Yovich & Co. Market Update - 03 September 2018

Sep 3, 2018 | Commentary

Chorus

Tax paid profit for the June year is down 25% at $85m.

Final dividend of 13c per share is payable on the 9th October. With a current share price of $4.64 gross dividend yield is 6.9%.

Metlifecare

Tax paid profit for the June year is down 50% at $125.1m. With the trading profit up 7% at $87.5m and the unrealised property valuation gains were down $168.9m.

A final dividend of 6.75c per share payable on 21st September, total dividends for the year is 10c per share.

Michael Hill International

Profit after tax for the June year is down 85.9% at $4.6m.

The sale of the US and Emma & Roe business incurred one-off closure costs.

Investment in e-commerce resulted in strong growth with sales increasing 57.4% to $10.3m which accounts for 1.8% of total group revenue.

The interim and final dividends are equal at AUD 2.5c per share with final dividend payable on the 28th September. Gross dividend yield is 5.45% on current share price of $NZ 98c.

Scales

Tax paid profit for six months to June is up 22% at $34.8m.

Gross dividend yield is 5.2% on current price of $4.81.

With growth in the premium apple varieties in Asian and Middle East markets, Mr Apple grew export volumes by 9% from 3,545 to 3,862 total container equivalents (TCE 000s).

Tourism Holdings

Tax paid profit for the year ending June is up 107% at $62.3m. This includes a one-off gain of $24m from asset sales.

Final dividend of 14c payable 11th October bringing total to 27c per share partially imputed, this is up 27% on the previous year, and is the seventh consecutive year of ordinary dividend growth. At a current share price of $5.62 the gross dividend yield is 6.2%.

The Colonial Motor Company Limited

Tax paid profit for the year ending June is up 15.1% at $27m. Growth in the heavy truck industry has grown by 13% year-on-year.

Final dividend of 35cps payable on 15th October brings total dividends payment to 50cps (fully imputed).

At current share price of $8.20 the gross dividend yield is 8.5%.

NZ King Salmon

Tax paid profit for June year is up 14% at $16.1m.

Final dividend of 3c is payable 21st September and brings total dividends to 5c per share. The sale of grilled and gutted salmon measured in metric tonnes has increased 8% to 7,779 tonnes for this year.

Gross divided yield of 2.5% at current share price of $2.78.

 

Genesis Energy

Tax paid profit for the June year decreased by 86% at $20m, due to revaluation write off of $100.3m of generation assets.

Final dividend of 8.6cps,  up by 2% on last years, payable on 19th October, bring total dividends for the year to 16.9cps. Gross dividend yield is 9.1% on current share price of $2.43.

Methven

Tax paid profit for the June year increased by 22% to $6.6m.

International sales and profit showed momentum, with revenue increasing by 11.6% to $72.8m, while the New Zealand market had a revenue decrease of 7.2%, partly due to the Canterbury rebuild demand declining.

With a final dividend of 4cps (partially imputed) payable on 28th September the total dividends for the year are 8.21cps. This gives a gross dividend yield of 7.3% on current share price of $1.12.

Steel and Tube

Loss for the June year was $32.1m after $52.7m non-trading costs and impairments. This result is explained by the legacy issues and an organisational review.

There will be no final dividend payment for the 2018 year, with expectations for dividends to resume in the following year at the stated policy of 60-80% of normalised NPAT.

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Walter Yovich



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Steel and Tube Methven Genesis Energy NZ King Salmon The Colonial Motor Company Limited Tourism Holdings Metlifecare Michael Hill International Scales Chorus STU.NZ MVN.NZ GNE.NZ NZK.NZ CMC.NZ THL.NZ MET.NZ MHJ.NZ SCL.NZ CNU.NZ



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