Andrew Tang

There was a lot to like about the February reporting season. By our estimates, over 30% of large caps beat the market's expectations, and unlike previous seasons, estimates held firm rather than falling away into results. Downgrades and significant misses were largely a non-event and overall management commentary reflected the... Show More

Andrew Tang

As we look ahead to 2018, markets remain in a sweet spot with global growth becoming entrenched and inflation still conspicuously absent. Interest rates are expected to rise gradually leaving businesses with a decent backdrop to work with and healthy growth puts the world in a better position to deal... Show More

Chris Prunty

The whole market – including small caps – has been on fire since early October. It’s like someone flicked the ‘get long Australia’ switch in the first week of October and it was game on. If there are big global money flows in to a market purely for the reason... Show More

Andrew Tang

We thought it was prudent to remind investors about the unique conditions that are suppressing market volatility at abnormally low levels. This is a tricky market to interpret. Equity valuations are elevated, the economic environment is difficult to forecast (ultra-liquidity from central banks is ending), and to say geopolitical risks... Show More

Andrew Tang

Despite business surveys showing signs of improvement leading into August, meaningful cyclical tailwinds failed to materialise either through the results or outlook statements. Larger-than-usual volatility around reported results and the well-publicised large-cap misses Telstra, Suncorp, Ramsay Health Care and Woolworths) were the biggest surprises from reporting season. Show More

Morgans Financial Limited

MTO's FY17 result slightly beat our forecasts with 12% revenue growth and 16% NPAT growth. MTO’s new bike sales materially outperformed the broader industry. The impact of likely future regulatory change in the provision of insurance products in dealerships is already flowing through and will curtail FY18 EBITDA by cA$2m... Show More

Andrew Tang

FY17 reporting season kicks off in earnest mid-August and according to the latest IBES consensus earnings estimates, EPS growth for the S&P/ASX200 is forecast at 13% in FY17, slightly down from 13.6% at the end of 1H17. Pleasingly this would still mark the end of the earnings recession after two... Show More

UBS Asset Management

Most investors have some exposure to Australia's largest listed companies in their portfolio. The dividend yield on offer combined with exposure to well-known franchises provides a level of comfort and stability to the core component of a portfolio. However, our domestic stock market is concentrated around key industry segments –... Show More

Mark Newman

MotorCycle Holdings (MTO) is a new addition to the portfolio which we believe is well positioned to deliver solid returns for shareholders over the coming years. MTO is Australia’s largest motorcycle dealership, operating 34 franchises from 24 locations in QLD, NSW and ACT. The company primarily engages in the sale... Show More