CORPORATE PROFITS – AUSTRALIA

AGM downgrades but growth likely

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 27 : 24-Nov-15

Analysis by Citigroup shows that 36 Australian-listed companies have upgraded their earnings guidance during the 2015 AGM season, and 42 have issued downgrades. Citigroup’s Tony Brennan notes that earnings-per-share forecasts have been reduced by about one per cent overall. Citigroup now expects the benchmark S&P/ASX 200 to be trading at 5,900 points at the end of 2016, compared with its previous forecast of 6,200.

CORPORATES
CITIGROUP PTY LTD, STANDARD AND POOR’S ASX 200 INDEX, MACQUARIE GROUP LIMITED – ASX MQG, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN

James Hardie guns for US as profit slips

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Original article by Tim Binsted
The Australian Financial Review – Page: 24 : 20-Nov-15

James Hardie Industries has reported $US65.3 million ($A92 million) in adjusted profit for the second quarter of 2015-16. The Australian-listed building products supplier stated on 19 November 2015 that its full-year profit will be lower than previously forecast. The company now expects adjusted profit for 2015-16 to be between $US230 million and $US250 million.

CORPORATES
JAMES HARDIE INDUSTRIES PLC – ASX JHX

Optus sets bar high for Premier League games

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Original article by David Ramli
The Australian Financial Review – Page: 18 : 13-Nov-15

Singtel Optus has posted a 2015-16 interim net profit of $A426m net profit, which is eight per cent higher than previously. EBITDA and revenue were up 7.8 per cent and 9.3 per cent respectively. Meanwhile, Optus is yet to finalise the packages and prices for its coverage of English Premier League (EPL) matches, for which it recently gained the exclusive Australian rights. CEO Allen Lew has stressed that Optus’s live streams of EPL matches will be in high definition.

CORPORATES
SINGTEL OPTUS PTY LTD, ENGLISH PREMIER LEAGUE, TELSTRA CORPORATION LIMITED – ASX TLS, VODAFONE HUTCHISON AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, FETCHTV PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Analysts cool on CBA’s $2.4b profit

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Original article by Clancy Yeates
The Australian Financial Review – Page: 13 & 17 : 6-Nov-15

The Commonwealth Bank has posted an unaudited profit of $A2.4bn for the September 2015 quarter, which is four per cent higher year-on-year. The major bank’s trading update also indicated that its exposure to impaired and doubtful loans fell from $A6bn to $A5.5bn during the period, while deposits accounted for 63 per cent of its funding. The group’s tier one capital ratio rose to 9.8 per cent during the quarter following a $A5.1bn equity raising.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MACQUARIE GROUP LIMITED – ASX MQG, WATERMARK FUNDS MANAGEMENT PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ALPHINITY INVESTMENT MANAGEMENT PTY LTD, FOLKESTONE MAXIM ASSET MANAGEMENT LIMITED

Nib upgrades profit forecast for 2015-16

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Original article by Tim Binsted
The Australian Financial Review – Page: 22 : 5-Nov-15

Australian-listed private health fund NIB Holdings has advised that its 2015-16 statutory profit is likely to be within the range of $A90m to $A100m. The group had previously forecast a profit of $A85m to $A90m and has attributed the improved forecast to a strong performance in the first quarter. Chairman Steve Crane says NIB gained more than 23,000 additional policyholders in 2014-15, and now provides health insurance for more than one million people.

CORPORATES
NIB HOLDINGS LIMITED – ASX NHF, BUPA AUSTRALIA PTY LTD, MEDIBANK PRIVATE LIMITED – ASX MPL, AUSTRALIA. DEPT OF HEALTH

Domino’s dishes up bigger profit but investors still hungry

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 & 24 : 5-Nov-15

Domino’s Pizza Enterprises expects 25 per cent growth in underlying net profit and EBITDA for 2015-16. The listed fast food group had previously forecast growth of 20 per cent for the fiscal year. Domino’s posted a net profit of $A64m in 2014-15, and analysts expect this to top $A81.2m in 2015-16. Domino’s now boasts more than 1,500 stores in six countries, and it intends to open at least 260 in 2015. Domino’s shares closed $A0.24 lower at $A47.65 on 4 November 2015.

