JB Hi-Fi surges as tech reigns

February 12, 2019roymorgansocial Leave a comment

Original article by Eli Greenblat
The Australian – Page: 19 : 12-Feb-19

Consumer electronics retailer JB Hi-Fi has posted a 2018-19 interim net profit of $160.1m, which is 5.5 per cent higher than previously. JB Hi-Fi has forecast that its full-year net profit will be within the range of $237m to $245m; full-year sales are expected to be $7.1bn, after sales totalled $3.843bn in the first half. CEO Richard Murray says consumers still seem to be buying gadgets such as smartphones and internet-connected fridges, at a time when many discretionary retailers are struggling.

CORPORATES
JB HI-FI LIMITED – ASX JBH, THE GOOD GUYS, OPHIR ASSET MANAGEMENT PTY LTD

ASX’s most shorted stocks set for results reporting test

February 11, 2019roymorgansocial Leave a comment

Original article by William McInnes
The Australian Financial Review – Page: 20 : 11-Feb-19

Some of the Australian sharemarket’s most heavily shorted companies will release their latest financial results in the week beginning 11 February, including JB Hi-Fi, Super Retail Group, Bendigo & Adelaide Bank and AMP. JB Hi-Fi is the most shorted S&P/ASX 200 stock, and Jun Bei Liu of Tribeca Investment Partners notes that the retail trading environment is challenging at present. Meanwhile, ASX 200 trading volumes were 11 per cent higher than average during the first week of the reporting season, as fund managers returned to the market.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, JB HI-FI LIMITED – ASX JBH, SUPER RETAIL GROUP LIMITED – ASX SUL, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AMP LIMITED – ASX AMP, TRIBECA INVESTMENT PARTNERS PTY LTD, FIRETRAIL INVESTMENTS PTY LTD, OPHIR ASSET MANAGEMENT PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, AMCOR LIMITED – ASX AMC, CLEANAWAY WASTE MANAGEMENT LIMITED – ASX CWY, LEND LEASE GROUP LIMITED – ASX LLC, CYBG PLC – ASX CYB, JAMES HARDIE INDUSTRIES PLC – ASX JHX, NICK SCALI LIMITED – ASX NCK, IOOF HOLDINGS LIMITED – ASX IFL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Taylor blasts AGL’s high prices

February 8, 2019roymorgansocial Leave a comment

Original article by Perry Williams
The Australian – Page: 17 & 27 : 8-Feb-19

Energy Minister Angus Taylor contends that Australians should be irate by AGL’s announcement that it has made a $537 million interim net profit. He claims that AGL and other energy companies are making big profits at a time when consumers and businesses are struggling with high power prices. Taylor has also stated that comments by energy companies that the federal government’s "big stick" legislation is deterring investment is false, noting that investment in the sector will exceed $25 billion over the three years to 2020.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, ALINTA ENERGY (AUSTRALIA) PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG

Comyn confident about house prices

February 7, 2019roymorgansocial Leave a comment

Original article by Joyce Moullakis, Michael Roddan
The Australian – Page: 21 : 7-Feb-19

The Commonwealth Bank has posted a 2018-19 interim cash profit of $4.77bn, which is 2.1 per cent lower than previously. Mortgage and business lending rose by four per cent and five per cent respectively during the half-year, while lending margins were affected by factors such as increased competition and rising funding costs. Meanwhile, CEO Matt Comyn forecasts that growth in housing credit will slow in 2019, although he does not anticipate a sharp decline in house prices.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, RESERVE BANK OF AUSTRALIA, CORELOGIC AUSTRALIA PTY LTD, UBS HOLDINGS PTY LTD

Tough earnings season ahead as pressure builds

January 31, 2019roymorgansocial Leave a comment

Original article by David Rogers
The Australian – Page: 27 : 31-Jan-19

Tony Brennan of Citigroup says earnings guidance in the February 2019 reporting season is likely to be influenced by factors such as the slowdown in Australia’s housing market and falling business sentiment. Brennan says companies in a range of sectors have downgraded their earnings forecasts in recent months, and this may be reflected in the upcoming profit reporting season. The S&P/ASX 200 has gained 4.3 per cent so far in 2019, and Citigroup still expects it to test the 6,300-point level by the end of the year.

