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Peripheral Stock Focus: Oceania Healthcare

MARKET CAP : $659M (@ $1.09 SP) NET TANGIBLE ASSETS (1H 18) :$0.81 PER SHARE ADJUSTED NTA PER SHARE: $1.01 PER SHARE (includes CBRE Ellis Value of existing sites and Work in Progress) EST. DIVIDEND YIELD : 4.5% The main reasons we like the stock are as follows: Relatively good yield (4.5%) for a company in this sector due to higher proportion of care beds. Good “brownfields” development opportunities within its existing portfolio. Shareholders with significant holdings will be looking...
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Peripheral Stock Focus: Metlifecare

MARKET CAP : $1,321M (@ $6.20 SP) NET TANGIBLE ASSETS (1H 18) :$6.63 PER SHARE EST. DIVIDEND YIELD : 1.5% Metlifecare is actually the longest listed aged healthcare stock on the NZX, having listed in 1994. It currently it operates more than 20 villages, located primarily in high-value and high-growth regions of New Zealand's upper North Island. Over the last year its share price is up only 12%, underperforming its listed peers Ryman and Summerset by 28% & 43% respectively....
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Investment Committee

Hamilton Hindin Greene’s Investment Committee consists of six committee members, combining a broad level of expertise which ensures our clients receive a robust investment service. The current sitting members include two independent members, three HHG advisers and one HHG director. The committee meet once a month, or as market movements dictate, to discuss the recommended portfolio and investigate avenues to bring further value to our clients. This allows Hamilton Hindin Greene in conjunction with its advisers to provide clients with an...
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The market's "all-time highs" means it must be overvalued - Fake news?

Seemingly not a day goes by where various “media commentators” espouse their opinion on the current level of the New Zealand share market, almost uniformly describing the market as overvalued. On the face of it, this seems perfectly reasonable, given the market is hitting all-time highs on a daily basis. But do these highs really represent a market that has outperformed? Detailed analysis tends to prove otherwise. The chart tracks the New Zealand share market since its highest point it hit...
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The market's "all-time highs" means it must be overvalued - Fake news?

Seemingly not a day goes by where various media commentators espouse their opinion on the current level of the New Zealand share market, almost uniformly describing the market as overvalued. On the face of it, this seems perfectly reasonable, given the market is hitting all-time highs on a daily basis. But do these highs really represent a market that has outperformed? Detailed analysis tends to prove otherwise. The chart above tracks the New Zealand share market since its highest point it...
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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...
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