Category: Analyst Research

Overarching view: In our last quarterly update in July we pulled back our exposure to Asia / Emerging Markets and Europe, whilst increasing our weight towards the U.S. Pleasingly, the market conditions played out exactly the way we had anticipated – U.S. equities outperformed their global counterparts (as the U.S. economy continues to outperform), U.S. dollar appreciated, and Emerging Markets experienced a major sell-off. This is reflected in our solid performance for 3-months to 30 Sept-18. Whilst we are inclined towards low portfolio turnover, we also believe we need to remain dynamic and responsive in what is clearly a highly uncertain period in markets. Having said that, we continue to see more of the same in the short term hence we have left our strategies unchanged. The number one question on our radar is when to increase exposure to EM equities.

Nufarm Ltd (NUF) FY18 results were largely as expected given the trading update in July, with underlying operating earnings (EBIT) of $265m coming in at the upper end of the guidance provided.

For FY18, Premier Investments (PMV) reported group sales growth of +8.2% over the previous corresponding period (pcp), with like-for-like sales up +3.3%, driven by continued growth in Smiggle and Peter Alexander brands,

I have held a significant shareholding (>100K) in GEM for some time anticipating a return to price levels above $4. My break even is just above $3. Is a return to these levels likely even in the medium to long…

With reporting season coming to a close, our analysts have finally been able to catch their breath after releasing over 100 recommendations.

Monadelphous Group Ltd (MND) posted lackluster results which missed the majority of analysts’ estimates on all fronts, even though the company saw a +41.1% increase (over the previous corresponding period, pcp) in revenue to $1.78bn,

Chorus Ltd (CNU) reported earnings (NPAT) of $85m and EBITDA of $653m for FY18, modestly above the top end of the management’s FY18 guidance range of $625m-$650m but coming well below consensus estimates.

BWP Trust (BWP) recorded robust FY18 results despite adverse impacts of Bunnings (Wesfarmers Ltd, ASX: WES) vacating various locations

The Star Entertainment Group Ltd (SGR) owns and operates The Star, in Sydney, NSW which includes Hotels, apartment complex, restaurants, …

Despite posting falling headline numbers across the board, Monash IVF Group’s (IVF) FY18 results came largely in line with consensus estimates and within management guidance.

The share price of Regis Healthcare Ltd (REG) saw a marginal decline of -1.7% after the company reported FY18 revenue of $594.4m and normalized EBITDA of $117.1m, which came in below consensus estimate of $603.3m and $119.9m respectively.

NEXTDC Ltd (NXT) reported solid FY18 results, which saw revenue up +30% to $161.5m and the strong operating leverage saw underlying EBITDA increase by +28% to $62.6, both figures surpassing guidance ranges of $152 – 158m and $58 – 62m respectively.