Yovich & Co Blog


Yovich & Co. Weekly Update - 3 September 2012

Heartland New Zealand (HNZ.nz) reported their 2012 result with net profit of $23.6 million, a three fold increase compared to last year’s profit. The increased profit included earnings from the acquisition of PGG Wrightson Finance Limited, which has diversified their loan book by increasing their percentage of rural loans. HNZ has applied to become a bank and is expecting the Reserve Bank of New Zealand to provide an outcome in November. If successful, this will serve as a catalyst for a re-rating by Standard & Poor’s, reducing funding costs and further improving margin capture.

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Tags: Heartland Heartland New Zealand HNZ HNZ.nz Port of Tauranga POT POT.nz Northland Port NTH.nz NTH Auckland Airport AIA AIA.nz Air New Zealand AIR AIR.nz Weekly Update Investment Shares Bonds Market Commentary


Yovich & Co. Weekly Update - 27 August 2012

SKY Network Television (SKT.nz) reported profit of $122.8 million, a 2% increase from the profit recorded last year. The revenue numbers showed higher growth of 5.8% but margin capture was disappointing. Guidance for next year has been lowered with SKY CEO John Fleet admitting that the Olympics coverage was an expensive lesson. SKT offers a defensive cash flow and solid dividend yield of 6.1%.

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Tags: SKY Network Television SKT SKT.nz Sky TV Telecom TEL TEL.nz Weekly Update Investment Shares Bonds Market Commentary Chorus CNU.nz CNU Summerset SUM SUM.nz Fletcher Building FBU FBU.nz Trademe TME TME.nz NZ Oil Gas NZ Oil & Gas NZO NZO.nz Hallenstein Glasson HLG HLG.nz Fisher & Paykel Healthcare FPH FPH.nz Skellerup SKL SKL.nz NZ Refining NZR NZR.nz Fortescue Metals FMG FMG.asx las Iron AGO AGO.asx


Yovich & Co. Weekly Update - 20 August 2012

TrustPower (TPW.nz) reported profit of $167 million, a significant increase form the profit recorded last year of $126 million. The result reflects a move to increase gearing by raising $1.1 billion in debt over the past year. They have also announced a further raising of up to $300 million in unsecured, unsubordinated bonds to fund working capital and upgrades to the grid network. TPW has paid 40 cents if dividends in 2012, equating to a net yield of 5.1% and expects that this is sustainable.

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Tags: Weekly Update Investment Shares Bonds Market Commentary TrustPower TPW.nz TPW Contact Energy CEN CEN.nz NZX Limited NZX.nz NZX Infratil IFT IFT.nz Goodman Fielder GFF GFF.nz Diligent Board Member Services DIL DIL.nz Pumpkin Patch PPL PPL.nz AMP Office ANO ANO.nz Nuples NPX NPX.nz Sky City SKC SKC.nz Michael Hill Michael Hill INternational MHI MHI.nz National Australia Bank NAB NAB.asx Commonwealth Bank CBA CBA.asx ANZ Bank ANZ ANZ.asx


Yovich & Co. Weeklyl Update - 13 August 2012

Steel & Tube Holdings (STU.nz) announced annual net profit of $13.1 million, a fall of 23% on last years result. With exposure to the construction industry it is not surprising to see such a fall in profit but the strong dividend yield of 6.5% pa is helping the share price to hold up. As a play on a pick up in domestic construction, both residential and industrial, STU is well placed to benefit from increased economic activity.

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Tags: Weekly Update Investment Shares Bonds Market Commentary Steel & Tube Holdings STU STU.nz Freightways FRE FRE.nz Rio Tinto RIO RIO.asx


Yovich & Co. Weekly Update - 6 August 2012

TrustPower (TPW.nz) announced their first quarter result last week with a slight drop in sales and production compared to the corresponding period last year. The small reduction in performance is not surprising considering the strong growth that TPW has delivered with 10 consecutive years of increasing profits. TPW is currently raising cash through a subordinated bond offer to replace existing debt facilities. The indicative coupon rate is between 6.75 & 7% with payments made quarterly. The term is 7 years with a maturity date of 15 September 2019. Applications need to be received before 11 September 2012.

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Tags: weekly update investment shares bonds market commentary trustpower tpw tpw.nz fletcher building fbu fbu.nz bathurst bathurst resources limited btu


Yovich & Co. Weekly Update - 30 July 2012

Goodman Fielder (GFF.nz) provided an update on trading conditions and warned of more write downs. Total write downs could equal A$200 million and relate to a cash impairment charge against the baking and home ingredients division and other businesses under review. They also reaffirmed earrings guidance of between A$230-A$245 million and announced that they had completed the first stage of costs cutting measures.

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Tags: weekly update investment shares bonds market commentary goodman fielder gff gff.nz mainfreight mft mft.nz comvita cvt.nz cvt atlas iron ago ago.asx


Yovich & Co. Weekly Update - 23 July 2012

Methven (MVN.nz) had their annual meeting last week and announced an increased profit of $6.5 million despite reduced revenue. MVN has reduced their debt levels and with strong cash flow they are confident in continuing to return sustainable dividends to shareholders. The result included a small profit in their Chinese business and they are pursuing a high growth strategy in the region focussing on hotels and large projects.

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Tags: weekly update investment shares bonds market commentary methven mvn mvn.nz might river power mighty river woodside petroleum wpl wpl.asx


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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Tags: weekly update investment shares bonds market commentary z energy z energy bond zel030 zel030.nz telecom corporation of new zealand telecom iluka resources iluka ilu ilu.asx tel tel.nz


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