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https://finance.yahoo.com/news/high-yield-dividend-stock-appears-010400537.html | 2019-04-05 01:04:00+00:00 | [] | Matthew DiLallo, The Motley Fool | Motley Fool | http://www.fool.com/ | This High-Yield Dividend Stock Appears Poised for High-Octane Growth | It's not often that investors can get the best of both worlds by finding a high-yield stock with a high growth rate. However, that's exactly whatBP Midstream Partners(NYSE: BPMP)offers. The master limited partnership (MLP) not only pays an attractive 8.4%-yielding distribution, but the company firmly believes it can grow that payout at a mid-teens rate through at least next year. That potentially sets investors up to earn some high-octane total returns.
Oil giantBP(NYSE: BP)formed BP Midstream Partners in late 2017 to acquire and operate its U.S.midstream assets. BP seeded its MLP with interests in several onshore and offshore oil, natural gas, and refined products pipelines systems backed by long-term, fee-based contracts. Those agreements supply BP Midstream with predictable cash flow, the bulk of which it uses to pay its lucrative distribution.
Image source: Getty Images.
BP Midstream's portfolio generated enough cash last year to cover its high-yielding distribution by a comfortable 1.21 times, including 1.29 times during the fourth quarter. That increasing cushion came even though the company boosted its payout by a mid-teens rate last year. As a result, the company was able to retain some excess cash to further bolster its financial profile so it can fund growth-focused investments.
BP Midstream used its financial flexibility to complete its first drop-down transaction with BP last October. BP Midstream paid $468 million for interests in two pipeline systems and a stake in a refined products terminal joint venture. That deal, when combined with the organic growth of the company's existing portfolio, will give it the cash flow to increase its distribution by a mid-teen rate again this year.
BP Midstream currently has enough cash flow cushion to easily support another 5% to 6% distribution increase next year. However, the company believes it can use a combination of excess cash and additional borrowings to complete another transaction with BP. It's aiming to make a deal that would support mid-teens distribution growth again in 2020 while staying within its targeted financial metrics. BP currently holds stakes in several midstream assets that it could drop down to its MLP, including onshore and offshore pipelines, storage tanks at its refineries, and its distribution and business-to-business marketing operations.
BP controls enough midstream assets that it could support steady growth at its MLP for the next several years, providing BP Midstream can secure attractive financing for future transactions. On top of that, BP Midstream's offshore pipelines in the Gulf of Mexico have significant organic growth potential due to recent discoveries near its existing operations. As projects to tap those resources advance, it could bring additional growth opportunities to BP Midstream. These two growth drivers could provide BP Midstream with the fuel to continue growing its payout at a healthy rate for years to come.
The main attraction at BP Midstream is its high-yielding distribution. Not only does the company support that payout with conservative financial metrics, but it has the backing of BP. On top of that, the company offers investors fast-paced growth for at least the next two years. It has already locked up double-digit distribution growth this year and should be able to do the same in 2020 with the support of BP. That combination of income and growth has BP Midstream positioned to richly reward its investors in the coming years, making it an intriguing opportunity worth considering.
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Matthew DiLallohas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. |
https://finance.yahoo.com/news/seagate-technology-stx-good-stock-010446788.html | 2019-04-05 01:04:46+00:00 | [] | Asma UL Husna | Insider Monkey | http://www.insidermonkey.com | Is Seagate Technology (STX) A Good Stock To Buy? | Amid an overall market correction, many stocks that smart money investors were collectively bullish on tanked during the fourth quarter. Among them, Amazon and Netflix ranked among the top 30 picks and both lost more than 25%. Facebook, which was the second most popular stock, lost 20% amid uncertainty regarding the interest rates and tech valuations. Nevertheless, our research shows that most of the stocks that smart money likes historically generate strong risk-adjusted returns. That's why we weren't surprised when hedge funds’ top 15 large-cap stock picks generated a return of 19.7% during the first 2.5 months of 2019 and outperformed the broader market benchmark by 6.6 percentage points.This is why following the smart money sentiment is a useful tool at identifying the next stock to invest in.
Seagate Technology plc (NASDAQ:STX)shareholders have witnessed a decrease in hedge fund interest in recent months.STXwas in 26 hedge funds' portfolios at the end of the fourth quarter of 2018. There were 27 hedge funds in our database with STX positions at the end of the previous quarter. Our calculations also showed that STX isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 32 percentage points since May 2014 through March 12, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 27.5% through March 12, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Let's review the fresh hedge fund action encompassing Seagate Technology plc (NASDAQ:STX).
Heading into the first quarter of 2019, a total of 26 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -4% from one quarter earlier. The graph below displays the number of hedge funds with bullish position in STX over the last 14 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).
More specifically,ValueAct Capitalwas the largest shareholder of Seagate Technology plc (NASDAQ:STX), with a stake worth $1053.3 million reported as of the end of September. Trailing ValueAct Capital was Two Sigma Advisors, which amassed a stake valued at $179.2 million. AQR Capital Management, D E Shaw, and Renaissance Technologies were also very fond of the stock, giving the stock large weights in their portfolios.
Because Seagate Technology plc (NASDAQ:STX) has faced bearish sentiment from hedge fund managers, we can see that there exists a select few hedge funds who were dropping their positions entirely by the end of the third quarter. It's worth mentioning that Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capitaldropped the largest position of all the hedgies tracked by Insider Monkey, worth about $15 million in stock, and Matthew Tewksbury's Stevens Capital Management was right behind this move, as the fund said goodbye to about $10.3 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest dropped by 1 funds by the end of the third quarter.
Let's also examine hedge fund activity in other stocks similar to Seagate Technology plc (NASDAQ:STX). We will take a look at Burlington Stores Inc (NYSE:BURL), Lincoln National Corporation (NYSE:LNC), Kohl's Corporation (NYSE:KSS), and Cboe Global Markets, Inc. (NASDAQ:CBOE). All of these stocks' market caps are closest to STX's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BURL,30,854880,-5 LNC,33,575085,0 KSS,27,1031858,-2 CBOE,24,815080,3 Average,28.5,819226,-1 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 28.5 hedge funds with bullish positions and the average amount invested in these stocks was $819 million. That figure was $1674 million in STX's case. Lincoln National Corporation (NYSE:LNC) is the most popular stock in this table. On the other hand Cboe Global Markets, Inc. (NASDAQ:CBOE) is the least popular one with only 24 bullish hedge fund positions. Seagate Technology plc (NASDAQ:STX) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 15 most popular stocksamong hedge funds returned 19.7% through March 15th and outperformed the S&P 500 ETF (SPY) by 6.6 percentage points. Hedge funds were also right about betting on Seagate as the stock returned 23.5% and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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https://finance.yahoo.com/news/patricia-white-law-schools-law-010515290.html | 2019-04-05 01:05:15+00:00 | [] | ALM Media | ALM Media | https://www.law.com | Patricia White: Law Schools Should Make Law Graduates Better Humans, Not Just Better Lawyers | Patricia White, Dean of the University of Miami Law SchoolPatricia White thinks that 10 years is enough.Her tenure as the first woman law dean at Arizona State University spanned a decade. And now, she's winding down her 10th year as dean at the University of Miami School of Law. She will step down in June.More than 10 years, she said, and the draw of institutionalism grows too strong. Each year it becomes harder to be a "change agent," a title that has always made her proud."I think that places benefit when they have new energy, the challenge of new energy," she said. "The founding fathers were right — there should be term limits on presidents, I think. It's very easy to get complacent in a way. It's very easy to get tied into the problems in your institution because they're big jobs. It's easier to be more removed from what's going on in the world than you ideally should be."Change when she came to ASU and UM meant building a bridge between academia and the professional world. Before landing her first teaching job at Georgetown Law in 1978, White worked at Steptoe & Johnson, then Caplin & Drysdale. It was important for her to keep a foot in both realms.In 1988, she began teaching at the University of Michigan while also working as of counsel at the Detroit firm Bodman Longley & Dahling. When she moved to the University of Utah in 1994, she was of counsel at Parsons Behle & Latimer.For White, the job isn't so much about job placement rates as it is about providing a broad education and producing a well-balanced attorney. She believes a strong legal education means possessing intellectual breadth and the means to become an ideal member of a democratic society."It's the best civics education you could ever find. It makes you understand power structures, government structures, rights, liberties," she said. "It ought to teach you the essential virtues of our democratic society: liberty, justice, due process, fundamental rights."When White took the job at UM in 2009, she was quick to assert this philosophy. Despite the fact that the country was reeling in financial turmoil, UM law was faced with a potentially back-breaking incoming class of 800 students — more than double the enrollment of a typical year.In response,White wrote a letterimploring 1L students to re-consider why they applied to law school, recommending that they take a year off to work in public service in exchange for a $5,000 scholarship."Perhaps many of you are looking to law school as a safe harbor in which you can wait out the current economic storm," she wrote. "If this describes your motivation for going to law school I urge you to think hard about your plans and to consider deferring enrollment."Despite those efforts, UM still saw a large 500-student class that year. White took the extra funds generated by the large class to set up a program called Legal Corps — matching UM law graduates who passed the Bar with nonprofit and public sector jobs.Under the program, the university agreed to pay for the graduate's salary for six months, meaning the organization would have a free, licensed attorney during a recession normally characterized by layoffs and hiring freezes. White said the placement rate after the fellowship was 90 percent and is one of her proudest achievements.Her emphasis on a well-rounded legal education also can be seen in her push for interdisciplinary hybrids between the law and medicine, law and communications, and even law and music; international offerings throughLawsWithoutWallsand UM's international arbitration program; and expansion of hands-on clinics and externships.And while she is proud of her tenure, her "biggest regret" is that she couldn't solve the problem of education funding."It's the greatest problem facing higher education. Period," she said. "People graduate with far too much debt. ...The model of how to pay for education in this country is broken."According to areportfrom AccessLex Institute, the average tuition for a private law school was $46,240 in 2017, and $26,420 for residents at public law schools. On top of that, close to half of all law students still carry debt from their undergraduate degrees. Tuition at the University of Miami School of Law comes out to $54,134 per year,accordingto the school's website.Experts say that this high debt funnels students into high-paying jobs at big law firms, contributing to a "brain drain" in the public sector. High tuition also acts as a barrier to students who would otherwise perform well in law school but don't have the means.But White is not bowing out of the legal education arena completely. After a short sabbatical, she plans to return to UM to teach. She is already slated to teach two classes in the spring: one on trusts and estates, and one on torts.She also is thechairof the American Bar Association Commission on the Future of Legal Education, whose mandate is "anticipating, articulating and influencing what will be dramatic changes in the legal profession in the next decade and beyond."Patricia WhiteBorn:1949Spouse:James W. NickelChildren:Olivia, Alex, Jennifer, Jonathan, PhilipEducation:University of Michigan, J.D., M.A., 1974, B.A., 1971Experience:Dean, University of Miami School of Law, 2009–present; Visiting Professor, Georgetown Law, 2009; Of counsel, Steptoe & Johnson, 2009;Dean, Arizona State University, 1999-2009; Professor, University of Utah SJ Quinney College of Law, 1994-1999; Of counsel, Parsons Behle & Latimer, 1994-1999;Professor, University of Michigan Law School, 1988-1994; Professor, Georgetown Law, 1978-1988. |
https://finance.yahoo.com/news/google-junks-controversial-ai-ethics-010549797.html | 2019-04-05 01:05:49+00:00 | [] | Margi Murphy | The Telegraph | http://www.telegraph.co.uk/ | Google ditches controversial AI ethics board – one week after launch | Google's long-awaitedartificial intelligence ethics committeehas lasted just eight days, after a row broke out over the inclusion of an “anti-trans, anti-LGBT, anti-immigrant” conservative.
The search giant was lambasted by employees for enlisting Kay Coles James, president of the Heritage Foundation who is a vocal opponent of the LGBT community.
More than 2,000 workers have signed a petition titled “Googlers Against Transphobia and Hate”, which insisted that the Silicon Valley company remove Coles from the board.
On Monday, computing and economics expert Alessandro Acquisti publicly stood down from the eight-strong council claiming that he did not believe “this is the right forum for me to engage in this important work”.
He had been appointed with seven other experts in public policy, computer science and philosophy to help steer Google's decisions on government contracts and and how best to apply its technology following public concern about the ethics of its use.
Employees and pundits were quick to point out the irony of installing someone with strong views against immigration to provide guidance on bias in algorithms, which havesometimes been foundto discriminate againstcertain ethnic groups.
One member, University of Bath Professor Joanna Bryson, told the Telegraph on Thursday that a Google representative had been in touch to alert her that the board was being culled just an hour before a news report about its dissolution appeared on American publisher Vox's website.
Professor Bryson had previously expressed disappointment that Coles had been signed up but had pledged to continue to work with Google to oversee its machine learning and advise on how best to ethically use its artificial intelligence.
“I don’t think they have done a very good job,” she said. “And they know it.”
A Google spokesman confirmed that the company was going “back to the drawing board”, blaming the “current environment” for the panel's failure.
Professor Bryson, who also teaches at Princeton University in the US, said she “didn’t understand why there is no transparency over an ethics board” and condemned the company's lack of internal communication.
The computer science expert was engulfed in a bitter row over the matter on Twitter, where she was accused of “being on the wrong side of history” for refusing to stand down, despite claiming to disagree with Coles’ views.
“I couldn’t imagine that they didn’t have a good reason for appointing some members,” she said. “But if an organisation like Google cannot figure out how to form a policy and communicate that to employees than there is no hope.”
The company has seen a rise in employee activism, largely protesting employee rights and alleged sexism across the company. Earlier this year it pledged to end forced arbitration for sexual harassment victims, meaning they will be entitled to a day in court.
The action was triggered by worldwide protests when a New York Times article reported that an executivewas paid off after it was found he sexually assaulted a co-worker. Google made a U-turn on temporary staff rights earlier this week following protests over contractors' access to healthcare, minimum wage and paternity leave.
It is unclear whether Google plans to install a new board. |
https://finance.yahoo.com/news/hedge-funds-haven-t-bullish-011238102.html | 2019-04-05 01:12:38+00:00 | [] | Asma UL Husna | Insider Monkey | http://www.insidermonkey.com | Hedge Funds Haven’t Been This Bullish On DexCom, Inc. (DXCM) Since 2015 | At Insider Monkey we follow nearly 750 of the best-performing investors and even though many of them lost money in the last couple of months of 2018 (some actually delivered very strong returns), the history teaches us that over the long-run they still manage to beat the market, which is why it can be profitable for us to imitate their activity. Of course, even the best money managers can sometimes get it wrong, but following some of their picks gives us a better chance to outperform the crowd than picking a random stock and this is where our research comes in.
IsDexCom, Inc. (NASDAQ:DXCM)the right pick for your portfolio? The best stock pickers are in a bullish mood. The number of long hedge fund positions advanced by 1 lately. Hedge fund sentiment towards DXCM is at its highest level since 2015. This is usually a bullish indicator. For examplehedge fund sentiment in Xilinx Inc. (XLNX)was also at its all time high at the beginning of this year and the stock returned more than 46% in 2.5 months. We observed a similar performance fromProgressive Corporation (PGR)which returned 27% andMSCIwhich returned 29%. Both stocks outperformed the S&P 500 Index by 14 and 16 percentage points respectively. Hedge fund sentiment towardsIQVIA Holdings Inc. (IQV),Brookfield Asset Management Inc. (BAM),Atlassian Corporation Plc (TEAM),RCL,MTBandCRHhit all time highs at the end of December, and all of these stocks returned more than 20% in the first 2.5 months of this year.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 32 percentage points since May 2014 through March 12, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
Let's view the new hedge fund action regarding DexCom, Inc. (NASDAQ:DXCM).
At the end of the fourth quarter, a total of 31 of the hedge funds tracked by Insider Monkey were long this stock, a change of 3% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards DXCM over the last 14 quarters. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
When looking at the institutional investors followed by Insider Monkey,Renaissance Technologies, managed by Jim Simons, holds the most valuable position in DexCom, Inc. (NASDAQ:DXCM). Renaissance Technologies has a $116.8 million position in the stock, comprising 0.1% of its 13F portfolio. Coming in second is John Overdeck and David Siegel of Two Sigma Advisors, with a $83.2 million position; 0.2% of its 13F portfolio is allocated to the stock. Other professional money managers with similar optimism compriseColumbus Circle Investors, Israel Englander's Millennium Management and D. E. Shaw's D E Shaw.
As aggregate interest increased, specific money managers have been driving this bullishness.OrbiMed Advisors, managed by Samuel Isaly, assembled the biggest position in DexCom, Inc. (NASDAQ:DXCM). OrbiMed Advisors had $16.6 million invested in the company at the end of the quarter. Paul Marshall and Ian Wace's Marshall Wace LLP also initiated a $14 million position during the quarter. The other funds with new positions in the stock are Ken Griffin's Citadel Investment Group, Louis Navellier'sNavellier & Associates, and Andrew Feldstein and Stephen Siderow's Blue Mountain Capital.
