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Mid-Cap

Falling CYBG PLC, Henderson Group and BT Investment Management

June 26, 2016 | Team Kalkine
Falling CYBG PLC, Henderson Group and BT Investment Management

CYBG PLC


CYB Details
  • High exposure to UK assets hurt the stock sentiment: CYBG PLC (ASX: CYB) stock plunged over 17.5% on June 24, 2016 as the group has high exposure in UK assets. We have identified the potential impact on this stock earlier, and today’s Britain’s decision of moving out of EU would continue to hurt the stock sentiment heavily.  CYB stock rallied over 39.9% in the last three months (as of June 23, 2016) driven by its better than estimated performance, post the group’s exit from National Australia Bank.
  • Recommendation: We reiterate our “Expensive” recommendation on the stock at the current price of $4.57
 
Henderson Group PLC


HGG Details
  • Potential FUM pressure in UK: Henderson Group PLC (ASX: HGG) stock plunged over 12% on June 24, 2016, which was also impacted by the Brexit outcome. On the other side, HGG stock has recovered over 4.3% (as of June 23, 2016) in the last three months driven by the group’s buyback program and Assets under management rise. HGG reported an Assets under management rise to £92.7bn in March quarter of 2016 against £92.0 billion as of December 2015 despite challenging market conditions. But, the management commented that client’s decisions are subjective to the “Volatile markets” and Brexit event could further dampen its UK FUM performance. HGG reported that net flows into UK and other retail were £44 million as of March quarter.
  • Recommendation: HGG is trading at a relatively higher P/E against its peers and we give an “Expensive” recommendation on the stock at the current price of $4.46
 
BT Investment Management Ltd


BTT Details
  • Higher levels: BT Investment Management Ltd (ASX: BTT) stock also fell over 14.2% on June 24, 2016 like its peers, given the fears of today’s Brexit impact on the potential performance. The group witnessed net inflows of European (+$0.4 billion) and UK (+$0.3 billion) on first half of 2016, but the second half of 2016 performance in these regions could be volatile on the event of Brexit. BTT stock surged over 16% (as of June 23, 2016) in the last one year given its solid performance, but has been correcting over 20% in the last six months due to tough market conditions. Moreover, despite the stock rise, BTT is still trading at a relatively higher P/E.
  • Recommendation: We give an “Expensive” recommendation on the stock at the current price of $8.71


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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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