Australia and New Zealand Banking Group (ANZ):
Australia and New Zealand Banking Group has delivered a $1.049 billion or 18 per cent rise in net profit to $6.938 billion, in line with expectations of $6.949 billion as bank's leaner business model continues to evolve. Net interest margin at the bank, the difference between their cost of funds and the price they lend money at, was flat on from half-to-half at 1.99 basis points. Year on-year NIM was down 8bps. Earnings per share at the bank rose in line with profit rising 34 cents or 17 per cent to 237.1c a share. Return on equity also rose up 159bps to 11.9 per cent. The bank said the final dividend will be flat at 80 cents a share fully franked. The payout ratio is 68 per cent of cash profit or slightly above the bank's target payout ratio of between 60 and 65 per cent cash profit.
Bega Cheese Limited (BGA):
Bega Cheese’s chairman says its strong balance sheet puts it in a good position to undertake more acquisitions. But Australia’s largest milk processor, Murray Goulburn, was something of an elephant in the room at the Sapphire Coast Turf Club as executive director Barry Irvin reflected on a landmark year for Bega at the company’s annual meeting. Shareholders did not raise a single question on the possible transaction. Murray Goulburn, which is canvassing offers for its struggling business, could reveal the winner in the sales process on Friday at its annual meeting. Bega is one of the frontrunners for the whole-of-company acquisition, along with Canada’s Saputo. Others thought to have been in contention, but with their odds lengthening, include Fonterra, Parmalat and at least one Chinese group willing to part with $1 billion or more for the co-operative.
Coca-Cola Amatil (CCL):
Coca-Cola Amatil is bracing for further weakness in soft drink and bottled water sales after saying it will raise prices almost 15¢ next week to cover the cost of the container deposit scheme. CCA said on Tuesday it would raise prices on all beverages captured by the CDS by 13.59¢ plus GST (1.3¢) on November 1 to fully recoup the cost of the 10¢ refund and handling, administration and compliance costs. Under the scheme, which comes into effect in NSW on December 1, consumers will receive a 10¢ refund when they return eligible drink containers to approved collection points. The refund applies to containers between 150 millilitres and three litres and excludes plain milk, juice and wine. CCA’s price rise covers the bulk of beverage containers in its portfolio and will significantly increase the price of multi-packs of bottled water and soft drinks and smaller containers such as 200ml cans of Coca-Cola and Sprite.
Macquarie Group (MQG):
Australia’s alternative asset management heavyweight, Macquarie Group, may be about to get even bigger. Street Talk understands Macquarie’s infrastructure investment arm – Macquarie Infrastructure and Real Assets – is assessing a big play to bulk up its Australian infrastructure portfolio via Westpac Banking Corp’s up-for-sale business, Hastings Funds Management. Sources said MIRA was the lead contender in the Hastings auction, which is slated to come to ahead as soon as Thursday, and is closing in on a deal. MIRA’s interest comes as the manager increases its footprint in Australia via string of deals in the past two years. While MIRA is well known in other parts of the world, it has taken until only recently to raise an Australian dollar fund and focus in its home country.
Myer Holdings Limited (MYR):
Outgoing Myer chairman Paul McClintock has accused Solomon Lew of trying to get control of Australia’s largest department store on the cheap as the sparring between the veteran director and retailer descended into full-blown warfare. As Mr Lew accused the Myer board of ‘‘arrogance’’ and of destroying the ‘‘once great’’ retailer, Mr McClintock said Mr Lew had burnt his bridges with his ‘‘disruptive’’ and ‘‘damaging’’ behaviour. ‘‘It was difficult for us to deal with him at the beginning and everything he has done since has made it worse,’’ Mr McClintock told The Australian Financial Review on Tuesday after defending Myer’s decision to reject Mr Lew’s request for two seats on the board. ‘‘There are no bridges left and to the extent there may have been rope ladders they have gone as well,’’ he said.
Seven Group Holdings (SVW):
Seven Group Holdings chairman Kerry Stokes says green shoots are starting to emerge in the downtrodden Western Australian economy and it is now incumbent upon the state to support its productive mining industry and seize new opportunities in agriculture. Speaking at a lunch in Perth, Mr Stokes said Western Australia had been ‘‘through a few ups and downs’’ during his career but he believed it was beginning to emerge from its most recent dip. ‘‘We saw the first iron ore go out in 1967 – it was 10 million tonnes and we thought that was exceptional ... now fast forward we are exporting 800 million tonnes a year, so it is all really perspective isn’t it,’’ Mr Stokes said. Mr Stokes, whose Seven Group owns the WesTrac heavy mining equipment business, said the downturn had been somewhat exacerbated by the efficiency and productivity drives pursued by some of its biggest exporters.
