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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...

UK Pension transfer Update from Henderson International

There have been some further developments from the HMRC regarding pension transfers from UK Defined Benefit or Final Salary Schemes to Recognised Overseas Pension Schemes (ROPS). With effect from 6th April 2015 it is a requirement to take impartial financial advice before going ahead with a transfer of defined benefits to a defined contribution arrangement if the value of your benefits is more than 30,000.00 GBPs. You will need to sign off that you have taken appropriate independent advice from...
Filed under Newsletter

The Dairy Sector and the NZ Economy

The average traded price on the Global Dairy Trade Auction has risen a cumulative 41% at the last three GDT auctions, with whole milk powder prices back to a touch below US$2,500/tonne. A remarkable turnaround. GDT AUCTION VS MILK PRICE FORECAST Source: ANZ, GlobalDairyTrade, Bloomberg On this recovery in dairy prices, there are four immediate considerations. GDP is a lagging indicator while commodity prices are a leading one; this reinforces the point made above. The terms of trade and importantly dairy...
Filed under Newsletter
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