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Marcus Today End Of Day Report
BY HENRY JENNINGS - MARCUS TODAY COMMENTATOR - 18/08/2017
VIEW MORE ARTICLES BY HENRY JENNINGS

On the tapes....

  • ASX 200 closed 32 points lower.
  • High 5764 Low 5711.
  • AUD jumps to 78.89c on US political woes.
  • US Futures down +51.
  • Asian markets mixed with China up 0.35% and Japan down 0.04%.

STOCK STUFF Results Today

  • PRY 2.83+%
  • AVJ -0.69%
  • KGN +8.75%
  • SPK -1.40%
  • MTR -0.33%
  • MYS -1.00%
  • PME +4.29%

Movers and Shakers

  • TTS +4.10% on broker upgrades
  • TAH +4.12% brokers positive.
  • LYC +1.72% rally continues.
  • DMP +2.81% good bounce back after early losses.
  • COH +2.80% broker upgrades
  • TWE +3.40% broker upgrades.
  • WHC -2.28% profit taking on commodity falls.
  • IRE -3.23% broker downgrades following results.
  • WSA -2.81% weaker commodity prices.
  • QBE -3.31% broker downgrades on disappointment again.
  • PRT +0.72% media reforms stalled.
  • BUB +18.03% new chairman appointed.

 TODAY

  • Primary Health Care (PRY) -2.83% Underlying net profit of $92.1m in line with guidance. A strong performance in imaging and pathology. A decline in earnings in the bulk billing medical centres division from the repositioning of the business. Fully franked final dividend of 5.8c. Primary is the second-largest pathology operator behind rival Sonic Healthcare (SHL), and makes up about 43% of EBIDTA which was nearly flat at $146m of the full year.​ The company still has issues. HOLD at best.
  • Sydney Airport(SYD) -0.43% Passenger numbers- Performance was boosted by a busy holiday period and the Lions tour of NZ. SYD has welcomed the 7th mainland Chinese airline in Beijing Capital Airlines. A little disappointing on the domestic numbers. Nothing to excite the market but good to see that international growth despite the AUD strength. HOLD.
  • IPH Limited (IPH) +2.40% FY17 result was tempered by FX headwinds and lower EBITDA margins in its Asian business.
  • CSG Limited (CSV) -4.4% FY17 net loss A$44.4m.
  • Link Group (LNK) +1.8% FY17 net profit doubles to A$84.6m. Operating NPATA up 21% to A$123.8m. Revenue up 1% on the pcp to A$780m. Final dividend 8c, fully franked. Dividend reinvestment plan initiated. The company said both Operating EBITDA and Operating NPATA benefited significantly from strong margin expansion underpinned by the successful execution of the Superpartners integration, a solid operating performance in IDDS and good growth in corporate markets.’ LNK says it has entered into a binding agreement to acquire Capita Asset Services in UK and Europe.
  • MyState (MYS) +% FY17 NPAT $30.0m up 6% on pcp. Loan book growth of 10.8% to $4.3m. Final dividend of 14.5c.
  • Kogan (KGN) -6.0% net profit of $3.7mn for the year to June 30 which is more than quadruple what it made a year ago. Revenue was up 20% on the prospectus forecast and its $13.2m in underlying pro forma earnings (EBITDA).

ECONOMIC NEWS None today ASIAN NEWS

  • In China: Housing Values gained in 56 cities in July, compared with 60 in June.
  • Prices fell in nine cities and were unchanged in five.
  • New home sales by value last month grew at the slowest pace in more than two years.

TODAY

  • Primary Health Care (PRY) – Underlying net profit of $92.1m in line with guidance. A strong performance in imaging and pathology. A decline in earnings in the bulk billing medical centres division from the repositioning of the business. Fully franked final dividend of 5.8c. Primary is the second-largest pathology operator behind rival Sonic Healthcare (SHL), and makes up about 43% of EBIDTA which was nearly flat at $146m of the full year
  • Sydney Airport (SYD) – Passenger numbers-Performance was boosted by a busy holiday period and the Lions tour of NZ. SYD has welcomed the 7th mainland Chinese airline in Beijing Capital Airlines. A little disappointing on the domestic numbers. Nothing to excite the market but good to see that international growth despite the AUD strength. HOLD
  • IPH Limited (IPH) - FY17 result was tempered by FX headwinds and lower EBITDA margins in its Asian business.
  • CSG Limited (CSV) – FY17 net loss A$44.4m.
  • Link Group (LNK) – FY17 net profit doubles to A$84.6m. Operating NPATA up 21% to A$123.8m. Revenue up 1% on the pcp to A$780m. Final dividend 8c, fully franked. Dividend reinvestment plan initiated. The company said both Operating EBITDA and Operating NPATA benefited significantly from strong margin expansion underpinned by the successful execution of the Superpartners integration, a solid operating performance in IDDS and good growth in corporate markets.’ LNK says it has entered into a binding agreement to acquire Capita Asset Services in UK and Europe.
  • MyState (MYS) – FY17 NPAT $30.0m up 6% on pcp. Loan book growth of 10.8% to $4.3m. Final dividend of 14.5c.Kogan (KGN) - net profit of $3.7mn for the year to June 30 which is more than quadruple what it made a year ago. Revenue was up 20% on the prospectus forecast and its $13.2m in underlying pro forma earnings (EBITDA). Clearly KGN is seen as success and shows that the fears from Amazon are not universal. KGN is a savvy online retailer although small it shows not all retailers are the same. Winners do well. Losers get hurt.

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View More Articles By Henry Jennings

Henry Jennings has been involved in financial markets for over 35 years as both a trader and a broker in London and Sydney.

Starting his career in London trading derivatives and moving to Australia in 1989, Henry eventually settled at Macquarie Group, rising to become a Divisional Director responsible for Equity Trading in Australia. For the last decade, Henry has been involved in private client broking and now writes exclusively for the renowned financial newsletter Marcus Today. Henry regularly appears on ABC TV and Sky Business as a market analyst, commentator and strategist and has presented at various conferences most recently for the AIA on the Gold Coast.

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Important note: Any financial product advice contained in this email is general financial product advice only and does not take into account any one person's objectives, financial situation or needs. Therefore, before acting on any financial product advice in this email, you should consider, with or without the assistance of an independent adviser, the appropriateness of the advice, having regard to your objectives, financial situation and needs.
 

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