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Tuesday, 21 September 2021
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Company results in FY21 were generally good with some standout results from those thriving in tough conditions. We highlight the companies that delivered some of the best results and our future expectations.
In reporting season, companies must deliver their results and many issue guidance for the next year. The response often send prices up or down and the market may make swift and not well-considered decisions.
It's an incredible turnaround. One bank reported 121,000 home loans in deferral in 2020 but only 2,000 remain in hardship a year later. Profits have recovered, loan losses are tiny ... but which are the best banks?
What do stock analysts do in reporting season, faced with hundreds of company reports? Take a look inside the secret world of broking and the analysts burning the midnight oil for a month, hoping for a special insight.
Banks severely cut dividends in 2020 but are expected to improve payments in 2021. History provides clues to when the banks will return to their 2019 levels of profitability, but who is positioned the best?
It is better to miss a results bounce and buy after the company has delivered than it is to step on a landmine. With such uncertainty, avoid FOMO by following these result season investing tips.
Uncertainty was the key theme in recent results, but how did they score on loan provisions, capital resources, margins and most importantly, dividends. There's a lot of guesswork going on in banks.
Our annual scorecard for Australian banks shows earnings were hit by remediation costs and slow credit growth, but they are in good health and look attractive versus other listed companies.
Profits results in August 2019 were overall poor, and other factors are in play that influence share prices. It is difficult to jump aboard a profit announcement and make money in the short term.
This exclusive annual scorecard checks bank results in a difficult year, and looks ahead at the hurdles and opportunities for the sector that many Australians rely on for their income.
About half of companies reported as expected in their latest financial results, and the rest were split between favourable and disappointing. Valuations are not cheap but some companies deserve to be expensive.
Exogenous factors like macro changes and weather can affect a company’s short-term profits. Management often blames uncontrollable factors for earnings downgrades but rarely owns up to a fortuitous tailwind.
Who knew? With some surprise results, the Government is on unexpected firm ground in asking people to draw on all their assets in retirement, although the comments show what feisty and informed readers we have.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.