Australasian Equities

Equity Research
Archive
Australasian Equities

Sample Reports | Old Reports | Not Current

Special

medium

Holding on Shares in equipment financier Silver Chef (ASX:SIV) have come under ongoing pressure since our last review at the end of February. As covered in that report, Silver Chef surprised the market by announcing that it was getting out of the GoGetta business. We wrote at the time that this would likely see further short-term pain, but we believe that over the medium-term this will deliver more optimal use of capital and management focus. We maintained a hold recommendation on

Suncorp (ASX:SUN)

Core

medium

Sunny in Queensland Suncorp Group (ASX:SUN) saw a decline in interim profits due to higher natural hazard costs and investment in programs expected to have cost benefits down the track. We continue to be positive on the name due to our expectation of an improving premium and investment income environment. The company also has a banking angle and strong positioning in the Queensland market, one which we view favourably. 1H18 Headline Numbers Suncorp Group’s net profit after tax (NPAT) fell 15.8% year-on-year to

Orora (ASX:ORA)

Core

medium

An Attractive Package Orora (ASX:ORA) has delivered solid returns for shareholders since its demerger and the fundamentals continue to be attractive. There is scope for margin improvements at the North America businesses and the company has a strong balance sheet providing the financial flexibility to supplement organic growth with acquisitions. 1H18 snapshot Overall, Orora’s interim numbers were strong and investors were content with the results, bidding the shares up 4% after the release back in mid-February. Revenue increased 6.2% year-on-year to $2,097.8 million, driven

HUB24 (ASX:HUB)

Speculative

high

Halfway There But Already Ahead Australia’s Fastest growing investment and superannuation platform provider, HUB24, (ASX:HUB) recently disclosed its first half performance, reporting robust growth across the board. It also shows that the acquisition in early 2017 has proved to be accretive having added to the user counts. We like that the company continues to display strong operational momentum, as supported by continued product innovation while enjoying strong operating leverage. As such we maintain our HOLD rating on the stock. Recap and What’s

Australian Vintage (ASX:AVG)

Speculative

high

Fat Prophets take Profits Australia’s fifth largest winemaker, Australian Vintage (ASX:AVG), recently reported interim results which showed that the company benefitted from an unusually strong harvest domestically amidst weaker global supply. Sales in Europe were particularly strong, though we believe this to be an outlier and that the looming Brexit may reverse these gains. We will closely monitor the developments going forward, but in the interim we recommend Members take some profits, and sell half their holdings. This will represent a

Vocus Communications (ASX:VOC)

Speculative

high

Returning to the fold In recent weeks we have surveyed the investment case for re-entering two former portfolio constituents in Vocus Group and TPG Telecom. Both were strong portfolio performers during their tenure, and in both cases our exit proved timely, with our concerns over each telco’s prospects (and share price direction) proving well founded. In the case of Vocus (ASX:VOC) we have concluded that after a substantial fall in the valuation since our sell recommendation, the case exists for a re-rating.

AWE (ASX:AWE)

Speculative

high

Mitsui extends the open period of its offer Mitsui & Co (Mitsui) has extended the open period for the shareholders of AWE to accept its takeover offer. Mitsui, in its most recent substantial shareholder notification has revealed that AWE shareholders are holding back on accepting. In the meantime, recent Australian Stock Exchange activity in AWE shares has seen a number of new shareholder names on the register. The following figure shows the location of the company’s assets: Source: AWE Mitsui has announced that

Oil Search (ASX:OSH)

Speculative

high

Vintage year Oil Search (ASX:OSH) has released its full year result for 2017, and in doing so has revealed a vintage year. Propelled by higher energy prices but a flat production profile and higher cost structure, the company reported a significant improvement across its key profit numbers for the year. Free operating cash flow received a rev-up, while the balance sheet got just that much better. The best for shareholders was left to the end however, with the interim dividend receiving

About these archived stock reports

These are archived Fat Prophets equity research stock reports and share analysis. They do not constitute current investment advice, financial product advice, or a recommendation to buy, sell or hold any financial product. They are provided for historical reference only, and reflect the market conditions, company information, forecasts and opinions available at its original publication date. The information may no longer be current or applicable. Past performance is not a reliable indicator of future performance.

This is general information only and does not take into account your objectives, financial situation or needs. Before acting on anything in this report, you should consider its appropriateness to your circumstances and seek advice from a licensed financial adviser.

DISCLAIMER Fat Prophets has made every effort to ensure the reliability of the views and recommendations expressed in the reports published on its websites. Fat Prophets research is based upon information known to us or which was obtained from sources which we believed to be reliable and accurate at time of publication. However, like the markets, we are not perfect. This report is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore discuss, with their financial planner or advisor, the merits of each recommendation for their own specific circumstances and realise that not all investments will be appropriate for all subscribers. To the extent permitted by law, Fat Prophets and its employees, agents and authorised representatives exclude all liability for any loss or damage (including indirect, special, or consequential loss or damage) arising from the use of, or reliance on, any information within the report whether or not caused by any negligent act or omission. If the law prohibits the exclusion of such liability, Fat Prophets hereby limits its liability, to the extent permitted by law, to the resupply of the said information or the cost of the said resupply.

Funds Management – In addition to the listed fund FPC, Fat Prophets Pty Ltd manages the separately managed accounts, namely Concentrated Australian Shares, Australian Shares Income, Small Midcap, Global Opportunities, Mining & Resources, and Asian Shares. These SMAs are managed under their own mandates by the fund managers, and this is independent to the research reports.

Staff trading – Fat Prophets Pty Ltd, its directors, employees and associates of Fat Prophets may hold interests in many ASX-listed Australian companies which may or may not be mentioned or recommended in the Fat Prophets newsletter. These positions may change at any time, without notice. To manage the conflict between personal dealing and newsletter recommendations the directors, employees, and associates of Fat Prophets Pty Ltd cannot knowingly trade in a stock 48 hours either side of a buy or sell recommendation being made in the Fat Prophets newsletter. Staff trades are pre-approved by an appointed staff trading compliance officer to ensure compliance with the staff trading policy.

For positions that directors and/or associates of the Fat Prophets group of companies currently hold in, please click here.

About these archived stock reports

Trusted Equity Research and Wealth Management since 2000

Undefended

The Round Trip

Didn’t Blink