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as DexCom, Inc. (NASDAQ:DXCM) but similarly valued. We will take a look at Marvell Technology Group Ltd. (NASDAQ:MRVL), The J.M. Smucker Company (NYSE:SJM), Devon Energy Corp (NYSE:DVN), and TransUnion (NYSE:TRU). This group of stocks' market caps are closest to DXCM's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position MRVL,35,1328538,4 SJM,20,272592,-6 DVN,42,1168927,-5 TRU,28,1373120,-1 Average,31.25,1035794,-2 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 31.25 hedge funds with bullish positions and the average amount invested in these stocks was $1036 million. That figure was $738 million in DXCM's case. Devon Energy Corp (NYSE:DVN) is the most popular stock in this table. On the other hand The J.M. Smucker Company (NYSE:SJM) is the least popular one with only 20 bullish hedge fund positions. DexCom, Inc. (NASDAQ:DXCM) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 15 most popular stocksamong hedge funds returned 19.7% through March 15th and outperformed the S&P 500 ETF (SPY) by 6.6 percentage points. Hedge funds were also right about betting on DXCM as the stock returned 26% and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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https://finance.yahoo.com/news/exclusive-saudi-arabia-threatens-ditch-000412568.html | 2019-04-05 01:14:37+00:00 | [] | Reuters | Reuters | http://www.reuters.com/ | Exclusive: Saudi Arabia threatens to ditch dollar oil trades to stop 'NOPEC' - sources | By Dmitry Zhdannikov, Rania El Gamal and Alex Lawler
LONDON/DUBAI (Reuters) - Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said.
They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials.
The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, but the fact Riyadh is considering such a drastic step is a sign of the kingdom's annoyance about potential U.S. legal challenges to OPEC.
In the unlikely event Riyadh were to ditch the dollar, it would undermine the its status as the world's main reserve currency, reduce Washington's clout in global trade and weaken its ability to enforce sanctions on nation states.
"The Saudis know they have the dollar as the nuclear option," one of the sources familiar with the matter said.
"The Saudis say: let the Americans pass NOPEC and it would be the U.S. economy that would fall apart," another source said.
Saudi Arabia's energy ministry did not respond to a request for comment.
A U.S. state department official said: "as a general matter, we don't comment on pending legislation."
The U.S. Energy Department did not respond to a request for comment. Energy Secretary Rick Perry has said that NOPEC could lead to unintended consequences.
DOLLAR HEGEMONY
NOPEC, or the No Oil Producing and Exporting Cartels Act, was first introduced in 2000 and aims to remove sovereign immunity from U.S. antitrust law, paving the way for OPEC states to be sued for curbing output in a bid to raise oil prices.
While the bill has never made it into law despite numerous attempts, the legislation has gained momentum since U.S. President Donald Trump came to office. Trump said he backed NOPEC in a book published in 2011 before he was elected, though he not has not voiced support for NOPEC as president.
Trump has instead stressed the importance of U.S-Saudi relations, including sales of U.S. military equipment, even after the killing of journalist Jamal Khashoggi last year.
A move by Saudi Arabia to ditch the dollar would resonate well with big non-OPEC oil producers such as Russia as well as major consumers China and the European Union, which have been calling for moves to diversify global trade away from the dollar to dilute U.S. influence over the world economy.
Russia, which is subject to U.S. sanctions, has tried to sell oil in euros and China's yuan but the proportion of its sales in those currencies is not significant.
Venezuela and Iran, which are also under U.S. sanctions, sell most of their oil in other currencies but they have done little to challenge the dollar's hegemony in the oil market.
However, if a long-standing U.S. ally such as Saudi Arabia joined the club of non-dollar oil sellers it would be a far more significant move likely to gain traction within the industry.
WHAT IF?
Saudi Arabia controls a 10th of global oil production, roughly on par with its main rivals - the United States and Russia. Its oil firm Saudi Aramco holds the crown of the world's biggest oil exporter with sales of $356 billion last year.
Depending on prices, oil is estimated to represent 2 percent to 3 percent of global gross domestic product. At the current price of $70 per barrel, the annual value of global oil output is $2.5 trillion.
Not all of those oil volumes are traded in the U.S. currency but at least 60 percent is traded via tankers and international pipelines with the majority of those deals done in dollars.
Trading in derivatives such as oil futures and options is mainly dollar denominated. The top two global energy exchanges, ICE and CME, traded a billion lots of oil derivatives in 2018 with a nominal value of about $5 trillion.
Just the prospect of NOPEC has already had implications for the Organization of Petroleum Exporting Countries. Qatar, one of the core Gulf OPEC members, quit the group in December because of the risk NOPEC could harm its U.S. expansion plans.
Two sources said that despite raising the dollar threat, Saudi Arabia did not believe it would need to follow through.
"I don't think the NOPEC bill will pass but the Saudis have 'what if' scenarios," one of the sources said.
ASSET SALES
In the event of such a drastic Saudi move, the impact would take some time to play out given the industry's decades-old practices built around the U.S. dollar - from lending to exchange clearing.
Other potential threats raised in Saudi discussions about retaliation against NOPEC included liquidating the kingdom's holdings in the United States, the sources said.
The kingdom has nearly $1 trillion invested in the United States and holds some $160 billion in U.S. Treasuries.
If it did carry out its threat, Riyadh would also have to ditch the Saudi riyal's peg to the dollar, which has been exchanged at a fixed rate since 1986, the sources said.
The United States, the world's largest oil consumer, relied heavily on Saudi and OPEC supplies for decades - while supporting Riyadh militarily against its arch-foe Iran.
But soaring shale oil production at home has made Washington less dependant on OPEC, allowing it to be more forceful in the way it deals with Saudi Arabia and other Middle Eastern nations.
Over the past year, Trump has regularly called on OPEC to pump more oil to lower global oil prices, and linked his demands to political support for Riyadh - something previous U.S. administrations have refrained from doing, at least publicly.
(Reporting by Dmitry Zhdannikov and Alex Lawler in London and Rania El Gamal in Dubai; additional reporting by Timothy Gardner in Washington; editing by David Clarke) |
https://finance.yahoo.com/news/exclusive-saudi-arabia-threatens-ditch-dollar-oil-trades-000412551--finance.html | 2019-04-05 01:14:37+00:00 | [] | By Dmitry Zhdannikov, Rania El Gamal and Alex Lawler | Reuters | https://www.reuters.com/ | Exclusive: Saudi Arabia threatens to ditch dollar oil trades to stop 'NOPEC' - sources | By Dmitry Zhdannikov, Rania El Gamal and Alex Lawler
LONDON/DUBAI (Reuters) - Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said.
They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials.
The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, but the fact Riyadh is considering such a drastic step is a sign of the kingdom's annoyance about potential U.S. legal challenges to OPEC.
In the unlikely event Riyadh were to ditch the dollar, it would undermine the its status as the world's main reserve currency, reduce Washington's clout in global trade and weaken its ability to enforce sanctions on nation states.
"The Saudis know they have the dollar as the nuclear option," one of the sources familiar with the matter said.
"The Saudis say: let the Americans pass NOPEC and it would be the U.S. economy that would fall apart," another source said.
Saudi Arabia's energy ministry did not respond to a request for comment.
A U.S. state department official said: "as a general matter, we don't comment on pending legislation."
The U.S. Energy Department did not respond to a request for comment. Energy Secretary Rick Perry has said that NOPEC could lead to unintended consequences.
DOLLAR HEGEMONY
NOPEC, or the No Oil Producing and Exporting Cartels Act, was first introduced in 2000 and aims to remove sovereign immunity from U.S. antitrust law, paving the way for OPEC states to be sued for curbing output in a bid to raise oil prices.
While the bill has never made it into law despite numerous attempts, the legislation has gained momentum since U.S. President Donald Trump came to office. Trump said he backed NOPEC in a book published in 2011 before he was elected, though he not has not voiced support for NOPEC as president.
Trump has instead stressed the importance of U.S-Saudi relations, including sales of U.S. military equipment, even after the killing of journalist Jamal Khashoggi last year.
A move by Saudi Arabia to ditch the dollar would resonate well with big non-OPEC oil producers such as Russia as well as major consumers China and the European Union, which have been calling for moves to diversify global trade away from the dollar to dilute U.S. influence over the world economy.
Russia, which is subject to U.S. sanctions, has tried to sell oil in euros and China's yuan but the proportion of its sales in those currencies is not significant.
Venezuela and Iran, which are also under U.S. sanctions, sell most of their oil in other currencies but they have done little to challenge the dollar's hegemony in the oil market.
However, if a long-standing U.S. ally such as Saudi Arabia joined the club of non-dollar oil sellers it would be a far more significant move likely to gain traction within the industry.
WHAT IF?
Saudi Arabia controls a 10th of global oil production, roughly on par with its main rivals - the United States and Russia. Its oil firm Saudi Aramco holds the crown of the world's biggest oil exporter with sales of $356 billion last year.
Depending on prices, oil is estimated to represent 2 percent to 3 percent of global gross domestic product. At the current price of $70 per barrel, the annual value of global oil output is $2.5 trillion.
Not all of those oil volumes are traded in the U.S. currency but at least 60 percent is traded via tankers and international pipelines with the majority of those deals done in dollars.
Trading in derivatives such as oil futures and options is mainly dollar denominated. The top two global energy exchanges, ICE and CME, traded a billion lots of oil derivatives in 2018 with a nominal value of about $5 trillion.
Just the prospect of NOPEC has already had implications for the Organization of Petroleum Exporting Countries. Qatar, one of the core Gulf OPEC members, quit the group in December because of the risk NOPEC could harm its U.S. expansion plans.
Two sources said that despite raising the dollar threat, Saudi Arabia did not believe it would need to follow through.
"I don't think the NOPEC bill will pass but the Saudis have 'what if' scenarios," one of the sources said.
ASSET SALES
In the event of such a drastic Saudi move, the impact would take some time to play out given the industry's decades-old practices built around the U.S. dollar - from lending to exchange clearing.
Other potential threats raised in Saudi discussions about retaliation against NOPEC included liquidating the kingdom's holdings in the United States, the sources said.
The kingdom has nearly $1 trillion invested in the United States and holds some $160 billion in U.S. Treasuries.
If it did carry out its threat, Riyadh would also have to ditch the Saudi riyal's peg to the dollar, which has been exchanged at a fixed rate since 1986, the sources said.
The United States, the world's largest oil consumer, relied heavily on Saudi and OPEC supplies for decades - while supporting Riyadh militarily against its arch-foe Iran.
But soaring shale oil production at home has made Washington less dependant on OPEC, allowing it to be more forceful in the way it deals with Saudi Arabia and other Middle Eastern nations.
Over the past year, Trump has regularly called on OPEC to pump more oil to lower global oil prices, and linked his demands to political support for Riyadh - something previous U.S. administrations have refrained from doing, at least publicly.
(Reporting by Dmitry Zhdannikov and Alex Lawler in London and Rania El Gamal in Dubai; additional reporting by Timothy Gardner in Washington; editing by David Clarke) |
https://finance.yahoo.com/news/exclusive-saudi-arabia-threatens-ditch-dollar-oil-trades-000412752--finance.html | 2019-04-05 01:14:37+00:00 | [] | By Dmitry Zhdannikov, Rania El Gamal and Alex Lawler | Reuters | https://www.reuters.com/ | Exclusive: Saudi Arabia threatens to ditch dollar oil trades to stop 'NOPEC' - sources | By Dmitry Zhdannikov, Rania El Gamal and Alex Lawler LONDON/DUBAI (Reuters) - Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said. They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials. The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, but the fact Riyadh is considering such a drastic step is a sign of the kingdom's annoyance about potential U.S. legal challenges to OPEC. In the unlikely event Riyadh were to ditch the dollar, it would undermine the its status as the world's main reserve currency, reduce Washington's clout in global trade and weaken its ability to enforce sanctions on nation states. "The Saudis know they have the dollar as the nuclear option," one of the sources familiar with the matter said. "The Saudis say: let the Americans pass NOPEC and it would be the U.S. economy that would fall apart," another source said. Saudi Arabia's energy ministry did not respond to a request for comment. A U.S. state department official said: "as a general matter, we don't comment on pending legislation." The U.S. Energy Department did not respond to a request for comment. Energy Secretary Rick Perry has said that NOPEC could lead to unintended consequences. DOLLAR HEGEMONY NOPEC, or the No Oil Producing and Exporting Cartels Act, was first introduced in 2000 and aims to remove sovereign immunity from U.S. antitrust law, paving the way for OPEC states to be sued for curbing output in a bid to raise oil prices. While the bill has never made it into law despite numerous attempts, the legislation has gained momentum since U.S. President Donald Trump came to office. Trump said he backed NOPEC in a book published in 2011 before he was elected, though he not has not voiced support for NOPEC as president. Trump has instead stressed the importance of U.S-Saudi relations, including sales of U.S. military equipment, even after the killing of journalist Jamal Khashoggi last year. A move by Saudi Arabia to ditch the dollar would resonate well with big non-OPEC oil producers such as Russia as well as major consumers China and the European Union, which have been calling for moves to diversify global trade away from the dollar to dilute U.S. influence over the world economy. Russia, which is subject to U.S. sanctions, has tried to sell oil in euros and China's yuan but the proportion of its sales in those currencies is not significant. Venezuela and Iran, which are also under U.S. sanctions, sell most of their oil in other currencies but they have done little to challenge the dollar's hegemony in the oil market. However, if a long-standing U.S. ally such as Saudi Arabia joined the club of non-dollar oil sellers it would be a far more significant move likely to gain traction within the industry. WHAT IF? Saudi Arabia controls a 10th of global oil production, roughly on par with its main rivals - the United States and Russia. Its oil firm Saudi Aramco holds the crown of the world's biggest oil exporter with sales of $356 billion last year. Depending on prices, oil is estimated to represent 2 percent to 3 percent of global gross domestic product. At the current price of $70 per barrel, the annual value of global oil output is $2.5 trillion. Not all of those oil volumes are traded in the U.S. currency but at least 60 percent is traded via tankers and international pipelines with the majority of those deals done in dollars. Trading in derivatives such as oil futures and options is mainly dollar denominated. The top two global energy exchanges, ICE and CME, traded a billion lots of oil derivatives in 2018 with a nominal value of about $5 trillion. Just the prospect of NOPEC has already had implications for the Organization of Petroleum Exporting Countries. Qatar, one of the core Gulf OPEC members, quit the group in December because of the risk NOPEC could harm its U.S. expansion plans. Two sources said that despite raising the dollar threat, Saudi Arabia did not believe it would need to follow through. "I don't think the NOPEC bill will pass but the Saudis have 'what if' scenarios," one of the sources said. ASSET SALES In the event of such a drastic Saudi move, the impact would take some time to play out given the industry's decades-old practices built around the U.S. dollar - from lending to exchange clearing. Other potential threats raised in Saudi discussions about retaliation against NOPEC included liquidating the kingdom's holdings in the United States, the sources said. The kingdom has nearly $1 trillion invested in the United States and holds some $160 billion in U.S. Treasuries. If it did carry out its threat, Riyadh would also have to ditch the Saudi riyal's peg to the dollar, which has been exchanged at a fixed rate since 1986, the sources said. The United States, the world's largest oil consumer, relied heavily on Saudi and OPEC supplies for decades - while supporting Riyadh militarily against its arch-foe Iran. But soaring shale oil production at home has made Washington less dependant on OPEC, allowing it to be more forceful in the way it deals with Saudi Arabia and other Middle Eastern nations. Over the past year, Trump has regularly called on OPEC to pump more oil to lower global oil prices, and linked his demands to political support for Riyadh - something previous U.S. administrations have refrained from doing, at least publicly. (Reporting by Dmitry Zhdannikov and Alex Lawler in London and Rania El Gamal in Dubai; additional reporting by Timothy Gardner in Washington; editing by David Clarke) |
https://finance.yahoo.com/news/soft-japanese-consumer-wages-data-011749930.html | 2019-04-05 01:17:49+00:00 | [] | Reuters | Reuters | http://www.reuters.com/ | Soft Japanese consumer, wages data casts doubt over household sector | (Repeats for technical reasons. No change to text.)
* Feb household spending +1.7 yr/yr vs f'cast +2.1 pct yr/yr
* Real wages fall at fastest since June 2015
* Pick-up in consumption crucial for hitting BOJ's price goal
By Stanley White
TOKYO, April 5 (Reuters) - Japan's household spending rose less than expected in February and real wages tumbled at the fastest pace in more than three years, raising concerns about the hit to the consumer sector from heightening global uncertainties.
The data is likely to be discussed by policymakers worried that risks to the export sector from ongoing trade disputes may discourage firms from raising wages, which in turn would hurt consumption.
The 1.7 percent year-on-year increase in household spending was less than the median estimate for a 2.1 percent increase and followed a 2.0 percent increase in January.
Taken with separate wages data, also released on Friday, the numbers suggested household income may not be strong enough to underpin consumption at a time when exports and output are weakening due to the U.S.-Sino trade war.
The data also suggest the government could come under pressure to delay a planned sales tax hike and turn to the Bank of Japan (BOJ) for help in supporting the economy.
"Labour shortages are not pushing up wages, and you need wages to rise for inflation expectations to rise," said Norio Miyagawa, senior economist at Mizuho Securities.
"The BOJ is on hold for now, but it may have to come up with something if there is another downside shock to the economy."
The growth in household consumption in February was driven by spending on autos and mobile phone charges.
Inflation-adjusted real wages in Japan fell 1.1 percent in February from a year ago, the fastest decline since June 2015.
The soft household sector indicators follow signs of similar weakness in the corporate sector.
Japan's business mood slumped to a two-year low in the March quarter, a central bank survey showed on April 1, highlighting the impact the Sino-U.S. trade war was having on sentiment and economic activity.
Factories across Japan depend heavily on selling electronic parts and heavy equipment to manufacturers in China, which leaved Japan exposed to tit-for-tat tariffs between Washington and Beijing.
