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Mid-Cap

Decline for Henderson Group and APN News & Media

June 27, 2016 | Team Kalkine
Decline for Henderson Group and APN News & Media

Henderson Group PLC


HGG Details
  • Brexit impact would continue to weigh on the stock performance: Henderson Group PLC (ASX: HGG) stock continued to correct by over 15.9% even on June 27, 2016 impacted by the Brexit referendum outcome. Meanwhile, HGG stock has been under pressure in the last six months and fell over 29.7% (as of June 24, 2016) as volatile conditions in the market have been affecting its traditional fund management business. The group announced a buyback program worth over £25 million to regain confidence among investors over its business. But the group’s Assets under management business has only risen to £92.7bn even in the March quarter of 2016 as compared to £92.0bn in December 2015. With the recent Britain’s decision to leave EU, we believe that the Assets under management business for the group would continue to be under more pressure in the coming months, thus impacting the stock performance further.
  • Recommendation: We give an “Expensive” recommendation on the stock at the current price of $3.75, and would review the stock at a later date.
 
APN News & Media Limited


APN Details
  • Demerger of NZME Limited: APN News & Media Limited (ASX: APN) stock plunged over 10.3% on June 27, 2016 on the back of demerger of NZME Limited. NZME shares would trade in NZX Main Board and ASX under the ticker code NZM. NZME has been undergoing a major transformation process in the last 18 months, by integrating their publishing, radio and digital assets. With this demerger, NZME would be able to further focus on their transformation goals and generate financial performance targets. Meanwhile, APN stock already rallied over 27.6% during this year to date (as of June 24, 2016) placing them at higher levels.
Recommendation: We believe the stock would continue to be under pressure for the short term, and accordingly we give an “Expensive” recommendation on the stock at the current price of  $4.00


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