Yovich & Co. Market Update - 8 May 2018

May 8, 2018 | Commentary

Restaurant Brands tax paid profit for February year was up 36.6% at $35.5m.  Final dividend payable 22 June is up 33% at 18c. 

Synlait Milk tax paid profit for 6 months ended 31 January is $40.8m compared with $10.6m for same period last year.  Net debt has reduced from $147m to $49.7m. 

Fonterra loss for half year ended 31 January is $348m.  The interim dividend is 10c compared with 20c last year. 

Scott Technology profit for six months ended 28 February was up 26% at $3.1m.  Demand for the company’s automation and robotic systems saw it operating near full capacity. 

Michael Hill International is exiting from its USA business at an expected cost of $6.1m for lease terminations and employee severance costs after it was unable to find a buy for the jewellery stores. 

Infratil anticipates a 2018 full year result that is at the top end of its guidance range.  There is the potential for special dividends as development gains are realised. 

Tegel has received a takeover notice from Bounty Holdings New Zealand Limited a wholly owned subsidiary of Bounty Fresh Food Inc. which is one of the Philippines largest vertically-integrated poultry business with sales domestically and exports to other parts of Asia.  The offer is $1.23 per share.  There is a requirement for overseas investment office approval and it may take up to 4 months to receive approval. 

ANZ Bank tax paid profit for March half year was up 14% at $A3.32 billion. 

Z Energy tax paid profit for year ended 31 March 2018 was $263m up 8% on 2017 profit of $243m.  The final dividend payable 30 May is up 10% at 21.9 cents fully imputed.  It expects to pay a 2019 dividend of between 50 and 55 cents.  3 Energy has won the Foodstuffs contract to supply all Foodstuffs fuel sites. 

Barramundi net asset as at 2 May 2018 is 68.27 cents per share. 

Oceania Healthcare has advised that it is on track to hit its IPO earnings forecast for full year 2018 and has lifted its total development landbank by around 250 net new units and beds to over 2,100 units and beds.


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Walter Yovich

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