Search Results for: property
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Enthusiastic about property?
Roger Montgomery
September 4, 2013
In this interview with Ticky Fullerton on ABC’s The Business, Roger talks about whether he’s enthusiastic about the property market in Australia – and whether value investors should be. Watch here.
by Roger Montgomery Posted in TV Appearances.
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Crouching Tiger, Hidden Warning!
Roger Montgomery
August 16, 2013
Listen up! You might not get too excited about bonds and interest rates but just as gravity pulls everything down on earth, so do rising interest rates affect the value of assets from from stocks to residential property to cotton farms. Continue…
by Roger Montgomery Posted in Insightful Insights.
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Shopping centre sales
Ben MacNevin
July 22, 2013
Colonial First Property Retail Trust (ASX: CFX) recently released the sales figures of its tenants for the 12 months to 30 June 2013. CFX’s portfolio is mainly comprised of shopping centres in major centres, and half of its assets are in Victoria. While the figures do not provide a complete account of retail conditions in Australia, they do provide some insight into the performance of major retailers. Continue…
by Ben MacNevin Posted in Insightful Insights.
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Is $5.00 unreasonable for Ainsworth?
Russell Muldoon
July 17, 2013
Ainsworth Game Technology (ASX: AGI) is not a business that will appeal to all investors. Problem gambling is a genuine concern, but for many a night at the casino is a valid form of casual entertainment. Spending my pocket money on video games all those years ago held similar enjoyment while having a similar impact on my own finances. Continue…
by Russell Muldoon Posted in Companies, Insightful Insights.
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A viral recession
Roger Montgomery
June 13, 2013
When we first suggested back in May, on The ABC Program The Business (watch here), that Australia could experience a recession, we didn’t know how long it would take for the idea to catch on. Turns out it doesn’t take that long at all. Continue…
by Roger Montgomery Posted in Insightful Insights.
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Australia – on the precipice? (part one)
Roger Montgomery
May 18, 2013
Part one of a two part series on the demise of Australia
Last week’s year-six father and son breakfast was never expected to throw up any investment ideas. Indeed, I was so focused on the kids that I wasn’t even listening out for investment insights when one hit me, or, to be more accurate, brushed gently before me.
Continue…by Roger Montgomery Posted in Economics, Insightful Insights.
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Up up and away…?
Russell Muldoon
May 3, 2013
It should come as no surprise. We have always shunned capital intensive businesses such as Qantas.
Continue…by Russell Muldoon Posted in Airlines, Insightful Insights.
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Russell’s stocks to watch this week
Roger Montgomery
April 30, 2013
In this edition of Sky Business’ Your Money Your Call, Russell Muldoon discusses the rising share prices of banks, as well as giving his views on Australand Property Group (ALZ), Asciano Limited (AIO), Data#3 Limited (DTL), CSL Limited (CSL), Silver Chef Limited (SIV) and Resmed Inc (RMD). Watch here.
by Roger Montgomery Posted in TV Appearances.
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Which retail sectors are in fashion?
Ben MacNevin
April 26, 2013
Colonial First State has just released their quarterly results to March 2013 for their Retail Property Trust. This retail-specific Australian Real Estate Investment Trust (A-REIT) comprises shopping centres, department stores, supermarkets and specialty stores.
Continue…by Ben MacNevin Posted in Consumer discretionary, Insightful Insights.
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Threats to Cochlear’s market position?
Tim Kelley
April 22, 2013
Many readers will have noticed the dramatic fall in the price of Cochlear (COH) shares from above $80 per share at the start of February to below $60 recently. COH is an Australian-based world beater in cochlear implants (note that “cochlear” is both the name of the company (COH) and the part of the inner ear into which cochlear implants are implanted, whether they are supplied by COH or a competitor). At Montgomery, we are big fans of COH, and in the past it has been a significant holding of the Montgomery [Private] Fund. With the recent decline in share price we have again been taking interest in the business.
Continue…by Tim Kelley Posted in Insightful Insights, Technology & Telecommunications.
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The view from the top of Australia…
Roger Montgomery
April 16, 2013
It was interesting to read in yesterday’s Australian Financial Review that auction clearance rates surged past 70% at the weekend. There’s almost an air of desperation at some auctions. The fear of missing out is a much greater influence on investor behaviour than the fear of loss.
Continue…by Roger Montgomery Posted in Insightful Insights, Property.
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Does intellectual property have the value it once had?
Tim Kelley
April 10, 2013
A strong competitive “moat” is one of the features we value in a business. Moats can take many different forms, but one appealing type of moat is that provided by intellectual property, ideally protected by patents.
Companies like Cochlear, Resmed and Codan are good examples of businesses that owe part of their prosperity to technology that provides an edge over competitors. In many cases, this edge has been built and maintained over many years through substantial investments in R&D.
Continue…by Tim Kelley Posted in Consumer discretionary, Insightful Insights, Technology & Telecommunications.
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Burying your head in the mineral sand…
Roger Montgomery
March 25, 2013
Last week, The Australian Financial Review’s Angus Grigg and Jamie Feed wrote a neat summary of the growing cries of concerns around China’s economy.
