K64 Auxiliary Finance and Insurance Services

Hopes fade for IPOs as Greenstone deal sinks

roymorgansocial Leave a comment

Original article by Sally Rose
The Australian Financial Review – Page: 21 & 24 : 11-Jun-15

ASX Limited’s Max Cunningham says fewer companies are pursuing IPOs compared with the same period in 2014, but he adds that the IPO market remains healthy. However, the outlook for IPOs is uncertain following Greenstone’s decision to abandon its $A900m float after lack of support for investors at the stock’s proposed issue price. Upcoming floats include Gateway Lifestyle, Adairs and QMS Media.

CORPORATES
GREENSTONE LIMITED, ASX LIMITED – ASX ASX, GATEWAY LIFESTYLE – ASX GTY, ADAIRS LIMITED – ASX ADH, QMS MEDIA LIMITED – ASX QMS, LINK MARKET SERVICES LIMITED, MURRAY GOULBURN CO-OPERATIVE COMPANY LIMITED, SHRIRO HOLDINGS LIMITED – ASX SHM, DONGFANG MODERN AGRICULTURAL HOLDING GROUP LIMITED – ASX DFM, MITULA GROUP LIMITED – ASX MUA, ARGO GLOBAL LISTED INFRASTUCTURE LIMITED – ASX ALI, INDIA FUND LIMITED – ASX INF, GARDA DIVERSIFIED PROPERTY FUND – ASX GDF, HOLLARD INSURANCE GROUP, UBS HOLDINGS PTY LTD, STANDARD AND POOR’S ASX 200 INDEX, COSTA GROUP OF COMPANIES PTY LTD, SMALLCO INVESTMENT MANAGER LIMITED, CARTER HOLT HARVEY LIMITED, PEPPER HOMELOANS PTY LTD, WISETECH GLOBAL PTY LTD

M&A outlook is optimistic

roymorgansocial Leave a comment

Original article by Joyce Moullakis
The Australian Financial Review – Page: 18 : 10-Jun-15

Data from Dealogic shows that some $US59.3bn ($A77.6bn) worth of mergers and acquisitions have been announced in Australia so far in 2015. This includes $US15.1bn worth of offshore deals by local companies. Anthony Sweetman of UBS is upbeat about the outlook for M&A activity in the second half of 2015, while Michael Barker of law firm King & Wood Mallesons also anticipates a bullish M&A market in the second half.

CORPORATES
DEALOGIC (AUSTRALIA) PTY LTD, UBS HOLDINGS PTY LTD, KING AND WOOD MALLESONS, TOLL HOLDINGS LIMITED, JAPAN POST COMPANY LIMITED, INDEPENDENCE GROUP NL – ASX IGO, SIRIUS RESOURCES NL – ASX SIR, EVOLUTION MINING LIMITED – ASX EVN, BARRICK GOLD CORPORATION, GE CAPITAL AUSTRALIA, ESANDA FINANCE CORPORATION LIMITED, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE CAPITAL PTY LTD, GRANT SAMUEL AND ASSOCIATES PTY LTD, MEDIBANK PRIVATE LIMITED – ASX MPL

ASX warns on open clearing

roymorgansocial Leave a comment

Original article by Michael Smith
The Australian Financial Review – Page: 20 : 9-Jun-15

The Australian Government is likely to make a decision on the future of ASX Limited’s monopoly on the clearing of cash equities by July 2015. ASX CEO Elmer Funke Kupper has warned that allowing competition in cash equities clearing would make it more difficult to manage defaults by stockbrokers. He notes that rival clearing houses would have to close a firm’s options trading positions immediately rather than pursuing alternatives that are open to the ASX.

CORPORATES
ASX LIMITED – ASX ASX, BBY LIMITED, CHI-X AUSTRALIA PTY LTD, COUNCIL OF FINANCIAL REGULATORS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY

‘Impact investors’ want tax breaks

roymorgansocial Leave a comment

Original article by Sally Rose
The Australian Financial Review – Page: 20 : 9-Jun-15

STREAT provides training for about 125 disadvantaged people in Victoria each year. The social enterprise will be able to train 250 people each year when its new hospitality training facility in Melbourne is completed in around 18 months’ time. Social Ventures Australia, which helped to negotiate an $A2.5m loan for STREAT, has urged the Australian Government’s tax inquiry to provide tax breaks for so-called social impact investments.

CORPORATES
STREAT LIMITED, SOCIAL VENTURES AUSTRALIA LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Citi finds value in 2015’s star stocks

roymorgansocial Leave a comment

Original article by Vesna Poljak
The Australian Financial Review – Page: 23 : 5-Jun-15

Australia’s benchmark S&P/ASX 200 is currently trading on a price-earnings ratio of 16.5 times earnings forecasts. Citigroup has identified six stocks that continue to offer good value for investors: Macquarie Group, Harvey Norman, Lend Lease Group, Mirvac Group, IOOF Holdings and Incitec Pivot. Citigroup also nominates Woolworths, Metcash, QBE Insurance Group, Fletcher Building and Orica as stocks that could stage rebounds.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, CITIGROUP PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, LEND LEASE GROUP LIMITED – ASX LLC, MIRVAC GROUP – ASX MGR, IOOF HOLDINGS LIMITED – ASX IFL, INCITEC PIVOT LIMITED – ASX IPL, WOOLWORTHS LIMITED – ASX WOW, METCASH LIMITED – ASX MTS, QBE INSURANCE GROUP LIMITED – ASX QBE, FLETCHER BUILDING LIMITED – ASX FBU, ORICA LIMITED – ASX ORI, WESTPAC BANKING CORPORATION – ASX WBC, AMCOR LIMITED – ASX AMC, WESFARMERS LIMITED – ASX WES, APA GROUP – ASX APA, ASX LIMITED – ASX ASX, COMPUTERSHARE LIMITED – ASX CPU, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK OF QUEENSLAND LIMITED – ASX BOQ, ANSELL LIMITED – ASX ANN, PRIMARY HEALTH CARE LIMITED – ASX PRY