CORPORATES
CITIGROUP PTY LTD, STANDARD AND POOR’S ASX 200 INDEX, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CORELOGIC AUSTRALIA PTY LTD

Costco hits critical mass as sales soar

January 3, 2019roymorgansocial Leave a comment

Original article by Eli Greenblat
The Australian – Page: 13 & 14 : 3-Jan-19

Costco Australia has advised that it posted a net profit of $29.52m in 2018, compared with $13.495m in 2017. Costco now boasts more than 225,000 members and its annual revenue is approaching the $2bn mark. The US-based group currently has 10 warehouse stores in Australia, and analysts believe that there is scope for more than 20 stores. Costco Australia CEO Patrick Noone says the local retail market is very competitive, but the company is enjoying strong sales growth in both food and non-food products.

CORPORATES
COSTCO WHOLESALE AUSTRALIA PTY LTD, WOOLWORTHS SUPERMARKETS, COLES SUPERMARKETS AUSTRALIA PTY LTD, BIG W DISCOUNT STORES, TARGET AUSTRALIA PTY LTD, ALDI STORES SUPERMARKETS PTY LTD, KAUFLAND STIFTUNG & CO KG, AMAZON.COM INCORPORATED

Westpac not wedded to advice arm

November 6, 2018roymorgansocial Leave a comment

Original article by Joyce Moullakis
The Australian – Page: 17 & 21 : 6-Nov-18

Westpac has posted a cash profit of $8.07bn for the year o 30 September, which is in line with the previous financial year. Its consumer banking division’s earnings were flat, although its business banking arm performed well. Meanwhile, CEO Brian Hartzer says Westpac remains committed to its BT Financial division, although he says the bank may be willing to consider divesting its in-house financial planning business. Westpac boasted 803 salaried and aligned financial planners at the end of the financial year.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, BT FINANCIAL GROUP PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MLC LIMITED, IOOF HOLDINGS LIMITED – ASX IFL, SWITZER DIVIDEND GROWTH FUND (MANAGED FUND) – ASX SWT, MORGAN STANLEY AUSTRALIA LIMITED

Big four feel royal commission fallout

November 6, 2018roymorgansocial Leave a comment

Original article by Joyce Moullakis, Samantha Bailey
The Australian – Page: 21 : 6-Nov-18

Australia’s four largest banks have reported a combined profit of $29.5bn for 2017-18, which is 5.5 per cent lower than previously. Tim Dring of Ernst & Young notes that the big four banks are facing challenges such as a slowing housing market, customer remediation costs and the impact of the financial services royal commission. However, he adds that the banks are also benefiting from a sharp fall in bad and doubtful debts.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ERNST AND YOUNG, SWITZER DIVIDEND GROWTH FUND (MANAGED FUND) – ASX SWT, KPMG AUSTRALIA PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Rinehart claims she sits top of nation’s tax table

November 2, 2018roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 2-Nov-18

The annual report of Gina Rinehart’s Hancock Prospecting shows that its profit rose by 28 per cent to $1.37m in 2017-18, with revenue from its Roy Hill iron ore project rising from $4.45bn to more than $6bn. Hancock paid $860 million in federal and state taxes during 2017-18, compared with $698m in the previous financial year, and it has paid $5 billion in taxes over the last eight years. Rinehart has issued a statement claiming that she pays more tax than any other Australian.

CORPORATES
HANCOCK PROSPECTING PTY LTD, ATLAS IRON LIMITED – ASX AGO, FORTESCUE METALS GROUP LIMITED – ASX FMG, AUSTRALIAN OUTBACK BEEF, S KIDMAN AND COMPANY PTY LTD, SIRIUS MINERALS PLC, RIVERSDALE RESOURCES LIMITED, RIO TINTO LIMITED – ASX RIO, WRIGHT PROSPECTING PTY LTD, SUPREME COURT OF WESTERN AUSTRALIA, FEDERAL COURT OF AUSTRALIA

ABIX

Australia's News Summarising Service

CORPORATE PROFITS – AUSTRALIA