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Australian Banks - Last of the Golden Weather?

Australian Banks – Last of the Golden Weather? There has been much debate over the past 12-18 months over the Tasman regarding the outlook for the Australian banking oligopoly of ANZ, Commonwealth Bank of Australia (who owns ASB Bank in NZ), National Australia Bank (who owns BNZ), and Westpac. The main issue has been the Australian regulators, namely the Australian Prudential Regulatory Authority (APRA), and the Reserve Bank here in New Zealand, requiring the major banks to hold significantly more tier...
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Is India the New China?

Is India the New China? As the Indian central bank Governor Raghuram Rajan reviewed Indian interest rates for the final time this year it has become clear that India’s economy grew faster than anyone estimated and significantly its growth rate has now overtaken China. Gross domestic product rose 7.4 percent in July-September from a year earlier, after a 7 percent expansion the previous quarter, the Central Statistics Office said in a statement in New Delhi on Monday. The median of 44...
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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...
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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,...
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