The data on consumer spending and wages is likely to raise concerns about the economy. There are still risks to domestic demand, and expectations may heighten for the BOJ to ease monetary policy further.
The government plans to raise the nationwide sales tax to 10 percent from 8 percent in October to generate extra revenue for rising welfare costs.
Some economists and politicians worry that if this plan is not delayed then consumer spending will weaken after the tax hike.
The BOJ is in a bind over how to manage the economy. Years of heavy money printing and prolonged ultra-low rates have dried up the bond market and squeezed profits at banks, prompting Japan's banking lobby to urge the BOJ to rethink its monetary stimulus.
However, Japan's economic outlook this year is weaker than last year's, which supports the argument that the BOJ will eventually need to come up with some measures to keep already low inflation from slowing.
(Reporting by Stanley White; Editing by Sam Holmes) |
https://finance.yahoo.com/news/lambodhara-textiles-nse-lambodhara-share-012138960.html | 2019-04-05 01:21:38+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | The Lambodhara Textiles (NSE:LAMBODHARA) Share Price Is Down 60% So Some Shareholders Are Wishing They Sold | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
This month, we saw theLambodhara Textiles Limited(NSE:LAMBODHARA) up an impressive 32%. But that doesn't change the fact that the returns over the last three years have been disappointing. Tragically, the share price declined 60% in that time. So it's good to see it climbing back up. Perhaps the company has turned over a new leaf.
View our latest analysis for Lambodhara Textiles
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
During the unfortunate three years of share price decline, Lambodhara Textiles actually saw its earnings per share (EPS) improve by 3.8% per year. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Or else the company was over-hyped in the past, and so its growth has disappointed. After considering the numbers, we'd posit that the the market had higher expectations of EPS growth, three years back. However, taking a look at other business metrics might shed a bit more light on the share price action.
The modest 1.9% dividend yield is unlikely to be guiding the market view of the stock. We note that, in three years, revenue has actually grown at a 17% annual rate, so that doesn't seem to be a reason to sell shares. It's probably worht worth investigating Lambodhara Textiles further; while we may be missing something on this analysis, there might also be an opportunity.
The graphic below shows how revenue and earnings have changed as management guided the business forward. If you want to see cashflow, you can click on the chart.
Balance sheet strength is crucual. It might be well worthwhile taking a look at ourfreereport on how its financial position has changed over time.
The last twelve months weren't great for Lambodhara Textiles shares, which cost holders 25%, including dividends, while the market wasupabout 3.9%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Shareholders have lost 25% per year over the last three years, so the share price drop has become steeper, over the last year; a potential symptom of as yet unsolved challenges. We would be wary of buying into a company with unsolved problems, although some investors will buy into struggling stocks if they believe the price is sufficiently attractive. If you would like to research Lambodhara Textiles in more detail then you might want totake a look at whether insiders have been buying or selling shares in the company.
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of companies we expect will grow earnings.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on IN exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/see-significant-institutional-ownership-china-012514872.html | 2019-04-05 01:25:14+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Can We See Significant Institutional Ownership On The China Glass Holdings Limited (HKG:3300) Share Register? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
The big shareholder groups in China Glass Holdings Limited (HKG:3300) have power over the company. Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. We also tend to see lower insider ownership in companies that were previously publicly owned.
With a market capitalization of HK$996m, China Glass Holdings is a small cap stock, so it might not be well known by many institutional investors. Our analysis of the ownership of the company, below, shows that institutions are noticeable on the share registry. Let's take a closer look to see what the different types of shareholder can tell us about 3300.
View our latest analysis for China Glass Holdings
Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.
As you can see, institutional investors own 7.0% of China Glass Holdings. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see China Glass Holdings's historic earnings and revenue, below, but keep in mind there's always more to the story.
We note that hedge funds don't have a meaningful investment in China Glass Holdings. We're not picking up on any analyst coverage of the stock at the moment, so the company is unlikely to be widely held.
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
Our most recent data indicates that insiders own some shares in China Glass Holdings Limited. It has a market capitalization of just HK$996m, and insiders have HK$21m worth of shares, in their own names. Some would say this shows alignment of interests between shareholders and the board, though I generally prefer to see bigger insider holdings. But it might be worth checkingif those insiders have been selling.
The general public holds a 40% stake in 3300. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.
We can see that Private Companies own 21%, of the shares on issue. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company.
Public companies currently own 30% of 3300 stock. We can't be certain, but this is quite possible this is a strategic stake. The businesses may be similar, or work together.
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too.
I like to dive deeperinto how a company has performed in the past. You can accessthisinteractive graphof past earnings, revenue and cash flow for free.
If you would prefer check out another company -- one with potentially superior financials -- then do not miss thisfreelist of interesting companies, backed by strong financial data.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/tempted-sell-li-ning-company-012934282.html | 2019-04-05 01:29:34+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Should You Be Tempted To Sell Li Ning Company Limited (HKG:2331) Because Of Its P/E Ratio? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). We'll look at Li Ning Company Limited's (HKG:2331) P/E ratio and reflect on what it tells us about the company's share price. Based on the last twelve months,Li Ning's P/E ratio is 36.81. In other words, at today's prices, investors are paying HK$36.81 for every HK$1 in prior year profit.
See our latest analysis for Li Ning
Theformula for P/Eis:
Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS)
Or for Li Ning:
P/E of 36.81 = CN¥10.91(Note: this is the share price in the reporting currency, namely, CNY )÷ CN¥0.30 (Based on the year to December 2018.)
A higher P/E ratio implies that investors paya higher pricefor the earning power of the business. That is not a good or a bad thingper se, but a high P/E does imply buyers are optimistic about the future.
Probably the most important factor in determining what P/E a company trades on is the earnings growth. When earnings grow, the 'E' increases, over time. That means unless the share price increases, the P/E will reduce in a few years. So while a stock may look expensive based on past earnings, it could be cheap based on future earnings.
Notably, Li Ning grew EPS by a whopping 38% in the last year. And it has bolstered its earnings per share by 71% per year over the last five years. So we'd generally expect it to have a relatively high P/E ratio.
We can get an indication of market expectations by looking at the P/E ratio. You can see in the image below that the average P/E (10.3) for companies in the luxury industry is a lot lower than Li Ning's P/E.
Li Ning's P/E tells us that market participants think the company will perform better than its industry peers, going forward. Clearly the market expects growth, but it isn't guaranteed. So investors should always consider the P/E ratio alongside other factors, such aswhether company directors have been buying shares.
The 'Price' in P/E reflects the market capitalization of the company. In other words, it does not consider any debt or cash that the company may have on the balance sheet. Theoretically, a business can improve its earnings (and produce a lower P/E in the future), by taking on debt (or spending its remaining cash).
Such spending might be good or bad, overall, but the key point here is that you need to look at debt to understand the P/E ratio in context.
The extra options and safety that comes with Li Ning's CN¥3.7b net cash position means that it deserves a higher P/E than it would if it had a lot of net debt.
Li Ning has a P/E of 36.8. That's significantly higher than the average in the HK market, which is 12.2. Its net cash position supports a higher P/E ratio, as does its solid recent earnings growth. Therefore it seems reasonable that the market would have relatively high expectations of the company
Investors should be looking to buy stocks that the market is wrong about. People often underestimate remarkable growth -- so investors can make money when fast growth is not fully appreciated. So thisfreereport on the analyst consensus forecastscould help you make amaster moveon this stock.
Of course,you might find a fantastic investment by looking at a few good candidates.So take a peek at thisfreelist of companies with modest (or no) debt, trading on a P/E below 20.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/tesla-musk-sec-settlement-tweet-012947419.html | 2019-04-05 01:29:47+00:00 | ['TSLA'] | Alexis Keenan·Senior Legal Reporter | Yahoo Finance | http://finance.yahoo.com/ | Elon Musk says he's 'very happy' after judge orders settlement negotiations with SEC | Tesla (TSLA) CEO Elon Musk emerged from a Manhattan federal district courtroom Thursday afternoon with a renewed opportunity to resolve a dispute with the U.S. Securities and Exchange Commission outside of court.
“I’m very happy with the results and very impressed with Judge Nathan’s analysis,” Musk told reporters after a nearly two-hour hearing during which Musk’s and SEC lawyers argued whether Musk should be held in contempt.
Judge Alison Nathan ordered the parties to confer for at least one hour over the next two weeks to try and settle their disagreements over Musk’sFebruary 19 Tweet.
“Tesla made 0 cars in 2011, but will make around 500k in 2019,” Musk said in the disputed tweet, which was later corrected to say the company would build about 400,000 vehicles and reach an annualized production rate around 500,000.
The SEC argued Musk should be held in contempt based on its position that his tweet violated the court’s prior order requiring him to obtain pre-approval from a designated Tesla representative before posting tweets that contain or reasonably could contain information material to Tesla or Tesla shareholders.
The order was based on an agreement between Musk and the SEC after the SEC filed an action alleging fraud against Musk for anAugust 7 Tweetin which Musk falsely claimed to have secured financing to take Tesla private.
The attorneys spent the majority of their allotted 45 minutes answering Nathan’s questions concerning language of the negotiated consent order.
Musk’s lawyer, John Hueston, argued that Musk could not have violated the order because before posting the tweet he determined its contents to be immaterial, and therefore outside the purview of the order.
“There should have been a knock at the door,” Hueston told Judge Nathan suggesting that the SEC should have attempted to work out its dispute with Musk before filing a motion to bring the matter to court.
The case “screams of working it out,” Judge Nathan responded.
Musk appeared serious and engaged throughout most of the hearing, and laughed along with the judge and others in the courtroom during a hypothetical question from Nathan asking whether a tweet could be edited.
Although the SEC’s motion was silent on how the court should penalize Musk if he’s held in contempt, the SEC’s attorney said it would like the court to reject Musk’s argument claiming he has authority as arbiter of which communications contain material information, and for Musk to report to the court periodically concerning his approved and non-approved communications.
If Musk and the SEC fail to reach an agreement, and Nathan holds him in contempt, the court has leeway to impose additional civil fines, further restrict Musk’s social media communications, remove Musk as CEO, as well as remove him from the company’s board. However, Nathan acknowledged that a finding of contempt amounted to “serious business” that the court should be careful to impose.
“The court is a little bit hamstrung, because while they want a strong deterrent they're supposed to be serving shareholders,” John Coffee, Jr., professor of law at Columbia University, previously told Yahoo Finance. “I don't think any judge wants to eliminate him from Tesla because a lot of people believe that Tesla can't survive without him.”
“The SEC has authority to ban people from serving as an officer or director of any publicly held company, but that usually requires proof of fraud,” Coffee said. “It's not impossible to put someone in jail for contempt, but this looks like it was sort of a negligent mistake, or at least it was his typical reckless mistake, not an intent to defraud investors.”
Tesla reported a 31% drop in quarter-over-quarter deliveries Wednesday. In a note, JPMorgan analyst Ryan Brinkman said the decrease undermines Musk’s legal defense against the SEC. While the Judge’s questions did not focus on Tesla’s quarterly performance, Musk’s lawyer did argue that Tesla’s trading volume, stock price and analysts did not react to the February 19 tweet.
Alexis Keenan is a New York-based reporter for Yahoo Finance. She previously produced live news for CNN and is a former litigation attorney.Follow on Twitter at@alexiskweed.
More from Alexis:
Facebook faces ‘potentially dramatic consequences’ after HUD lawsuit
Stormy Daniels’s lawyer could face uphill battle in Nike extortion case
Boeing could face ‘absolutely devastating’ economic impact after crash |
https://finance.yahoo.com/news/grace-season-finale-recap-love-013238050.html | 2019-04-05 01:32:38+00:00 | null | null | TVLine.com | http://www.tvline.com | Will & Grace Season Finale Recap: Love Is (Almost) in the Air Plus, Grade It! | Warning: The following contains spoilers for Thursdays Season 10 finale of Will & Grace . If havent yet watched Jacks Big Gay Wedding, you might want to RSVP no to this recap, at least until later. In Thursdays season finale of Will & Grace , the titular duo, as well as Karen, McCoy and Nikki set off for Spain to attend Estefan and Jacks Big Gay Wedding. But the gang only made it as far as the airport before dagnabbit, their flight was cancelled. Short of a unicorn that doesnt shoot cream out of its horn, what could be worse, right? And that was just the beginning of the drama in the comedys last episode of Season 10! Related stories 2019 Renewal Scorecard: What's Coming Back? What's Already Cancelled? What's on the Bubble? Cancellation Countdown Poll Results: The Rookie Is the Bubble Show You Most Want to See Renewed We joined the action already in progress at the airport, where Will and Grace narrowly by which I mean not at all avoided sparring over Noahs absence. At the counter, Jack and Estefan were horrified to learn that their flight was delayed. After Karen attempted to flirt with the gate agent, as she now insisted she was a lesbian, the flight was cancelled. Nearby, Will learned from McCoy that hed gotten a job offer in London, and they wondered whether they could make a long-long-distance relationship work. At least Estefan had some good news: He and Jack were gonna get married right there at midnight! What, do you wanna have our honeymoon in the mens room? Jack cracked. Why not? Estefan replied. Thats where we had our second date. will-grace-season-10-episode-18-jack-estefan-wedding As Jack complained to Will, Grace and Karen, it occurred to him (eventually) that oh my Gaga, his officiant was in Spain. They didnt have one! Grace suddenly realized that if they werent going to Spain, Noah could come to the wedding. While she went to call him, McCoy told Will that hed said thanks but no thanks to the overseas job. Alas, Will had to insist that his beau not turn down his dream gig. Encountering Smitty at the bar, Karen was surprised to learn that she hadnt set off his gaydar. Now Im exactly who Im supposed to be, she said. I think. Smitty suggested that maybe she wasnt gay, she was just
lost. And for once, Karen didnt find what he said uproarious. Story continues will-grace-season-10-episode-18-jack-estefan-wedding Talking with Will, Grace tried not to present the fact that Noah wasnt coming to the nuptials, regardless of Spain being off, as being as sad as it was. Youre lucky if you get 60 percent of what you want in a relationship, she insisted. And no, she couldnt do better. Au contraire, countered Will. You deserve 100 percent of what you want. Elsewhere, Miss Coco Peru lashed out at Jack for not inviting her to the wedding. Upon finding out that she was ordained, he and Estefan enlisted her to officiate. Mid-snack, Grace began hitting it off with a fella named Marcus ( Veep s Reid Scott), who was quick to let her know that he was unattached. He was off to globe-trot, having reevaluated his life. And before long, he had her thinking that maybe doing what she wanted when she wanted wasnt such a bad idea. He even almost invited her to come along on his world travels. will-grace-season-10-episode-18-jack-estefan-wedding When Nikki arrived at the airport, Karen awkwardly recreated Ellen DeGeneres coming out in reverse by announcing over the P.A. system that she was straight. Soon, it was time for the wedding. Though Jack was unenthusiastic, likening it to the worst ceremony since Batman and Robins in that cave, the terminal actually looked pretty festive. Mi amor, you look beautiful, Estefan told his groom. I know, Jack replied. As for the vows
You know me well enough to know that I have prepared nothing, Jack admitted. But hed been imagining this day for months, and this is perfect, he said just as a flight was called, sending a bunch of travelers by. While Estefan sang to Jack, Whit bemoaned the fact that he and Will were going to break up and hed have to go back to dating underwear models. Unless
Will said. Unless what?!? Holy crap, Will proposed to McCoy, and he accepted. And while Jack didnt take the spotlight moving off of him well, at least he still got to get married first. Off Wills spontaneous move with McCoy, Grace told her bestie that hed inspire her to take a chance, too. With Wills blessing, off she went to get more than 60 percent of what she wanted. At the gate, her eyes locked with Marcus, Love Is in the Air began to play, and the whole shebang ended with a fabulous dance number and enough confetti for six proms. So, what did you think of the airport wedding? Will and McCoys engagement? Karen and Nikkis breakup? Do you like Grace better with Marcus than Noah? Grade the episode below, then hit the comments. Launch Gallery: TV Shows We're Excited For in 2019 Sign up for TVLine's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . |
https://finance.yahoo.com/news/did-g-n-axles-limited-013344709.html | 2019-04-05 01:33:44+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Did G N A Axles Limited (NSE:GNA) Insiders Buy Up More Shares? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
It is not uncommon to see companies perform well in the years after insiders buy shares. Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. So before you buy or sellG N A Axles Limited(NSE:GNA), you may well want to know whether insiders have been buying or selling.
Most investors know that it is quite permissible for company leaders, such as directors of the board, to buy and sell stock on the market. However, such insiders must disclose their trading activities, and not trade on inside information.
Insider transactions are not the most important thing when it comes to long-term investing. But equally, we would consider it foolish to ignore insider transactions altogether. For example, a Columbia Universitystudyfound that 'insiders are more likely to engage in open market purchases of their own company’s stock when the firm is about to reveal new agreements with customers and suppliers'.
Check out our latest analysis for G N A Axles
There wasn't any very large single transaction over the last year, but we can still observe some trading.
Ranbir Singh purchased 4.70k shares over the year. The average price per share was ₹239. The chart below shows insider transactions (by individuals) over the last year. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
I will like G N A Axles better if I see some big insider buys. While we wait, check out thisfreelist of growing companies with considerable, recent, insider buying.
For a common shareholder, it is worth checking how many shares are held by company insiders. I reckon it's a good sign if insiders own a significant number of shares in the company. It's great to see that G N A Axles insiders own 66% of the company, worth about ₹4.7b. Most shareholders would be happy to see this sort of insider ownership, since it suggests that management incentives are well aligned with other shareholders.
