NAOS: Downgrades tell a story on the economy

Livewire Equities


Sebastian Evans, CIO of NAOS Asset Management, says looking through the current economic data sets to a company specific level the picture is still quite concerning. “The thing that really stands out for me is that we have had some interesting downgrades and company specific downgrades. The ones that stood out for me were Channel 9 on Friday, Qube logistics aswell and you have had the retailers - Oroton had a downgrade and there have been about three others. I think going in to reporting season that is cause for concern… When you have logistics companies, retailers and advertising that are all very intertwined with the economy it’s cause for concern in my view.” Evans says from the conversations he has been having with companies the main issue remains around revenue growth. On opportunity on the ASX he says investors need to be cautious but says the banks are now starting to offer some value

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