Caltex Australia, Oil Search, Scentre Group and FlexiGroup - First Impressions from reporting

Bell Potter

Stockbroker

Caltex Australia (CTX):  Lytton EBIT of A$205m as compared to $406m pcp-slightly ahead of pre-guidance and our estimate of A$200m) Full year sales from production increased 14% to 6.2 BL | S&M EBIT up 5.6% to A$709m ahead of guidance (A$700m)- Excluding unfavourable externalities of $29 million, Supply and Marketing underlying EBIT up 9% to $738m. | Outlook: CTX has reaffirmed its commitment to top quartile TSR (15% pa), and has also stated it will continue to buy profitable growth to deliver this and offset lost WOW profitability.

(VIEW LINK)


Oil Search (OSH):  Statutory NPAT of US$89.8 million included a profit, net of costs, of US$18.7 m from the break fee received from ExxonMobil relating to the InterOil txn, offset by a one-off, non-cash restatement of deferred tax balance of US$35.6m | PNGLNG production: average rate of 7.9 MTPA during the year, compared to nameplate capacity of 6.9 mtpa | Average realised oil and condensate price down 12% to US$45.04 per barrel | Average price realised for LNG and gas sales decreased 33% to US$6.36 per mmBtu | Production up 3% to 30.24mmboe | Sales up 6% to 30.59mmboe | Unit production costs fell from US$10.08 per barrel of oil equivalent (boe) in pcp to US$8.50 per boe | Net operating cash flow down 42% to US$555.1m | Outlook: 2017 Capital Cost Guidance (US$315 – 400 million). Total Production 28.5 – 30.5 mmboe. Production costs US$8.50 – 10.50 / boe. Other operating costs4 US$135 – 145 million. Depreciation and amortisation US$12-13/ boe.

(VIEW LINK)


Scentre Group (SCG):  Comparable specialty sales growth 2.6% | Net property income was $1809.7m as compared to $1824m in pcp. Comparable property net operating income increased 2.9%and is forecast to increase between 2.75% - 3.0% for 2017.| Outlook: The Group forecasts FFO growth for the 12 months ending 31 December 2017 of approximately 4.25%. Excluding the impact of transactions the forecast underlying FFO growth is approximately 5%. The distribution for 2017 is forecast to be 21.73 cents per security an increase of 2%.

(VIEW LINK)


FlexiGroup (FXL):  Group volume from continuing operations for 1H17 grew 70% to $975 million while closing receivables were up 64% to $1,998m | Divisional Highlights: Australia Cards Cash NPAT decline 19%, 48% volume growth and 44% growth in receivables; NZ cards NPAT increased by 4.2%; Certegy cash NPAT up 1%, volume down 1%, and receivables down 1%  NZ Leasing NPAT up 25%; Australia Leasing  Cash NPAT down 28%, volume up 21%, closing receivables down 1%; NZ Leasing Cash NPAT up 8%, volumes steady, closing receivable up 10%. | Net operating cash flow $100.8m as compared to $64.6m in pcp | Outlook: FY17 Cash NPAT estimate of $90 million to $97 million reaffirmed. Dividend payout to adjusted to 30-40% of Cash NPAT (from 50-60%).

(VIEW LINK)


MORE ON



Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.