ARB Corporation (ARB):
ARB supplies bull bars, suspension products and canopies for the four wheel-drive and SUV market, and has a store network of 6 outlets in Australia, along with a growing export market Chairman Roger Brown said exports had grown to 28 per cent of total sales in2016-17 compared with 26 percent a year ago. He said annual sales revenue had grown at an average compound rate of 9.3 per cent over the past 10 years. Sales were up7.2 per cent in 2016-17.
Ardent Leisure Group (AAD); Ariadne Australia Limited (ARA)：
Activist shareholder Ariadne said Ardent Leisure should not fight Ariadne’s push to install Gary Weiss and Kevin Seymour as directors on the board if it was already planning to retire two existing directors. Ardent said on Monday that two Australia based directors would step down over the next 15 months as part of a process of board renewal.
Australia and New Zealand Banking Group Limited (ANZ); Commonwealth Bank of Australia (CBA); National Australia Bank Limited (NAB); Westpac Banking Corporation (WBC)：
Company directors have warned the government’s plan to strengthen executive accountability in the banking sector with new laws could backfire by creating more risk aversion, confusing the role of non-executive directors and usurping board authority to set remuneration. Directors are also concerned the Banking Executive Accountability Regime (BEAR), announced in the federal budget to improve bank culture, will give the Australian Prudential Regulation Authority too much unfettered power, including allowing it to impose big ‘‘civil penalties’’ on banks and disqualify executives without review by the courts. ‘‘We are concerned that the imposition of yet another layer of expectations may not meaningfully improve conduct in the financial sector and may unintentionally foster an inappropriate degree of risk aversion in our financial system,’’ says the Australian Institute of Company Directors in a submission to government.
Aveo Group (AOG):
Retirement village operator Aveo has pledged to simplify its sales contracts and improve its complaints process after a storm of damaging allegations about its business practices and treatment of residents. Those commitments prefaced a bumper annual result that delivered underlying profit after tax of $108.4 million for its 2017 financial year, up 22 per cent on the previous year. Statutory profit was up 118 per cent to $252.8 million. The result stunned investors who poured back into the stock, lifting it 27¢, or 11.1 per cent, to close at $2.70. Among the reforms, Aveo will commit to a series of industry standards, shorten the buyback period for residents’ homes, and strengthen its complaint handling procedures.
BHP Billiton Limited (BHP)：
Activist investor Elliott has increased its holding in BHP to the point where it can call a shareholder meeting at anytime, but has also struck a more conciliatory note, saying it has ‘‘confidence’’ chairman-elect Ken MacKenzie is listening to investors. Activist investor Elliott has increased its holding in BHP to the point where it can call a shareholder meeting at any time, but has also struck a more conciliatory note in its latest comments on the resources giant, saying it has ‘‘confidence’’ chairman-elect Ken MacKenzie is listening to investors News that Elliott Associates has converted and acquired its way to ownership of 5 per cent of BHP Billiton’s London listing has arrived with a statement of muted threat that is more than balanced by a new and surprising expression of alignment with the Global Australian。
BWX Limited (BWX):
Beauty products company BWX forecast a secondyearof30per cent- plus earnings growth, underpinned by strong sales of its Sukin skin care range and the$50 million acquisition of US-based Mineral Fusion. BWXs statutory net profit rose 11.7 percent to$13.4million in the 12 months ending June, fuelled by a34 percent increaseinsalesto$72.7 million and stronger gross margins. We are very comfortable our growth in 2018 is going to exceed the30.7 percent growth have achieved in2017, chief executive John Humble said. The guidance fell short of market expectations, as analysts were forecasting 43percentEBITDA growthin2018, according to Bloomberg figures. Sales of the Sukin brand rose54 percentto$62million as BWX entered new markets overseas and expanded national distribution.
Commonwealth Bank of Australia (CBA):
Three months before Ian Narev was appointed chief executive of the Commonwealth Bank of Australia in July 2011, the division that he headed reported a $55 million loss from loans to a company with links to the Comanchero bikie gang. The bank suffered a spectacular failure of its risk assessments on Viking Group, which did not detect that the trucking group had been providing false accounts and fabricated invoices for five years to support ever increasing loans. Risky customers Ian Narev’s division at CBA lent out $55m in a fraud by a firm linked to the Comancheros, writes Neil Chenoweth. Three months before Ian Narev was appointed chief executive of the Commonwealth Bank in July 2011, the division that he headed reported a $55 million loss from loans to a company with links to the Comancheros bikie gang.
