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A Broker's PreView - NZX not Passive with ETF's

Overview: NZX Limited operates markets for capital, risk and commodity products. They are a monopoly in many senses with no other market operators in NZ of any scale. Along facilitating equity, debt and derivative trading, the NZX provides data, produces agri publications, and has recently got more involved in funds management. Pros: Their funds management division was boosted by the acquisition of SuperLife in January. This week, the NZX reported a jump in SuperLife funds under management of 10.7 percent,...

A Broker's PreView - Fonterra Backs Farmer Shareholders

Overview: If investors in the Fonterra Shareholders’ Fund (FSF) needed a reminder of their place, they got it last week when the dairy co-operative announced support for share-backed farmers in the form of an interest free loan of 50 cents per kg of Milk Solids. This goes to reiterate to FSF unitholders that their lack of any voting rights means they are merely along for the ride. And what a wild ride it has been. Pros: Although some unitholders may...

A Broker's PreView - Loss of Contact Will Change State of Origin

Overview: This week Contact Energy became the only energy gentailer on the NZX without a majority shareholder, when Australian company Origin Energy sold their 53 percent stake in the business. The sale price of $4.65 was organised by Macquarie Australia, with Origin Energy receiving $200m in NZD and $1.4b in AUD, indicating that much of the shares were sold to Australian institutions. The state of Origin’s balance sheet meant they had to take a big hit on the sale, taking...

A Broker's PreView - No Sign of Decay in Abano Check-up

Overview: Abano Healthcare is a leading provider of Dental, Radiology and Audiology services in Australasia. The Company released their full result this week, bringing a smile to investor’s faces. Pros: Drilling down into the result, we can see very strong growth in underlying earnings, up 46 percent on last year. Gross Revenue was up 10 percent to $300m, with the company’s dental division leading the way, making up 70 percent of Gross Revenue. Abano boasted 173 dental practices as at...

A Broker's PreView - The Nuts & Bolts of Steel & Tube

Overview: Steel & Tube Holdings share price has been reinforced over the last week after their capture of Fortress Fasteners. The bolt on acquisition will help Steel & Tube secure their stronghold in New Zealand’s steel distribution sector. The purchase is expected to be completed within 6 weeks for $26 million in cash and $6 million in Steel & Tube shares. Pros: The acquisition adds more diversification to Steel & Tube’s portfolio of products, and should be earnings accretive from...

A Broker's PreView - The Good Oil on Hellaby

Overview: Hellaby Holdings describe their strategy as “Buy, Build, Harvest.” The company successfully harvested their Packaging division in May, selling the company for approximately $30 million. Hellaby’s portfolio now consists of 15 companies in 4 divisions. These divisions are Automotive, Equipment, Footwear, and their Oil & Gas Services division. Pros: The Oil & Gas Services division consists of Contract Resources, which Hellaby purchased in 2013. The company should avoid the worst of the recent plunge in crude oil prices as...

A Broker's PreView - Summerset Sure to Rise

Overview: Earlier this week Summerset announced a profit upgrade, continuing a trend of impressive results across the aged care sector. Underlying profit is forecast to be in the range of $32m to $34m this financial year, a reasonable increase on the market expectations of $30m. Pros: Summerset is New Zealand’s second largest developer of retirement villages, with 4 villages opened in the second half of 2014 and a village set to open n Wigram later this year. The company also...

A Broker's PreView - Heartland Moving to the Beat

Overview: Heartland Bank has not put a foot wrong lately, upgrading earnings forecasts on numerous occasions. Their 3rd quarter result was their most recent, with the company noting that Net Profit after Tax for the year will be “at the upper end” of the previously advised $46-$48 million range. The run of positive results saw the share price hit all time highs of $1.42 in February; however since then we have seen a 20 percent drop in the share price,...

June Newsletter - Economic Commentary

The Budget in May saw a continuation of the Government’s fiscal restraint with new initiatives being funded out of the new allocation allowance along with some re-prioritisation of other spending. Revenue forecasts were also lowered again as a result of lower nominal GDP growth. The Government signalled that reaching an operating surplus would be delayed to 2015/16. However, the trending improvement in the operating balance remains in place which is important for markets and rating agencies when looking at New Zealand....
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Australian Banks in Focus

The ‘Big Four’ as they are colloquially known consists of Westpac, ANZ, Commonwealth Bank (Owner of ASB in NZ) and National Australia Bank (BNZ). All four have their respective strengths and weaknesses, and all four have a heavy presence in New Zealand. This article bypasses the conversation over which bank will offer investors the best bang for the investors buck and looks at the Australasian banking sector as a whole. The Big Four boast some of the highest net interest...
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