As reporting season continues this week we have seen many companies provide conservative outlook statements for the year ahead, confirming a backdrop of moderate earnings growth. Among the themes to emerge is companies reinvesting into their businesses to drive growth in a relatively anaemic economic environment. In this week's report... Show More
With reporting season in full swing the flow of company results is picking up and keeping the investment team busy. In this week’s report we provide a brief summary on the key takeaways from Capitol Health and NAB. Show More
In its latest LMI Monthly Update, Independent Investment Research looks at the performance of the LIC sector over the 12 months to 30 June 2017. The Australian large cap share focused LICs benefited from solid market performance over that time with the five largest LICs delivering an average portfolio return... Show More
In its latest LMI Monthly Update, Independent Investment Research takes a look at why listed investment companies trade at discounts and premiums to net tangible asset value. We also take a look at five LICs that are currently trading at large discounts to NTA, look at some of the reasons... Show More
A cohort of Australia’s leading fund managers gathered at the 2017 Future Generation Investment Forum two weeks ago, each presenting their top stock idea. A clear trend is already emerging in the domestic stocks mentioned. While the broader market has pulled back 2.2% since the Forum, this group of stocks... Show More
On Tuesday, power generation company Pacific Energy Limited (ASX: PEA) announced it had won a contract to build, own and operate an 11MW power station for Altura Mining Limited (ASX: AJM). The company said that the new capacity on the project, along with several recent expansions had seen group contracted... Show More
In its latest Monthly LMI Update, Independent Investment Research looks at listed investment company performance over the March 2017 quarter. The Australian large cap focused listed investment companies benefited from the solid market performance over the quarter with the five largest listed LICs delivering an average portfolio return (pre-tax NTA... Show More
Listed Investment Companies (LICs) have enjoyed somewhat of a renaissance ever since the Future of Financial Advice (FOFA) reforms levelled the playing field with unlisted trusts. In the last four years, 42 new LICs have been listed, bringing the total combined market capitalisation for all LICS to $31 billion at... Show More
On Friday, Helloworld Limited (ASX: HLO) announced an upgrade to its current earnings guidance with earnings before interest, tax, depreciation and amortisation (EBITDA) up from $47 to $51 million to between $52 and $55 million on the back of approximately $5.8 billion of total transaction value (TTV). Helloworld said that... Show More
Since January 2013 there have been 30 new listed investment companies (LICs) join the ASX. Each of these LICs issued investors with options as part of the initial public offer (IPO). In most cases, investors received one ‘free’ option for each share, although there were some offers where the ratio... Show More
On Wednesday, agricultural chemical company Nufarm (ASX: NUF) announced its FY2017 half year results, with revenue up 15% on the previous corresponding period and underlying earnings before interest, tax and amortisation (EBITDA) also up 15% to $128.7 million. Despite tough operating conditions, Nufarm benefitted from new product launches, market share... Show More
On Friday, software company Reckon (ASX: RKN) announced a proposed demerger of its document management division, which currently represents approximately 15% of 2016 group turnover, with shares to trade on the AIM Market of the London Stock Exchange (AIM). The board of directors said the proposal will place Reckon in... Show More
(LICs), listed investment trusts (LITs), and exchange quoted managed funds (EQMFs). At 31 January 2016, there were 96 LICs and LITs on the ASX, with a collective market capitalization of $ 31.6B. There are a number of new LICs in the pipeline including URB Investments, Contango Global Growth, Plato Income... Show More
Independent Investment Research (IIR) has upgraded its rating for WAM Research (ASX:WAX) to Highly Recommended. The upgrade recognises WAX’s highly experienced investment team, strong record of outperformance since inception in 2003 and delivery of its objective to provide a growing stream of fully franked dividends. We consider WAX to be... Show More
On Monday, insurance broking outfit AUB Group (ASX: AUB) announced its half year results, reporting a 12.7% increase in adjusted net profit after tax (Adjusted NPAT) to $14.5 million and a 15% increase in revenue from ordinary activities to $121.8 million. We expect to see continued growth in AUB which... Show More
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Also on Tuesday, furniture retailer Nick Scali Limited (ASX: NCK) announced its half year results, reporting a net profit after tax (NPAT) of $20.5 million, a 45% increase on the prior corresponding period. This is well ahead of the upgraded guidance of 30-35% growth provided in November. The Company said... Show More
On Wednesday, superannuation software company Class Limited (ASX: CL1) reported its half year results, with net profit after tax of $3.6 million, up 28% on the prior corresponding period. The company said the increase in profit was driven by continued growth in the Class Super product and a record increase... Show More
In our latest Monthly LMI Update, Independent Investment Research looks at performance across the listed investment company (LIC) sector. With company reporting season underway, a number of the large cap focused LICs have already reported their earnings results. A general theme running through these results is that reported earnings are... Show More
On Monday, ASX-listed Irish healthcare company Oneview Healthcare Limited (ASX: ONE) announced a pilot project to measure the impact of a new electronic patient care pathway for prostate cancer patients. The collaborative project, with partners including the University of Oxford, is expected to commence in March 2017. The company said... Show More
Also on Wednesday, software diagnostics company Integrated Research Limited (ASX: IRI) released first-half FY17 earnings guidance. For the six-month period, the company said it expects to report revenue between $42.3 million and $44.0 million, up from the $39.4 million the previous year. The company advised the market that it expects... Show More