Corporate Action: Fletcher’s Equity Raise Dilutes Owners, but Tames Risk; Take Up Rights Offering
We’ve reduced our fair value estimate for no-moat Fletcher Building Ltd (FBU NZ) to NZD 7.00 (AUD 6.60) from NZD 7.50 (AUD 7.00) following the...
144 Views
One Swallow Does Not a Summer Make for Housing, but Spring Has Arrived for Infrastructure Spending
Australia’s November housing approvals were surprisingly strong, with 17.1% growth on the previous corresponding period, or pcp, to 22,532 units....
108 Views
Cutting Fletcher Building's FVE To NZD 7.10 Due To Construction Losses; Shares Overvalued
We have cut our fair value estimate to NZD 7.10 from NZD 8.00, following a 15% downgrade to fiscal 2017 earnings guidance and a reassessment of...
238 Views
Shares Overcook Potential for a Mining Services Turnaround
We think the market, on balance, is too optimistic on the outlook for the mining services sector, with an average 34% overvaluation for the nine...
1.9k Views
China Housing: Strong Recovery but Debt and Vulnerabilities Rise
In this post, Evidente draws on recent analysis undertaken by the RBA of developments in China's residential property markets. Thanks to a number...
210 Views