Insightful Insights
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To use ASX BookBuild, or not to use ASX BookBuild…
Scott Shuttleworth
August 5, 2014
That is the question. And it’s one that many companies and investors are able to reconsider as a result of the launch of ASX BookBuild (ABB). The process breakdown of the tool used by brokers and investment banks can be found here. continue…
by Scott Shuttleworth Posted in Insightful Insights.
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The screen
Russell Muldoon
August 4, 2014
On Friday morning, the local share market reacted negatively to overseas developments. I took this as an opportunity to screen the market in search of industry groups that offer attractive relative valuations, in order to focus on a few ideas for our research team to investigate. continue…
by Russell Muldoon Posted in Companies, Insightful Insights, Market Valuation.
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Reading between the lines
Tim Kelley
August 1, 2014
We have been delving through a lot of prospectuses lately to try to understand what’s really going on behind the accounting numbers. In a philosophical moment, we were moved to summarise one of the key messages in haiku form… continue…
by Tim Kelley Posted in Insightful Insights.
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US Healthcare Spending
Ben MacNevin
August 1, 2014
The US Congressional Budget Office (CBO) provides analysis on economic and budgetary decisions, and it’s just materially revised downward its growth projections for US federal healthcare spending. continue…
by Ben MacNevin Posted in Economics, Health Care, Insightful Insights.
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Clouds clearing, or clouds on the horizon?
Roger Montgomery
July 30, 2014
Our very good friend Mark Carew at Morgans whipped up these neat little clouds to visualise the relative popularity, at 30 June 2014, of various small cap stocks held by fund managers that specialise in small caps. continue…
by Roger Montgomery Posted in Insightful Insights.
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IMF: Funding more litigation
David Buckland
July 30, 2014
We last wrote about Bentham IMF Limited (ASX: IMF) back in February, and now point out the company has filed proceedings on behalf of former and current BrisConnections unit-holders against Arup. Arup are the engineering consulting firm who prepared the traffic forecasts for the Brisbane Airport Link toll road. continue…
by David Buckland Posted in Insightful Insights.
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Reserve Bank of New Zealand certainly moves quickly
David Buckland
July 25, 2014
One thing we can say about the Reserve Bank of New Zealand is they certainly move quickly when they think it is appropriate to do so.
For example, in the nine-month period between July 2008 and April 2009, the New Zealand official cash rate (OCR) was cut on seven occasions, from 8.25 per cent to 2.5 per cent.
Now the opposite is occurring and in the past four months the OCR has been increased on four occasions – each by 0.25 per cent – from 2.5 per cent to 3.5 per cent. The New Zealand economy is expected to grow by 3.7 per cent in 2014, with the recovery in construction and net migration adding to housing and household demand.
The graph below compares the New Zealand 90-day bank bill rate with the New Zealand official cash rate, which commenced life in March 1999 at 4.5 per cent.
by David Buckland Posted in Financial Services, Foreign Currency, Insightful Insights, Value.able.
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Market PE ratios
Russell Muldoon
July 24, 2014
The one-year forward price-to-earnings (P/E) ratio for the S&P/ASX 200 index has varied significantly over the past few years. In 2011 it fell to 12 times, and recently market participants have been sufficiently enamoured to push the ratio as high as 16-17 times.
by Russell Muldoon Posted in Insightful Insights, Market Valuation, Value.able.
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Is LNG the next disappointment?
Ben MacNevin
July 24, 2014
In the past decade, Australia has attracted considerable global investment in Liquefied Natural Gas (LNG). Yet the Wall Street Journal has reported that many of these projects have run considerably over-budget, lowering the incentive for further investment in the region. continue…
by Ben MacNevin Posted in Insightful Insights.
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Earnings expectations under pressure
David Buckland
July 23, 2014
According to Deutsche Bank Research, earnings expectations for the Australian listed market have been cut in recent months. Forecast earnings growth for the year to June 2015 has come down to 6-7 per cent, slightly below expectations for the year to June 2014.
by David Buckland Posted in Insightful Insights.
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