Yovich & Co. Market Update - 21 March 2018

Mar 21, 2018 | Commentary

Kathmandu sales for the 31 January half year were up 4.3% at $204.8m and the tax paid profit increased by 23% from $10m to $12.3m.  It is acquiring Oboz Footwear LLC, Oboz Designs, Sources, and sells footwear for backpacking, hiking, travel, winter and general outdoor wear.  It distributes its products directly to North America outdoor chains speciality outdoor retailers. 

Refining NZ gross refinery margin for January and February was US $7.54 per barrel compared to US $6.83 per barrel for November and December.  The processing fee income was NZ $50.8m. 

ANZ Bank has announced it will explore the possibility of an initial public offering of ordinary shares in UDC Finance.   UDC is a wholly owned subsidiary of ANZ Bank New Zealand and is one of New Zealand’s leading asset finance company funding plant plant equipment, vehicles and machinery.  It dates back to the 1930’s and was a listed company before being taken over by ANZ. 

It will be great to have an IPO by UDC. 

NPT shareholders have voted in favour of Augusta Capital being the real estate investors management contract for $4.5m. A lack of scale and diversification has been a key feature of NPT’s portfolio over recent years resulting in lacklustre share price performance and elevated expense ratios.  Growing the value of NPT’s portfolio is a key focus for the Board and Augusta as manager.  Current price is 59c.  The net asset backing is 69c and 12 month target price is 64c.  Cash dividend yield is 6.1% and gross yield 8.7%.  Dividends are payable quarterly. 

Ryman Healthcare’s Investor Relation’s Manager, Michelle Perkins on Wednesday 4 April at Jane Mander Centre is going to provide an update on Ryman and discussing why the company is only just getting started.  The presentations are at 2.00pm or 6.30pm.  The presentation will be followed by light refreshments. 

Shareholders interested in attending should phone Jane Mander reception (09) 435 3850 by Tuesday 3 April 2018.

 

Disclaimer: This publication has been prepared for your general information. While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken for any errors or omissions. This publication does not constitute financial or insurance product advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. No part of this publication may be reproduced without prior written permission from our company. Disclosure statements relating to the financial advisers associated with this newsletter are available on request and free of charge.

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Walter Yovich



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