There haven't been any insider transactions in the last three months -- that doesn't mean much. On a brighter note, the transactions over the last year are encouraging. Judging from their transactions, and high insider ownership, G N A Axles insiders feel good about the company's future. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check thisfreereport showing analyst forecasts for its future.
Of courseG N A Axles may not be the best stock to buy. So you may wish to see thisfreecollection of high quality companies.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/does-electro-optic-systems-holdings-013346439.html | 2019-04-05 01:33:46+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | What Does Electro Optic Systems Holdings Limited’s (ASX:EOS) 7.4% ROCE Say About The Business? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Today we'll look at Electro Optic Systems Holdings Limited (ASX:EOS) and reflect on its potential as an investment. Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business.
First up, we'll look at what ROCE is and how we calculate it. Second, we'll look at its ROCE compared to similar companies. Finally, we'll look at how its current liabilities affect its ROCE.
ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business. All else being equal, a better business will have a higher ROCE. Ultimately, it is a useful but imperfect metric. Renowned investment researcher Michael Mauboussinhas suggestedthat a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'.
The formula for calculating the return on capital employed is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
Or for Electro Optic Systems Holdings:
0.074 = AU$7.4m ÷ (AU$129m - AU$29m) (Based on the trailing twelve months to December 2018.)
Therefore,Electro Optic Systems Holdings has an ROCE of 7.4%.
View our latest analysis for Electro Optic Systems Holdings
ROCE is commonly used for comparing the performance of similar businesses. It appears that Electro Optic Systems Holdings's ROCE is fairly close to the Aerospace & Defense industry average of 8.1%. Setting aside the industry comparison for now, Electro Optic Systems Holdings's ROCE is mediocre in absolute terms, considering the risk of investing in stocks versus the safety of a bank account. Investors may wish to consider higher-performing investments.
Electro Optic Systems Holdings's current ROCE of 7.4% is lower than its ROCE in the past, which was 35%, 3 years ago. This makes us wonder if the business is facing new challenges.
When considering this metric, keep in mind that it is backwards looking, and not necessarily predictive. Companies in cyclical industries can be difficult to understand using ROCE, as returns typically look high during boom times, and low during busts. This is because ROCE only looks at one year, instead of considering returns across a whole cycle. If Electro Optic Systems Holdings is cyclical, it could make sense to check out thisfreegraph of past earnings, revenue and cash flow.
Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months. Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. To check the impact of this, we calculate if a company has high current liabilities relative to its total assets.
Electro Optic Systems Holdings has total assets of AU$129m and current liabilities of AU$29m. As a result, its current liabilities are equal to approximately 22% of its total assets. It is good to see a restrained amount of current liabilities, as this limits the effect on ROCE.
With that in mind, we're not overly impressed with Electro Optic Systems Holdings's ROCE, so it may not be the most appealing prospect. Of courseyou might be able to find a better stock than Electro Optic Systems Holdings. So you may wish to see thisfreecollection of other companies that have grown earnings strongly.
If you are like me, then you willnotwant to miss thisfreelist of growing companies that insiders are buying.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/cinemacon-buzzmeter-hot-cold-las-013457604.html | 2019-04-05 01:34:57+00:00 | null | null | Variety | http://variety.com | CinemaCon Buzzmeter: Whats Hot and Cold in Las Vegas | Hollywoods top studios are gathered in Las Vegas to preview their upcoming films to theater owners and the media. Heres the buzz from Caesars Palace, where CinemaCon is underway: CINEMACON BUZZMETER WHATS HOT AND COLD AT THIS YEARS EXHIBITOR CONFAB IN VEGAS: THE LION KING Talk about a home run. Disney offered a glimpse at stunning footage of a young Simba and Mufasa basking in a photorealistic African savannah. Add the prospect of Donald Glover and Beyonce singing classic hits, and this remake looks to be huge. (Disney, July 19, 2019) TOY STORY 4 Woody, Buzz Lightyear, and crew look just fine in new hands. The toys first big adventure without Andy still captures all the magic from the first three films. Fourth times a charm! (Disney, June 21, 2019) IT: CHAPTER 2 Youll float, too. The tagline of Stephen Kings terrifying adaptation likely applies to its box office numbers as well. Both generations of the Losers Club took the stage in Vegas, promising to haunt audiences once again. (WB, Sept. 6, 2019) GEMINI MAN Will Smith and Ang Lee make for a powerful duo. The dramatic footage that uses cutting-edge technology to see Smith fighting his younger self was enough to wow the crowd at CinemaCon. (Paramount, Oct. 11, 2019) GOOD BOYS Footage of Seth Rogens raunchy comedy starring Jacob Tremblay as an innocent teen who lets the f-bombs fly got huge laughs in the crowd. (Universal, Aug. 16, 2019) THE SECRET LIFE OF PETS 2 The sequel looks just as funny and adorable as the first. Add Tiffany Haddish as a feisty Shih Tzu named Daisy, and Universal has pet-lovers salivating. (Universal, June 7, 2019) TERMINATOR: DARK FATE Mackenzie Davis, Gabriel Luna and Natalia Reyes join franchise mainstays Arnold Schwarzenegger and Linda Hamilton in a sequel that looks gritty and satisfying thanks to director Tim Miller. (Paramount, Nov. 1, 2019) ROCKETMAN Taron Egerton channels Sir Elton John, fabulous eyewear and all, in the fantasy musical. Renditions of hits like Your Song, Crocodile Rock and Goodbye Yellow Brick Road make it feel like an all-out rock concert. (Paramount, May 31, 2019) JOKER The Crown Prince of Crime received a warm reception in Vegas. Joaquin Phoenixs gritty take on the Joker dulled skepticism about the DC origin story. (WB, Oct. 4, 2019) FORD V. FERRARI Matt Damon and Christian Bale play an engineer and race car driver in bed with Ford, struggling to build an automobile to defeat the dominant ride of the 1960s the Ferrari. Wed bet this one cruises through awards season. (Fox, Nov. 15, 2019) DETECTIVE PIKACHU If Ryan Reynolds can pull off his same snarky charm from Deadpool, the Pokemon adaptation could become a hit among fanboys. (WB, May 10, 2019) UGLYDOLLS The animated adventure about a band of misfit sockpuppets could be a crowd-pleaser with families. Plus, it features all-new music from Kelly Clarkson, Nick Jonas, and Blake Shelton. (STX, May 3, 2019) YESTERDAY The premise seems simple enough: What if you were the only person in the world who knew John, Paul, George, and Ringo? But iconic renditions of Beatles songs might not be enough to prevent the film from feeling too cheesy. (Universal, June 28, 2019) ALADDIN Guy Ritches take on the Disney classic tows a thin line between captivating and cringy. Can Will Smiths Genie hold a candle to Robin Williams epic role? (Disney, May 25, 2019) MOTHERLESS BROOKLYN Ed Norton directs and stars in this drama about a 1950s private detective with Tourettes. The rough trailer screened sucked the oxygen out of the room. (WB, Nov. 1, 2019) Sign up for Varietys Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . |
https://finance.yahoo.com/news/had-bought-dewan-housing-finance-013814725.html | 2019-04-05 01:38:14+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | If You Had Bought Dewan Housing Finance (NSE:DHFL) Stock A Year Ago, You'd Be Sitting On A 72% Loss, Today | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Dewan Housing Finance Corporation Limited(NSE:DHFL) shareholders should be happy to see the share price up 11% in the last month. But that hardly compensates for the shocking decline over the last twelve months. Indeed, the share price is down a whopping 72% in the last year. So the rise may not be much consolation. Only time will tell if the company can sustain the turnaround.
Check out our latest analysis for Dewan Housing Finance
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
Unhappily, Dewan Housing Finance had to report a 60% decline in EPS over the last year. We note that the 72% share price drop is very close to the EPS drop. So it seems that the market sentiment has not changed much, despite the weak results. Rather, the share price is remains a similar multiple of the EPS, suggesting the outlook remains the same.
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
Before buying or selling a stock, we always recommend a close examination ofhistoric growth trends, available here..
We've already covered Dewan Housing Finance's share price action, but we should also mention its total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Its history of dividend payouts mean that Dewan Housing Finance's TSR, which was a 72%dropover the last year, was not as bad as the share price return.
While the broader market gained around 3.9% in the last year, Dewan Housing Finance shareholders lost 72% (even including dividends). Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. On the bright side, long term shareholders have made money, with a gain of 7.5% per year over half a decade. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. Before spending more time on Dewan Housing Financeit might be wise to click here to see if insiders have been buying or selling shares.
If you are like me, then you willnotwant to miss thisfreelist of growing companies that insiders are buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on IN exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/third-federal-judge-strikes-down-013918655.html | 2019-04-05 01:39:18+00:00 | [] | ALM Media | ALM Media | https://www.law.com | Third Federal Judge Strikes Down Citizenship Question on US Census | U.S. Department of Commerce.A third federal judge has struck down the Trump administration's citizenship question on the U.S. Census, finding it “arbitrary and capricious,” in violation of the Administrative Procedures Act.Friday’s ruling by District Judge George Hazel in Maryland follows similar rulings out of California and New York. All three rulings found Commerce Secretary Wilbur Ross decided to add the question despite evidence provided by Census Bureau officials that it would likely significantly depress the response rates in noncitizen and Latino communities.The census question issue has already been teed up for argument at the U.S. Supreme Court. The justices are set to hear oral arguments during the second week of April in the government’s appeal of the New York ruling. U.S. Solicitor General Noel Francisco had asked the court to hear the case on an expedited basis, due to a June 30 deadline for finalizing the census questionnaire for printing.Judge Jesse Furman of the Southern District of New York first struck down the census question in January. U.S. District Judge Richard Seeborg of the Northern District of California followed in March.While the New York case focused just on the APA claims, both the Maryland and California cases found the government violated the U.S. Constitution’s Enumeration Clause.Hazel wrote Friday, "Because the secretary ignored evidence regarding the impact of the question and provided no legitimate rationale to support it, the addition of the citizenship question would unreasonably compromise the distributive accuracy of the census, and the addition violates the Enumeration Clause.”Read the decision:Read more:Justices Add Census Case to April Calendar, Teeing Up Major Political TestAnother Federal Judge Bars Trump Administration's Census Citizenship QuestionFederal Judge Blocks Trump Administration's Census Citizenship QuestionIn Maryland, Third Front Opens Up on Census Citizenship Question |
https://finance.yahoo.com/news/investors-bought-century-city-international-014259025.html | 2019-04-05 01:42:59+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Investors Who Bought Century City International Holdings (HKG:355) Shares Three Years Ago Are Now Up 49% | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
By buying an index fund, you can roughly match the market return with ease. But many of us dare to dream of bigger returns, and build a portfolio ourselves. For example,Century City International Holdings Limited(HKG:355) shareholders have seen the share price rise 49% over three years, well in excess of the market return (33%, not including dividends).
See our latest analysis for Century City International Holdings
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
Century City International Holdings was able to grow its EPS at 201% per year over three years, sending the share price higher. This EPS growth is higher than the 14% average annual increase in the share price. So it seems investors have become more cautious about the company, over time.
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
It might be well worthwhile taking a look at ourfreereport on Century City International Holdings's earnings, revenue and cash flow.
When looking at investment returns, it is important to consider the difference betweentotal shareholder return(TSR) andshare price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Century City International Holdings, it has a TSR of 65% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
While the broader market lost about 0.05% in the twelve months, Century City International Holdings shareholders did even worse, losing 4.9% (even including dividends). Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Longer term investors wouldn't be so upset, since they would have made 7.7%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. Before spending more time on Century City International Holdingsit might be wise to click here to see if insiders have been buying or selling shares.
But note:Century City International Holdings may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with past earnings growth (and further growth forecast).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/chinas-construction-binge-spreads-americas-060534645.html | 2019-04-05 01:44:35+00:00 | null | null | Associated Press | https://apnews.com/ | China's construction binge spreads to Americas, rattles US | PANAMA CITY (AP) China's expansion in Latin America of its Belt and Road initiative to build ports and other trade-related facilities is stirring alarm in Washington over Beijing's ambitions in a region that American leaders since the 19th century have seen as off-limits to other powers. China is hardly a newcomer to the region, but now it's focusing on countries in Central America such as Panama. It's a country of just 4 million people but its canal linking the Atlantic and Pacific oceans makes it one of the world's busiest trade arteries and strategically important both to Washington and Beijing. As American officials express alarm at Beijing's ambitions in the U.S.-dominated Western Hemisphere, China has launched a charm offensive, wooing Panamanian politicians, professionals and journalists. The Chinese ambassador, a Spanish-speaking Latin American veteran, has been talking up the benefits of Belt and Road on TV and Twitter. Beijing has flown professionals and journalists on junkets to China. It seems to be paying off. "We see a big opportunity to connect Asia and America to Panama," Panamanian President Juan Carlos Varela said during a visit to Hong Kong this week. He is due to attend a "Belt and Road" forum in Beijing with other foreign leaders this month, according to the Chinese government. Chinese President Xi Jinping's signature foreign initiative, Belt and Road is building railways, ports, power plants and other projects in dozens of countries around the globe. But the U.S., Japan, Russia, India and other governments fret that Beijing is gaining economic and strategic influence at their expense. "A strong U.S. reaction, whether it is obvious in public or not, is coming," said Matt Ferchen, an expert on China-Latin America relations at the Carnegie-Tsinghua Center in Beijing. Panama's leaders see China as a source of trade and investment but want to avoid conflict with Washington. Varela has said Panama's relationship with China "will not affect relations with our strategic partner." Story continues Belt and Road is building on multibillion dollar deals for loans and investments in oil and mining in South America that Beijing made beginning in the 1990s. Venezuela has received $62 billion in Chinese loans. Brazil owes $42 billion and Argentina $18 billion. Ecuador has borrowed $17 billion. Mexican President Andres Manuel Lopez Obrador has said he is considering joining Belt and Road. That would give it a foothold in a country bordering the U.S. In the Caribbean, Trinidad and Tobago agreed last May to take part. In September, a state-owned Chinese company was awarded a contract to build a dry dock. American officials say governments should be wary. U.S. Secretary of State Mike Pompeo visited in October and met with Varela, whose term runs through July. Afterward, Pompeo told reporters Panama "should keep its eyes wide open" concerning Chinese investments. "We are all concerned about China and by the way that China is entering those countries," Pompeo said at the Group of 20 meeting of major economies in Argentina in December. Such projects are not always driven by "good intentions," he said. In a coup for Beijing, Panama switched diplomatic recognition in June 2017 to China from Taiwan, the self-ruled island the communist mainland claims as its own territory. That cut Taiwan's biggest political tie to Latin America. President Donald Trump's "America first" policies are not helping the U.S. cause in the region, said businessman Roberto Eisenmann, founder of Panama's most influential newspaper, La Prensa. Trump has yet to name a replacement for U.S. Ambassador John Feeley, who announced his retirement in January 2018. "They are leaving a vacuum of leadership that obviously the Chinese are trying to fill," said Eisenmann. Two months after Pompeo stopped by, Varela welcomed Xi on an official visit and proclaimed his support for Belt and Road. Varela told Xi that Panama wants to "play a front-line role" in helping to build a more interconnected world. The next day, Varela joined a ceremony where a consortium including two Chinese companies was awarded a contract to build a fourth bridge across the Panama Canal, whose ports of entry at its Atlantic and Pacific ends are operated by a Hong Kong consortium. China, the canal's second-largest user after the United States, has "considerable strategic interest" in Panama, said Margaret Myers, director of Asia and Latin America for the Inter-American Dialogue, a think tank in Washington. "There are concerns about the possible effects on U.S. firms, on regional stability and, above all, on U.S. influence in the region," she said. Launched in 2012, Belt and Road now encompasses most Chinese commercial initiatives abroad. Most projects involve Chinese loans at commercial interest rates, adding to concerns Beijing is building a China-centered trade and political structure that might leave poor countries with too much debt. Nepal, Thailand, Malaysia and some other countries have canceled or renegotiated projects due to costs or complaints they would do too little for local economies. China has dismissed such concerns . Steve Tsang, director of the China Institute at London's School of Oriental and African Studies, said Beijing is trying to reshape how the initiative is perceived. But there's no indication it is addressing problems that led to complaints that Sri Lanka, Kenya and other countries ended up with too much debt. "I don't think they have learned the important lessons," said Tsang. "What they have learned are the superficial ones." China's ambassador, Wei Qiang, has been laying groundwork for deeper involvement in Panama. In March 2018, he met with members of the opposition Revolutionary Democratic Party, whose candidate for this May's presidential election, Laurentino Cortizo, is leading in polls. Cortizo said he plans to meet with Wei to "look at the future of this relationship." Wei has invited Eisenmann, the newspaper founder, to his official residence to discuss Panama's "plans for the 'Silk Road'." China has proposed building a high-speed rail line from Panama City to the town of David near its western border with Costa Rica. So far, projects awarded to Chinese contractors the canal bridge, a cruise ship dock and a convention center have been paid for by the Panamanian government. The country has yet to receive Chinese loans. ___ McDonald reported from Beijing. |
https://finance.yahoo.com/news/jeff-bezos-keeps-amazon-voting-power-divorce-settlement-014457081--finance.html | 2019-04-05 01:44:57+00:00 | [] | By Jeffrey Dastin and Arjun Panchadar | Reuters | https://www.reuters.com/ | Jeff Bezos keeps Amazon voting power in divorce settlement | By Jeffrey Dastin and Arjun Panchadar (Reuters) - Amazon.com Inc Chief Executive Officer Jeff Bezos will retain voting control of his entire $143 billion stake in the company under a divorce settlement with his wife, MacKenzie Bezos, who will own 25 percent of those shares, the couple said on Thursday, removing uncertainty over control of the online retailer. The world's richest couple had announced their impending divorce in a joint Twitter statement in January, causing some to worry that Jeff Bezos could wind up with less Amazon voting power or that he or MacKenzie would liquidate large positions. (Graphic: Amazon filing with U.S. SEC - https://bit.ly/2IaO24s) “It takes the issue off the table, with less turbulence than you might have expected,” said an investor, whose company owns several million dollars worth of Amazon shares but who asked for anonymity because of a firm policy. MacKenzie Bezos will wind up with a stake in Amazon that is worth roughly $36 billion. Her shares represent a 4 percent stake in Amazon, according to a regulatory filing by the company. The Amazon shares will make her the world's third-richest woman while Jeff Bezos will remain the world's richest person, according to Forbes. The couple, who tweeted separately on Thursday, disclosed that under their settlement MacKenzie will give up her interests in the Washington Post, which Jeff Bezos bought in 2013 and which has been a frequent target of criticism from U.S. President Donald Trump, and the rocket company Blue Origin he founded in 2000. "Grateful to have finished the process of dissolving my marriage with Jeff," MacKenzie Bezos said in her tweet outlining the agreement, the first and only post from an account created this month. The two did not provide any further financial details about the settlement. "INFLUENCE WOULD BE THE SAME" Amazon, the world's biggest online retailer, said in the filing that 4 percent of its outstanding shares would be registered in MacKenzie Bezos' name after court approval of the divorce, which is expected to occur in about 90 days. The petition for divorce was filed in Washington state, a person familiar with the matter said. Jeff Bezos, whom Amazon listed in its most recent proxy statement as its single largest shareholder with a 16.3 percent stake, will keep sole voting authority over the shares unless MacKenzie donates them to a nonprofit or sells them in the open market. Amazon shares closed down 0.1 percent at $1,818.86. Jeff Bezos, 55, is seen as essential to Amazon's meteoric growth and stock price rise since he founded the company as an online bookseller in 1994. He has credited MacKenzie, 48, for her support when he uprooted the young couple to Seattle from New York to launch Amazon. "When I think about Amazon, and the influence Bezos has on Amazon, I would argue his influence would be the same if he had 51 percent shares outstanding or 1 percent. I think his influence is dictated by his vision for Amazon," D.A. Davidson analyst Tom Forte said. MacKenzie Bezos' stake in Amazon is worth more than the market values of nearly 70 percent of the components of the S&P 500. The settlement suggests that Amazon will be spared the kind of boardroom battle that has plagued other companies whose owners are dealing with family rifts, even though the divorce had jolted the once-private Bezos couple into the public spotlight. Jeff Bezos re-tweeted MacKenzie's statement and added in a separate post that he was grateful "for her support and for her kindness in this process." Liat Sadler, a San Francisco matrimonial lawyer, said the settlement should put investors at ease. “They’ve done a lot of work behind the scenes to make their breakup as amicable as it seems,” she said. Still, Sadler added, "Without knowing what cash she received, I have no idea how favorable it was to him or not." The day the couple announced their separation on Twitter, the National Enquirer promised to reveal an affair by Jeff Bezos that it claimed had ended their marriage, contrary to the couple's statement that they were on a "long period of loving exploration and trial separation." The U.S. tabloid then published alleged photos and intimate text messages between Bezos and his new partner, former television news anchor Lauren Sanchez. (Reporting by Jeffrey Dastin in San Francisco and Arjun Panchadar in Bengaluru; Writing by Meredith Mazzilli; editing by Nick Zieminski, Bill Berkrot and Leslie Adler) |
https://finance.yahoo.com/news/concerned-delfi-limiteds-sgx-p34-014714571.html | 2019-04-05 01:47:14+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Should You Be Concerned With Delfi Limited's (SGX:P34) -5.6% Earnings Drop? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
When Delfi Limited's (SGX:P34) announced its latest earnings (31 December 2018), I wanted to understand how these figures stacked up against its past performance. The two benchmarks I used were Delfi's average earnings over the past couple of years, and its industry performance. These are useful yardsticks to help me gauge whether or not P34 actually performed well. Below is a quick commentary on how I see P34 has performed.
