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Earnings Season Wrap

Most companies' reporting results this earnings season have been positive and optimistic on the future, with the exception of a few market shockers. The first quarterly reporting season of the year has seen a number of companies report mainly interim results. While results have been mixed and so too the reaction, the overall level of announcements has been pretty positive across the board, which is a reflection of a reasonably strong economy in New Zealand. A2 Milk has been the stand-out...
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Scottish Mortgage Trust - It's Scottish, but had little to do with mortgages

Launched in 1909, Scottish Mortgage is considered to be Baillie Gifford’s flagship investment trust. It is, and always has been, a truly global proposition, investing in companies across both Western economies and emerging markets. The trust currently has £5 billion* in net assets under management. In a nutshell Scottish Mortgage is an actively managed, low cost investment trust, investing in a high conviction global portfolio with the aim of maximising total returns over the long term. The global approach is reflected...
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Transurban Group - Australian Infrastructure

Transurban is a major toll road investor with concessions to operate 14 Australian and two U.S. motorways. Concessions grant the right to operate the roads and collect tolls for predetermined amounts of time. The core Australian roads are integral parts of the motorway networks in Australia's three largest cities: Melbourne, Sydney, and Brisbane. Granting toll-road concessions allows governments to use private capital and expertise to provide necessary improvements to road networks. Typically, concession life and toll profiles are set in negotiation...

Fletcher Building at a Fork in the Road

Fletcher Building and investors alike find themselves at a fork in the road, facing a difficult decision about which direction to take. Investors must decide whether to buy, sell or hold a stock where strong arguments could be made for all options. Fletchers face a multitude of different choices to solve their current woes. These range from asset sales, to capital raisings, or merely renegotiating their debt to relax their covenants. Before we explore Fletcher’s options, and the implications that would...

Cash & Term Deposits - Not what they used to be

The global financial crisis highlighted the enormous fiscal cost governments can incur in providing financial support for troubled banks. A major challenge for policy-makers is how to limit the disruption of a bank failure on the economy whilst minimising the overall cost to the taxpayer. At the same time, it is important that resolution options do not erode market disciplines on bank creditors to act prudently in their dealings with the bank. The Reserve Bank first began considering options for responding...

Cash & Term Deposits - Not what they used to be...

Cash & Term Deposits - Not what they used to be... Introduction The global financial crisis highlighted the enormous fiscal cost governments can incur in providing financial support for troubled banks. A major challenge for policy-makers is how to limit the disruption of a bank failure on the economy whilst minimising the overall cost to the taxpayer. At the same time, it is important that resolution options do not erode market disciplines on bank creditors to act prudently in their dealings...

Australian Stock - Woodside Petroleum

MARKET UNDERVALUES WOODSIDE Research would suggest that Woodside is currently 20% undervalued. This would rate it as the best value of the three large Australian exploration and production companies; the others are Santos and Oil Search. The recently upgraded AUD 40.00 fair value estimate assumes 60% growth in annual production to 130 million barrels of oil equivalentby 2024. We don't believe the market sufficiently credits Woodside's ability to complete a capital-efficient second Pluto LNG train, nor its ability to increase North...
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NZ Stock Opportunity - Comvita

By Tom McBride, Investment Adviser COMVITA Comvita is a vertically integrated natural health product company. It specialises in honey based products, with a particular focus on Manuka honey. More recently, the company has transitioned into other natural health product categories, including Olive Leaf extract, Omega 3, dairy, and eye-healthcare markets. In addition to natural health products, Comvita launched Medihoney Adhesive Dressings for minor wounds, burns, cuts & grazes. The adhesive dressing market is valued in excess of $1 Billion. Comvita generate...
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