Viewpoint: Bullish
The Printed Circuit Board (PCB) design platform reported FY22 results after market yesterday and they were above our expectations. Revenue delivered at $221m (+3% ahead) and EBITDA $81.1m (+8% ahead) while their FY23 guidance is also +8% better than consensus. They have a longer-term revenue for $500m by FY26 and yesterday they said…
AD8 -3.61%: FY22 result was largely pre-announced on 28 July 2022 when they upgraded however we got some more colour on their FY23 outlook for (1) Video to start ramping up delivering >US$3m in revenues; and (2) existing headcount of 178 could deliver 2x revenues in the medium term. Overall, revenue was up 33% for the year to $46.3m with…
The Greenback remains firm and while bond yields look set to test fresh 2022 highs it feels very unlikely that the uptrend will slow down with fresh 2022 highs looking inevitable.
The ASX200 experienced broad-based selling on Thursday with less than 25% of the index up on the day but the market heavyweights helped avoid any meaningful weakness on the index level i.e. Commonwealth Bank (CBA) +1.4%, BHP Group (BHP) +0.7% and CSL Ltd (CSL) +2.3%. Thursdays -0.2% decline hardly made a dent in the market’s recent…
MPL +0.85%: Todays FY result missed profit expectations however that was a result of losses in their investment portfolio, the underlying result was solid with good volume and margin trends obvious. FY23 guidance and commentary was upbeat, with ongoing policy growth (+2.7%) and low claims inflation (2.3%). While we suspect the market will have ?? over the level of claims…
TWE +4.04%: the wine producer posted a strong FY22, helping shares trade higher. Revenue was in line at $2.48b but margins came in better than expected leading to a small beat at the net profit line, up 4% to $323m. Premium wine sales account for 83% of global revenue and helped to boost earnings with net sales revenue per case up 16%. Guidance…
The ASX200 again made fresh 10-week highs yesterday helped by strength from the consumer-facing stocks but the buying was broad-based in nature with almost 70% of stocks on the main board advancing. The sector which stood out the most to MM were the retailers with all 8 in the ASX 200 Retailing Sector advancing. While we own discretionary retail stocks across three of Market Matters portfolios, our
SUL +4.70%: The retailer posted a strong FY22 set with NPAT falling ~20% but still coming in ahead of consensus. They hit record sales for the year including +5% growth in like-for-like sales in the second half. The final dividend of 43c was around 40% ahead of the market consensus. FY23 has started positively with group sales +12% for the YTD, Macpac leading the charge up 42%!
BAP +1.18%: a good FY22 result for the auto aftermarket parts company, a little ahead of consensus across the board. The company did well given the CEO changeover midyear, maintaining guidance throughout the year and hitting the numbers needed. There was little guidance but noted a positive start to FY23 and normalizing working capital trends expected.
DXS +1.86%: Always good to hear from Australia’s biggest Office landlord at a time when there is simply so much uncertainty / competing views around the future of office in a post-pandemic world. For FY22 they achieved Adjusted Funds From Operations (AFFO) and distributions of 53.2 cents per security, up 2.7% on the prior year, while there was a 41% increase in…