Check out our latest analysis for Delfi
P34's trailing twelve-month earnings (from 31 December 2018) of US$21m has declined by -5.6% compared to the previous year.
Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of -25%, indicating the rate at which P34 is growing has slowed down. Why is this? Let's examine what's occurring with margins and if the entire industry is experiencing the hit as well.
In terms of returns from investment, Delfi has fallen short of achieving a 20% return on equity (ROE), recording 10% instead. However, its return on assets (ROA) of 6.6% exceeds the SG Food industry of 6.2%, indicating Delfi has used its assets more efficiently. And finally, its return on capital (ROC), which also accounts for Delfi’s debt level, has increased over the past 3 years from 11% to 19%.
While past data is useful, it doesn’t tell the whole story. Typically companies that face a drawn out period of decline in earnings are going through some sort of reinvestment phase However, if the whole industry is struggling to grow over time, it may be a signal of a structural change, which makes Delfi and its peers a riskier investment. I recommend you continue to research Delfi to get a better picture of the stock by looking at:
1. Financial Health: Are P34’s operations financially sustainable? Balance sheets can be hard to analyze, which is why we’ve done it for you. Check out ourfinancial health checks here.
2. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
NB: Figures in this article are calculated using data from the trailing twelve months from 31 December 2018. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/morning-routine-energizes-more-coffee-015001579.html | 2019-04-05 01:50:01+00:00 | [] | ALM Media | ALM Media | https://www.law.com | A Morning Routine That Energizes You More Than Coffee for the Day | Yoga/Credit: NadyaEugene/Shutterstock.comAs corporate counsel, we are constantly asked to spend time for others in the company. When you arrive at the office in the morning, emails and documents have already piled up on your desk overnight, and there is already a line of people at the door. The only thing you can think of is to grab a coffee and whittle down the list so you can get a breather. But once you do get a moment, “ding.” Another email asking you to put out a fire interrupts your lunch plans.By the end of the day, you have no idea how the time has passed, and the priority is to go home and have some time for yourself and your family. Cooking for dinner or going to the gym are out of the question.Where is the time for yourself?This is where a morning routine comes in. In his book, “Why We Sleep: Unlocking the Power of Sleep and Dreams,” Matthew Walker shares that coffee is only a temporary block to the adenosine that builds up, otherwise known as sleep pressure. By the time caffeine wears off, more adenosine has accumulated in your body, hitting the adenosine receptors all at once to tell your body that it is tired. This is the crash that we experience in the afternoon or later. Caffeine alsoincreases cortisol levels, and our sensitivity to it decreases to it through daily consumption. It increases our stress levels, and its effect on our alertness decreases with time.To create a more sustainable morning routine that works toward your personal goals and increases energy levels, consider the following steps, whether you decide to make it 30 minutes or two hours or somewhere in between.
• Nurture the belief that you can go to sleep earlier and that you can wake up earlier. In his book “You’ll See It When You Believe It,” Wayne Dyer talks about setting the course of your life by believing in it, saying that “every man-made creation starts with a thought, an idea, a vision, a mental image.” In order to create your own life, imagine what a perfect day looks like for you. Design your ideal life. Ask whether squeezing in some minutes before you get to work is going to further that design. If the answer is yes, then a morning routine may be the right fit for you.
• When you wake up at the designated time, do not hit the snooze button.Laura Vanderkam, a time management expert, says that having a good morning is key to having a good rest of the day. Not only does trying to sleep for an additional 10 to 30 minutes not going to give you the rest you need, but also that battling with the snooze button could make you feel behind for the rest of the day. Instead, make a decision on when you are going to wake up and wake up exactly at that time. By doing this, you are starting your day with a decisive action that will make you feel ahead and in control.
• Take the very first minute of the day getting a full glass or two of water in your system. Drinking water first before you do anything will help you feel more awake and alert because it is hard to go back to sleep with all that fluid in an empty stomach. Water alsoregulates body temperature, andboosts your metabolismto help you get moving. Feeling the benefits of drinking water first thing will help you to drink water regularly throughout the day.
• Stay away from your phone for the first 30 minutes of waking up. According to arecent poll, 61 percent of people check their phones within five minutes of waking up. Checking your phone first thing in the morning may mean that you are starting your day on someone else’s terms and what they need from you. Instead, capitalize on the early morning minutes by remaining centered on what will make you happy.
• Take a chunk of time moving your body, whether it is running, yoga, strength training or just stretching. The length of time depends on your exercise history. If this is the first time in months or ever exercising in the morning, start with just five minutes and work your way up. Listen to your body here, because overworking your body at the beginning will leave a negative impression on exercise on your mind, which will likely want you to stay away from exercise.
• Spend a chunk of time only for yourself and your personal goal. What is your personal goal? It could be catching up with friends living far away, reading a book, cooking breakfast, journaling, running a business, writing a play for the local theater or purely expanding your knowledge in the industry of your career.
• Capitalize on your commute by feeding your mind and spirit. Theaverage commute of an American in 2017 was 26.9 minutes, and it continues to grow. Spend those minutes doing whatever you want to do, given restrictive circumstances without Wi-Fi on a subway or without free hands if you are driving. The goal is to create a sense of choice and freedom to minimize the anxiety that may be associated with a commute. So if you don’t want to listen to a podcast, nothing is stopping you from just listening to Spotify or even nothing at all.
No one is saying you have to do all of them or that it has to be in order. The sole purpose of a morning routine is to protect your time so that you can design your life on your own terms. When you protect your time,you can focus better and perform more effectively at work. By the time the work day begins, you may find it easier to give your time to others because you will have already given time to yourself.Angela Hanis a health care lawyer, a certified plant-based personal trainer, and a yoga instructor. She works with corporate lawyers who want to transform their health, maximizing their ability to reach their goals in life and career. Learn more about her at www.angela-han.com. |
https://finance.yahoo.com/news/taking-look-ashima-limiteds-nse-015144389.html | 2019-04-05 01:51:44+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Taking A Look At Ashima Limited's (NSE:ASHIMASYN) ROE | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. To keep the lesson grounded in practicality, we'll use ROE to better understand Ashima Limited (NSE:ASHIMASYN).
Over the last twelve monthsAshima has recorded a ROE of 9.0%. Another way to think of that is that for every ₹1 worth of equity in the company, it was able to earn ₹0.090.
See our latest analysis for Ashima
Theformula for return on equityis:
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Ashima:
9.0% = ₹164m ÷ ₹1.8b (Based on the trailing twelve months to December 2018.)
Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. It is the capital paid in by shareholders, plus any retained earnings. The easiest way to calculate shareholders' equity is to subtract the company's total liabilities from the total assets.
ROE measures a company's profitability against the profit it retains, and any outside investments. The 'return' is the profit over the last twelve months. That means that the higher the ROE, the more profitable the company is. So, all else equal,investors should like a high ROE. That means it can be interesting to compare the ROE of different companies.
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. If you look at the image below, you can see Ashima has a similar ROE to the average in the Luxury industry classification (8.1%).
That's neither particularly good, nor bad. ROE doesn't tell us if the share price is low, but it can inform us to the nature of the business. For those looking for a bargain, other factors may be more important. If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them).
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
Although Ashima does use debt, its debt to equity ratio of 0.12 is still low. Its ROE is quite low, and the company already has some debt, so surely shareholders are hoping for an improvement. Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises.
Return on equity is one way we can compare the business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking thisfreethisdetailed graphof past earnings, revenue and cash flow.
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/guam-legalizes-recreational-marijuana-235008776.html | 2019-04-05 01:53:46+00:00 | null | null | Associated Press | https://apnews.com/ | Guam legalizes recreational use of marijuana | HAGATNA, Guam (AP) The governor of Guam has signed into law recreational use of marijuana on the U.S. island territory. Gov. Lou Leon Guerrero signed the bill Thursday a week after the Legislature narrowly passed the legislation that allows people ages 21 and older to possess up to an ounce (28 grams), the Pacific Daily News reported . "We must regulate this illicit drug that is the most widely used drug in our society," the governor said. "We have to take it and control it, monitor its use and effects, benefit from its medicinal efforts, allow our people to live in a safer environment." People won't be able to legally purchase marijuana until regulations are developed by the new Cannabis Control Board and approved by the Legislature. The board has up to year to form the rules. The law tasks the nine-member board with overseeing cannabis testing, manufacturing, licensing and packaging. Guam also needs a cannabis testing facility before sales can begin, Sen. Clynt Ridgell said. "This has been and continues to be a community issue, but the fight is not over yet," Ridgell said in a statement. "I invite the public to remain focused on continuing to provide input in the development of the rules and regulations by the Cannabis Control Board for safe, adult use cannabis." The law allows growing as many as six plants for personal use. It prohibits people from using marijuana in public or driving under the influence. Under the law, employers can still enforce drug-free workplaces. "Nothing changes in the policies of our workplace as responsible businesses and agencies," the governor said. "We must continue to enforce zero-tolerance of substance abuse in the workplace." Guam voters approved medical marijuana in 2014. |
https://finance.yahoo.com/news/fbi-investigating-chinese-womans-trump-resort-visit-sources-015607635.html | 2019-04-05 01:56:07+00:00 | null | null | Reuters | https://www.reuters.com/ | FBI investigating Chinese woman's Trump resort visit: sources | By Mark Hosenball WASHINGTON (Reuters) - The FBI is examining whether a Chinese woman who bluffed her way into President Donald Trump's Mar-a-Lago resort last weekend had any links to Chinese intelligence or political influence operations, two U.S. government sources said on Thursday. In a case that renewed concerns about security at Trump's private club in Florida, the U.S. Secret Service arrested Yujing Zhang on Saturday after she got through perimeter checkpoints and raised suspicions when questioned about her visit. When she was arrested, Zhang was carrying four cellphones, a laptop computer, an external hard drive and a thumb drive containing what investigators described as "malicious malware." Federal authorities charged Zhang with making false statements and entering a restricted area. She is being held in custody pending a court hearing next week. Since he took office in January 2017, Trump has regularly visited Mar-a-Lago, a commercial business in Palm Beach that he still owns and where he is in close and frequent contact with club members and guests, dining and socializing. Congressional Democrats raised questions on Wednesday about security at the club but Trump brushed off the concerns, calling the incident a "fluke" and praising the Secret Service. Two current government sources said that the FBI was looking into possible counter-intelligence implications of the incident, however. Zhang told one Secret Service agent she was at Mar-a-Lago to use the swimming pool and later told another agent she was there to attend a U.N. Chinese American Association event. A receptionist determined no such event was scheduled and Zhang was escorted off the premises and arrested. House Intelligence Committee Chairman Adam Schiff said on Wednesday the leadership of the group Zhang identified as her host had "apparent connections" to a Chinese Communist Party unit called the United Front Work Department. A source familiar with Trump administration policy on China said the department was part of the Communist Party's Central Committee operation in Beijing, located "right across" from the compound which houses Chinese leaders. A former U.S. government expert on Chinese intelligence operations, who asked not to be named while discussing sensitive information, said investigators would want to know, "Why, exactly, was she there? A decoy, a diversion, a feint, probing the perimeter for a substantive operation?" The White House declined to comment on the FBI's counter-intelligence investigation or related questions, and referred questions to the Secret Service, which had no immediate comment. Representative Elijah Cummings, the Democratic chairman of the U.S. House Oversight Committee, said the Secret Service, which protects the president, will brief him and top committee Republican Jim Jordan on the incident. (Editing by Kevin Drawbaugh and Sonya Hepinstall) |
https://finance.yahoo.com/news/does-arihant-superstructures-ltd-nse-015620505.html | 2019-04-05 01:56:20+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Does The Arihant Superstructures Ltd. (NSE:ASL) Share Price Fall With The Market? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
If you're interested in Arihant Superstructures Ltd. (NSE:ASL), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. First, we have company specific volatility, which is the price gyrations of an individual stock. Holding at least 8 stocks can reduce this kind of risk across a portfolio. The second sort is caused by the natural volatility of markets, overall. For example, certain macroeconomic events will impact (virtually) all stocks on the market.
Some stocks mimic the volatility of the market quite closely, while others demonstrate muted, exagerrated or uncorrelated price movements. Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). However, Warren Buffett said 'volatility is far from synonymous with risk' in his 2014 letter to investors. So, while useful, beta is not the only metric to consider. To use beta as an investor, you must first understand that the overall market has a beta of one. A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.
Check out our latest analysis for Arihant Superstructures
Given that it has a beta of 0.82, we can surmise that the Arihant Superstructures share price has not been strongly impacted by broader market volatility (over the last 5 years). This means that -- if history is a guide -- buying the stock would reduce the impact of overall market volatility in many portfolios (depending on the beta of the portfolio, of course). Share price volatility is well worth considering, but most long term investors consider the history of revenue and earnings growth to be more important. Take a look at how Arihant Superstructures fares in that regard, below.
Arihant Superstructures is a rather small company. It has a market capitalisation of ₹2.4b, which means it is probably under the radar of most investors. It is not unusual for very small companies to have a low beta value, especially if only low volumes of shares are traded. Even when they are traded more actively, the share price is often more susceptible to company specific developments than overall market volatility.
