CORPORATIONS – AUSTRALIA – GROWTH

Defying gravity: CBA prepares to take on Wall Street’s biggest banks

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Original article by Eric Johnston
The Australian – Page: 13 & 21 : 2-Jul-24

The Commonwealth Bank of Australia is now the world’s 13th largest bank in terms of market capitalisation. CBA now boasts a market cap of $211bn ($US140.7bn), ranking it above global rivals such as Citi; it is also within reach of making the list of the world’s 10 biggest banks. The rise of CBA is particularly impressive given that it remains largely focused on the Australian market, with its international operations limited to a small subsidiary in New Zealand. It is also not regarded as a globally systemically important bank, which is generally a prerequisite for ranking amongst the 10 biggest banks.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

CBA to grab bigger share of business

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Original article by James Frost
The Australian Financial Review – Page: 1 & 20 : 13-Feb-20

The Commonwealth Bank of Australia has posted a 2019-20 interim cash profit of $4.47bn; this is 4.3 per cent lower than previously, although analysts had expected a larger decline. CEO Matt Comyn notes that CBA recorded growth in home lending, business lending and deposits during the half-year, and he has flagged plans to seek an even greater share of the business lending market. Comyn adds that CBA’s investment in digital banking has enabled it to build market share among younger customers; this is also a segment that it will target for further growth.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Industry funds to reach $2trn within 10 years

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Original article by Joanna Mather
The Australian Financial Review – Page: 3 : 16-Apr-19

KPMG has forecast that Australia’s superannuation industry will boast $5.4trn worth of funds under management by 2029, compared with just $2.7trn at present. The firm’s 2019 Super Insights report also forecasts that industry funds will manage $2trn in 2029, up from $631bn in 2019. Paul Howes of KPMG says union-backed industry funds must ensure that they comply with the ‘sole-purpose test’ as their dominance of the super industry increases.

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIANSUPER PTY LTD, SUNSUPER PTY LTD, HOST-PLUS, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY, MLC LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BT FINANCIAL GROUP PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, BHP GROUP LIMITED – ASX BHP

ING gains as customers flee the big banks

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 14-Mar-19

The number of customers for whom ING Australia is their main bank has risen by 57 per cent in the last year, to 645,000. This compares with just 100,000 customers in 2013. ING Australia CEO Uday Sareen says positive advocacy from the digital-only bank’s existing customers has been a major of its recent growth, which has also coincided with the Hayne royal commission. ING Australia booked a statutory net profit of $401m in 2018, an increase of 15 per cent, while deposits grew by nine per cent to $43.4bn.

CORPORATES
ING AUSTRALIA HOLDINGS LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, APPLE PAY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC

Officeworks tipped for more growth

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Original article by Sue Mitchell
The Australian Financial Review – Page: 20 : 18-Sep-18

Wesfarmers’ Officeworks division posted earnings growth of 8.3 per cent in fiscal 2018, with sales rising by 9.1 per cent and return on capital up 13 per cent. MD Mark Ward is upbeat about the outlook for Officeworks, expressing confidence that it can maintain the recent growth momentum. Although Ward will retire in late 2018, Wesfarmers has yet to appoint a successor as it is focused on the upcoming demerger of Coles.

CORPORATES
OFFICEWORKS SUPERSTORES PTY LTD, WESFARMERS LIMITED – ASX WES, COLES SUPERMARKETS AUSTRALIA PTY LTD, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, ONTHEGO PTY LTD

HSBC joins mortgage war with 3.6pc home loan

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Original article by Glenda Korporaal
The Australian – Page: 19 & 22 : 1-Sep-17

HSBC Australia CEO Martin Tricaud says the international bank intends to ramp up its local presence, with plans to expand its branch network from 31 outlets to 47 over the next two years. HSBC also aims to increase its Australian home loans business, with owner-occupiers who take out a mortgage before the end of 2017 to be offered an interest rate of 3.65 per cent. Tricaud says the Australian banking sector offers strong growth potential for HSBC, whose market share is about 1.5 per cent at present.

CORPORATES
HSBC AUSTRALIA HOLDINGS PTY LTD, HSBC BANK PLC, AUSSIE HOME LOANS LIMITED

Auto classifieds firm fancies $1b opportunities offshore

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 10-Aug-17

Carsales.com.au has posted a 2016-17 net profit of $A109.5m, compared with $A109.3m previously. The listed automotive classified advertising group’s revenue increased by eight per cent to $A372.1m and EBITDA totalled $A176.5m. CEO Cameron McIntyre says the group’s international division could eventually contribute more earnings and revenue than its Australian business. He flags emerging markets such as Asia and Latin America as those offering the best growth potential for its international division.

CORPORATES
CARSALES.COM LIMITED – ASX CAR, CITIGROUP PTY LTD, TYRESALES.COM, REDBOOK

Unlockd raises $30.7m, eyes key Asian markets

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Original article by Paul Smith
The Australian Financial Review – Page: 24 : 25-May-17

Unlockd CEO Matt Berriman says the mobile telephone advertising technology company will use the proceeds of its latest round of fund raising to expand its presence in the Asia-Pacific region. Venture capital firm Alium Capital and Malaysian telco Axiata are among the contributors to Unlockd’s series B funding round, which has raised $US23m (A$30.7m). Berriman has also indicated that Unlockd’s mobile advertising platform will be launched in several new markets in coming months.

CORPORATES
UNLOCKD PTY LTD, ALIUM CAPITAL, AXIATA, CITIBANK PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, CATCH-OF-THE-DAY.COM.AU

Sims slams easy route to growth

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Original article by James Thomson
The Australian Financial Review – Page: 1 & 2 : 9-Jan-17

Australian Competition & Consumer Commission chairman Rod Sims argues that more local companies should be pursuing international growth rather than merely acquiring their domestic rivals. He adds that while many companies support the idea of becoming a "national champion", this has resulted in some companies dominating the domestic market rather than expanding globally. Sims has also raised the possibility of changing the criteria for approving mergers by requiring a company to prove why the deal should be allowed to proceed.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, BP AUSTRALIA LIMITED, WOOLWORTHS LIMITED – ASX WOW, SYDNEY AIRPORT – ASX SYD, BUSINESS COUNCIL OF AUSTRALIA, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, TPG TELECOM LIMITED – ASX TPM, VOCUS COMMUNICATIONS LIMITED – ASX VOC

Fetch TV renews Dodo deal, adds Presto, 9Now and Spike

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Original article by Max Mason
The Australian Financial Review – Page: 26 : 17-Jun-16

Pay television service Fetch TV has renewed its partnership with M2’s Dodo. Its platform has been expanded by the addition of new services such as Spike TV, subscription streaming service Presto and free-to-air streaming service 9Now. Fetch TV has a target of 600,000 subscribers by the end of 2016. In May 2016, it reached the figure of 400,000 subscribers.

CORPORATES
FETCHTV PTY LTD, DODO AUSTRALIA PTY LTD, M2 ENTERTAINMENT, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, SPIKE (AUSTRALIA) PTY LTD, PRESTO ENTERTAINMENT PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, ASTRO, FOXTEL MANAGEMENT PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM