Hotel Property providing sustainable yield

Thursday, March 23rd, 2017

ASX code: HPI Share price: $2.87 Industry: Real Estate Forecast FY2018 Distribution: 21.0c Australians are well known for their love of property and beer. With the ASX listed pub-focused AREIT, Hotel Property Investments (HPI), investors can effectively bundle these passions... Continue reading

The Glass Half-Empty: Bond Investor Perspectives

Thursday, March 23rd, 2017

Figure 1. Investors running between the stock and bond markets Source: CNN Money Whether occurring at birth or some other subsequent stage in life, there is often a fundamentally opposed viewpoint between equity and bond investors. Much like the proverbial... Continue reading

Folkestone at a discount, but for how long?

Thursday, March 23rd, 2017

As time allows the potential of their business strategy to be demonstrated, we see a growing scope of opportunity for real estate focused fund manager and developer Folkestone Limited (ASX: FLK). Led by a high-quality team of industry veterans, FLK... Continue reading

Small-Caps: Staying the course and delivering consistent results

Thursday, March 16th, 2017

It is said that a journey of a thousand miles begins with a single step. Unless such a journey is across the Nullarbor, the likelihood is such that a journey naturally encompasses its fair share of twists and turns. This... Continue reading

It’s not greed that drives the world, but envy

Thursday, March 16th, 2017

Warren Buffett’s quote (our title to this View) may identify some of the underlying forces at work with residential prices in Sydney and Melbourne. The quote reflects Buffett’s observation of the role of “envy” in propelling equity prices sharply higher... Continue reading

Credit cycle inferences from reporting season

Thursday, March 16th, 2017

One of the most important drivers of economic growth is the credit cycle and it’s vitally important to understand the point in the cycle we are currently witnessing and, with a particular focus on risk, to position your portfolio accordingly.... Continue reading

Small-cap funds manager supporting punchy dividend

Tuesday, March 14th, 2017

Coming out of reporting season, an income stock we remain positive about is HFA Holdings, the parent of US-based Fund of Hedge Funds manager Lighthouse Partners. With a market cap of $324m, HFA is on the small end of the... Continue reading

Watch risk, not just growth

Tuesday, March 14th, 2017

Growth is easy to observe but risk is less apparent. As we look forward from reporting season, investors are valuing stocks based on the growth rates recently reported and guided, but valuations should also reflect whether stocks are becoming riskier.... Continue reading

Buffett – In a class of his own

Thursday, March 9th, 2017

The debacle at the Academy Awards Ceremony reminds us that even the best laid plans can go horribly wrong. Over the previous 89 years of the Oscars and 85 presentation ceremonies, the famous envelopes were correctly inserted with the names... Continue reading

Gateway’s solution to the high cost of senior living

Thursday, March 9th, 2017

The high cost of retirement in Australia, and the sheer number of people set to retire as the population ages, present funding challenges for retirees, governments and the community. Businesses that can provide scalable retirement accommodation solutions for the mass... Continue reading

Why the banks are a better yield proposition than Telstra

Thursday, March 9th, 2017

ASX code: Telstra Share price: $4.50 Industry: Telecommunications Services Forecast FY2017 Dividend: 31.0 cents fully franked ASX code: CBA Share price: $83.24 Industry: Banking & Investment Services Forecast FY2017 Dividend: $4.23 fully franked Two of the market’s most popular dividend... Continue reading

Stock in the Spotlight: ANZ

Thursday, March 2nd, 2017

ANZ had a very strong start to FY17, with 1Q17 (December quarter) cash earnings of $2.0bn above analyst forecasts for ~$1.7bn. The update validated and refreshed several aspects of our thesis on the stock: Trading income would benefit from the... Continue reading

Insights from Week 3 of Reporting Season

Thursday, March 2nd, 2017

Last week we gained further perspective on the Australian tourism theme with weak results from Event (EVT) and Village Roadshow (VRL) and a mixed result from Mantra (MTR). Although the leisure and entertainment sector benefits from the broader tourism tailwinds of... Continue reading

Brambles needs to adjust to the age of Amazon – and it can

Tuesday, February 28th, 2017

For so long Brambles had a reputation as one of the ASX’s more reliable, steadily growing large companies – a reputation reflected in an average premium of the stock’s price-earnings multiple to the market multiple of 10 per cent over... Continue reading

Telstra’s Fake News

Friday, February 24th, 2017

Donald Trump has raised the term “fake news” to prominence. Prior to the US Presidential Election campaign it was not a common term. However, it may well be the case that the reporting of news has always been to some... Continue reading

Peaking housing market puts pressure on consumer spending

Thursday, February 23rd, 2017

Animal spirits is the term John Maynard Keynes coined to describe the instincts, proclivities and emotions that ostensibly guide human behaviour. He argued that economic indicators, like consumer confidence, were direct measures of these animal spirits. A person’s impression of their... Continue reading

Insights from Week 2 of Reporting Season

Thursday, February 23rd, 2017

Building on some of the themes we’ve discussed leading into reporting season, in this note I’d like to highlight insights we’ve gleaned in week two, including hints of economic stress in Genworth’s (GMA) and Bendigo (BEN) reports, and our read... Continue reading

Banks not in the downgrade club

Thursday, February 23rd, 2017

In a market stunned by nearly daily profit warnings before reporting season, the major banks are emerging as one sector that will not disappoint during this first half. National Australia Bank’s first-quarter update was our first window into how the... Continue reading

Quality, growth and a 5% yield

Tuesday, February 21st, 2017

ASX Code: IPH Security price: $5.13 FY1 value: $5.62 Industry: Intellectual Property Services FY1 forecast distribution: 25.0 cents per share IPH Ltd (ASX:IPH) is the leading IP services firm in the APAC region with 20-25% market share in both Australia... Continue reading

Crown cashes in hand to pay handsome dividend

Tuesday, February 21st, 2017

ASX code: CWN Share price: $11.20 Industry: Consumer Services Consensus forecast FY2017 Dividend: $1.23  Crown Resorts Group (ASX:CWN) up until recently, has been an internationally focused gaming and entertainment company with businesses spanning casinos, wagering and online gaming products. CWN’s... Continue reading

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