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Mid Year Investor Briefing

Thursday, July 18th, 2019

 Clime recently concluded its Mid Year Investor Briefing roadshow in Brisbane on Tuesday June 25th. Over two weeks, we visited major cities across Australia to educate investors on major changes and events in global and domestic markets and discuss... Continue reading

Hansen acquisition could boost share value

Thursday, July 4th, 2019

In early June, Hansen Technologies (ASX:HSN) completed an A$166m acquisition of Canada-based Sigma Systems. This was HSN’s largest acquisition to date, funded via a new A$225m facility. We initially included HSN in the Clime Direct Model Portfolio because it was... Continue reading

Growing the MQG position

Wednesday, July 3rd, 2019

On 14 June we added to our newly initiated Macquarie Group position in the Clime Direct Model Portfolio. In our last report, we explained the investment quality we see in MQG. Today we summarise our thesis below. In summary, the... Continue reading

China-US trade negotiations roll on

Tuesday, July 2nd, 2019

At this point, markets seem relatively relaxed as they regard it as quite likely that US-China trade talks will get back on track, whilst doubting that a deal can, in fact, be struck before the end of the year. This... Continue reading

Letter To Investors: Is QE coming to Australia in 2020?

Friday, June 28th, 2019

To develop a view on the outlook for investment markets over the coming year, we must commence by reviewing both the performance of major assets markets, and the driving forces creating headwind over the last 18 months. It has been... Continue reading

Afterpay in the headlines

Friday, June 28th, 2019

Afterpay has captured a large number of headlines in recent weeks, first with a strong business update, followed by a capital raising to support the global expansion, then with an audit notice received from AUSTRAC, news of a Visa initiative... Continue reading

Trade War puts Huawei under fire

Thursday, June 20th, 2019

In 2019 there are clear signs that global economic growth is moderating.  Germany is leading weakness in Europe as industrial production and factory orders show declining activity, along with survey data that indicates a continued slowdown.  The US economy is... Continue reading

Validating Macquarie’s investment quality

Thursday, June 20th, 2019

After extensive work in recent weeks to validate the group’s investment quality, understand the reasons for the recent lower guidance and be confident enough the growth and returns upcycle will resume in FY20, we initiated a position in Macquarie Group... Continue reading

Company Update: Afterpay

Thursday, June 6th, 2019

We recently revisited our Afterpay valuation to take account of the most recent data from web analytics. Web-derived data is incredibly useful for tracking up to date performance of online heavy businesses. The two charts below illustrate the number of... Continue reading

An update on banks

Wednesday, June 5th, 2019

The four-year bank earnings downgrade cycle rumbled on after WBC’s interim result, with downgrades of up to 7% to the bank’s FY19 and FY20 earnings per share by broking analysts even though expectations were already low before the result. Analysts... Continue reading

Westpac of interest as sector fundamentals start to turn

Thursday, May 30th, 2019

The four-year bank earnings downgrade cycle rumbled on after Westpac’s interim result, with downgrades of up to seven per cent to the bank’s fiscal 2019 and 2020 earnings per share by broking analysts even though expectations were already low before... Continue reading

APN Property Group’s growing dividend yield

Wednesday, May 29th, 2019

Financial year 2019 marked the return of volatility. We saw turmoil in the December half, which eased into a relative calm in response to more accommodative monetary policy settings. In this environment business quality, or lack thereof, can be the... Continue reading

John Abernethy interviews… himself

Wednesday, May 22nd, 2019

Walking to work is great and healthy for a 60-year-old. But it does mean that I spend my 20-minute trek talking to myself – inside my head. So, following the Federal election and a week where the US-China trade negotiation... Continue reading

ANZ’s dividend resilience in tough times for banks

Monday, May 20th, 2019

Once again ANZ held its interim dividend steady at 80 cents, supplying another instalment in the franked income stream on which hundreds of thousands of SMSF investors rely. ANZ’s dividend has now been 80 cents for seven consecutive halves, admittedly... Continue reading

NAB’s dividend cut derisks the stock

Friday, May 17th, 2019

Although the 16% cut to NAB’s interim dividend, down to 83 cents per share, reduces shareholders’ income now, shareholders should more than benefit from a higher share price because the cut derisks the stock by increasing the bank’s capital buffers.... Continue reading

Frankly annoying

Friday, May 17th, 2019

In this View, I am taking the liberty of expressing my personal frustration at the current franking debate. In particular, I am expressing my frustration with the prosecution by the ALP of its proposed policy to abruptly change taxation rules... Continue reading

Macquarie should trade at a premium to the market, not in line

Wednesday, May 8th, 2019

Following on from our recent company update on Sonic Healthcare, another high-quality stock on our watchlist for the next market correction is Macquarie Group. Trading on just 15 times 2020 consensus earnings now, the stock is already interesting when the... Continue reading

The market’s rally explained by charts

Wednesday, May 8th, 2019

The surge in equity markets in 2019 is caused by many macro factors acting in unison. In no particular order, we observe across the world readings of low inflation, low but steady growth, supportive economic policy settings, low interest rate... Continue reading

Company Update: Credit Corp

Thursday, May 2nd, 2019

Credit Corp is currently undertaking a share purchase plan (SPP), which was announced on 1 April 2019 together with a $125 million placement. The SPP is priced at the lower of $20.45 and a 2.5% discount to the volume weighted... Continue reading

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The information provided on this webpage and the rest of clime.com.au is intended for general use only. The information presented does not take into account the investment objectives, financial situation and advisory needs of any particular person nor does the information provided constitute investment advice. Under no circumstances should investments be based solely on the information herein. Please consider our Information Memorandum, Product Disclosure Statement and Financial Services Guide before investing in one of our products. Past performance is no guarantee of future returns.
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