Challenger Energy Limited (CEL):
Challenger’s softer-than-expected earnings outlook has surprised investors, who are also concerned about the dilutive effect the wealth manager’s unexpected $500 million capital raising will have on its share price. Analysts downgraded earnings-per share growth after Challenger said the cash injection from the sale of a 6.4 per cent stake to Japanese insurance giant MS&AD Insurance Group Holdings had softened its return on equity target to 18 per cent during the medium term. Matthew Haupt, a portfolio manager from Wilson Asset Management, said the decision to raise capital came ‘‘about a year earlier’’ than the market expected and the soft outlook may have spooked some more short-term investors. ‘‘The capital raising initiative came as a surprise given Challenger is at the top of the capital requirement range set by the Australian Prudential Regulation Authority. The Japanese deal is dilutive to earnings per share, although it appears to be a strategic play that may present upside over the medium to-long term,’’ he said.
Computershare Limited (CPU):
Share registry company Computershare has delivered an increase in earnings after strong growth in its mortgage services business, but its shares dipped after its upgraded guidance came in below expectations. The solid top-line numbers from its US and UK mortgage servicing businesses were undermined by the weakest corporate actions revenues since 2005, placing more pressure on it to improve margins and cut costs. Net profit rose 69.4 per cent to $US266.4 million ($340 million), but this includes the sale of its head office and another business unit for about $US50 million. Net profit on a management basis – which excludes one-offs – fell 2 per cent to $US297.3 million from $US303.5 million, or rose 2.7 per cent to $US311 million on a constant currency basis. Shares in Computershare fell 3.3 per cent to close at $13.97. Over the last 12 months, the shares have traded between $9.70 and $15.39. Chief executive Stuart Irving said that despite the relatively soft conditions, the strategy to simplify and refocus the business put the company in a better position to lift shareholder returns.
Fairfax Media Limited (FXJ):
Fairfax Media chief executive Greg Hywood is confident the 186-year publisher has a strong future even if it does not participate in the industry consolidation that is expected should the government get its media ownership changes through Parliament. For the 12 months to June 30, Fairfax reported a net profit of $83.9 million, compared with a $772.6 million loss in the previous year, which included write downs on the value of its publishing assets. Revenue across the group was down 4.8 per cent to $1.7 billion. Underlying profit grew 7.6 per cent to $142.6 million. Earnings before interest tax, depreciation and amortisation were down 4.3 per cent to $271.1 million, beating the company’s previous forecast from its preliminary and unaudited range guidance of between $262 million and $266 million. ‘‘We’ve got ourselves into a very strong position,’’ Mr Hywood said
(Source: AIMS)
ARB supplies bull bars, suspension products and canopies for the four wheel-drive and SUV market, and has a store network of 6 outlets in Australia, along with a growing export market Chairman Roger Brown said exports had grown to 28 per cent of total sales in2016-17 compared with 26 percent a year ago. He said annual sales revenue had grown at an average compound rate of 9.3 per cent over the past 10 years. Sales were up7.2 per cent in 2016-17.
Ardent Leisure Group (AAD); Ariadne Australia Limited (ARA)：
Activist shareholder Ariadne said Ardent Leisure should not fight Ariadne’s push to install Gary Weiss and Kevin Seymour as directors on the board if it was already planning to retire two existing directors. Ardent said on Monday that two Australia based directors would step down over the next 15 months as part of a process of board renewal.
Australia and New Zealand Banking Group Limited (ANZ); Commonwealth Bank of Australia (CBA); National Australia Bank Limited (NAB); Westpac Banking Corporation (WBC)：
Company directors have warned the government’s plan to strengthen executive accountability in the banking sector with new laws could backfire by creating more risk aversion, confusing the role of non-executive directors and usurping board authority to set remuneration. Directors are also concerned the Banking Executive Accountability Regime (BEAR), announced in the federal budget to improve bank culture, will give the Australian Prudential Regulation Authority too much unfettered power, including allowing it to impose big ‘‘civil penalties’’ on banks and disqualify executives without review by the courts. ‘‘We are concerned that the imposition of yet another layer of expectations may not meaningfully improve conduct in the financial sector and may unintentionally foster an inappropriate degree of risk aversion in our financial system,’’ says the Australian Institute of Company Directors in a submission to government.
Aveo Group (AOG):
Retirement village operator Aveo has pledged to simplify its sales contracts and improve its complaints process after a storm of damaging allegations about its business practices and treatment of residents. Those commitments prefaced a bumper annual result that delivered underlying profit after tax of $108.4 million for its 2017 financial year, up 22 per cent on the previous year. Statutory profit was up 118 per cent to $252.8 million. The result stunned investors who poured back into the stock, lifting it 27¢, or 11.1 per cent, to close at $2.70. Among the reforms, Aveo will commit to a series of industry standards, shorten the buyback period for residents’ homes, and strengthen its complaint handling procedures.
