Westpac Group (WBC) – Australia’s third largest bank, has today reported full-year results with cash earnings of $5.28bn down 1.4%, ahead of Morgan Stanley’s forecast of $5.23bn. The comparison numbers have to be adjusted for the sale of its life insurance business, reducing earnings forecast by a one-off loss from the sale of $1.3bn. That was…
Ithaca is the island in Greece that Odysseus had so much trouble returning to in Homer’s Odyssey. On his way he survives run ins with the Cicones, Polyphemus (Cyclops to you), Circe, the Sirens, Scylla, the winds of Aeolus, the Laestrygonians, Zeus, Poseidon and Calypso. A rough trot, and when he finally gets there no…
ARE OUR DEFENSIVE GIANTS REALLY A HEDGE AGAINST INFLATION? Woolworths (WOW) and Coles (COL) have now both reported first-quarter sales, and both have been underwhelming. The numbers from WOW this morning highlighted a 1.8% increase in group sales to $16.363bn, with Big W seeing the largest revenue growth of 30.1%. But also contained a sour note on the…
The iron ore price is down 65% from the top a year ago and down 17% since the Chinese Congress meeting two weeks ago. The message at that time was that the Chinese government are not going to go soft on their COVID policy. Oddly the opposite message was around yesterday with Chinese and Hong Kong stocks…
Macquarie Group (ASX: MQG) reported first-half net profit of $2.305bn, ahead of consensus of $2.16bn. The group announced an interim dividend of $3.00/share, with 40% franking. Profits were up 13% on last year but down 13% on the second half of FY22. Assets under management increased 3% to $795.6bn over the first half of the year.…
PointsBet Holdings (PBH) released its first-quarter activities report this morning, with a turnover of $1.16bn vs year-ago $979.9m. The company had a great quarter of growth in the US compared to the previous year. Turnover was 50% higher vs the previous comparable period, although was down 24% on the previous quarter. The group’s biggest cost…
A member sent me a report a couple of days ago. He thought some of our other members might find it interesting as it holds some value for investors. I had a look over it and realised it fit almost perfectly with what I spoke about on Wednesday in relation to the adverse impacts of the…
Key Points Record production of 51.2MMboe, up 52% QoQ. Record sales volume of 57.1MMBoe, up 59% QoQ. Record revenue of $5.858bn, up 70% QoQ. Woodside Energy (WDS) released its third quarter report this morning with some solid-looking numbers at first glance. WDS delivered record production of 51.2 MMboe for the quarter, up…
Key Points BHP reported first-quarter copper production numbers below consensus of 430.4kt. WHC ROM production for the quarter came in at 4.0Mt, a 22% decrease on the previous comparable quarter. BPT reported quarter production down 8% to 5.2MMboe. BHP Group (BHP), Whitehaven Coal (WHC), and Beach Energy (BPT) reported production numbers this morning, and all had…
Rio Tinto (RIO) has reported its third-quarter production numbers, with Pilbara iron ore shipments of 82.9Mt, coming in below consensus of 83.2Mt, and 1% lower than last year. RIO lowered its full-year production guidance to the bottom end of the prior 320-335MT range, while cost guidance remained unchanged. RIO has warned of further downside risks to…
