Equity Strategy: Reporting Season Update #1 from Macquarie Research

Equity Strategy: Reporting Season Update #1 from Macquarie Research. Early days, but so far so good, 14 companies having reported profit results by COB 6 Feb, representing 5% of companies to report by number (only 2% by market cap). Results were mixed in this regard with REA & NVT doing better than expected, but EGP, TAH & RMD disappointing. Dividends have been a standout positive feature so far this reporting season w/ 5 co's beating MRE's DPS forecast by >+5% (DOW, TAH, JBH, RWH, EPW).

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