26/10/2023 09:11

SmartGroup Corp Ltd (SIQ) $8.74

Australian-based salary packaging and employee administration business SIQ has advanced an impressive +71% in 2023, it might surprise many to know it's a huge benefactor of the EV boom, putting many lithium stocks to shame!  Two of the services the SIQ offers are novated leasing and fleet management, and business has been booming after the federal government introduced EV adoption incentives, with SIQ well placed to ride the wave.

Read more

06/09/2023 09:09

Smart Group (SIQ) $8.49

The salary packaging and novated leasing company has been on our Hitlist for nearly a year, and yet we’ve not pressed the buy button. We have owned the stock in the past and we know the company well, however, our lack of action in recent times has clearly been a mistake with the stock nearly doubling over the past 12 months, and is now trading ~28% above our previous exit level ($6.60).

Read more

23/02/2023 16:46

Smart Group (SIQ) $6.11

SIQ +7.38%: The car leasing and salary packaging company reported FY22 earnings that were as expected today, with full year revenue of $224.7m meeting expectations while underlying net profit of $61.2m was inline. The final dividend of 29c took the FY payout to 49c, ahead of expectations while they talked fairly favourably about a number of growth initiatives in the business.

Read more

06/12/2022 17:16

New Car Market

Vehicle sales are important for a bunch of ASX stocks from car dealers to novated leasing providers and even further up the chain to monitor the sales of electric vehicles (EV’s) as a proportion of the pie which will show trends across local adoption and the like. For October there were 95k new cars sold, an increase of 18% from this time last year and +12% vs 2019.  Of those...

Read more

05/10/2022 09:47

Smart Group (SIQ) $5.13

Salary packaging & leasing business Smart Group (SIQ) has had a very tough year with the stock down 30% since January, amplifying the weakness seen in the broader market. We owned Smart Group (SIQ) in the income portfolio previously having sold at $6.62 in early July, realising a ~15% profit at the time, however with the stock now languishing near 52-week lows, we again ponder whether or not it is back in value territory, after all, they...

Read more

23/09/2022 09:26

SmartGroup Corp (SIQ) $5.37

SIQ is a $718mn Sydney-based Australian salary packaging & novated leasing company. This has been another story of a failed takeover offer which originally came in at $10.35 before being reduced and then failing. The stock has continued to struggle since its half-year results delivered in August which saw revenue of ~$114mn and NPAT of almost $31mn, up 16% year on year, however their...

Read more

13/07/2022 10:29

Active Income Portfolio – Amendments

We are making a number of changes to the Income Portfolio.

Read more

13/07/2022 09:37

Likely amendments for the MM Active Income Portfolio

While the portfolio has been resilient during the recent downturn in markets, staying in positive territory over the past 12 months, there are some tweaks we have been assessing over recent weeks to improve the composition of the portfolio further.

Read more

13/07/2022 09:35

Active Income Portfolio

The portfolio was up +0.57% during the week, outpacing the market which fell – cash sits at 1%. Service Stream (SSM) was solid up by +4.52% while Smart Group (SIQ) +4.5% also recovered from recent weakness. Commodities fell and that dragged BHP -6.35% lower to be the weakest portfolio holding, followed by our nemesis Magellan (MFG) which lost -3.10%, a position we address today. Overall though, 85% of the portfolio edged higher over the course of the week – a solid outcome in a soft market.

Read more

29/06/2022 09:27

Current thinking around the MM Income Portfolio

We’re contemplating a number of amendments in the Income Portfolio as we position for what comes next.  Today’s portfolio update will simply detail our current thinking, not yet our planned actions:   

Read more