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New Zealand Market Outlook - Core Stocks

New Zealand Market Outlook - Core Stocks Pockets of value emerge in an otherwise fairly valued market. In aggregate, stocks in New Zealand were trading in line with our fair value estimates with the price-to-fair-value ratio of 0.96 at September quarter's end. The economic outlook remains mixed, though higher inflation in the near term is likely. Construction activity is strong and manufacturing is holding its own. The dairy industry remains under pressure, though the worst could be over. Auckland housing prices...
Filed under Newsletter

Economic commentary

Markets were relatively subdued over November and into December with the exception of a short lived dip due to the events in Paris. The New Zealand share market rose alongside global markets, retuning 1.9% over the month. Global bonds were influenced by the rhetoric and expectations of central banks around the world in their respective markets. The rebound of the New Zealand dollar during October was short lived as November saw the NZD down against most of the major currencies. Expectations...
Filed under Newsletter

A Broker's PreView - Coats Group Tidying up Loose Threads

Overview: Coats Group is the last remnants of Sir Ron Brierley’s Guinness Peat Group. Many Kiwi investors should now be checking those bottom drawers as Coats Group is currently preparing to delist from the NZX and will only be tradable on the London Stock Exchange. Pros: Coats Group is a UK based thread maker with history dating back to the 1750’s. The company employs 20,000 people in 70 countries across 6 continents. They reported revenue of US$750 million, and operating...

A Broker's PreView - Bank of New Zealand Subordinated Unsecured Debt Security

Issuer: Bank of New Zealand Type of Instrument: Subordinated Unsecured Debt Security Overview: Given the low interest rate environment we have at the moment, many investors will look at the 5.314 percent fixed for five years on offer from BNZ with unabashed glee. Most will probably make a direct comparison to the rates available on term deposit and wonder if the 5.314 percent was a misprint. However, given the structure of the Notes, comparing it to term deposits is inappropriate....

A Broker's PreView - FlexiGroup Flexes Acquisition Muscle with F&P Finance Purchase

Overview: Australian company, FlexiGroup, may not be a household name in New Zealand, but their pending acquisition of Fisher & Paykel Finance means that many readers will soon have a relationship with the Company. Pros: In fact the brands under the F&P Finance banner, Q Card and Farmers Card comprise 21 percent of New Zealand credit cards. Although in the pocket of 21 percent of NZ card holders, the spend on these cards only represents 2 percent of New Zealand...

A Broker's PreView - Healthy Returns for Ebos Investors

Overview: Investor expectations were high for the Ebos Group Annual General Meeting (AGM) this week. In the two months preceding the AGM, the share price rose 28 percent as investors started to buy into the Ebos growth story. The 2013 acquisition of Australian medical supplies wholesaler, Symbion, is helping Ebos achieve their growth ambitions. Pros: Growth was the theme of the AGM, with CEO Patrick Davies noting they “are confident of delivering another year of double digit constant currency profit...

A Broker's PreView - Stormy Skies Ahead for Sky TV

Overview: The storm clouds forming over Sky TV opened up this week with the share price dropping over 10 percent on Wednesday. This was on the back of the Annual General Meeting (AGM) on Wednesday where the Company forecast 2016 Net Profit after Tax earnings will be up to 11 percent lower than 2015 levels. The changing face of content delivery may be starting to bite. Pros: Sky TV is not resting on their laurels in the face of changing...

A Broker's PreView - ikeGPS Spikes After Positive Update

Overview: This week ikeGPS updated the market on their expansion in the US market. ikeGPS has two core products in their stable, GE MapSight & Spike. Both products enable the user to take a photograph, overlay measurements onto those photographs, model the data and share it with other stakeholders. Pros: The technology comprises measurement software and a hardware integrating laser, camera, compass and GPS components and is designed to increase efficiency and safety in the electric utility, telecom, government, engineering,...

A Broker's PreView - The a2 Milk Company gets A+ From Market

Overview: The a2 Milk Company, patent owner and marketer of the premium differentiated milk product a2 Milk, has been pushing hard for expansion over the past few years. Recently, talk of takeovers and favourable updates has helped pushed the share price up. The Company has taken advantage of this uptick to raise $40 million in new capital in a Private Placement to eligible investors and institutions at 68 cents per share ($3 million more will be raised through a Share...

A Broker's PreView - Infratil Empty Their Z Energy Tank

Overview: Z Energy investors have had a wild ride over the past few weeks. The share price was pumping for a while, rising 10 percent after an update on their Chevron acquisition. The high octane upswing didn’t last, with the share price dropping considerably after significant shareholders Infratil and the New Zealand Superannuation Fund sold 20 and 10 percent respectively. The shares were sold at $6 a piece, a 10 percent discount to the closing price on Tuesday, before the...
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