In today’s daily we have covered stock research on Perpetual Limited. To view dividend history, upcoming dividends and dividends stock to buy, please click on the link.

S&P 500 was up by 5.38 points or 0.29% to 1890.90 on Wednesday. U.S. stocks rose a fourth day, with the Standard & Poor’s 500 Index extending a record, as data showing companies added to payrolls last month fueled optimism on growth in the economy. Positive signals on the US labour market ahead of Friday’s non-farm payrolls report helped Wall Street secure fresh record highs, although momentum showed signs of slowing after the bullish tone of the past two days.

Data showed February factory goods orders rose 1.6 percent, topping an estimated advance of 1.2 percent. A separate report indicated companies in the U.S. boosted payrolls by 191,000 in March, according to figures from the ADP Research Institute in Roseland, New Jersey. U.S. companies stepped up hiring in March for a second straight month, offering fresh evidence the economy was regaining momentum after a weather-driven lull over the winter.


S&P 500 Daily Chart   (Source – Thomson Reuters)
 
S&P ASX 200was up 14.1 points or 0.26% and closed at 5403.30 points on Wednesday. Telstra’s sale of its stake in Asian mobile service provider CSL as part of a $US2.4 billion ($2.6 billion) deal is running late, with Hong Kong’s competition regulator yet to approve the move. The late approval may delay ­Telstra’s plan to tell shareholders whether dividend payments will be boosted with the billions of dollars reaped from recent assets, including its Sensis directories business. 
Australian motorists will be relying on imports for 60 per cent of their fuel needs by June next year after BP decided to close its refinery in Brisbane, with the loss of about 600 jobs.


S&P ASX 200 Daily Chart (Source – Thomson Reuters)


The top gainers on ASX 200 were:-
 

Code	Name	Price	Change	% Change
PNA	PANAUST LIMITED	$1.68	$0.13	8.06%
EVN	EVOLUTION MINING LIMITED	$0.86	$0.05	5.52%
OZL	OZ MINERALS LIMITED	$3.77	$0.14	3.86%
FOX	TWENTY-FIRST CENTURY FOX	$34.55	$1.15	3.44%
PDN	PALADIN ENERGY LTD	$0.46	$0.02	3.41%
AGO	ATLAS IRON LIMITED	$1.00	$0.03	3.11%

 
 
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Stock of the Day – Perpetual Limited (PPT)

Perpetual Limited is an independent financial services group operating in funds management, portfolio management, financial planning, financial advisory and trustee services. The firm has total funds under administration, management and advice in excess of AUD 300 Billion. Funds management is the major contributor, representing 83% of profit before tax in fiscal 2013.

Given the buoyant equity markets, investors were always expecting perpetual limited to report strong first half earnings. Perpetual didn’t disappoint. Funds under management or FUM excluding the acquisition of the trust company increased by AUD 3.8 billion, to AUD 29 billion during the first half fiscal 2014, with private funds under advice up AUD 700 million to AUD 9.1 Billion.


Source - PPT
 
While rising equity markets lift the value the value of FUM, and associated management fees paid to Perpetual, beneath the underlying earnings growth of 37% to AUD 48.1 million are a number of initiatives coming to fruition.


PPT Daily Chart  (Source - Thomson Reuters)

Perpetual has had no issues in achieving strong investment performance and this is now being matched with the focus on distribution. Tight cost controls and benefits from Perpetual’s cost reduction program ensure that the bottom line continues to grow faster than revenue. We like the PPT story but believe that the stock is overvalued at its current price.
 

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