Tag: report

Your Investments and the National Accounts 

The latest ‘National Accounts’ (i.e. GDP and how its constituents contributed) released (this week) give cause to reflect on how your investments consider trends in the data. 

The National Accounts is the scorecard for the RBA, politicians and policymakers alike. 

It is useful to be reminded that the RBA and the US Fed have roughly similar aims. 

“The Federal Reserve’s dual mandate is maximum employment and price stability. In its simplest terms, we want everyone who wants a job to be able to find one and for inflation to average 2 per cent per year.” John C. Williams, President and CEO, Federal Reserve Bank of San Francisco (March 2016) 

In Australia, the Reserve Bank Act 1959 notes the Board’s duty to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. 

Similar goals often inform politicians, although it can reasonably be said that pure power and politics also play a part in their motivations.

Lynas and Develop Global: Rare Earths, Critical Minerals, and Geopolitical Tailwinds Driving Mining Stocks in 2025

During May there are many opportunities for companies to update the market. These include investor conferences such as Macquarie Bank in early May and dedicated Investor Day’s that individual companies provided to analysts and the broader investment community. 

In addition, some companies with different financial year reporting timetables update the market. Companies such as Macquarie Bank and Nufarm are examples from this month. 

Clients may have noticed the sharp rebound in the share market in recent weeks, and we would note that the opportunity the sell-off in April provided proved beneficial to returns. We were net buyers, reducing our cash holdings in April, and the sell provides opportunities to add to Oil / Energy and Technology companies. A number of these positions have been handsomely rewarded. 

The Macquarie Bank update pointed to long-run value creation. 

This week’s Investment Matters will focus on the Nufarm result, Investor Day presentations from Seek Limited and Worley Limited, and a quick note on the rare earth miner / industrial processing company Lynas Corporation.

Portfolio Update – May  – the “mini” reporting season 

During May there are many opportunities for companies to update the market. These include investor conferences such as Macquarie Bank in early May and dedicated Investor Day’s that individual companies provided to analysts and the broader investment community. 

In addition, some companies with different financial year reporting timetables update the market. Companies such as Macquarie Bank and Nufarm are examples from this month. 

Clients may have noticed the sharp rebound in the share market in recent weeks, and we would note that the opportunity the sell-off in April provided proved beneficial to returns. We were net buyers, reducing our cash holdings in April, and the sell provides opportunities to add to Oil / Energy and Technology companies. A number of these positions have been handsomely rewarded. 

The Macquarie Bank update pointed to long-run value creation. 

This week’s Investment Matters will focus on the Nufarm result, Investor Day presentations from Seek Limited and Worley Limited, and a quick note on the rare earth miner / industrial processing company Lynas Corporation.

Profit Reporting Season – Stockland, Mirvac, Garda and Lendlease

laptop with the words property on it with small colourful illustrated houses

we’ve maintained higher weights in cash holdings within property sub-portfolios with an expectation that a significant rises in interest rates would necessitate an increase in cap rates (implied returns on property values), a resultant reduction in property book valuations and trigger a resultant slew of equity capital raises at discounted share prices in order to restore balance sheets to within bank funding covenants.

While the dull shine of copper comes in focus, we shed little light on BHP. Similarly, our focus this week on financial services dives deeper than the four major banks.

Profit Reporting Season – Sandfire, Perpetual and Judo Bank

This week’s Investment Matters will continue to focus on the recent reporting season.

While the dull shine of copper comes in focus, we shed little light on BHP. Similarly, our focus this week on financial services dives deeper than the four major banks.

Profit Reporting Season – Cleanaway, Emeco, ParagonCare and Worley

This week’s Investment Matters will concentrate on key company results as the reporting season winds down. On balance, market strategists have noted that earnings revisions have been neutral across the board, which is better than historical outcomes of net negative earnings revisions by optimistic investment banking equity analysts. 

Profit Reporting Season – Ventia, Johns Lyng, Earlypay and Nanosonics

Read key company results as the reporting season winds down. On balance, market strategists have noted that earnings revisions have been neutral across the board, which is a better than historic outcomes of net negative earnings revisions by optimistic investment banking equity analysts.

Early profit reporting season and news update

In last week’s Investment Matters we concentrated on the confession season, the period in which companies make early announcements to the market surrounding material changes to upcoming earnings.

This week’s Investment Matters will also concentrate on news flow and early reporting season results.

Confessions of a corporate earnings season

Most ASX-listed companies in Australia have a June fiscal/financial year-end. Accordingly, those with June and December balance days will tend to present their (half-year/annual) financial results to the market in each of the months of February and August.

Perpetual – finding a way to unlock value

In the past year, we have often commented that we’ll exhibit due patience as part of our investment approach. This is required as we often seek to invest in businesses that are significantly unloved and misunderstood and where assets may, therefore be mispriced.

Premier Investments – A deep dive into a new opportunity

In recent weeks, clients will have seen the addition of Premier Investments to their Australian equity sub-portfolios. Famously partly owned and operated (whether formally or informally) by Solomon Lew, Premier Investments is amongst the most successful discretionary retailers in Australian history.

Steadfast in its approach

© 2024 First Samuel Limited The Markets This week: ASX v Wall Street FYTD: ASX v Wall Street Steadfast Group Limited is an Australian insurance broking network that provides insurance broking services to businesses and individuals across Australia and New Zealand. The company was founded in 1991 and has become one of Australia’s largest insurance […]

Growing – in two very different ways

In recent weeks, we heard the mildly alarming statistics that the ASX had fallen to a low in October 2023 of 6703.2, lower than the levels seen in the broad market index at the close of October in 2007 (6770).

Inghams: laying golden eggs

Inghams is the dominant supplier of chicken products in Australia. It is also amongst the largest positions in client portfolios. In the past week, it delivered an update on progress within the business across the first half of the fiscal year.