Since Arihant Superstructures is not heavily influenced by market moves, its share price is probably far more dependend on company specific developments. It could pay to take a closer look at metrics such as revenue growth, earnings growth, and debt. In order to fully understand whether ASL is a good investment for you, we also need to consider important company-specific fundamentals such as Arihant Superstructures’s financial health and performance track record. I highly recommend you dive deeper by considering the following:
1. Future Outlook: What are well-informed industry analysts predicting for ASL’s future growth? Take a look at ourfree research report of analyst consensusfor ASL’s outlook.
2. Past Track Record: Has ASL been consistently performing well irrespective of the ups and downs in the market? Go into more detail in the past performance analysis and take a look atthe free visual representations of ASL's historicalsfor more clarity.
3. Other Interesting Stocks: It's worth checking to see how ASL measures up against other companies on valuation. You could start with thisfree list of prospective options.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/wynn-leaders-questioned-response-misconduct-154650790.html | 2019-04-05 01:56:51+00:00 | null | null | Associated Press | https://apnews.com/ | Panel to vet Wynn Resorts' fate with public hearings in mind | BOSTON (AP) — The fate of Wynn Resorts' $2.6 billion Encore Boston Harbor resort is now in the hands of Massachusetts gambling regulators after they wrapped up a series of public hearings into what company officials knew about allegations of sexual misconduct against company founder Steve Wynn on Thursday. Massachusetts Gaming Commission Chairwoman Cathy Judd-Stein said at the close of the three-day inquiry that the panel will now deliberate privately and "take our time" making a decision on whether the Las Vegas company is still suitable to hold a state casino license. Wynn Resorts hopes to open their nearly complete resort on the Everett waterfront in June. The inquiry opened Tuesday after the commission released a more than 200-page report from its investigative unit that concluded company executives concealed and failed to take action on allegations against Steve Wynn for years. The five-member panel then questioned company leaders and outside experts over the course of two days. On Thursday, company co-founder Elaine Wynn defended her decision not to disclose to Massachusetts regulators a $7.5 million settlement her ex-husband Steve Wynn made to a former employee who accused him of rape. Steve Wynn has denied the sexual misconduct allegations, which were made over the years by several former casino workers. He told investigators in a statement that his "multiple relationships" with company employees were all consensual. Elaine Wynn, who co-founded Wynn Resorts and is now the company's largest shareholder, told regulators she relied on the company's lawyers to decide what should be disclosed as the company sought a casino license in 2013. She maintained that she told the company's lawyer about the 2005 settlement in 2009 and had not been aware until recently about some of the other settlements her husband privately made, such as a $700,000 payment to a cocktail waitress in 2008. Matthew Maddox, the company's new CEO and close confidante of Steve Wynn, told regulators he also did not know about the specifics of some private settlements his former boss reached with former casino employees who had accused him of sexual misconduct until those details became public years later. Story continues Maddox took over after Wynn resigned last year following a Wall Street Journal story detailing the allegations. But he's been with the company since its founding and was best man in one of Steve Wynn's weddings. He said Wednesday he had been aware of the 2008 settlement as the company's then-chief financial officer. But he maintained he was told the payment was to help a financially struggling employee and was on behalf of both Steve and Elaine Wynn. Maddox said he was also made aware of at least one of a number of complaints made by spa workers at Wynn Las Vegas about Steve Wynn's conduct during massages. Maddox, who was company president at the time, said he told the then-president of the casino to tell Steve Wynn to discontinue the behavior. Maddox acknowledged he should have informed regulators about the allegations in 2018 because he and other company officials were aware of The Wall Street Journal's reporting weeks prior to publication. Company board members testifying Wednesday acknowledged they failed to investigate after learning in 2016 about a $7.5 million settlement Steve Wynn had paid to a former employee in 2005. Board member Patricia Mulroy said the settlement first came to the board's attention in 2016 during a lawsuit brought by Elaine Wynn, who was then in a bitter feud with Steve Wynn and the company board. Mulroy said the company's then-legal counsel assured them the incident was an "outlier" and that Wynn had personally paid the settlement with no liability to the company. She also maintained the company's legal counsel never told board members the allegation, from a former casino manicurist, involved a rape claim, and that company officials never made the board aware of other settlements. "The word 'rape' was never said," Mulroy said. |
https://finance.yahoo.com/news/legal-marijuana-workers-blast-citizenship-denials-over-051257479--finance.html | 2019-04-05 01:59:04+00:00 | null | null | Associated Press | https://apnews.com/ | Some legal immigrants in marijuana jobs denied citizenship | DENVER (AP) — Colorado officials are warning legal immigrants that working in the state's marijuana industry could jeopardize their legal status, after two people said they were denied U.S. citizenship because of their jobs. Although 10 states broadly allow its use and sale, federal law still bans marijuana and immigration authorities say they are bound to follow that prohibition when reviewing citizenship applications. Attorneys representing the two legal immigrants from Colorado, and Denver officials, accused the Trump administration of quietly targeting immigrants seeking to work in the expanding field. Immigration advocates said Thursday they have seen others denied citizenship based on past or ongoing work in cannabis-related jobs, but it is not clear how many cases exist. Oswaldo Barrientos, one of those denied citizenship, said he began working in the industry in 2014. He was inspired by the research he had done into medical products after his mother was diagnosed with skin cancer. Barrientos, 30, said he was brought to the U.S. from El Salvador as an infant and was granted a green card when he was 13. He said he didn't anticipate any problems with his citizenship application. He is fluent in English and said he has no criminal history, pays taxes and graduated high school. But during an interview in November, the immigration official focused on Barrientos' job with a state-licensed company that grows marijuana, he said. Weeks later, he received a letter from U.S. Citizenship and Immigration Services denying him because of his job, his lawyers said. "I was shocked, appalled, sad," Barrientos said. "It was a mixture of emotions. I had no idea I was going to be in this situation." Barrientos' attorneys Aaron Elinoff and Bryce Downer, who specialize in immigration law in Colorado, said they also represent a woman whose citizenship application was denied because of a previous job at a marijuana dispensary. She asked not to be named publicly because of a new job in the medical field, they said. Story continues "Frankly, these are the people we want to be citizens," Elinoff said. "And the U.S. government is telling them no. We don't know how many people have been denied on the same issue." Kathy Brady, a senior staff attorney with the Immigrant Legal Resource Center, said legal immigrants have reported similar denials in Colorado and Washington state, where marijuana also is legal. Brady said she doesn't know how many people have been denied citizenship for their work in the marijuana industry. She advises people without U.S. citizenship to find work elsewhere unless federal law changes. "Even if you have had a green card for 20 years, you had better not work in any aspect of this industry and you better not use marijuana," Brady said. Deborah Cannon, a spokeswoman for U.S. Citizenship and Immigration Services, said the agency does not comment on individual cases. She defended denials based on involvement with marijuana, saying the agency must follow federal law that prevents its use or sale. "Despite state law that may allow medical marijuana use, the Supreme Court has held that Congress' authority under the Commerce Clause empowers it to prohibit drug distribution and possession, even if the prohibited activities are not also illegal under state law," she said. "When adjudicating applicants for citizenship, the agency is required to apply federal law." The use and sale of marijuana for adults is broadly permitted in 10 states. More than 30 states allow a variety of marijuana-based products for medical purposes. Advocates have warned immigrants of the peril that using state-permitted marijuana could do to their legal status for years and are expanding that message to include employment by marijuana businesses. The Immigrant Legal Resource Center began working with California's employment agency to answer workers' questions this year. On Wednesday, the Denver agency that regulates marijuana businesses told companies to warn new employees that their work could block citizenship applications. Denver Mayor Michael Hancock met with Barrientos and others this week before calling on U.S. Attorney General William Barr to issue formal guidance on the issue. "Denver understands the need for federal laws and regulations regarding citizenship and immigration, but we are seeing the heartbreaking effects that those federal laws and regulations are having on our residents," Hancock wrote to Barr. Barrientos said he plans to appeal the denial of his application. His attorneys are also considering his options in federal court. In the meantime, he is following their advice not to leave the country and risk being barred from re-entering. He plans to keep his job and calls the government's denial of his application "downright wrong." "I'm trying to help people," he said. "We want to work hard to live the American dream. That's all I've ever wanted." ___ Kathleen Foody is a member of AP's marijuana beat team. Follow her at twitter.com/katiefoody. Find complete AP marijuana coverage here: apnews.com/tag/Marijuana. |
https://finance.yahoo.com/news/arena-reit-asx-arf-shareholders-020036753.html | 2019-04-05 02:00:36+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Arena REIT (ASX:ARF) Shareholders Received A Total Return Of 217% In The Last Five Years | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But when you pick a company that is really flourishing, you canmakemore than 100%. For instance, the price ofArena REIT(ASX:ARF) stock is up an impressive 136% over the last five years. On top of that, the share price is up 11% in about a quarter. But this could be related to the strong market, which is up 11% in the last three months.
See our latest analysis for Arena REIT
In his essayThe Superinvestors of Graham-and-DoddsvilleWarren Buffett described how share prices do not always rationally reflect the value of a business. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
Over half a decade, Arena REIT managed to grow its earnings per share at 11% a year. This EPS growth is slower than the share price growth of 19% per year, over the same period. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. Before buying or selling a stock, we always recommend a close examination ofhistoric growth trends, available here..
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Arena REIT the TSR over the last 5 years was 217%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
We're pleased to report that Arena REIT shareholders have received a total shareholder return of 31% over one year. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 26% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. Importantly, we haven't analysed Arena REIT's dividend history. Thisfreevisual report on its dividendsis a must-read if you're thinking of buying.
But note:Arena REIT may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with past earnings growth (and further growth forecast).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on AU exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/consider-aster-dm-healthcare-limited-020056349.html | 2019-04-05 02:00:56+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Should You Consider Aster DM Healthcare Limited (NSE:ASTERDM)? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
As an investor, I look for investments which does not compromise one fundamental factor for another. By this I mean, I look at stocks holistically, from their financial health to their future outlook. In the case of Aster DM Healthcare Limited (NSE:ASTERDM), it is a financially-healthy company with a great track record and an optimistic growth outlook. Below is a brief commentary on these key aspects. For those interested in understanding where the figures come from and want to see the analysis, take a look at thereport on Aster DM Healthcare here.
In the previous year, ASTERDM has ramped up its bottom line by 38%, with its latest earnings level surpassing its average level over the last five years. Not only did ASTERDM outperformed its past performance, its growth also surpassed the Healthcare industry expansion, which generated a -2.4% earnings growth. This is an notable feat for the company.
ASTERDM's ability to maintain an adequate level of cash to meet upcoming liabilities is a good sign for its financial health. This suggests prudent control over cash and cost by management, which is a crucial insight into the health of the company. ASTERDM appears to have made good use of debt, producing operating cash levels of 0.21x total debt in the prior year. This is a strong indication that debt is reasonably met with cash generated.
For Aster DM Healthcare, I've put together three important factors you should look at:
1. Valuation: What is ASTERDM worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether ASTERDM is currently mispriced by the market.
2. Dividend Income vs Capital Gains: Does ASTERDM return gains to shareholders through reinvesting in itself and growing earnings, or redistribute a decent portion of earnings as dividends? Ourhistorical dividend yield visualizationquickly tells you what your can expect from ASTERDM as an investment.
3. Other Attractive Alternatives: Are there other well-rounded stocks you could be holding instead of ASTERDM? Exploreour interactive list of stocks with large potentialto get an idea of what else is out there you may be missing!
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/samsung-electronics-sees-lowest-quarterly-profit-more-two-020101669--finance.html | 2019-04-05 02:01:01+00:00 | [] | By Ju-min Park and Heekyong Yang | Reuters | https://www.reuters.com/ | Samsung Electronics sees lowest quarterly profit in more than two years | By Ju-min Park and Heekyong Yang
SEOUL (Reuters) - Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins.
The South Korean tech giant said first-quarter operating profit likely slid 60 percent from a year earlier, missing market expectations and putting it on track for its weakest quarterly profit since late 2016.
Shares in Samsung rose briefly before paring gains to trade flat following the guidance, as many investors are already looking ahead to an earnings recovery on the back an improvement in chip prices in the second half of the year.
Samsung supplies memory chips and screens for its own smartphones and Apple Inc, and server chips for cloud companies such as Amazon. Its semiconductor business is the main profit driver.
"In the second half, memory chip prices will have a soft landing, so falls will slow, and the release of new iPhones later seems like a good sign for Samsung's display and memory chips," said Kim Yang-jae, an analyst at KTB Investment and Securities.
The world's biggest maker of smartphones and memory chips said in a filing January-March profit was likely 6.2 trillion won ($5.5 billion), missing the 6.8 trillion won estimate from analysts according to Refinitiv SmartEstimate.
Revenue likely fell 14 percent from a year earlier to 52 trillion won. The firm will disclose detailed earnings in late April.
Samsung shares were flat as of 0120 GMT, while the broader market up 0.2 percent.
The firm earlier had warned the quarter could be disappointing due to falls in memory prices, and slowing demand for display panels used in Apple's iPhones.
Samsung's premium Galaxy smartphones meanwhile are struggling to be profitable due to rising costs of innovation, competition from Chinese rivals and the reluctance of consumers to upgrade, analysts have said.
HIT BOTTOM
Samsung's share price has leapt more than 25 percent since sinking to a two-year low in early January as some investors bet on a recovery in chip demand.
SK Hynix Inc, Micron Technology Inc and Samsung - which dominate the global market for dynamic random access memory, or DRAM, chips used in personal computers, smartphones and servers - recently have issued upbeat assessments of the prospects for a recovery in chip prices.
Hopes were buoyed further when data showed the manufacturing sector in China, the world's biggest smartphone market, unexpectedly returned to growth for the first time in four months in March.
Samsung is betting a new line-up of smartphones including a foldable handset and a 5G-enabled model will help boost its market share in China, which crashed with the advent of cheaper Chinese rivals like Huawei Technologies Co Ltd.
But its latest phones are expensive to make, weighing on profitability even as its sells faster than its predecessor, analysts say.
"New smartphones coming out in the second half won't necessarily help its smartphone business, but will be a plus for Samsung's chip side as those phones require high density chip adoptions," said Park Sung-soon, an analyst at BNK Securities.
(Reporting by Ju-min Park and Heekyong Yang; Editing by Stephen Coates) |
https://finance.yahoo.com/news/samsung-electronics-sees-lowest-quarterly-020101686.html | 2019-04-05 02:01:01+00:00 | [] | Reuters | Reuters | http://www.reuters.com/ | Samsung Electronics sees lowest quarterly profit in more than two years | By Ju-min Park and Heekyong Yang
SEOUL (Reuters) - Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins.
The South Korean tech giant said first-quarter operating profit likely slid 60 percent from a year earlier, missing market expectations and putting it on track for its weakest quarterly profit since late 2016.
Shares in Samsung rose briefly before paring gains to trade flat following the guidance, as many investors are already looking ahead to an earnings recovery on the back an improvement in chip prices in the second half of the year.
Samsung supplies memory chips and screens for its own smartphones and Apple Inc, and server chips for cloud companies such as Amazon. Its semiconductor business is the main profit driver.
"In the second half, memory chip prices will have a soft landing, so falls will slow, and the release of new iPhones later seems like a good sign for Samsung's display and memory chips," said Kim Yang-jae, an analyst at KTB Investment and Securities.
The world's biggest maker of smartphones and memory chips said in a filing January-March profit was likely 6.2 trillion won ($5.5 billion), missing the 6.8 trillion won estimate from analysts according to Refinitiv SmartEstimate.
Revenue likely fell 14 percent from a year earlier to 52 trillion won. The firm will disclose detailed earnings in late April.
Samsung shares were flat as of 0120 GMT, while the broader market up 0.2 percent.
The firm earlier had warned the quarter could be disappointing due to falls in memory prices, and slowing demand for display panels used in Apple's iPhones.
Samsung's premium Galaxy smartphones meanwhile are struggling to be profitable due to rising costs of innovation, competition from Chinese rivals and the reluctance of consumers to upgrade, analysts have said.
HIT BOTTOM
Samsung's share price has leapt more than 25 percent since sinking to a two-year low in early January as some investors bet on a recovery in chip demand.
SK Hynix Inc, Micron Technology Inc and Samsung - which dominate the global market for dynamic random access memory, or DRAM, chips used in personal computers, smartphones and servers - recently have issued upbeat assessments of the prospects for a recovery in chip prices.
Hopes were buoyed further when data showed the manufacturing sector in China, the world's biggest smartphone market, unexpectedly returned to growth for the first time in four months in March.
Samsung is betting a new line-up of smartphones including a foldable handset and a 5G-enabled model will help boost its market share in China, which crashed with the advent of cheaper Chinese rivals like Huawei Technologies Co Ltd.
But its latest phones are expensive to make, weighing on profitability even as its sells faster than its predecessor, analysts say.
"New smartphones coming out in the second half won't necessarily help its smartphone business, but will be a plus for Samsung's chip side as those phones require high density chip adoptions," said Park Sung-soon, an analyst at BNK Securities.
(Reporting by Ju-min Park and Heekyong Yang; Editing by Stephen Coates) |
https://finance.yahoo.com/news/sia-engineering-company-limited-sgx-020517292.html | 2019-04-05 02:05:17+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Is SIA Engineering Company Limited’s (SGX:S59) Cash Outlook Optimistic? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Two important questions to ask before you buy SIA Engineering Company Limited (SGX:S59) is, how it makes money and how it spends its cash. This difference directly flows down to how much the stock is worth. Operating in the industry, S59 is currently valued at S$2.8b. I’ve analysed below, the health and outlook of S59’s cash flow, which will help you understand the stock from a cash standpoint. Cash is an important concept to grasp as an investor, as it directly impacts the value of your shares and the future growth potential of your portfolio.
