These days the challenge in writing an outlook piece for the stockmarket is to try and avoid rehashing the same supportive comments for global equities. I guess a bull case is a bull case even if valuation yardsticks aren’t quite as appealing this quarter as they were in the last. Show More

Many of the worlds major stockmarket’s find themselves in a somewhat extended position just as central banks consider tapering or removing liquidity from the system. Investors haven’t missed the fact that major economies are in recovery mode and that an official response is imminent. Show More

Ben Griffiths, Portfolio Manager at Eley Griffiths Group, identifies a growing ASX company that’s come through the headwinds it faced following the Masters closure looking sure footed. Despite an outstanding management team and a promising store rollout ahead, he says the pricing is “reasonable, given its growth profile.” Watch the... Show More

The prize of investing in micro caps is quite substantial. However, traditionally it has been a difficult space for investors to navigate. With limited information and a lack of broker coverage it’s a space suited to experienced investors who know what to look for. Show More

We participated in the $918m IPO of Reliance World Corporation (RWC) at 21x FY17 PE. RWC designs and manufactures ‘behind-the-wall’ plumbing fixtures in Australia, US, Canada and increasingly in Europe. The business has its origins in Australia where it predominantly served the wholesale/OEM channel (e.g. Reece, Tradelink). RWC enjoyed a... Show More

The expression ‘Bull markets climb the wall of worry’ seems apt right now as equity investors weigh a mounting list of negative events, a global economy devoid of growth and central banks being unable to navigate their way out of the current liquidity trap impacting their economies. This bearish backdrop... Show More

Aventus listed on the ASX at $2 last October to a largely unreceptive audience, as other more beguiling IPO’s caught investor’s attention. Our confidence in the property trust sector had been building at this time, prompting a closer look, and eventually, participation in the initial public raising. We were attracted... Show More

Equity investors have endured myriad challenges since the US stockmarket whipsaws began in August 2015. These volatile windows lined up with the US interest rate cuts and a respite in the US Dollar advance. The base case for Australian equities remains sound. An ERP of ~ 6.1% makes equities a... Show More

Coming into the reporting season, we began to believe that the ‘new media’ space had become rather fully priced and, therefore, vulnerable to disappointment. This situation has moderated to varying degrees in recent weeks. Isentia, a media intelligence company who largely operate via SaaS, delivered an interim result in line... Show More

CSG Ltd provides computer and IT products/services, as well as ancillary services to businesses and universities. The business model revolves around cross-selling both big and small ticket items into the client base, and importantly providing the finance piece. Show More

Reporting season is always a useful time to glean insights from individual companies but more powerful when you are able to benchmark across the industry. First, the most recent round of mining company quarterly reports highlight how successful resource companies have been at optimizing operating costs. Lower diesel, mining and... Show More

The USD trade may be maturing for Australian investors but is there another currency trade unfolding? Two global brokers are calling for the Japanese Yen (JPY) to be the strongest performing currency in 2016 and at this early stage it is looking like an excellent call. Astro Japan Property Trust... Show More

The ASX200 put in a muted rally through July from 5400 but a mid August sell-off saw price action retrace deeply, all the way back to the ‘bull market’ support line. This trendline rises out of the important 2009 GFC market low of 3121. Its support of our market advance... Show More

Eley Griffiths Group calculates the local market’s equity risk premium each quarter. At present it sits at 6.35%, slightly more attractive than the June quarter setting. The Australian sharemarket continues to offer equity investors ample reward for the extra risk over bond returns. Local equities are a BUY at current... Show More

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AIA’s key asset is the Auckland International Airport. Over 70 per cent of visitors enter or leave New Zealand via Auckland Airport, which handles over 15 million passengers a year. Unlike Sydney Airport which leases the concession/land from the government, AIA owns the Auckland Airport and the land surrounding it.... Show More

Portfolio Manager Ben Griffiths shares his views on the recent market weakness and says expects the Australian market is close to bottoming. “There’s too much cash around on the sidelines, too many fund managers sitting on large hoards of cash for me to be too concerned.” Griffiths also says the... Show More

Experience has taught us how important the US high yield bond market is to stock market health. In mid 2007, this important component of the bond market effectively froze over, closing to deals and rollovers that imperilled much of corporate US and beyond. This presaged the market top and ensuing... Show More