Qube Holdings Limited (QUB):
Qube’s Moorebank freight hub could be hit with more-stringent development conditions as a court case gets under way after the rediscovery of a plant thought to be extinct for almost 200 years. The Land and Environment Court will start a three-day hearing on Wednesday on legal action brought by community action group Residents Against Intermodal Development Moorebank (RAID). The group, which is being represented by the NSW Environmental Defenders Office (EDO), wants the court to reconsider development approvals for the first stage of the $1.9 billion Moorebank hub because the Planning Assessment Commission (PAC) was not aware of the existence of an endangered flowering shrub, Hibbertia fumana , when it approved the project in December. RAID has made a merits-based appeal to the court, arguing it is in the public interest to protect critically endangered species and biodiversity.
Wesfarmers Ltd(WES):
Coles boss John Durkan expects food and liquor sales to accelerate in the March and June quarters after September quarter same-store sales grew at the slowest pace since 2008. According to retail sales released by parent Wesfarmers, Coles' same-store sales rose 0.4 per cent in the three months ended September 30 compared with growth of 0.7 per cent (Easter adjusted) in the June quarter and 1.8 per cent in the year-ago period. It was the lowest rate of growth since the first quarter of 2008 and reflected sharp deflation in fresh produce and investment in shelf prices in an attempt to regain momentum and take market share from Woolworths and Aldi.
Mesoblast limited(MSB):
The chief executive of Mesoblast put on a brave face on Wednesday after a $44 million selldown in the company by Israeli pharmaceutical giant Teva, saying it was no reflection on the future prospects of Mesoblast and appeared to be more about Teva's own tougher times. Silviu Itescu told The Australian Financial Review he had never been more confident about Mesoblast and its portfolio of regenerative medicine and stem-cell therapy products going through trials in areas including treatment of heart failure and chronic lower back pain. The Teva selldown of 29 million shares at a fixed price of $1.50 wasn't damaging to the reputation of Mesoblast, Dr Itescu said. "This doesn't reflect anything about anyone else. There's plenty of investors wanting to soak up the shares," he said on the sidelines of an AusBiotech conference in Adelaide. Mesoblast shares were crunched by almost 12 per cent on Wednesday, sliding towards $1.44, which still left the company with a market capitalization of $700 million. This came after the selldown on Tuesday night handled by Credit Suisse of 29 million shares held by Cephalon, whose stake has now dropped below 5 per cent. Cephalon is a specialty drug maker which acquired a 20 per cent stake in Mesoblast in 2010 but was itself acquired by Teva for US$7 billion in 2011 in a hostile takeover.
（Source: AIMS）
Australia and New Zealand Banking Group has delivered a $1.049 billion or 18 per cent rise in net profit to $6.938 billion, in line with expectations of $6.949 billion as bank's leaner business model continues to evolve. Net interest margin at the bank, the difference between their cost of funds and the price they lend money at, was flat on from half-to-half at 1.99 basis points. Year on-year NIM was down 8bps. Earnings per share at the bank rose in line with profit rising 34 cents or 17 per cent to 237.1c a share. Return on equity also rose up 159bps to 11.9 per cent. The bank said the final dividend will be flat at 80 cents a share fully franked. The payout ratio is 68 per cent of cash profit or slightly above the bank's target payout ratio of between 60 and 65 per cent cash profit.
Bega Cheese Limited (BGA):
Bega Cheese’s chairman says its strong balance sheet puts it in a good position to undertake more acquisitions. But Australia’s largest milk processor, Murray Goulburn, was something of an elephant in the room at the Sapphire Coast Turf Club as executive director Barry Irvin reflected on a landmark year for Bega at the company’s annual meeting. Shareholders did not raise a single question on the possible transaction. Murray Goulburn, which is canvassing offers for its struggling business, could reveal the winner in the sales process on Friday at its annual meeting. Bega is one of the frontrunners for the whole-of-company acquisition, along with Canada’s Saputo. Others thought to have been in contention, but with their odds lengthening, include Fonterra, Parmalat and at least one Chinese group willing to part with $1 billion or more for the co-operative.
Coca-Cola Amatil (CCL):
Coca-Cola Amatil is bracing for further weakness in soft drink and bottled water sales after saying it will raise prices almost 15¢ next week to cover the cost of the container deposit scheme. CCA said on Tuesday it would raise prices on all beverages captured by the CDS by 13.59¢ plus GST (1.3¢) on November 1 to fully recoup the cost of the 10¢ refund and handling, administration and compliance costs. Under the scheme, which comes into effect in NSW on December 1, consumers will receive a 10¢ refund when they return eligible drink containers to approved collection points. The refund applies to containers between 150 millilitres and three litres and excludes plain milk, juice and wine. CCA’s price rise covers the bulk of beverage containers in its portfolio and will significantly increase the price of multi-packs of bottled water and soft drinks and smaller containers such as 200ml cans of Coca-Cola and Sprite.
