Earnings Sales momentum has stalled in the key retail annuity sales product (ex-CARE) up only 5% on the year. The second half of the year was particularly weak with retail annuity sales growth being negative. This is the lowest growth in 3 years and suggests that the low interest rate environment is forcing retirees to take more risk in order [...]
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 [...]
We are now in the full swing of reporting season with headline results coming in broadly inline with expectations with earnings weakness being front and centre for commodity related issuers. But as has been the case for the past few years macro headlines have been dominating market performance in the past week. U.S. crude oil futures (also known as West Texas Intermediate) [...]
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 [...]
China interrupted reporting season this weak devaluing its currency peg (the midpoint of where the yuan can trade against the US dollar) which had a sharp downward impact on the Aussie dollar. The People's Bank of China again intervened in the currency market stemming the flow. This reaction by China (to what was ultimately a reaction to weaker inflation and [...]
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 [...]
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