Andrew Tang

February results were broadly in-line despite ongoing systemic risks (housing slowdown, weak consumer, intensifying regulatory and political risk). Capital management upside was dominated by Resources, while Industrials appear to be holding back some dry powder given their challenging outlook, themes we recently discussed in this wire. Show More

Alex Cowie

Through reporting season, we are publishing exclusive fund manager commentary on specific company results soon after they are announced. The pace really picks up from here, and we wanted to flag what is coming up so that you can be the first to know, because as Coppo recently pointed out,... Show More

Andrew Tang

A rather unpleasant end to 2018 saw the S&P/ASX 200 index down 9% over the final quarter. Tactically it has been a blessing in disguise for investors at the start of the year. Valuations have de-rated sharply on the back of a multitude of macro-economic scares and have left the... Show More

Buy Hold Sell
Buy Hold Sell

The market has fallen through November lows to touch levels not seen since 2016. Tune in to this thematic discussion in which Matthew Kidman asks Tobias Yao and Arden Jennings if this really is a dip, or whether it’s time to run for the hills? Tobias and Arden cite the ongoing... Show More

Andrew Tang

Volatility has returned with vigour over the past two months, with the ASX200 posting its third straight negative month in November. While we don't subscribe to the view that equity markets are heading into a deep bear market, macro events will determine market direction in coming weeks. With global growth... Show More

Marcus Bogdan

The ASX 200 index recently corrected over 10% from its year high on the 29th August. Investors can take advantage of this volatility to add to companies that remain well positioned in their perspective industries and are supported by robust balance sheets. Cognisant that volatility could remain elevated, it is... Show More

Livewire Exclusive

Finding under-researched opportunities on the ASX is tough these days, but with enough digging, there are still some gems to be found. Todd Guyot, Portfolio Manager at the Regal Australian Small Companies Fund, sees one such opportunity at Cleanaway, where there are $35 million worth of synergies to be priced... Show More

Andrew Tang

Stock investors have enjoyed an extended bull market since March 2009. It was particularly enjoyable during 2017, when the ASX 200 Accumulation Index rose by 11.8% over the year. Such an impressive return is quite extraordinary for an aging bull market going on nine years in 2018. The music seemed... Show More

Andrew Fleming

Next to Materials (especially Resources), Industrials have been the sector which has added most to Fund performance through the past couple of years. We often address the logic behind our position in Resource names, and in recent years have also consistently spoken to the impact the Bond bubble has had... Show More

Andrew Stanley

Sustainable waste management services company, Cleanaway Waste (ASX:CWY), added 32.2% to Ralton’s flagship Australian Shares portfolio during August after rallying strongly on a clean set of profit results, improved capital position and evidence that CWY’s strategy is correct. Three highlights worth calling out are: 1) very strong cost control as... Show More

Morgans Financial Limited

EBITDA for Cleanaway Waste Management increased 22% and beat our forecast by 3%. Underlying revenue growth of +1.5% was 0.5% slower than forecast. A strong cost-out performance (albeit $9m from lower fuel costs) drove a 350bps increase in underlying EBITDA margin to 21.3%. Capex of $154m was less than forecast... Show More