Macquarie Group (MQG):
Australia’s alternative asset management heavyweight, Macquarie Group, may be about to get even bigger. Street Talk understands Macquarie’s infrastructure investment arm – Macquarie Infrastructure and Real Assets – is assessing a big play to bulk up its Australian infrastructure portfolio via Westpac Banking Corp’s up-for-sale business, Hastings Funds Management. Sources said MIRA was the lead contender in the Hastings auction, which is slated to come to ahead as soon as Thursday, and is closing in on a deal. MIRA’s interest comes as the manager increases its footprint in Australia via string of deals in the past two years. While MIRA is well known in other parts of the world, it has taken until only recently to raise an Australian dollar fund and focus in its home country.
Myer Holdings Limited (MYR):
Outgoing Myer chairman Paul McClintock has accused Solomon Lew of trying to get control of Australia’s largest department store on the cheap as the sparring between the veteran director and retailer descended into full-blown warfare. As Mr Lew accused the Myer board of ‘‘arrogance’’ and of destroying the ‘‘once great’’ retailer, Mr McClintock said Mr Lew had burnt his bridges with his ‘‘disruptive’’ and ‘‘damaging’’ behaviour. ‘‘It was difficult for us to deal with him at the beginning and everything he has done since has made it worse,’’ Mr McClintock told The Australian Financial Review on Tuesday after defending Myer’s decision to reject Mr Lew’s request for two seats on the board. ‘‘There are no bridges left and to the extent there may have been rope ladders they have gone as well,’’ he said.
Seven Group Holdings (SVW):
Seven Group Holdings chairman Kerry Stokes says green shoots are starting to emerge in the downtrodden Western Australian economy and it is now incumbent upon the state to support its productive mining industry and seize new opportunities in agriculture. Speaking at a lunch in Perth, Mr Stokes said Western Australia had been ‘‘through a few ups and downs’’ during his career but he believed it was beginning to emerge from its most recent dip. ‘‘We saw the first iron ore go out in 1967 – it was 10 million tonnes and we thought that was exceptional ... now fast forward we are exporting 800 million tonnes a year, so it is all really perspective isn’t it,’’ Mr Stokes said. Mr Stokes, whose Seven Group owns the WesTrac heavy mining equipment business, said the downturn had been somewhat exacerbated by the efficiency and productivity drives pursued by some of its biggest exporters.
Qube Holdings Limited (QUB):
Qube’s Moorebank freight hub could be hit with more-stringent development conditions as a court case gets under way after the rediscovery of a plant thought to be extinct for almost 200 years. The Land and Environment Court will start a three-day hearing on Wednesday on legal action brought by community action group Residents Against Intermodal Development Moorebank (RAID). The group, which is being represented by the NSW Environmental Defenders Office (EDO), wants the court to reconsider development approvals for the first stage of the $1.9 billion Moorebank hub because the Planning Assessment Commission (PAC) was not aware of the existence of an endangered flowering shrub, Hibbertia fumana , when it approved the project in December. RAID has made a merits-based appeal to the court, arguing it is in the public interest to protect critically endangered species and biodiversity.
Wesfarmers Ltd(WES):
Coles boss John Durkan expects food and liquor sales to accelerate in the March and June quarters after September quarter same-store sales grew at the slowest pace since 2008. According to retail sales released by parent Wesfarmers, Coles' same-store sales rose 0.4 per cent in the three months ended September 30 compared with growth of 0.7 per cent (Easter adjusted) in the June quarter and 1.8 per cent in the year-ago period. It was the lowest rate of growth since the first quarter of 2008 and reflected sharp deflation in fresh produce and investment in shelf prices in an attempt to regain momentum and take market share from Woolworths and Aldi.
Mesoblast limited(MSB):
The chief executive of Mesoblast put on a brave face on Wednesday after a $44 million selldown in the company by Israeli pharmaceutical giant Teva, saying it was no reflection on the future prospects of Mesoblast and appeared to be more about Teva's own tougher times. Silviu Itescu told The Australian Financial Review he had never been more confident about Mesoblast and its portfolio of regenerative medicine and stem-cell therapy products going through trials in areas including treatment of heart failure and chronic lower back pain. The Teva selldown of 29 million shares at a fixed price of $1.50 wasn't damaging to the reputation of Mesoblast, Dr Itescu said. "This doesn't reflect anything about anyone else. There's plenty of investors wanting to soak up the shares," he said on the sidelines of an AusBiotech conference in Adelaide. Mesoblast shares were crunched by almost 12 per cent on Wednesday, sliding towards $1.44, which still left the company with a market capitalization of $700 million. This came after the selldown on Tuesday night handled by Credit Suisse of 29 million shares held by Cephalon, whose stake has now dropped below 5 per cent. Cephalon is a specialty drug maker which acquired a 20 per cent stake in Mesoblast in 2010 but was itself acquired by Teva for US$7 billion in 2011 in a hostile takeover.
（Source: AIMS）
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