29/06/2022 09:22

Flagship Growth Portfolio

The MM Flagship Growth Portfolio rallied +4.52% last week outperforming the market which gained +3.68%, our cash position remains at 1%. The tech stocks dominated the gains with HUB24 (HUB) +11.9%, Altium (ALU) +11.2% and Xero (XRO) +9.4% all contributing to the portfolio’s outperformance while Newcrest (NCM) -5.8% and Qantas (QAN) -0.2% were the only stocks which failed to advance.

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27/06/2022 13:21

Flagship Growth Portfolio – Amendments

MM are tweaking the Flagship Growth Portfolio, increasing exposure to commodities into weakness.

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03/05/2022 14:37

Flagship Growth Portfolio – Amendments

MM are switching from A2M into TWE.

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28/04/2022 09:40

Treasury Wines Ltd (TWE) $11.05

History tells us that people drink more in tough times even if we don’t need it to survive although some would say we do! The company has struggled courtesy of their exposure to China however constructive repositioning of the business and a timely focus on higher-margin areas we believe has TWE well-positioned for the coming years. We like this $8bn global wine business...

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21/04/2022 09:10

Treasury Wines (TWE) $11.25

It depends on who you ask whether or not wine is a ‘staple’ however history tells us that demand goes up when economic conditions tighten. TWE has had a difficult few years, much of the pain coming from their exposure to China however a repositioning of the business and a focus on higher-margin markets has Treasury well-positioned for what comes next. We like this $8bn global wine business...

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14/04/2022 09:09

Treasury Wines (TWE) $11.14

TWE has had its challenges over the past few years, largely a result of its reliance on the Chinese market that saw the company caught up in a diplomatic spat that quickly whipped ~60% off its share price. In February they reported improved trends, particularly in America while their high margin, premium brand business did particularly well. Since then, the market has lost some interest however...

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17/02/2022 09:24

Treasury Wines (TWE) $11.77

TWE soared 11.7% yesterday following a better than expected half year result, we still saw a decline is earnings but things weren’t as bad as feared. Sales revenue fell 10.1% to $1.27bn taking net profit after tax (NPAT) down 7.5% to $109.1mn. The companies America and premium brands grew handsomely while its Penfold business as expected suffered a drop...

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13/01/2022 09:11

Treasury Wine Estates (TWE) $12.13

Following on from our earlier comments around the Chinese regulatory backdrop potentially “topping out” TWE came to mind as its been weighed down by painful wine tariffs following an anti-dumping investigation i.e. a 175% duty would hinder anybody’s sales! The basically closed door to China understandably hammered TWE’s earnings and focused...

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19/08/2021 16:43

Treasury Wines (TWE) $12.50

FY21 Result: A slight miss to expectations  inFY21 however the market was well above the company issued  guidance. Sales of $2.57b was a 7% beat though EBIT at $510.3 was a 4% miss. TWE have been forced to look outside of China for growth going forward following exorbitant tariffs being put in place. No specific guidance given continuing...

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19/08/2021 08:11

Reporting Today (ASX, AIA, CDA, EVN, IPH, IRE, NCM, NWH, ORG, ORA, PPT, RBL, SGR, S32, TWE)

Companies reporting today on MM’s radar include: ASX (ASX) FY21 Results: Expectations for revenue of $941m, EBITDA of $681m, NPAT of $474m (down 7.6% on FY20), EPS of $2.45, FY Dividend $2.21. Market currently pricing NPAT for FY22 of $485m, a jump of ~2%.

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