21/05/2025 09:46

Active Income Portfolio – Amendment

We are buying back into Smart Group (SIQ) following a pullback in the share price over the past week. We see good risk/reward here, with lower interest rates and continuing EV adoption driving volumes.

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07/05/2025 09:21

SmartGroup Corp (SIQ) $8.14

We sold out of the salary packaging and novated leasing company ahead of their FY24 results released in February, due to concerns about the prospect of sluggish new vehicle sales (our rationale here).

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26/02/2025 17:52

Smart Group (SIQ) $8.45

SIQ +7.37%: A very good result from SIQ with revenue and earnings ahead of expectations and an ordinary dividend mildly above forecast, plus a special dividend that was expected.

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19/02/2025 10:02

Active Income Portfolio – Amendment

We are cutting a position in the Income Portfolio this morning.

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12/02/2025 09:26

SmartGroup Corp Ltd (SIQ) $7.77

It’s been a disappointing year for car leasing and salary packaging operative Smart Group (SIQ), with shares down 17% over the past 12-months in a rising market. Dividends have helped, with the stock paying out 49.5c fully franked including a special dividend in March. 

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28/08/2024 09:30

Smart Group (SIQ) $7.55

1H24 results today for the salary packaging and novated leasing company, and there was clearly some concern in the market yesterday with a big drop in the shares following weaker results from two competitors, McMillan Shakespeare (MMS) and SG Fleet (SGF). This morning, SIQ’s 1H result was solid, and inline with expectations, and while no specific guidance was provided for the FY, yesterdays sell-off looks a big overreaction.

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05/06/2024 09:22

Smart Group (SIQ) $7.98

We bought salary packaging and novated leasing business Smart Group (SIQ) only a month ago, and straight off the bat, we’re down 10% - not a great outcome to date. We had been patient with this purchase, buying in post an ~18% pullback in the share price, but it has subsequently fallen more. This prompts the logical question: should we hold, fold, or even add?

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08/05/2024 16:47

Smartgroup Corp (SIQ) $8.74

SIQ -2.89%; Held their AGM today and provided a trading update that read well, however, the 1Q run rate implies they’re tracking 1-2% below consensus. It was pleasing to see demand for novated leasing remaining strong even with January included (typically slow) they were +7% for the quarter and more like 10% on the latter part.

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08/05/2024 09:41

Smartgroup Corp (SIQ) $9.00

For those unfamiliar, Smartgroup is a $1.1bn leading provider of novated leasing within salary packaging and operates end-to-end fleet management services. They have a diverse and defensive mix of clients across Government and private enterprise, with a large proportion of their future growth underpinned by the take-up of Electric Vehicles (EV’s). While recent EV sales data has been on the softer side, the backdrop more broadly has been very strong with new car sales in April the best on record, driven by an easing in supply chains. This theme, along with an expanded range of EVs coming onto the market (electric SUVs for example) will be supportive of SIQ’s earnings growth, and therefore dividend growth over time.

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07/05/2024 09:54

Active Income Portfolio – Amendments

We are making several changes to the Income Portfolio Today

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