Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring
Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The...
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Valuations Stretched on ASX-Listed Corporate Hybrids
In November 2016 we stated a large proportion of redemptions would be reinvested in existing corporate issues to achieve some degree of sectoral...
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Watches 2016 and Beyond: How Will Asia Move from Here?
Asia continues to be a key contributor to the watch market globally, accounting for 46% of the world’s watch sales. However, top watch and luxury...
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Crown Resorts Sells Down More of Its Melco Crown Stake; FVE Unchanged
We see the reduced exposure to Melco Crown as a positive as it reduces exposure to the volatile Macau gaming market and an uncertainty around...
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Hybrids: Have We Recovered Since February?
Back in February 2016, trading margins of ASX-listed hybrid securities widened significantly. As a result, there were a number of attractive...
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