APA -1.38%: A strong inline result is a good way to describe the APA result today even through underlying profit was a strong beat to consensus. The beat came from a lower tax expense however offsetting that marginal positive was an increase in their capex guidance to $1.4bn over FY22-24. The interim dividend of 25cps had been pre-announced however they did reconfirmed FY22 DPS guidance of 53cps. We own APA in the Income Portfolio and remain happy holders collecting a ~5% yield.
MM remains long & bullish APA
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