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Mid-Cap

Fall in CYBG, Origin Energy, Magellan Financial and Fantastic Holdings

July 06, 2016 | Team Kalkine
Fall in CYBG, Origin Energy, Magellan Financial and Fantastic Holdings

CYBG PLC


CYB Details
  • Second wave of Brexit outcome hurting the stock sentiment: CYBG PLC (ASX: CYB) stock fell 4.7% on July 06, 2016 due to revamped fears on Brexit. The group recovered since March till June 2016 due to the better than estimated performance post demerger from National Australian Bank. However, CYB had already fallen 29.6% in the last four weeks (as of July 05, 2016) due to the group’s exposure in Europe.
  • Recommendation: We believe that the stock would continue to be under pressure in the coming months and maintain our “Expensive” recommendation on the stock at the current price of $3.69
 
Origin Energy Ltd


ORG Details
  • Positive drilling results: Origin Energy Ltd (ASX: ORG) stock fell 4.5% on July 06, 2016 due to fall in crude oil prices. On the other hand, the group’s joint venture for the South Australian Gas project and Queensland Gas, Beach energy reported positive drilling update for June 2016. According to the update, the second and the third wells of Tirrawarra-92 and Tirrawara-91 were cased and suspended as future producers after the high side gas and oil pay outcomes, while the fourth well Tirrawarra-90 was spudded subsequent to month end. ORG stock has risen 33.79% (as of July 05, 2016) in the last six months, and has a solid dividend yield.
  • Recommendation: We maintain our “Buy” recommendation on the stock at the current price of $5.56
 
Magellan Financial Group Ltd


MFG Details
  • Attractive valuations: Magellan Financial Group Ltd (ASX: MFG) stock fell 4.5% on July 06, 2016 due to revamped fears of Brexit which could hurt the group’s Funds under management business. On the other hand, we believe that MFG has a strong track record of generating returns and reported increase in funds under management (FUM) for the month of May 2016 and delivered $42.6 billion as compared to $39.96 billion in April 2016. The company has a decent dividend yield and is trading at a lower P/E against its peers.
  • Recommendation: Despite short term volatility, we give a “Buy” recommendation on the stock at the current price of $20.78
 
Fantastic Holdings Ltd


FAN Details
  • Le Cornu brand update impacted the stock sentiment: Fantastic Holdings Limited (ASX: FAN) stock fell 5.4 % on July 06, 2016 after the company announced changes in its South Australian operations. FAN reported that they would focus on its core furniture brands. According to the company, the Le Cornu Keswick store will be closed down over the next six months and it is anticipated that there will be staff redeployments and reductions within the Group. Moreover, the Le Cornu brand would continue to trade in Darwin and it is expected that there will be minimal impact to its operations. In addition, the Ashley Furniture HomeStore at Gepps Cross in Adelaide would transition to Fantastic Furniture. Given these changes, FAN would incur a one off non-recurring charge of $9.1 million which includes a cash charge of almost $2.5 million. Le Cornu would incur trading losses of circa $4 million for FY16. The group expects FY16 EBIT before the one off non-recurring charges to be 30% above FY15.
  • Recommendation: We give a “Hold” recommendation on the stock at the current price of $2.12
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The information given by Kalkine Pty Ltd ABN34 154 808 312 (Australian Financial Services License Number 425376) on this website is general information or advice only.

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