Soaring small caps perturb strategists

roymorgansocial Leave a comment

Original article by Rose Powell, Patrick Commins
The Australian Financial Review – Page: 25 : 3-Jun-15

Australian-listed small-capitalisation industrial stocks have rallied since March 2015, while industrials in the S&P/ASX 50 have generally underperformed. Investor support for small-caps has been driven by factors such as an upturn in the sector’s return on equity (ROE), as well as a corresponding decline in ROE for larger stocks. Meanwhile, Matthew Ross of Goldman Sachs says valuations in the small-cap sector may have become stretched.

CORPORATES
GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, STANDARD AND POOR’S ASX 50 INDEX, STANDARD AND POOR’S ASX 200 INDEX, RESERVE BANK OF AUSTRALIA, IPROPERTY GROUP LIMITED – ASX IPP, NEXTDC LIMITED – ASX NXT, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, TECHNOLOGY ONE LIMITED – ASX TNE, CORPORATE TRAVEL MANAGEMENT LIMITED – ASX CTD, INFOMEDIA LIMITED – ASX IFM, SIRTEX MEDICAL LIMITED – ASX SRX, ALTIUM LIMITED – ASX ALU, MANTRA GROUP LIMITED – ASX MTR, TFS CORPORATION LIMITED – ASX TFC

Buy shares, not bonds, says Morgan Stanley

roymorgansocial Leave a comment

Original article by Rose Powell
The Australian Financial Review – Page: 23 : 2-Jun-15

Morgan Stanley forecasts that Australian shares will deliver a return of 5.8 per cent over the next 12 months and 10.3 per cent in the longer-term. Meanwhile, the firm expects international shares to achieve a short-term return of 15.4 per cent and 10.3 per cent in the long-term. However, Morgan Stanley is bearish about the outlook for Australian bonds and global sovereign bonds.

CORPORATES
MORGAN STANLEY AUSTRALIA LIMITED, AMP CAPITAL INVESTORS LIMITED, UNITED STATES. FEDERAL RESERVE BOARD, PERPETUAL LIMITED – ASX PPT

Chi-X issues new challenge to ASX

roymorgansocial Leave a comment

Original article by Shaun Drummond, Jonathan Shapiro
The Australian Financial Review – Page: 19 : 1-Jun-15

Stock exchange operator Chi-X Australia will begin offering warrants trading later in 2015, entering a market that has been shunned in recent years. Chi-X CEO John Fildes notes that just one company currently issues warrants in Australia, and blames ASX Limited’s high fees. Chi-X also plans to allow equities to be traded for an additional eight minutes after the official close of trading, while it will begin offering exchange-traded funds in 2016.

CORPORATES
CHI-X AUSTRALIA PTY LTD, ASX LIMITED – ASX ASX, MACQUARIE GROUP LIMITED – ASX MQG, STOXX, DEUTSCHE BOERSE, SWISS STOCK EXCHANGE

Macquarie, Domino’s top in M&A value

roymorgansocial Leave a comment

Original article by Joyce Moullakis
The Australian Financial Review – Page: 23 : 29-May-15

Intralinks and the Cass Business School have released a report which examined more than 265,000 mergers and acquisitions deals globally over two decades. Some 82 of the companies that were regarded as being excellent corporate portfolio managers are based in Australia. They include Macquarie Group, Domino’s Pizza Enterprises, M2 Group, Challenger and the ANZ Bank.

CORPORATES
INTRALINKS INCORPORATED, CASS BUSINESS SCHOOL, CITY UNIVERSITY, LONDON, MACQUARIE GROUP LIMITED – ASX MQG, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, M2 GROUP LIMITED – ASX MTU, CHALLENGER LIMITED – ASX CGF, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, RETAIL FOOD GROUP LIMITED – ASX RFG, SILVER LAKE RESOURCES LIMITED – ASX SLR, DOMINO’S PIZZA JAPAN INCORPORATED, TERRA FIRMA CAPITAL PARTNERS LIMITED, DELAWARE INVESTMENTS, FOX-PITT KELTON COCHRAN CARONIA WALLER LLC

AGL, New Hope to take hit from Norway divestment

roymorgansocial Leave a comment

Original article by Ben Potter
The Australian Financial Review – Page: 23 : 29-May-15

Norway’s Government Pension Fund Global exited the share register of Whitehaven Coal in 2014, following a government directive to terminate its exposure to the coal sector. The Norwegian Government now wants the sovereign wealth fund to divest shares in electricity companies that have a high exposure to coal-fired generation and mining companies whose revenues are heavily weighted toward thermal coal. This could force it to offload shares in AGL Energy and New Hope Corporation.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, NEW HOPE CORPORATION LIMITED – ASX NHC, WHITEHAVEN COAL LIMITED – ASX WHC, GOVERNMENT PENSION FUND GLOBAL (NORWAY), BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, SOUTH32 LIMITED – ASX S32, MACQUARIE GENERATION, LOY YANG A, YANCOAL AUSTRALIA LIMITED – ASX YAL, COKAL LIMITED – ASX CKA, COCKATOO COAL LIMITED – ASX COK, AXA SA, OXFORD UNIVERSITY, CLIMATE INSTITUTE (AUSTRALIA) LIMITED