We summarise as follows:
– Dong Tao, Chief Regional Economist at Credit Suisse says there is “no good news to report on China…the Chinese economy is struggling”
– Greg Lilleyman, RIO’s President of Pilbara Iron Ore Operations says “additional exports and a slowing in steel demand growth would hurt the price in tens second half of the year”
– Andy Xie says “This is not good news for Australia” and “the Australian housing market and dollar were vulnerable to slowing growth in CHina, which could fall as low as 5 per cent in coming years”
Continue…by Roger Montgomery Posted in Economics, Energy / Resources, Insightful Insights.
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Chinese bubble on the brink…..
Roger Montgomery
March 13, 2013
Question to the world’s biggest property developer: Is there a bubble [In China]?
Answer: Yes of course.
Watch this video broadcast by CBS last week.
Watch here.
by Roger Montgomery Posted in Insightful Insights, Property.
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Wylie E. Coyote or Road Runner?
Roger Montgomery
March 7, 2013
You will have to forgive the rather startling image we have chosen for this blog post. Its really been selected for dramatic effect only.
You may not realise this but all the way back in August 2010 we were BHP bulls, writing; “If you take on blind faith a A$22b profit, BHP’s shares are worth AUD $45-$50 each.”
But then in February 2011 we became a little more circumspect. You can read about the change here.
Continue…by Roger Montgomery Posted in Companies, Energy / Resources, Investing Education, Value.able.
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Dear Under-50 Investor
Roger Montgomery
February 6, 2013
Dear Under-50 Investor,
Superannuation will be no good for you if you are under 50 today, so invest the absolute minimum amount into super.
That means, no salary sacrificing, no co-contributions, no non-concessional contributions. Ignore the calls to save tax and boost your super you will be soon contributing 12% of your salary anyway. This is not advice but a challenge to others, much more qualified than I, to dispute it and explain why I am totally wrong. By the way, as a fund manager of course, I am financially delighted to be completely wrong on this one!
Continue…by Roger Montgomery Posted in Insightful Insights, Investing Education.
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What are Tim Kelley’s insights on Exchange Traded Funds?
Roger Montgomery
November 15, 2012
Do Energy Action (EAX), Central Petroleum (CTP), Perseus (PRU), Iluka Resources (ILU), AGL (AGK), Matrix (MCE), Reward Minerals (RWD), FKP Property (FKP), Rio Tinto (RIO), Telecom NZ (TEL), Hills Holdings (HIL), Aurora (AUT), DWS (DWS) Cash Converters (CCV) or NAB (NAB) achieve the coveted A1 grade? Watch this edition of Sky Business’ Your Money Your Call 15 November 2012 program now to find out, and also learn Tim’s insights on Exchange Traded Funds. Watch here.
by Roger Montgomery Posted in Companies, Insightful Insights, Investing Education, TV Appearances.
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RBA favours ‘riskier’ investments?
Tim Kelley
November 7, 2012
In the wake of the RBA’s decision to leave interest rates unchanged it’s interesting to see some of the commentary on the attractiveness of fixed interest versus ‘riskier’ investments, including property and shares. RBA governor Glenn Stevens is reported to favour investors moving into these asset classes away from low-yielding term deposits.
We have recently been doing some interesting analysis to better understand the long-term value proposition currently offered by the Australian equity markets. We will share the results of the analysis here when completed, but the emerging view – for those with a long-term perspective – is that governor Stevens has a valid point.
by Tim Kelley Posted in Insightful Insights, Investing Education.
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Overnight Wednesday in Europe
David Buckland
September 28, 2012
After jumping nearly 20% over the September 2012 Quarter, Wednesday saw the leading 50 European blue chip stocks from 12 Eurozone countries, as measured by the STOXX, decline by 2.7%. The Spanish market, which had rebounded 35% from its low point in early July, fell 3.9%. On Thursday, Spanish Prime Minister Rajoy announced his fifth austerity package in nine months of Government. The target is to cut the budget deficit from 6.3 percent in 2012 to 4.5 percent in 2013.
Economists responded by saying “they’ve increased the taxes for next year and cut spending but they didn’t change the growth forecast”. Economists expect the Spanish economy to contract around 1.5%, while the Government is forecasting a contraction of only 0.5%. With their ten year bonds selling above 6%, Spain will likely need to raise the white flag and go “cap in hand” to the European Central Bank for another bail-out. Spain’s declining property market and 25% unemployment is causing a significant solvency issues for their banking system, as the contraction of private sector lending continues.
Continue…by David Buckland Posted in Insightful Insights, Market Valuation, Value.able.
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David Jones: Non retailers distracted by a takeover?
Roger Montgomery
September 21, 2012
This week David Jones announced their 2012 results and reported a 40% decline in profit. The only positive was that 4th quarter sales fell by just 1% on pcp whereas 1st quarter sales had fallen 11% on pcp. Actually there was another positive; the 35% decline in earnings per share was inline with expectations.
Separately the company also provided an update to its property strategy. Investors should understand that anything DJS does with its properties is simply a takeover defence against private equity (or Premier Investments perhaps) pulling off the same stunt that was done on Myer. That is; launch a takeover, succeed, sell off the property portfolio and get the business cheaper. if DJS shows it is proactive in this area it becomes much harder from Private Equity to argue that they are “adding value”.
DJS intrinsic value (see Fig. 1) has now not increased since 2004 and according to Skaffold.com DJS’s intrinsic value is not expected to rise at all over the next two years.
by Roger Montgomery Posted in Companies, Insightful Insights, Intrinsic Value, Takeovers.
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