Viewpoint: Bullish
US stocks succumbed to increasing concerns that Ukraine-Russia confrontation is imminent, it’s easy to comprehend why investors are shy to press their buy buttons into the weekend – things could be very different on Monday morning in either direction! We have to look through this volatile noise in the knowledge that markets will ultimately travel in the direction of the…
Annuity investment firm CGF rallied strongly yesterday to close up 6.7% after reporting a 21% lift in NPAT to $238mn for the 1st half year. This is a noxiously complex business to analyse and frankly, they’ve dropped the ball a number of times in terms of the portfolio skews they use / risk they take on to underpin their written annuities – it’s not an easy business but it can also…
The ASX200 managed to close out Thursday in positive territory but only just after US equity futures turned lower following reports on social media alleging that Ukrainian forces had shelled Russian forces in the self-proclaimed Lugansk People’s Republic – the unconfirmed news reports came from the Sputnik Russian state-affiliated media. The rumours quickly wiped…
NCM +1.49%: 1H numbers out for the gold miner were positive. EBITDA & NPAT were slight beats to consensus despite a revenue miss as Newcrest managed costs well. They have managed to replace a mill motor at their key Cadia mine in good time which has enabled the company to maintain production guidance. They have noted cost pressures coming through and they…
GMG -0.02%: shares in the industrial property company were strong early only to close marginally lower despite a beat at the half year result. It looked a 10% beat with profit up 27% to $786m. Much of the growth came from development earnings which was more than 50% higher. Rent increases were also coming through with LFL income growth of 3.4% while…
WHC -1.63%: Reported 1H earnings this morning that were big as expected, plus they announced an 8c dividend, which was on the light side, plus a share buy-back. A few things to note here: The profit for the half was big at $341m v a 95m loss in 1H21, however we’re still seeing a lag between realised prices and spot prices. This takes time to filter through so expect 2H22 profit that is probably…
WPL +4.09%: Reported CY21 results today that were ahead of expectations. Underlying 2H21 NPAT of US$1,266m was ~27% above consensus while the final dividend of US$1.05cps was over 50% above consensus expectations. This is a very strong set of results and leads the way for the rest of the domestic sector. We’ve written multiple times in recent notes how the Australian…
WES -7.48% : It’s been ages since Bunnings has gone backwards however that was the case today contributing to a 13% fall in first-half earnings at the group level. They blamed Covid-related disruptions, including extended lockdowns, high levels of absenteeism and supply chain disruptions. Total revenue of $17.8bn was flat YoY and ahead of the market which was expecting…
TLS -4.18%: 1H22 results today that were pretty much inline, a touch light on if we’re being pedantic but nothing to change the investment case. Total income $10.89bn v $11.1bn expected, Underlying EBITDA of $3.495bn was up 5% YoY and inline with expectations while NPAT reported $743m v around $900m expected but a few swings and roundabouts in…
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…
