and committing to over £5 billion in shareholder returns (dividends and buybacks) via a £1.2bn 2026 buyback.

A strong, solid company well worth holding.

Share price at the time of writing 252p We are holding

SYLVANIA PLATINUM

The company is a South Africa-focused producer of platinum group metals (PGMs) — platinum, palladium, and rhodium — specializing in recovering these materials from chrome tailings.

Another share which has been rising steadily. Over the past year it has increased by 106% and is widely considered a "BUY" by analysts. It is often viewed as an undervalued, low cost producer of PGMs with strong dividend potential. It is an AIM share with a market capitalisation of £264.41m - a p/e of approximately 7 to 10 .

It operates six processing plants along the Eastern and Western limbs of the Bushveld Igneous Complex (SDO), focusing on low-cost, high-margin operations

Currently sitting at 97p . We are only showing a small paper profit -we are holding.

SHELL:

Shell has entered into an agreement to acquire ARC Resources for $16.4bn, with $10.2bn payable through the issue of new Shell shares and the balance in cash and assumed liabilities.

The deal is expected to close in the second half of this year subject to the customary approvals.

On completion, the transaction is expected to immediately boost production by the equivalent of 370,000 barrels of oil per day. As a result, Shell’s targeted production out to 2030 has increased from 1% to 4% per annum, over 2025 levels.

We are only showing a very small paper profit on this share, however it has risen 35% over the past year. It pays a dividend of 3.28% and is another strong, solid company which we are holding.

DISCLAIMER

The China Dolls is a group of private individuals who meet regularly to discuss investment strategy and make investments based on the collective opinion of the the group.

The China Dolls is not in the business of offering any form of advice on investing or other financial matters.

The content of this blog is not to be considered an inducement to trade as we trade and is offered for illustrative purposes only.