BHP Billiton Limited (BHP)：
Activist investor Elliott has increased its holding in BHP to the point where it can call a shareholder meeting at anytime, but has also struck a more conciliatory note, saying it has ‘‘confidence’’ chairman-elect Ken MacKenzie is listening to investors. Activist investor Elliott has increased its holding in BHP to the point where it can call a shareholder meeting at any time, but has also struck a more conciliatory note in its latest comments on the resources giant, saying it has ‘‘confidence’’ chairman-elect Ken MacKenzie is listening to investors News that Elliott Associates has converted and acquired its way to ownership of 5 per cent of BHP Billiton’s London listing has arrived with a statement of muted threat that is more than balanced by a new and surprising expression of alignment with the Global Australian。
BWX Limited (BWX):
Beauty products company BWX forecast a secondyearof30per cent- plus earnings growth, underpinned by strong sales of its Sukin skin care range and the$50 million acquisition of US-based Mineral Fusion. BWXs statutory net profit rose 11.7 percent to$13.4million in the 12 months ending June, fuelled by a34 percent increaseinsalesto$72.7 million and stronger gross margins. We are very comfortable our growth in 2018 is going to exceed the30.7 percent growth have achieved in2017, chief executive John Humble said. The guidance fell short of market expectations, as analysts were forecasting 43percentEBITDA growthin2018, according to Bloomberg figures. Sales of the Sukin brand rose54 percentto$62million as BWX entered new markets overseas and expanded national distribution.
Commonwealth Bank of Australia (CBA):
Three months before Ian Narev was appointed chief executive of the Commonwealth Bank of Australia in July 2011, the division that he headed reported a $55 million loss from loans to a company with links to the Comanchero bikie gang. The bank suffered a spectacular failure of its risk assessments on Viking Group, which did not detect that the trucking group had been providing false accounts and fabricated invoices for five years to support ever increasing loans. Risky customers Ian Narev’s division at CBA lent out $55m in a fraud by a firm linked to the Comancheros, writes Neil Chenoweth. Three months before Ian Narev was appointed chief executive of the Commonwealth Bank in July 2011, the division that he headed reported a $55 million loss from loans to a company with links to the Comancheros bikie gang.
Challenger Energy Limited (CEL):
Challenger’s softer-than-expected earnings outlook has surprised investors, who are also concerned about the dilutive effect the wealth manager’s unexpected $500 million capital raising will have on its share price. Analysts downgraded earnings-per share growth after Challenger said the cash injection from the sale of a 6.4 per cent stake to Japanese insurance giant MS&AD Insurance Group Holdings had softened its return on equity target to 18 per cent during the medium term. Matthew Haupt, a portfolio manager from Wilson Asset Management, said the decision to raise capital came ‘‘about a year earlier’’ than the market expected and the soft outlook may have spooked some more short-term investors. ‘‘The capital raising initiative came as a surprise given Challenger is at the top of the capital requirement range set by the Australian Prudential Regulation Authority. The Japanese deal is dilutive to earnings per share, although it appears to be a strategic play that may present upside over the medium to-long term,’’ he said.
Computershare Limited (CPU):
Share registry company Computershare has delivered an increase in earnings after strong growth in its mortgage services business, but its shares dipped after its upgraded guidance came in below expectations. The solid top-line numbers from its US and UK mortgage servicing businesses were undermined by the weakest corporate actions revenues since 2005, placing more pressure on it to improve margins and cut costs. Net profit rose 69.4 per cent to $US266.4 million ($340 million), but this includes the sale of its head office and another business unit for about $US50 million. Net profit on a management basis – which excludes one-offs – fell 2 per cent to $US297.3 million from $US303.5 million, or rose 2.7 per cent to $US311 million on a constant currency basis. Shares in Computershare fell 3.3 per cent to close at $13.97. Over the last 12 months, the shares have traded between $9.70 and $15.39. Chief executive Stuart Irving said that despite the relatively soft conditions, the strategy to simplify and refocus the business put the company in a better position to lift shareholder returns.
Fairfax Media Limited (FXJ):
Fairfax Media chief executive Greg Hywood is confident the 186-year publisher has a strong future even if it does not participate in the industry consolidation that is expected should the government get its media ownership changes through Parliament. For the 12 months to June 30, Fairfax reported a net profit of $83.9 million, compared with a $772.6 million loss in the previous year, which included write downs on the value of its publishing assets. Revenue across the group was down 4.8 per cent to $1.7 billion. Underlying profit grew 7.6 per cent to $142.6 million. Earnings before interest tax, depreciation and amortisation were down 4.3 per cent to $271.1 million, beating the company’s previous forecast from its preliminary and unaudited range guidance of between $262 million and $266 million. ‘‘We’ve got ourselves into a very strong position,’’ Mr Hywood said
(Source: AIMS)
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