Yovich & Co Blog


Yovich & Co. Weekly Update - 16 July 2012

Z Energy Bond (ZEL030.nz) Z Energy Limited is issuing up to $100 million in new secured senior fixed rate debt obligations. The coupon rate will be set at 6.5% and the bonds will mature on the 15th of November 2019. In our view, this is a fair rate for this type of Bond and for the maturity. The offer opens on the 18th of July with the bonds issued on the 15th of August.

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Yovich & Co. Weekly Update - 9 July 2012

Summerset Group Holdings (SUM.nz) released a trading update last week outlining a strong first half for sales with 83 new sales and 88 re-sales. First NZ Capital are forecasting profit for the year to be $14.9 million, an increase of 84% compared to last year’s profit of $8.1 million. SUM is proving that they are able to deliver on their growth strategy and is well positioned to benefit form the ageing population demographic.

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Yovich & Co. Weekly Update - 2 July 2012

It was a slow week for company specific news although the Bank for International Settlements published their annual survey ranking the Australian Banks as the most profitable in the world. This reiterates our view that investing in bank shares is a good way to increase yield.  Dividend yields are forecast over the next few years to be between 6 & 8 percent, while in the U.S. & Europe, bank yields have been 2.5% & 4.5% respectively. Below is a brief summary of the 4 big Banks.

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Yovich & Co. Weekly Update - 25 June 2012

APN Media (APN.nz) has acquired an 82% share in brandsExclsuive, an Australian online shopping website for A$36 million. The purchase confirms APN’s strategy to increase their stake in the eCommerce sector and reduce their reliance on news. brandsExclusive is an online club that offers discounts on premium consumer goods and compliments APN’s existing websites such as GrabOne.

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Yovich & Co. Weekly Update - 18 June 2012

Meridian Energy, likely to be the second in line for partial privatisation, has committed $169 million to a new Wellington wind farm. The 26 turbine development will produce energy at the lower end of the cost scale, comparable with the cost of Geo-thermal energy. Parliament is expected to conclude the third reading of the legislation to give the go ahead to the Asset sales this week.

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Yovich & Co. Weekly Update - 11 June 2012

Nuplex Industries (NPX.nz) issued a market update, giving guidance for earnings of $131 million. Despite being at the lower end of previous updates, the market has reacted well with confirmation that the company is still relatively on target. The following quote outlines the strength and diversity of the business. “Our (Nuplex’s) geographic and product segment diversity has helped reduce the impact of the volatility and weakness of global markets on our earnings”.

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Yovich & Co. Weekly Update - 4 June 2012

Mainfreight (MFT.nz) announced impressive annual growth and record sales last year with net profit of $80.5 million. Gearing of the business has doubled over the past year to fund the purchase of the European Wim Bosman business which has underperformed but expectations for this business are still positive in a challenging environment. The Final dividend has been increased to 14c compared to 11c last year.

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Yovich & Co. Weekly Update - 28 May 2012

Argosy Property Limited (ARG.nz) has achieved a net distributable income of $33.4 million which, despite the sale of 15 properties during the year, is comparable to the previous year’s $33.5 million. The successful internalisation of the management contract in August 2011 delivered significant savings. They declared a 6 cent dividend for the year and guidance for a similar level in 2013. That equates to a Gross Yield of 9.6%.

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