Insurance Australia Group Ltd
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IAG Details
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Boosting capital position: Insurance Australia Group Ltd (ASX: IAG) corrected over 2.2% on June 06, 2016 as insurance stocks were under pressure due to storms in East coast of Australia. On the other hand, we believe this is a temporary impact on the stock as IAG is well positioned to withstand such pressures in the long term. The group improved the issue size of its unsecured subordinated convertible notes to NZ$350 million due to better than estimated demand, which even comprises oversubscriptions of NZ$100 million. The face value and issue price of the notes is NZ$1.00.
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Recommendation: We maintain our “Buy” recommendation on this dividend yield stock at the current price of $5.72
Caltex Australia Ltd
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CTX Details
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Weak update hurt the stock sentiment: Caltex Australia Limited (ASX: CTX) stock fell 2% on June 06, 2016 with the reporting of a lower unlagged CRM of US$8.80/bbl in April 2016, as compared to US$10.58/bbl in March 2016. Accordingly, the April 2016 realised CRM fell to US$8.37/bbl, as compared to a CRM of US$9.74/bbl in March. On the other hand, the sales from production in April 2016 reached 554ML which is higher than the earlier month’s sales of 514ML.
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Recommendation: We believe that the group would be able to deliver a better performance in the coming months and accordingly we maintain our “Hold” recommendation on the stock at the current price of $32.67
Caltex Refiner Margin Update (Source: Company Reports)
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