Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

Cross Asset Strategy

<ul>
<li>We will look into the "well-known "correlation among the Aussie and well-known benchmarks to give  a closer look towards factors that have been affecting the movement of the Australian Dollar.</li>
<li>We will look into the performance of the Aussie relative to the Kiwi. The Aussie and Kiwi are viewed to be closely correlated given their geographic proximity and trade partnerships.</li>
<li>They are also being categorized as commodity currencies, with their dependence in commodity export.</li>
</ul>


We will look into the "well-known "correlation among the Aussie and well-known benchmarks to give  a closer look towards factors that have been affecting the movement of the Australian Dollar.
We will look into the performance of the Aussie relative to the Kiwi. The Aussie and Kiwi are viewed to be closely correlated given their geographic proximity and trade partnerships.
They are also being categorized as commodity currencies, with their dependence in commodity export.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Hindalco's $10 Billion Expansion to Drive Aluminium and Copper Growth.</li>
<li>BC Jindal Group to Invest $2.5 Billion in India’s Renewable Energy Sector by 2029.</li>
<li>Cement Firms Plan Rs 1.5-Trillion Investment to Meet Growing Demand.</li>
</ul>


Hindalco's $10 Billion Expansion to Drive Aluminium and Copper Growth.
BC Jindal Group to Invest $2.5 Billion in India’s Renewable Energy Sector by 2029.
Cement Firms Plan Rs 1.5-Trillion Investment to Meet Growing Demand.


# 49 India Insight: Hindalco $ 10 Bn Expansion, BC Jindal RE, Cement Firms Plans

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

SKYCITY Entertainment Group Ltd. provides gaming and casino services. The Company offers various casinos accompanied with various bars, hotels, restaurants, and convention centers. SKYCITY Entertainment Group offers services in Australia and New Zealand.

<ul><li>The three year earnings downgrade cycle that SkyCity (SKC) has been subject to is likely to continue; we consequently downgrade our rating to UNDERPERFORM from NEUTRAL.</li><li>A combination of cyclical and structural factors are impacting the profit outlook. While cyclical drivers will likely reverse at some stage over the next couple of years, the structural factors concerning gaming regulation will act as a meaningful counterweight.</li><li>We recognise that SKC has done a good job in resolving a number of its outstanding regulatory issues — AUSTRAC and the two DIA cases. </li></ul>

The three year earnings downgrade cycle that SkyCity (SKC) has been subject to is likely to continue; we consequently downgrade our rating to UNDERPERFORM from NEUTRAL.A combination of cyclical and structural factors are impacting the profit outlook. While cyclical drivers will likely reverse at some stage over the next couple of years, the structural factors concerning gaming regulation will act as a meaningful counterweight.We recognise that SKC has done a good job in resolving a number of its outstanding regulatory issues — AUSTRAC and the two DIA cases. 

SkyCity - FY24 — The House Isn't Winning; Downgrade to UNDERPERFORM

Auckland International Airport Limited owns and operates the Auckland International Airport.  The Airport includes a single runway, an international terminal and two domestic terminals.  The Airport also has commercial facilities which includes airfreight operations, car rental services, commercial banking center and office buildings.

<ul><li>We upgrade our rating on ​​​​​​​Auckland Airport (AIA) to NEUTRAL from UNDERPERFORM due to: (1) earnings upgrades following the FY24 result, (2) reduced regulatory risk following the Commerce Commission's (ComCom) recent interim report on AIA's aeronautical pricing (PSE4), and (3) recent relative share price underperformance, despite softening bond rates. AIA's FY24 result was broadly in line with market expectations, though first time FY25 earnings guidance leads us to materially lift our NPAT estimates, despite only marginal increases in operating income.</li><li>The pax recovery may be lagging, but the earnings recovery remains in full swing. Both FY24 EBITDA and NPAT are above FY19 levels.</li><li>AIA currently trades at ~20x one year forward EV/EBITDA and ~36x PE. Its valuation premium, relative to the domestic market and other infrastructure players, remains above historical levels (justified by a higher RAB and valuation multiple, now applicable for its aeronautical assets), but has retreated to levels that we are more comfortable with.  </li></ul>

We upgrade our rating on ​​​​​​​Auckland Airport (AIA) to NEUTRAL from UNDERPERFORM due to: (1) earnings upgrades following the FY24 result, (2) reduced regulatory risk following the Commerce Commission's (ComCom) recent interim report on AIA's aeronautical pricing (PSE4), and (3) recent relative share price underperformance, despite softening bond rates. AIA's FY24 result was broadly in line with market expectations, though first time FY25 earnings guidance leads us to materially lift our NPAT estimates, despite only marginal increases in operating income.The pax recovery may be lagging, but the earnings recovery remains in full swing. Both FY24 EBITDA and NPAT are above FY19 levels.AIA currently trades at ~20x one year forward EV/EBITDA and ~36x PE. Its valuation premium, relative to the domestic market and other infrastructure players, remains above historical levels (justified by a higher RAB and valuation multiple, now applicable for its aeronautical assets), but has retreated to levels that we are more comfortable with.  

Auckland Airport - FY24 — Capex Has Taken-Off

Investore Property Limited operates as a real estate investment company. The Company invests in retail property assets. Investore Property also provides leasing services. Investore Property serves clients in New Zealand.

<ul><li>Investore (IPL) announced the sale of two regional supermarket assets and the purchase of Bunnings Westgate.</li><li>We view this transaction as positive, given: (1) the two assets sales were in line with current book values, (2) the portfolio is improved by swapping two older regional assets, with higher capex requirements, for a well-located new build with a more attractive lease structure, and (3) all with a minor impact on earnings. </li><li>The transaction does little to appease balance sheet pressure, but we are comfortable with higher gearing given the stage of the cycle. </li></ul>

Investore (IPL) announced the sale of two regional supermarket assets and the purchase of Bunnings Westgate.We view this transaction as positive, given: (1) the two assets sales were in line with current book values, (2) the portfolio is improved by swapping two older regional assets, with higher capex requirements, for a well-located new build with a more attractive lease structure, and (3) all with a minor impact on earnings. The transaction does little to appease balance sheet pressure, but we are comfortable with higher gearing given the stage of the cycle. 