See our latest analysis for SIA Engineering
SIA Engineering generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating. What remains after this expenditure, is known as its free cash flow, or FCF, for short.
There are two methods I will use to evaluate the quality of SIA Engineering’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability.
Free Cash Flow = Operating Cash Flows – Net Capital Expenditure
Free Cash Flow Yield = Free Cash Flow / Enterprise Value
where Enterprise Value = Market Capitalisation + Net Debt
Along with a positive operating cash flow, SIA Engineering also generates a positive free cash flow. However, the yield of 1.71% is not sufficient to compensate for the level of risk investors are taking on. This is because SIA Engineering’s yield is well-below the market yield, in addition to serving higher risk compared to the well-diversified market index.
Can S59 improve its operating cash production in the future? Let’s take a quick look at the cash flow trend the company is expected to deliver over time. In the next couple of years, the company is expected to grow its cash from operations at a double-digit rate of 21%, ramping up from its current levels of S$78m to S$95m in two years’ time. Although this seems impressive, breaking down into year-on-year growth rates, S59's operating cash flow growth is expected to decline from a rate of 20% next year, to 0.4% in the following year. However the overall picture seems encouraging, should capital expenditure levels maintain at an appropriate level.
Given a low free cash flow yield, on the basis of cash, SIA Engineering becomes a less appealing investment. This is because you would be better compensated in terms of cash yield, by investing in the market index, as well as take on lower diversification risk. However, cash is only one aspect of investing. Now you know to keep cash flows in mind, I recommend you continue to research SIA Engineering to get a more holistic view of the company by looking at:
1. Valuation: What is S59 worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether S59 is currently mispriced by the market.
2. Management Team: An experienced management team on the helm increases our confidence in the business – take a look atwho sits on SIA Engineering’s board and the CEO’s back ground.
3. Other High-Performing Stocks: If you believe you should cushion your portfolio with something less risky, scroll through ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/does-lam-soon-hong-kong-020944368.html | 2019-04-05 02:09:44+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | How Does Lam Soon (Hong Kong) Limited (HKG:411) Fare As A Dividend Stock? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. Historically, Lam Soon (Hong Kong) Limited (HKG:411) has been paying a dividend to shareholders. Today it yields 2.6%. Let's dig deeper into whether Lam Soon (Hong Kong) should have a place in your portfolio.
See our latest analysis for Lam Soon (Hong Kong)
If you are a dividend investor, you should always assess these five key metrics:
• Is it the top 25% annual dividend yield payer?
• Has it consistently paid a stable dividend without missing a payment or drastically cutting payout?
• Has it increased its dividend per share amount over the past?
• Is is able to pay the current rate of dividends from its earnings?
• Will it be able to continue to payout at the current rate in the future?
The current trailing twelve-month payout ratio for the stock is 28%, which means that the dividend is covered by earnings. Furthermore, analysts have not forecasted a dividends per share for the future, which makes it hard to determine the yield shareholders should expect, and whether the current payout is sustainable, moving forward.
When considering the sustainability of dividends,it is also worth checking the cash flow of a company. Companies with strong cash flow can sustain a higher payout ratio, while companies with weaker cash flow generally cannot.
If dividend is a key criteria in your investment consideration, then you need to make sure the dividend stock you're eyeing out is reliable in its payments. In the case of 411 it has increased its DPS from HK$0.15 to HK$0.40 in the past 10 years. It has also been paying out dividend consistently during this time, as you'd expect for a company increasing its dividend levels. These are all positive signs of a great, reliable dividend stock.
Compared to its peers, Lam Soon (Hong Kong) has a yield of 2.6%, which is high for Food stocks but still below the market's top dividend payers.
Taking into account the dividend metrics, Lam Soon (Hong Kong) ticks most of the boxes as a strong dividend investment, putting it in my list of top dividend payers. Given that this is purely a dividend analysis, I recommend taking sufficient time to understand its core business and determine whether the company and its investment properties suit your overall goals. There are three important aspects you should look at:
1. Future Outlook: What are well-informed industry analysts predicting for 411’s future growth? Take a look at ourfree research report of analyst consensusfor 411’s outlook.
2. Valuation: What is 411 worth today? Even if the stock is a cash cow, it's not worth an infinite price. Theintrinsic value infographic in our free research reporthelps visualize whether 411 is currently mispriced by the market.
3. Other Dividend Rockstars: Are there better dividend payers with stronger fundamentals out there? Check out ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/saracen-mineral-holdings-limiteds-asx-021404275.html | 2019-04-05 02:14:04+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Is Saracen Mineral Holdings Limited's (ASX:SAR) 17% ROE Better Than Average? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Saracen Mineral Holdings Limited (ASX:SAR).
Our data showsSaracen Mineral Holdings has a return on equity of 17%for the last year. One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.17 in profit.
View our latest analysis for Saracen Mineral Holdings
Theformula for ROEis:
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Saracen Mineral Holdings:
17% = AU$73m ÷ AU$428m (Based on the trailing twelve months to December 2018.)
It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. It is all earnings retained by the company, plus any capital paid in by shareholders. You can calculate shareholders' equity by subtracting the company's total liabilities from its total assets.
Return on Equity measures a company's profitability against the profit it has kept for the business (plus any capital injections). The 'return' is the profit over the last twelve months. That means that the higher the ROE, the more profitable the company is. So, all else equal,investors should like a high ROE. That means ROE can be used to compare two businesses.
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. Pleasingly, Saracen Mineral Holdings has a superior ROE than the average (13%) company in the Metals and Mining industry.
That's what I like to see. In my book, a high ROE almost always warrants a closer look. For example,I often check if insiders have been buying shares.
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
Saracen Mineral Holdings is free of net debt, which is a positive for shareholders. Its solid ROE indicates a good business, especially when you consider it is not using leverage. After all, with cash on the balance sheet, a company has a lot more optionality in good times and bad.
Return on equity is one way we can compare the business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at thisdata-rich interactive graph of forecasts for the company.
If you would prefer check out another company -- one with potentially superior financials -- then do not miss thisfreelist of interesting companies, that have HIGH return on equity and low debt.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/csi-properties-hkg-497-share-021421401.html | 2019-04-05 02:14:21+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | The CSI Properties (HKG:497) Share Price Has Gained 91% And Shareholders Are Hoping For More | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
By buying an index fund, you can roughly match the market return with ease. But if you choose individual stocks with prowess, you can make superior returns. For example, theCSI Properties Limited(HKG:497) share price is up 91% in the last three years, clearly besting than the market return of around 33% (not including dividends).
Check out our latest analysis for CSI Properties
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
During three years of share price growth, CSI Properties achieved compound earnings per share growth of 25% per year. Notably, the 24% average annual share price gain matches up nicely with the EPS growth rate. This suggests that sentiment and expectations have not changed drastically.Au contraire, the share price change has arguably mimicked the EPS growth.
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
We consider it positive that insiders have made significant purchases in the last year. Even so, future earnings will be far more important to whether current shareholders make money. It might be well worthwhile taking a look at ourfreereport on CSI Properties's earnings, revenue and cash flow.
When looking at investment returns, it is important to consider the difference betweentotal shareholder return(TSR) andshare price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of CSI Properties, it has a TSR of 121% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
While the broader market lost about 0.05% in the twelve months, CSI Properties shareholders did even worse, losing 16% (even including dividends). Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. On the bright side, long term shareholders have made money, with a gain of 13% per year over half a decade. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. Investors who like to make money usually check up on insider purchases, such as the price paid, and total amount bought.You can find out about the insider purchases of CSI Properties by clicking this link.
If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/trump-says-u-china-trade-002127964.html | 2019-04-05 02:18:14+00:00 | null | null | Reuters | https://www.reuters.com/ | Trump says U.S-China trade deal may be reached in four weeks | By Jeff Mason and David Lawder WASHINGTON (Reuters) - U.S. President Donald Trump said on Thursday the United States and China were close to a trade deal that could be announced within four weeks, while warning Beijing that it would be difficult to allow trade to continue without a pact. The two countries are engaged in intense negotiations to end a months-long trade war that has rattled global markets, but hopes of a resolution soared after both sides expressed optimism following talks in Beijing last week. Speaking to reporters at the White House at the start of a meeting with Chinese Vice Premier Liu He, Trump said some of the tougher points of a deal had been agreed but there were still differences to be bridged. "We're getting very close to making a deal. That doesnt mean a deal is made, because it's not, but we're certainly getting a lot closer," Trump said in the Oval Office. "And I would think with, oh, within the next four weeks or maybe less, maybe more, whatever it takes, something very monumental could be announced." Trump said he would hold a summit with Chinese President Xi Jinping if there were a deal. Xi assured Trump that text of the China-U.S. trade could be finalised soon, in a message conveyed by Liu He. According to state-run news agency Xinhua, Liu He told Trump that Xi believed under his and Trumps leadership, China-U.S. relations will make new and greater progress. Xi said that in the past month or more, the two sides trade teams had maintained close contact and achieved new and substantive progress on issues in the text of two countries trade agreement. I hope the two sides trade teams can continue working in the spirit of mutual respect, equality, and mutual benefit to resolve each others concerns, and finish negotiations on the text of the China-U.S. trade agreement soon, Xi said to Trump through Liu. KEEPING LEVERAGE Trump declined to say what would happen to U.S. tariffs on $250 billion worth of goods as part of a deal. China wants the tariffs lifted, while U.S. officials are wary of giving up that leverage, at least for now. Asked about the benefits of an agreement for China, Trump said: "Its going to be great for China, in that China will continue to trade with the United States. I mean, otherwise, it would be very tough for us to allow that to happen." Goods trade between the United States and China, the world's two largest economies, totalled $660 billion (505 billion pounds) last year, according to U.S. Census Bureau data, consisting of imports of $540 billion from China and $120 billion in exports to China. Story continues On China's behalf, Liu cited "great progress" in the talks because of Trump's direct involvement and expressed hope that the talks would lead to "a good result." U.S. SEEKS SWEEPING CHANGES Trump has previously threatened to impose punitive tariffs on all imports from China, more than a half-trillion dollars worth of products. U.S. Trade Representative Robert Lighthizer, who is leading the talks for the Trump administration, said there were still some "major, major issues" to resolve and praised Liu's commitment to reform in China. Asked about the remaining sticking points, Trump mentioned tariffs and intellectual property theft. He said he would discuss tariffs with Liu in their meeting. "Some of the toughest things have been agreed to," Trump said. He later said that an enforcement plan for a deal remained a sticking point as well. "We have to make sure theres enforcement. I think we'll get that done. We've discussed it at length," he said. Lighthizer and Treasury Secretary Steven Mnuchin are holding talks in Washington with a Chinese delegation this week after meeting together in Beijing last week. The current round of talks is scheduled to go through Friday and possibly longer. Hopes that the talks were moving in a positive direction have cheered financial markets in recent weeks. But U.S. stocks were mixed on Thursday as investors waited for more developments in the trade negotiations, with the Dow Jones industrial Average slightly higher, and the S&P 500 and Nasdaq Composite slightly lower. The United States is seeking reforms to Chinese practices that it says result in the theft of U.S. intellectual property and the forced transfer of technology from U.S. companies to Chinese firms. Administration officials initially envisioned a summit between Trump and Xi potentially taking place in March, but some U.S. lawmakers and lobbying groups have said recently they were told that the administration was now aiming for a deal in late April. OUTSTANDING ISSUES White House economic adviser Larry Kudlow said last week that the talks were "not time dependent" and could be extended for weeks or even months longer. While some reform pledges by Beijing are largely set, including an agreement to avoid currency manipulation, an enforcement mechanism to ensure that China keeps its pledges and the status of U.S. tariffs on $250 billion worth of Chinese goods must be resolved. "China has been very clear, publicly and privately, that they would like to see all the tariffs removed," U.S. Chamber of Commerce international affairs chief Myron Brilliant told reporters on Tuesday. "The (Trump) administration has been equally clear that they want to keep some of the tariffs in place as a way to have leverage over China fulfilling its obligations under whatever final package is reached." (Reporting by Jeff Mason and David Lawder; Additional reporting by Chris Prentice and Michael Martina in BEIJING; Editing by Peter Cooney, Simon Cameron-Moore and Michael Perry) View comments |
https://finance.yahoo.com/news/introducing-prosperity-real-estate-investment-021853341.html | 2019-04-05 02:18:53+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Introducing Prosperity Real Estate Investment Trust (HKG:808), A Stock That Climbed 54% In The Last Five Years | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Stock pickers are generally looking for stocks that will outperform the broader market. And while active stock picking involves risks (and requires diversification) it can also provide excess returns. For example, theProsperity Real Estate Investment Trust(HKG:808) share price is up 54% in the last 5 years, clearly besting than the market return of around 17% (ignoring dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 14%, including dividends.
View our latest analysis for Prosperity Real Estate Investment Trust
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
Prosperity Real Estate Investment Trust's earnings per share are down 1.5% per year, despite strong share price performance over five years. By glancing at these numbers, we'd posit that the decline in earnings per share is not representative of how the business has changed over the years. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
In fact, the dividend has increased over time, which is a positive. Maybe dividend investors have helped support the share price. We'd posit that the revenue growth over the last five years, of 4.3% per year, would encourage people to invest.
You can see how revenue and earnings have changed over time in the image below, (click on the chart to see cashflow).
Thisfreeinteractive report on Prosperity Real Estate Investment Trust'sbalance sheet strengthis a great place to start, if you want to investigate the stock further.
When looking at investment returns, it is important to consider the difference betweentotal shareholder return(TSR) andshare price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Prosperity Real Estate Investment Trust's TSR for the last 5 years was 104%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
We're pleased to report that Prosperity Real Estate Investment Trust shareholders have received a total shareholder return of 14% over one year. Of course, that includes the dividend. However, the TSR over five years, coming in at 15% per year, is even more impressive. Keeping this in mind, a solid next step might be to take a look at Prosperity Real Estate Investment Trust's dividend track record. Thisfreeinteractive graphis a great place to start.
We will like Prosperity Real Estate Investment Trust better if we see some big insider buys. While we wait, check out thisfreelist of growing companies with considerable, recent, insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/directors-own-shenzhou-international-group-022346064.html | 2019-04-05 02:23:46+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Do Directors Own Shenzhou International Group Holdings Limited (HKG:2313) Shares? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
A look at the shareholders of Shenzhou International Group Holdings Limited (HKG:2313) can tell us which group is most powerful. Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. I generally like to see some degree of insider ownership, even if only a little. As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'
With a market capitalization of HK$161b, Shenzhou International Group Holdings is rather large. We'd expect to see institutional investors on the register. Companies of this size are usually well known to retail investors, too. In the chart below below, we can see that institutions own shares in the company. We can zoom in on the different ownership groups, to learn more about 2313.
Check out our latest analysis for Shenzhou International Group Holdings
Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.
As you can see, institutional investors own 29% of Shenzhou International Group Holdings. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Shenzhou International Group Holdings's historic earnings and revenue, below, but keep in mind there's always more to the story.
We note that hedge funds don't have a meaningful investment in Shenzhou International Group Holdings. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future.
The definition of company insiders can be subjective, and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.
Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.
It seems insiders own a significant proportion of Shenzhou International Group Holdings Limited. Insiders own HK$75b worth of shares in the HK$161b company. That's quite meaningful. Most would say this shows a good degree of alignment with shareholders, especially in a company of this size. You canclick here to see if those insiders have been buying or selling.
With a 20% ownership, the general public have some degree of sway over 2313. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.
We can see that Private Companies own 5.3%, of the shares on issue. It's hard to draw any conclusions from this fact alone, so its worth looking into who owns those private companies. Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too.
Many find it usefulto take an in depth look at how a company has performed in the past. You can accessthisdetailed graphof past earnings, revenue and cash flow.
