Aussie Consumers: Tough Shopping in a Down Market
Looking for Defensive Earnings in the Sector is Getting Tougher. We raised the bar on defence in our latest model portfolio update and added TME...
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Going into Survival Mode: The Rush to Innovate
Stay Underweight Consumer Discretionary and Consumer Staples. In our 2018 Australian equity market outlook, we argued that the country is in grip...
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Balancing Flight Centre's Operating Prowess Against Structural Risks; FVE Up 5%, Shares Overvalued
The operating prowess of management at no-moat-rated Flight Centre Travel Group Ltd (FLT AU) has never been in doubt. It was on display once again...
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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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