Caltex held its AGM today and reported NPAT of A$154m for Q1FY17. This was up 2% on same time last year.
EPS should increase from $2.18 in FY17 to $2.30 in FY18. Placing CTX on a forward yield of 3.5%
Forecast FY18 revenue $16b & EBITDA $1.1b
We like CTX as a buy-write.
Telstra shares got a boost today as the ACCC decided against letting rival Telcos roam their regional mobile network at a government fixed price.
Some analysts have estimated that mobile communications contributes about 45% of earnings, or $4.2 billion, in 2017/18. Telstra shares have jump by over 4% to reach $4.45 in early trade.
On April 20th, we wrote a blog piece about how TLS at $4.00 per share represented close to an 8% yield on their 15.5 cent dividend. We see value in the stock up to $4.50 keeping the forward yield in the 7.00% area.
Scentre Group (ASX: SCG) today announced its first quarter update for the three months to 31 March 2017. The Group’s operations continue to perform strongly with developments progressing well and comparable speciality sales up 2.4% for the 12 months to 31 March 2017
The Group maintains its guidance for full year growth in funds from operations (FFO) of approximately 4.25%. The distribution guidance of 21.73 cents per security is also maintained.
We like SCG as an income contributor to client portfolios. When complimented with a tight covered call, we’re delivering 10 – 12% annualised cash flow and allowing for moderate capital growth.
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NAB announced a 2.3% increase in its H1 cash profit to $3.29 billion, which was largely in line with the street’s expectations, but much better than the $1.74 billion loss for the March 2016 half-year result.
While cash earnings grew, net interest margin fell 11 basis points to 1.82%. Charges for bad debts were up 5.1% to $394 million.
The bank maintained its interim dividend at 99 cents per share, fully franked.
Shares of NAB raced to a high of $33.80 at the open but have now settled back into the low $33.00 handle. Our near-term target is around the January lows of $30.50.
Shares of Facebook are down 2.4% in aftermarket trade to $148.00 after the social media giant released positive earnings, but fell short on expectations of future advertising revenue growth.
The company reported earnings of $1.04 per share on $8.03 billion in revenue versus 60 cents per share on $5.38 billion in revenue in the same period last year.
However, CFO David Wehner repeated his comments from last quarter that advertising revenue would come down “meaningfully”, while payments and other fees revenue fell 3% to $175 million on a year-on-year basis.
Considering the stock has gained over 20% since the beginning of the year, a move back into the $135.00 handle looks like a reasonable downside target.
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West Texas Intermediate Crude Oil prices dropped below $48.00 for the first time in over a month as rising output in the USA, Canada and Libya have more than offset the production cuts agreed to by OPEC members last November.
At one point in the NY session Crude prices were over 3% lower to $47.40 before weekly US inventory data lifted the market back over $47.90.
we have been following the BetaShare Oil ETF called OOO. It has traded in a wide range between $17.50 and $13.80 this year as crude prices have fluctuated.
Shares of Apple are trading 1.8% lower in aftermarket trade after a mixed report which beat earnings targets, but fell short on earnings and sales guidance.
The company announced an adjusted EPS of $2.10 versus expectations of $2.02 per share.
However, the revenue number of $52.9 billion was less than the street’s expectation of $53.02. Further, revenue guidance for Q3 has been revised down from $45.6 billion to $43.5 billion.
In addition, gross margins for Q3 are also pointing lower to 37.5% from 38.5%.
Taking into account the 20% rally the stock has seen in calendar 2017 from $118.00 to $147.00, a pullback into the $138.00 handle is a reasonable target.
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