22/08/2024 09:25

CSL Ltd (CSL) $308.49

We discussed CSL in detail earlier in the month following its FY24 results and forward guidance, concluding that we intend to hold the $149bn giant but would only add to our 6% position in the Active Growth Portfolio if it pulled back below $280.

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14/08/2024 09:01

CSL Limited (CSL) $294.78

SL is an Australian success story, with a market capitalisation of $142bn making up a significant 6.6% of the ASX200 (3rd behind CBA & BHP). Whatever way cut it, CSL is an important company for all Australian equity investors.  Don’t hold CSL when it’s rallying and it's hard to beat the index, but when CSL comes under pressure, having a low or no weighting will dramatically help relative returns.  We know that relative returns are only one piece of the puzzle, but it is a concept that should be understood, providing a foundation to measure performance i.e. if we can do 2% above the index over 10 years, $1m goes to nearly $3m vs $2.45m (based on 9% annual index return).

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13/08/2024 17:09

CSL Limited (CSL) $294.79

Softer profit guidance implies weaker margins which has been an area of concern. The share price reaction is ‘about right’ for this guidance. We’ll cover CSL in more detail tomorrow morning.

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08/08/2024 09:45

CSL Ltd (CSL) $304.41

We bought back into CSL in April after a long and unpopular hiatus from the world-class blood-plasms business. At this stage of the economic cycle, we are keen on both the Healthcare Sector and CSL; going into next week's result, all of the reasons we are long remain in play.

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19/06/2024 09:38

Active Growth Portfolio – Amendment

We are adding to a position in the Active Growth Portfolio

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19/06/2024 09:18

CSL Ltd (CSL) $293.90

The ASX Healthcare Sector has been looking increasingly strong over recent weeks, with many diverse members such as CSL Ltd (CSL), Cochlear (COH), Sigma Healthcare (SIG), Ansell (ANN), Fisher & Paykel (FPH), Pro Medicus (PME), and even Ramsay Healthcare (RHC) feeling more bullish into the back end of 2024. With investors struggling to find value, with the “Big Four Banks” nudging all-time/multi-year highs, and the Tech Sector already up over +20% year to date, it's not surprising they’ve turned their attention to this old bastion of performance, which is up less than 5% so far this year. Until the Resources Sector latches onto some positive news from China, it is where MM sees some of the best risk/reward opportunities.

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30/05/2024 09:20

CSL Ltd (CSL) $278.20

CSL has trod water over recent months even as bonds increase market uncertainty. This blood plasma giant would be on our shopping list if we weren’t already long.

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24/05/2024 09:20

CSL Ltd (CSL) $282.00

CSL remains the third-largest stock on the ASX, although it's well behind BHP and CBA from a size perspective. Last month, we discussed CSL in detail before we switched to the blood plasma company from ResMed (RMD). The buying was well-timed, but unfortunately, we sold RMD too early, as it delivered a strong earnings report shortly afterwards.

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17/04/2024 09:35

ResMed (RMD) versus CSL Ltd (CSL)

The Australian Healthcare is trading at a ~70% premium to the ASX 200 on a 1-year forward PE, which is close to its recent normal; hence, we are considering switching with the sector as opposed to outright buying or selling. RMD & CSL are two very different healthcare businesses, although both suffered in 2023 at the hands of Ozempic et al.. In both cases, the sell-off was over-blown in our opinion, but that’s the nature of stocks when the crowd runs as one.

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28/03/2024 09:41

CSL Ltd (CSL) $286.35

CSL experienced a  tough February after announcing that it was abandoning plans to seek regulatory approval for a Phase 3 trial for a cardiovascular medication, leaving CSL in need of a new/fresh growth catalyst. The drug wasn’t expected to significantly contribute to near-term earnings, but the trial was set to cost ~$850mn, and more importantly, a future growth runway has been removed.

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