Magellan Financial Group Ltd
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MFG Details
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Better than estimated performance: Magellan Financial Group Ltd (ASX: MFG) stock surged over 7.22% on August 11, 2016 as the group reported a better than estimated performance. We have been confident on MFG even though the stock corrected over 12.8% (as of August 10, 2016) during this year to date due to Brexit impact. MFG reported a solid average funds under management increase of 27% to $39.4 billion in fiscal year of 2016. Net profit surged by 14% to $198.4 million while fully diluted EPS increased 13% to 115.5 cents. Dividends (interim and final) improved by 19% to 89.3 cents per share. The group has $12.0 billion under retail FUM in Australia and New Zealand and got net retail inflows of $2.3 billion during the year. MFG’s partnership with more than 500 independent advice firms, coupled with arrangements with BT/Westpac and AMP, as well as Commonwealth Bank, drove its retail business.
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Recommendation: MFG generated over 14.2% in last one month (as of August 10, 2016) and we maintain our “Buy” recommendation on this dividend yield stock at the current price of --
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Fiscal year of 2016 results (Source: Company Reports)
OZ Minerals Limited
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OZL Details
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Positive sentiment on the stock: OZ Minerals Limited (ASX: OZL) stock surged over 4.2% on August 11, 2016 driven by the Canaccord Genuity, a global investment bank’s bullish stance on the stock. OZL also released positive half year results with lowest global quartile C1 costs of US73.8c/lb. Underlying NPAT rose 3.2% to A$55.0 million. OZL generated an operating cash flow of A$116.0 million and has no debt by maintaining a solid net cash balance of A$564.3 million. The group reported for copper production of 58,368 tonnes and gold production of 57,662 ounces while Carrapateena studies are on track with decline box cut underway.
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RecommendationWe maintain a “Hold” recommendation on this dividend yield stock at the current price of –
Half year of FY16 performance (Source: Company Reports)
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