Australian Investment Blog

ASX:PTM 04/07/2018

What is going on with Platinum Asset Management (PTM) today?

Stock

Platinum Asset Management PTM $5.38 as at 4/07/2018

Event

The stock is down strongly (~8%) following Morgan Stanley lowering their expectations for upcoming FUM flows. Although Morgan Stanley is not as concerned about transition of CEO Kerr Neilson into a directors role – to be replaced with co-founder Andrew Clifford – they do note slowing inflow trends for the manger, and downside to market expectations in performance resulting in lower performance fees and lower FUM going forward. As a result, MS lowered EPS forecasts by 4% for the financial year just gone, and 13% for FY19.

Platinum Asset Management (PTM) Chart

Market Matters Take/Outlook

A strong manager with a great track record of delivering in both performance and investment inflows, PTM is a quality company, however it is on the more expensive side relative to comparable companies. We are not buyers at these levels due to our overall market view and current holdings in similar stocks, but may look to buy closer to the lower end of the trading range around $4.30.

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