CORPORATES
DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, MACQUARIE EQUITIES LIMITED, PIZZA MOGUL, PIZZA SPRINT

Kikki.K just outpaces Smiggle

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Original article by Sue Mitchell
The Australian Financial Review – Page: 29 : 4-Nov-15

Australian retailer Kikki.K has posted a 2014-15 net profit of $A1.1m, while sales rose by 28 per cent to $A60.9m. The stationery retailer’s sales and store numbers have risen strongly in the last five years. Rival stationery retailer Smiggle posted sales of $A132.6m in fiscal 2015, which is 26 per cent higher than previously, while OfficeWorks’ sales were up 8.8 per cent at $A1.7bn.

CORPORATES
KIKKI.K PTY LTD, SMIGGLE PTY LTD, PREMIER INVESTMENTS LIMITED – ASX PMV, OFFICEWORKS SUPERSTORES PTY LTD, WESFARMERS LIMITED – ASX WES, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, BOOST JUICE PTY LTD, ECORP LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, JURLIQUE INTERNATIONAL PTY LTD, KORDA MENTHA AND COLLEAGUES PTY LTD, 333 CAPITAL PTY LTD

ANZ calms the market on dividends fears

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Original article by Clancy Yeates, James Eyers
The Australian Financial Review – Page: 13 & 17 : 30-Oct-15

The ANZ Bank has posted a cash profit of $A7.2bn for 2014-15, which is one per cent higher than previously. However, its Australian division’s cash profit rose by seven per cent. The group’s return on equity fell from 15.4 per cent to 14 per cent in 2015-16, and CEO Mike Smith says it will abandon its goal of lifting this to 16 per cent. He has also stressed that ANZ will not reduce its dividend payout in order to offset the cost of complying with new capital requirements.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CITIGROUP PTY LTD, CADENCE CAPITAL LIMITED – ASX CDT, DEUTSCHE BANK AG, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Ten at last finding backbone

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Original article by Max Mason
The Sydney Morning Herald – Page: 19 : 27-Oct-15

Ten Network has posted a 2014-15 loss of $A312.2m, while its underlying EBITA loss was $A12m. CEO Paul Anderson notes that Ten’s audience share has reached a four-year high of 24.8 per cent in 2015. Ten’s share of advertising revenue rose to 22.2 per cent in September, and Anderson says Ten wants these two measures to reach parity. He has also ruled out live streaming of its three TV channels in the near-term, arguing that it is not commercially viable at present.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, SMI MEDIA INCORPORATED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOXTEL MANAGEMENT PTY LTD

Bank ‘power’ to protect $30b profits

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Original article by Shaun Drummond, Patrick Commins, Clancy Yeates, Joyce Moullakis
The Australian Financial Review – Page: 1 & 8 : 26-Oct-15

Some fund managers believe that Australian bank customers rather than shareholders are likely to bear the brunt of complying with new capital requirements. Australian Prudential Regulation Authority chairman Wayne Byres recently suggested that shareholders should expect a slightly lower return as a result of the new requirements. However, all four major banks have now lifted their variable mortgage loan interest rates. Meanwhile, the major banks are poised to post a combined profit in excess of $A30bn for 2014-15.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AURORA FUNDS MANAGEMENT LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, BELL POTTER SECURITIES LIMITED, WATERMARK FUNDS MANAGEMENT PTY LTD, CITIGROUP PTY LTD, CONTANGO ASSET MANAGEMENT LIMITED, ARGO INVESTMENTS LIMITED – ASX ARG, CLYDESDALE BANK PLC, MACQUARIE GROUP LIMITED – ASX MQG, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED