Yovich & Co Blog

Yovich & Co. Weekly Update - 1 October 2012

New Zealand Refining (NZR.nz) released their throughput and refining margin for July and August with processing of 7.3 million barrels, exchange rate 0.80 U.S. cents and margins at US$6.10 per barrel. The margin is up on the average for the year which is currently running US$4.81 per barrel. The net result of these figures was a processing fee of $38 million. It is anticipated that the margins will continue to improve but the high NZD value relative to the USD remains a key negative in the short term.

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Tags: Shares Bonds Market Commentary Weekly Update Investments Fonterra Moa Brewing Co New Zealand Refining NZR NZR.nz Nuplex Industries NPX NPX.nz

Yovich & Co. Weekly Update - 24 September 2012

Shares vs. Property:

There have been a couple of articles in the NZ Herald over the past few weeks trying to tackle the ongoing debate on which is the best investment, Shares or Property? In the original article, they compared returns on a group of different asset classes over the past 40 years with shares outperforming by an impressive and clear margin. There was one glaring caveat in the research and that was that the property investment did not include rent while shares included dividends. Although this meant that they were not comparing "apples with apples" I can understand the reasoning for it. First of all, it is near impossible to find the average rental return for property and secondly, rental returns are eaten away by maintenance costs, rates and times when the property is vacant.

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Tags: Shares Bonds Market Commentary Investment advice Investments Weekly Update

Yovich & Co. Weekly Update - 17 September 2012

F&P Appliances (FPA.nz) has been approached by Haier, offering $1.20 per share to takeover the company. They are hoping to own 100% of shares but look to be blocked by ACC and AMP who have turned down the offer and could stand in the way of Haier taking full ownership. There has also been talk of interest from Bosch who could take a blocking stake or produce a rival bid. The Board are going through the process of having an independent valuation completed to assess the bid and present to existing shareholders. FPA is currently trading at $1.185 from a year low of 33 cents in December 2011.

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Tags: Weekly Update Investment Shares Bonds Market Commentary QE3 Quantitative Easing F&P Appliances FPA Fisher & Paykel FPA.nz

Yovich & Co. Weekly Update - 10 September 2012


With the listing of Mighty River postponed, client interest has turned to investing in Fonterra and the Trading Amongst Farmers scheme. The expectation is that the scheme will be live in November and will allow non farmers to buy shares that have economic rights to the profits that Fonterra make. These shares will NOT have voting rights which will ensure that only farmers have power over the decisions that Fonterra make.

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Tags: Weekly Update Investment Shares Bonds Market Commentary A2 Corp ATM ATM.nz Fonterra The Warehouse Group WHS WHS.nz Fortescue Metals Group FMG FMG.asx

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

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