Forsyth Barr Research
Recent (Showing 20 of 418)
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18 May 2012
New Zealand Equity Weekly
New Zealand Equity Weekly Friday, 18 May 2012 Weekly Market Comment Not a great week for equities The world was not a happy place this week with equity market falls of -3.0% to -6.0% being commonplace. Concerns ranged from European stability...
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18 May 2012
Methven (MVN) - FY12 Result Review
Methven (MVN) FY12 Result Review MVN reported a FY12 NPAT of $6.5m up from $5.7m (pre Abns) and broadly in line with our expectations. What’s changed? Earnings Impact: Retain FY13 EBITDA of $16.2m. Valuation Impact: Unchanged at...
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18 May 2012
Wakefield Health (WFD): Result Preview: FY12F (12 months to 31 March 2012)
Result Preview: FY12F (12 months to 31 March 2012) Expected Release Date: Monday, 21 May 2012 What are we forecasting? Revenue: $79.6m, up +4.9% on pcp Group EBITDA: Up +8.3% to $16.0m. Group EBIT: Up +19.2% to $9.7m. Dividend: 15cps, flat...
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18 May 2012
Xero Ltd: Result Preview: FY12 (year to 31 March 2012)
Xero Ltd (XRO) Result Preview: FY12 (year to 31 March 2012) Expected Release Date: Thursday, 24 May 2012 (after market close) Forecast summary Sales: $19.3m (+107%), up from $9.3m in FY11 EBITDA: -$6.7m (+7%), compared to -$7.2m in...
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18 May 2012
Fisher & Paykel Healthcare: Result Preview: FY12 (Year to 31 March 2012)
Fisher & Paykel Healthcare (FPH) Result Preview: FY12 (Year to 31 March 2012) Expected Release Date: Friday, 25 May 2012 Forecast summary FY12 sales up +3% to NZ$520m, +13% in USD to US$420m EBIT of around NZ$96m, down -$2m on pcp NPAT of...
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18 May 2012
Guinness Peat Group (GPG) - Management Update – Coats 1H will be down on pcp
Guinness Peat Group (GPG) Management Update – Coats 1H will be down on pcp GPG issued a management update detailing its current portfolio, recent asset sales, cash held as at 31 March and an update on Coats’ trading performance, advising that...
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18 May 2012
Australian Equity Weekly
Man on the Ground Markets continues to pull back The market continued its slide this week with the ASX200 trading another 2.6% lower to close at 4,165. Deepening issues in Europe, particularly in Greece and Spain, and weak Chinese data overcame...
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18 May 2012
public
Fixed Interest Daily Schedule
Treasury 10-year yields fell to almost the record low reached in September as reports suggested the U.S. economic recovery is faltering and as investors sought a haven from Europe’s worsening debt crisis. Yields on the benchmark security dropped...
Fixed Interest Schedule.pdf PDF 26KB
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18 May 2012
public
Morning News Summary
US Stocks Retreat US stocks fell for a fifth consecutive day sending theStandard & Poor’s 500 Indexto its lowest closing level since January amid disappointing economic data and growing concern that credit ratings for Spanish banks will be cut. A...
Morning Report 2012-05-18.pdf PDF 117KB
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17 May 2012
Ryman Healthcare (RYM) - FY12 Result – Stepping up again
Ryman Healthcare (RYM) FY12 Result – Stepping up again RYM continues to grow all aspects of its business rapidly and deliver a high quality product to its customers. We have upgraded our forecasts and valuation and remain with a positive view...
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17 May 2012
Goodman Property Trust: FY12 Result Review
FY12 Result Review The FY12 result was close to expectations with no surprises and GMT has provided flat FY13 dividend and earnings guidance in line with our forecast. We have not changed our forecasts or valuation. What’s changed? Earnings...
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16 May 2012
Sky Network TV (SKT): Tall Poppy Syndrome
Tall Poppy Syndrome The Commerce Commission (CC) has approved the joint venture between TVNZ and SKT to launch Igloo. In its release the CC, also announced that it had opened up a new investigation to determine whether there was a breach under...
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16 May 2012
Kiwi Income Property Trust (KIP): FY12 Result Review
FY12 Result Review KIP’s FY12 result was in line with our expectations and guidance and KIP reiterated its softer guidance for FY13. We have made only minor changes to our forecasts and maintain a positive investment view. What’s...
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15 May 2012
Infratil (IFT) - FY12 Result Review
Infratil (IFT) FY12 Result Review IFT reported a FY12 cash operating profit (EBITDAF) of $520m, up +10% versus the pcp. We maintain our positive outlook for IFT’s NAV to grow further from our current assessed value of $2.74. What’s...
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15 May 2012
Freightways (FRE): Take A Breather As Earnings Growth Slows
Take A Breather As Earnings Growth Slows FRE’s trading in the 2H12 has slowed, relative to the strong 1H12, and this has caused us to lower our FY12 and FY13 reported profit forecast by -3.5% and -7.6% respectively. Over the past 12 months FRE...
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15 May 2012
TeamTalk: Trading at Fair Value
TeamTalk (TTK) Trading at Fair Value TTK has been a strong performer in 2012, delivering a fully imputed 10cps dividend and a +13.4% increase in the share price. In our view TTK is now trading at fair value. What’s changed? Earnings Impact:...
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14 May 2012
International Equity Weekly
International Equity Weekly Monday, 14 May 2012 Weekly Market Comment Global equities fell after an inconclusive election in Greece left political parties struggling to form a government and increased speculation that the nation might fail...
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14 May 2012
Fixed Interest Weekly
Market Update Europe The political issues in Greece continues to spook markets and dominate headlines. Greece is in the middle of trying to form a government, which is proving difficult with anti-bailout parties gaining support. The issue for...
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14 May 2012
Retail Sector: Core retail sales down -2.0% in March quarter
Core retail sales down -2.0% in March quarter March quarter core retail sales (ex-vehicle related) fell -2.0% (QoQ s.a.), following a +2.3% increase in the December quarter. On a year-on-year actual basis, core retail sales for the March quarter...
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14 May 2012
Vector Limited - Capital Bond Rollover
Investment View We recommend bondholders elect to rollover their current Capital Bonds. VCT maintains a sound balance sheet with low gearing compared to its peers and strong cashflow. We believe the attractive interest rate from this quality issuer...
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