Mirvac reported positive results for the 2016 financial year as operating EBIT increased by 7% to $640 million. The greatest contributor to operating EBIT is the group’s assets in the Office & Industrial segment as it makes up 56% of the Group’s EBIT. Mirvac’s portfolio in this segment has a 93% exposure to prime grade assets with 81% of the [...]
Rail Freight Operator Aurizon posted an 88% drop in its Net Profit After Tax (NPAT) falling to $72 million for year ended 30 June 2016. The financial result was mainly impacted by impairments ($528 million) associated with the company’s investment in Aquila Resources and the West Pilbara Iron Ore Project. Reduction in volumes also weighed on the group as it witnessed [...]
Telstra provided stable results for the year ended 30 June 2016 which were slightly ahead of guidance. Excluding discontinued operations (divestment of the Autohome Group), revenue increased by 1.5% while EBITDA slipped modestly by 0.6%. The Retail segment continues to be the primary contributor to earnings (61% of income) but EBITDA dipped by 3.9%. The decline was driven by [...]
AGL Energy released positive results as underlying EBITDA and profit have increased by 12% and 11% respectively. This is largely due to management’s focus away from poor performing natural gas assets and more toward retail electricity generation & distribution. As a result, AGL Energy is positioned strongly in the current energy environment relative to its competitors such as Origin Energy. [...]
Commonwealth Bank posted a statutory Net Profit after Tax (NPAT) of $9.23 billion, a 2% increase from the 2015 financial year. Net Interest Margin (NIM) was down 2 basis points to 2.07% with operating income growing 5% at a faster rate than expenses (4%) leading to a 0.40% improvement in the cost-to-income ratio to 42.4%. This result is broadly credit [...]
Bendigo Bank posted a 1.96% drop in Net Profit after Tax (NPAT) compared to the 2015 financial year. This result was also driven by a contribution from the Home Safe (reverse mortgage product) due to strong increases in residential property markets of Melbourne & Sydney. The group experienced a flat Net Interest Margin (NIM) over FY16 as the competitive lending [...]
Over the past year Australian companies have been effected by changing regulation, falling interest rates and currency, sharp drops in commodity prices, an economy in transition and last but not least the uncertainty surrounding Brexit. In our outlook, we hope to address some of these issues from a fixed income perspective. Click here for the outlook.
On the 6th of July 2016 ratings agency S&P issued a request for comment relating to proposed amendments to Australian Prudential Regulation Authority’s (APRA) evaluation criteria regarding the capital adequacy of banks. Ultimately, the agency’s intention is to begin capturing recent Basel III enhancements that were introduced after the Global Financial Crisis in Pillar 3 bank disclosure statement reports. [...]
Following S&P’s announcement on Thursday that Australia’s outlook had been downgraded to “Negative”, the agency stated on a conference call it would be unlikely that Australia’s “local currency rating” would stay at AAA if the “foreign currency rating” is cut. As a consequence of the outlook downgrade some federal government agencies and the state governments of New South Wales, Victoria [...]
The model portfolio return over the 2015-16 financial year was +4.24%, strongly outperforming the benchmark return of +1.98%. In terms of individual exposures, the portfolio benefited from positive contributors to performance from the Suncorp Convertible Preference Shares II (ASX Code: SUNPC), ANZ Convertible Preference Shares 3 (ASX Code: ANZPC) and the AMP Subordinated Notes 2 (ASX Code: AMPHA), contributing [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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