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Market Matters Events

We regularly hold investor events, this page has information about any upcoming and previous events.

Upcoming And Past Events

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2019 EFY Share Market Update Event

 

On the 26th June 2019, Market Matters, in association with Shaw and Partners hosted an end of financial year presentation for Market Matters subscribers. The event was presented by Author James Gerrish and included presentations and panel discussion with a number of leading industry analysts.

Canapés’ and drinks were served during the evening providing a great forum for Sydney based Market Matters subscribers to enjoy an evening, and takeaway some key views around the market.

James Gerrish, Portfolio Manager & Author of Market Matters presented his views around the prevailing market dynamics and included a number of key stock calls. As James does in Market Matters reports, he outlined the pros and cons of specific investments and presented the ‘Market Matters’ take on current conditions.

 

 

Chief Investment Officer Martin Crabb entertained the audience in typical Martin Crabb style while covering the bigger picture economic circumstances currently influencing markets.  He talked about major macro influences like bond yields, the prevailing political backdrop and relative attractiveness of various asset classes.

 

 

Brett LeMesurier or the ‘yard stick’ as he is known in the office was interviewed by James on the financial stocks he covers with specific focus on the banks. Brett is a quirky, straight down the line analyst who talked about the difficulties faced by banks in Australia and overseas,  he also ‘went to town’ on the woes facing AMP and warned attendees against investing in Australia’s cheapest listed bank, Clydesdale (CYB).

 

 

Peter O’Connor is a highly ranked resources analyst and was put though his paces by James. They talked about the major commodities and the companies producing them, the outlook for cash flows and the likelihood of ongoing healthy dividends coming from the sector, while warning that investors holding resource stocks for income should keep a close finger on the pulse of earnings. Peter knows his stuff and was a clear audience favorite.

 

 

Income is a hot topic with interest rates at record lows, and resident income expert Cameron Duncan was on hand to talk about hybrids and other fixed income securities that offer more capital stability and consistent yields. He talked about his key picks, the risks within hybrids and why we (as investors) should have an allocation as a means of smoothing returns and improving the consistency of income payments.

 

 

The night concluded with drinks and Canapes’  and ample time for discussion and questions with James and the other presenters.

 

 

Market Matters endeavors to provide regular, topical events for its subscribers around the country. Come back regularly to see details of upcoming events.

 

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Webinar: A focus on BNPL – James Gerrish with Jono Higgins

Last week I sat down with Shaw & Partners Analyst Jono Higgins for an update on the BNPL stocks as we enter a strong period for online retail. I rate Jono highly in this space and his insights are well worth a listen.

The “Buy Now Pay Later” space now enjoys annual turnover of $14bn after just 5-years with around 30% of Australians now using either Z1P and APT but only 5% of Americans are at this point in time, hence the obvious path of growth.

Online shopping has accelerated through the COVID-19 pandemic and we believe it won’t be reversed when a vaccine is eventually found, subsequently we’ve seen 10-years of growth for the BNPL stocks in just 6-months but the cynics will obviously say that’s as good as it gets.

I’ve summarised some of the key takeaways and presented our views around the sector, or you can watch the recording of our conversation below.

Timing

In the next few weeks, we will see much of the sector report for the last quarter, the numbers should be excellent following strong retail sales. Also, to compound the optimism we are now entering the strongest quarter of the year as we all gear up for Christmas, in other words the next few months should be a purple patch for the sector. After the recent aggressive corrections we believe this is an ideal time from a risk reward perspective to be long the sector.

Current cycle tailwinds

1 – A number of large businesses are taking strategic stakes in the Australian BNPL sector such as Tencent’s (700 HK) 5% in APT and Westpac existing stake in Z1P, plus Amazon (AMZN US) own a bunch of warrants that will allow them to buy into the stock in the future. Consolidation is not yet on the table but the likes of Mastercard (MA US) and Visa (V US) can buy say Z1P without raising equity i.e. its probably just a matter of when, not if.

2 – The cost of capital is rapidly falling as the companies show excellent risk profiles for their customers plus of course it helps that central banks are cutting rates and stimulating the global economy.

Valuation

At this stage we believe it’s not about profits, it’s all about growth as the companies reinvest earnings. In the future we can compare the stocks to PYPL which trades on 22x gross profit but its way too early in our opinion.

Risks

Obviously the main question is how much is built into share price of these growth businesses and yet again it brings me back to our view on the market as a whole “buy weakness & sell strength” – remember the sector has been weak of late. We believe there are 3 main areas of risk:

1 – Competition: we saw recently the impact on the local stocks when PayPal (PYPL US) stated its intention to enter the fray but at this stage in our opinion their offering isn’t as attractive as the Australian competition. Undoubtedly competition will increase but as we mentioned earlier if the US takes up this new method of credit like Australia the sectors set to boom leaving plenty on the table for new players. Margins will also fall as competition increases but that may easily not unfold for 2 years, we need to watch the timeline carefully in this rapidly evolving space. However, as the sector slowly matures the winners of BNPL will have plenty of room to diversify into the likes of car & home loans from a large and happy customer base.

2 – Market: we believe the market itself is the largest risk to these high Beta stocks, if fund managers decide to sell off the high growth stocks BNPL will be included, the NASDAQ is the best barometer of growth valuations and at MM we are bullish at least short-term.

NB High Beta stocks usually move in an exaggerated manner both up and down to the index.

3 – Execution: Obviously high growth businesses need to implement their strategy carefully, investors like ourselves must watch this carefully.

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Webinar: Resource Round Table – James Gerrish with Peter O’Connor & Andrew Hines

As investors continue to look for clarity and stability in a volatile market — is it time to turn to resources? Join Market Matters as we mine through the sector in detail, highlighting the ideas, the opportunities and the watch-outs in the coming days and months.

This is a free webinar for all Market Matters Subscribers, taking place on the 3rd of September, 12pm-1pm.
Register here.

In this ‘resource round-table’, James will discuss the most pressing issues and best ideas (big and small) in the resource sector — from gold to nickel and everything in between — with analysts Andrew Hines and Peter O’Connor.

 

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Webinar: The Future of Retail – James Gerrish & Danny Younis

COVID-19 has changed the retail landscape dramatically. The growth in online shopping is the obvious consequence however there are many other things to consider when investing in the sector. Join James Gerrish, the Author of Market Matters & Portfolio Manager at Shaw and Partners along with Senior Analyst Danny Younis as they tackle this topic in a webinar.

Market Matters Subscribers enjoy free access to regular, topical webinars, often with industry experts.

 

 

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