Research.

BHP Billiton published FY15 relatively weak results which were below market consensus. Revenue was down 21.4% to $44.6bn and underlying EBITDA fell 27.9% to $21.9bn as lower average realized prices (-41% in iron ore, -33% in oil and more than -20% in coal) offset productivity gains. By business segment: Iron Ore: BHP expects FY16 production to increase by 6%. BHP [...]

Telstra reported a mixed set of results for FY15 with total income increasing 1.2% to reach $26.6bn and EBITDA decreasing 3.5% to $10.7bn mainly as a result of lower revenues in fixed voice. By key product line: Mobile revenues (41% of Group revenues) increased 10.2% over the period, the strongest growth rate in 3 years, thanks to strong growth in [...]

AGL published solid FY15 results, which came ahead of market consensus, thanks mainly to the Macquarie Generation acquisition which performed better than expected. By divisions (AGL changed its operational structure after its investor day in May): Energy Markets: EBIT up 27.4% to reach $2,063m thanks mainly to good results from Wholesale markets, helped by the acquisition of the Macquarie Generation assets which offest [...]

August 13th, 2015: As anticipated when we changed our recommendation in May to SELL, Crown Resorts published weak FY15 results, which were below analysts estimates. By divisions: Crown Melbourne: reported EBITDA up 8.6% to $644.6m, due to adverse variance from the theoretical VIP program play having a negative EBITDA impact of $17.5m, offsetting the strong revenue growth in VIP program [...]

August 12th 2015: AGL published strong FY15 results, which came in ahead of market consensus, thanks mainly to the Macquarie Generation acquisition which performed ahead of expectations: By divisions (AGL changed its operational structure after its investor day in May): Energy Markets: EBIT up 27.4% to reach $2,063m thanks mainly to good results from Wholesale markets, helped by the acquisition of the Macquarie [...]

August 11th, 2015: Transurban published strong FY15 results in regards to equity but weak credit-wise, on the back of strong traffic growth (average daily traffic growth of 5% across assets) and increased toll revenues (proportional toll revenue growth of 39.6% and 10.7% when excluding acquisitions and impact of 95 Express Lanes), helped by acquisitions and consolidation of the US business. [...]

Earnings CBA reported statutory net profit of A$9.063 billion (cash earnings of A$9.137 billion) for the full year 2015 (up 5% on the year) which was broadly in-line with market expectations. The result continues to be underpinned by the market leading cost to income ratio (42.8%), stable net interest income (albeit there was some weakness in the net interest margin [...]

In its third quarter trading update NAB provided an update on its strategy but nothing that materially changed our view on them as an issuer. The capital planning questions were largely covered with the recent capital raising  (core tier 1 ratio stood at 9.94%  and we expect a ~0.50% increase post the sale of GWB and the NAB Wealth reinsurance placement) but the UK exit [...]

ANZ announced today a fully underwritten institutional share placement to raise $2.5billion and a shareholder share purchase plan to raise around $500 million. The reason behind this capital raising is in response to the FSI recommendations and what ANZ describes as a "surprise" to an "accelerated timetable" of the change to risk weights on residential mortgages. This capital raising is not unexpected [...]