But ultimatelyit is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look atthis free report showing whether analysts are predicting a brighter future.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/chief-family-dna-leads-police-mother-abandoned-baby-151800224.html | 2019-04-05 02:24:53+00:00 | null | null | Associated Press | https://apnews.com/ | Chief: Family DNA leads police to mother who abandoned baby | COLUMBIA, S.C. (AP) When a dead baby was found abandoned in a box in a vacant South Carolina field 29 years ago, every single detective on Greenville's force poured themselves into the case. There were solid leads the vacuum cleaner box where the girl was found was traced back to a couple living nearby but never enough to definitively identify the parents or charge anyone, Greenville Police Chief Ken Miller said. But in November, DNA submitted to genealogy sites found a likely match to the baby's father. Greenville detectives questioned him and he pointed them to his girlfriend at the time, Miller said. Brook Graham, 53, was arrested Wednesday and charged with homicide by child abuse in the baby's death. The charge carries a possible life sentence. Detectives called the 6.5-pound (3-kilogram) girl Julie Valentine. She was born breathing in February 1990, but not in a hospital. The girl was found with her umbilical cord and placenta still attached wrapped in newspaper and bedding inside a vacuum cleaner box along with other trash, including an old sofa, Miller said at a news conference Thursday. The box matched the model of vacuum cleaner Graham and the probable father had bought before the baby was abandoned, according to the arrest warrant. "There's a field. It's undeveloped. There is a pile of debris. It doesn't stand out," said Miller, who thinks the baby died shortly after she was abandoned. The girl wasn't found for three days. The man who found her on Feb. 13, 1990, was picking flowers for his wife for Valentine's Day, Miller said. The holiday combined with the name of the wife of one of the detectives who worked tirelessly on the case gave the baby her name, the chief said. The cold case is the latest suddenly revived by DNA submitted by people hoping to find long lost relatives or clues to where their ancestors came from. Private genetic testing labs are taking police evidence, testing it and matching the results to the genealogy sites that make the results of their customers' tests public. Story continues The new police technique first popped up in April 2018, when investigators in California used DNA from genealogy sites to solve the dozen or so murders and 50 rapes in the 1970s and 1980s linked to the so-called Golden State Killer . In February, police said DNA sites helped link a boy's body found in Spartanburg in 1998 to his mother also found dead alongside Interstate 85 in Durham, North Carolina, and led to the arrest of the boy's father. A growing outcry centers on the technique's lack of vetting. There was a false positive in the Golden State Killer case. Also, privacy advocates said most people don't submit their DNA to these sites to snitch on their relatives. But Miller said DNA testing and other modern technology has been a boon to solving cold cases and may crack a few more in his department soon. He said he has no problems with using DNA from genealogy sites to help put criminals behind bars and give some comfort to people who have been hurt by unsolved cases for decades. "People are consenting to connect and identify their lineage," the chief said. "People are consenting to the public use of their DNA." The Greenville investigation continues, and more charges may be filed. Miller credited the baby's probable father for leading them to Graham but said detectives still aren't sure how much he knew about what happened to his daughter. Both continued to live in the Greenville area after 1990, the chief said. Graham has two adult children, and investigators are reviewing how they were raised as a part of the case, said Miller, declining to give additional details. Graham is being held without bond. Authorities said she requested a lawyer after her arrest, but jail and court records did not indicate she had retained one. Graham and the probable father were living together as a couple at the time. He told detectives she was the only one he had a sexual relationship with at the time, according to an arrest warrant. Authorities still don't know why the baby was abandoned. "We grieve the loss of what could have been all the firsts Julie Valentine couldn't experience," said Shauna Galloway-Williams, executive director of the Julie Valentine Center, which helps victims of sexual assault and child abuse in Greenville. ___ Follow Jeffrey Collins on Twitter at https://twitter.com/JSCollinsAP . Read his work at https://apnews.com/search/jeffrey%20collins ___ This story has been corrected to show the baby's first reference is 'Julie' throughout. |
https://finance.yahoo.com/news/ics-global-limiteds-asx-ics-022736830.html | 2019-04-05 02:27:36+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Is ICS Global Limited's (ASX:ICS) P/E Ratio Really That Good? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). We'll look at ICS Global Limited's (ASX:ICS) P/E ratio and reflect on what it tells us about the company's share price.ICS Global has a P/E ratio of 11.52, based on the last twelve months. That corresponds to an earnings yield of approximately 8.7%.
See our latest analysis for ICS Global
Theformula for price to earningsis:
Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Or for ICS Global:
P/E of 11.52 = A$0.93 ÷ A$0.081 (Based on the year to December 2018.)
A higher P/E ratio implies that investors paya higher pricefor the earning power of the business. That isn't necessarily good or bad, but a high P/E implies relatively high expectations of what a company can achieve in the future.
Companies that shrink earnings per share quickly will rapidly decrease the 'E' in the equation. That means even if the current P/E is low, it will increase over time if the share price stays flat. So while a stock may look cheap based on past earnings, it could be expensive based on future earnings.
It's nice to see that ICS Global grew EPS by a stonking 46% in the last year. Unfortunately, earnings per share are down 15% a year, over 3 years.
The P/E ratio indicates whether the market has higher or lower expectations of a company. We can see in the image below that the average P/E (18.9) for companies in the healthcare industry is higher than ICS Global's P/E.
Its relatively low P/E ratio indicates that ICS Global shareholders think it will struggle to do as well as other companies in its industry classification. While current expectations are low, the stock could be undervalued if the situation is better than the market assumes. It is arguably worth checkingif insiders are buying shares, because that might imply they believe the stock is undervalued.
The 'Price' in P/E reflects the market capitalization of the company. That means it doesn't take debt or cash into account. Theoretically, a business can improve its earnings (and produce a lower P/E in the future), by taking on debt (or spending its remaining cash).
Spending on growth might be good or bad a few years later, but the point is that the P/E ratio does not account for the option (or lack thereof).
ICS Global has net cash of AU$2.3m. That should lead to a higher P/E than if it did have debt, because its strong balance sheets gives it more options.
ICS Global's P/E is 11.5 which is below average (16.2) in the AU market. It grew its EPS nicely over the last year, and the healthy balance sheet implies there is more potential for growth. The below average P/E ratio suggests that market participants don't believe the strong growth will continue.
When the market is wrong about a stock, it gives savvy investors an opportunity. As value investor Benjamin Graham famously said, 'In the short run, the market is a voting machine but in the long run, it is a weighing machine.' We don't have analyst forecasts, but you could get a better understanding of its growth by checking outthis more detailed historical graphof earnings, revenue and cash flow.
Of course,you might find a fantastic investment by looking at a few good candidates.So take a peek at thisfreelist of companies with modest (or no) debt, trading on a P/E below 20.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/byd-company-limited-hkg-1211-022754581.html | 2019-04-05 02:27:54+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Are BYD Company Limited’s (HKG:1211) Returns Worth Your While? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Today we are going to look at BYD Company Limited (HKG:1211) to see whether it might be an attractive investment prospect. To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business.
First, we'll go over how we calculate ROCE. Next, we'll compare it to others in its industry. And finally, we'll look at how its current liabilities are impacting its ROCE.
ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. In general, businesses with a higher ROCE are usually better quality. Ultimately, it is a useful but imperfect metric. Author Edwin Whitingsaysto be careful when comparing the ROCE of different businesses, since 'No two businesses are exactly alike.'
The formula for calculating the return on capital employed is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
Or for BYD:
0.053 = CN¥3.9b ÷ (CN¥192b - CN¥119b) (Based on the trailing twelve months to December 2018.)
So,BYD has an ROCE of 5.3%.
Check out our latest analysis for BYD
One way to assess ROCE is to compare similar companies. We can see BYD's ROCE is around the 4.6% average reported by the Auto industry. Aside from the industry comparison, BYD's ROCE is mediocre in absolute terms, considering the risk of investing in stocks versus the safety of a bank account. Readers may find more attractive investment prospects elsewhere.
BYD's current ROCE of 5.3% is lower than 3 years ago, when the company reported a 7.5% ROCE. This makes us wonder if the business is facing new challenges.
It is important to remember that ROCE shows past performance, and is not necessarily predictive. Companies in cyclical industries can be difficult to understand using ROCE, as returns typically look high during boom times, and low during busts. ROCE is only a point-in-time measure. Future performance is what matters, and you can see analyst predictions in ourfreereport on analyst forecasts for the company.
Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. To counteract this, we check if a company has high current liabilities, relative to its total assets.
BYD has total assets of CN¥192b and current liabilities of CN¥119b. As a result, its current liabilities are equal to approximately 62% of its total assets. With a high level of current liabilities, BYD will experience a boost to its ROCE.
Notably, it also has a mediocre ROCE, which to my mind is not an appealing combination. But note:BYD may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with strong recent earnings growth (and a P/E ratio below 20).
For those who like to findwinning investmentsthisfreelist of growing companies with recent insider purchasing, could be just the ticket.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/know-2-big-retirement-bills-022824398.html | 2019-04-05 02:28:24+00:00 | [] | ALM Media | ALM Media | https://www.law.com | What to Know About the 2 Big Retirement Bills in Congress | Elizabeth Kelly.The “most significant” changes included in the recently proposed SECURE Act and RESA bill fall into two buckets: efforts to get more small businesses to offer workplace retirement savings plans and changes to IRA rules, including on required minimum distributions, according to Elizabeth Kelly, the former special assistant to the president on the National Economic Council for the Obama administration.Kelly, who is now senior vice president of operations at retirement planning firm United Income, told ThinkAdvisor in a Wednesday email message that both the Senate Finance Committee’s Retirement Enhancement and Savings Act (RESA) and the House Ways and Means Committee’s Setting Every Community Up for Retirement Enhancement, or SECURE, Act “would allow older Americans still in the workforce to continue making tax-deferred contributions to traditional IRAs after age 70.5, rather than just post-tax contributions to Roth IRAs and brokerages.”While intended to help older Americans who are still working, Kelly said, “this is a small percentage of the population: 14.09% of people age 71-80 report being in the labor force,” citing the January 2019 Current Population Survey.Both bills, Kelly points out, "would also raise revenue by requiring inheritors of 401(k) plan and IRA balances (with some exceptions, like spouses or minor children) to withdraw the entirety of the balance within 10 years of the account owner’s death.”TheSECURE Act passedthe House Ways and Means Committee on Tuesday, and is said to be headed to the House floor soon. The Senate Finance Committee's RESA billwas introduced Mondayand no committee action is scheduled yet.Indeed, Senate Finance Committee Chairman Chuck Grassley, R-Iowa, said on the Senate floor Wednesday that the RESA bill “is paid for,” with the main offsetting provision involving the “option under current law for a person to pass along his or her IRA or 401(k) account to a family member or other beneficiary.”Under current law, Grassley said, “the recipient of that account can keep the inherited funds in the tax deferred account and save for their own retirement if they take out a required minimum distribution amount each year,” what’s often referred to as astretch IRA.“The bill maintains this savings option for people who inherit an IRA or retirement account, but it places a limit on how large an account can be inherited on a tax-protected basis. This is a common sense approach to encourage the next generation to save for retirement while ensuring that the changes in this bill are fiscally responsible,” Grassley said.Former tax attorney Andy Friedman of The Washington Update told ThinkAdvisor on Friday that both the SECURE Act and the RESA bill include the stretch IRA provision. “The House version requires a maximum of 10-year payout,” Friedman said. “The Senate version allows a maximum $450K stretch. I would think the final bill incorporates one of them, but the stretch provision was dropped in committee last time, so one can’t be sure.”Friedman said that the stretch IRA provision is likely the RESA bill's "primary" revenue vehicle.
The “primary mechanism” in the RESA bill is to allow small businesses “to band together and create so-called open multiple employer plans, rather than offering a plan alone or requiring a ‘common bond’ between employers as under current law,” Kelly explained.“There is bipartisan agreement that open MEPs are a good way to increase small-business offering of retirement plans and get more workers to save,” Kelly continued, adding that President Barack Obama proposed open MEP legislation in his fiscal 2017 budget, and theLabor Department is working on similar regulationspursuant to President Donald Trump’s August executive order.As it stands now, the SECURE Act does not include an open MEP provision, Kelly said, but both the SECURE Act and RESA “include another provision to encourage small businesses to offer retirement plans: a new tax credit of up to $500 per year to employers to defray startup costs for new plans that include automatic enrollment.”The SECURE Act also includes another Obama budget proposal, Kelly points out, “that could expand access by enabling long-term, part-time workers (who generally do not have access to workplace retirement plans) to contribute to their employers’ plans.”--- Related on ThinkAdvisor:
• House Panel Passes Retirement Bill to Raise RMD Age, Boost Annuities
• Senators Introduce Retirement Bill Similar to House SECURE Act
• Everyone Loves the Big New Retirement Bills... But...
• Ed Slott: Killing Stretch IRAs Would Be a 'Revenue Loser' |
https://finance.yahoo.com/news/authorities-investigate-suspicious-fires-black-churches-212620969.html | 2019-04-05 02:29:06+00:00 | null | null | Associated Press | https://apnews.com/ | Authorities investigate 'suspicious' fires at black churches | OPELOUSAS, La. (AP) Authorities in southern Louisiana are investigating a string of "suspicious" fires at three African American churches in recent days. During a news conference Thursday, Fire Marshal H. "Butch" Browning said it wasn't clear whether the fires in St. Landry Parish are connected and he declined to get into specifics of what the investigation had yielded so far but described the blazes as "suspicious." "If you're going to turn to a house of god, turn to it for resurrection," he said. State Fire Marshal's spokeswoman Ashley Rodrigue says all three churches have African American congregations. She said all possibilities on the cause and potential motives are being investigated. The ATF and the FBI also are involved in the investigation, Browning said. He said that more than 40 people from the marshal's office are working on the investigation, which he described as "extremely active right now." The first fire occurred March 26 at the St. Mary Baptist Church in Port Barre, and the second happened Tuesday when the Greater Union Baptist Church in Opelousas caught fire. Then Thursday morning the Mount Pleasant Baptist Church in Opelousas caught fire. The churches were vacant at the time of the fires, and no one was injured. Pastors from 10 area churches gathered Thursday to discuss the fires and show support for the affected churches, The Advocate newspaper reported. The pastors said each of the churches was well over 100 years old. The Rev. Harry Richard of Greater Union Baptist Church told the newspaper that he doesn't want people to panic. "I don't know who's doing it or why they're doing it, but I don't want to be the one to inject race into it," he said. View comments |
https://finance.yahoo.com/news/latest-grandma-missing-boy-her-fingers-crossed-145049986.html | 2019-04-05 02:30:26+00:00 | null | null | Associated Press | https://apnews.com/ | The Latest: False ID is 'like reliving the day,' family says | CINCINNATI (AP) — The Latest on efforts to confirm the identity of a person who told police he is Timmothy Pitzen, an Illinois boy who has been missing since 2011 (all times local): 6:05 p.m. The family of an Illinois boy missing since 2011 says they are heartbroken after police determined that a person claiming to be Timmothy Pitzen apparently carried out a hoax. Kara Jacobs told reporters Thursday that learning her nephew had not been found is "like reliving the day" he disappeared over again. Anderson also said his father, James Pitzen, "is devastated once again." A person claiming to be 14 years old also told police in Kentucky Wednesday that he had just escaped from kidnappers in the Cincinnati area after being held captive for seven years. The FBI said Thursday that DNA testing ruled him out as being Timmothy who was removed at age 6 by his mother from his Aurora school. Amy Fry-Pitzen later was found dead at a hotel in Illinois in a suicide. She left a note that said Timmothy was with others who would love and care for him. Aurora police Sgt. Bill Rowley called the person's claim "a disappointment" and that this was another time the family had their "hope raised." ___ 5:55 p.m. Authorities say the person who claimed to be a long-missing Illinois boy is actually a 23-year-old Ohio man. Newport, Kentucky, police chief Tom Collins told ABC News that the person is Brian Rini of Medina in northeast Ohio. State prison records show a man by that name was released from a state prison on March 7, after serving time for burglary and vandalism charges. A man by that name also pleaded guilty to burglary charges in January 2018 and passing bad checks in December 2015, according to Medina County Court records. The same man had multiple citations in Medina Municipal Court, including driving without a valid license, disorderly conduct and theft. ___ 4:45 p.m. Authorities have rejected a teenager's claim that he is an Illinois boy who disappeared in 2011 at age 6. Story continues The FBI says DNA testing ruled out the teenager as being Timmothy Pitzen, missing from Aurora, Illinois. Police say the story of the teenager found wandering streets in Newport, Kentucky, on Wednesday didn't check out. The teenager told police that he was Timmothy and that he had escaped two kidnappers. Authorities didn't immediately release the teenager's true identity or other information. Timmothy Pitzen disappeared around the time his mother killed herself after leaving a note that her 6-year-old son was fine but that no one would ever find him. Police and the boy's family say there have been other false sightings over the years. ___ 2:25 p.m. The former principal at Timmothy Pitzen's elementary school says his thoughts have been with the boy's family since a teenager told police in Kentucky he was Timmothy, who disappeared in 2011. As authorities tried Thursday to confirm the teen's identity, Nick Baughman said he hopes the results provide the Pitzen family with "peace and closure and they would heal." The teen was found Wednesday in Newport, near Cincinnati. Baughman now is an administrator at another Illinois school district. He was Greenman Elementary principal in Aurora, Illinois, when Amy Fry-Pitzen removed her 6-year-old son early from school. Fry-Pitzen later was found dead at a hotel in Illinois in a suicide. She left a note that said Timmothy was with others who would love and care for him. Baughman says "it was just one of those moments where you maintain hope and be supportive and say a lot of prayers." ___ 12 p.m. Police in the Illinois hometown of a boy missing since 2011 say they can't yet confirm that he is in fact a teenager found wandering in Kentucky. The Aurora police department says they are assisting an FBI investigation and hope to have something more definitive later Thursday. Authorities are trying to confirm the identity of a 14-year-old boy who told police in Newport, Kentucky, that he escaped two kidnappers in the Cincinnati area and ran across a bridge. He said his name is Timmothy Pitzen. In 2011, Timmothy Pitzen's mother killed herself, leaving a note saying her son was fine but that no one would ever find him. Timmothy was 6 years old. Aurora police sent two detectives to check out the teenager's story. Timmothy's grandmother and an aunt said that police were using DNA testing. ___ 10:50 a.m. The grandmother of an Illinois boy missing since 2011 says she's trying not to get her hopes up after hearing that he might be alive. Speaking from her home in northern Illinois, Alana Anderson says "there have been so many tips and sightings and what not and you try not to panic or be overly excited." Authorities are trying to confirm the identity of a 14-year-old boy who told police in Newport, Kentucky, that he escaped two kidnappers in the Cincinnati area and ran across a bridge. He said his name is Timmothy Pitzen. In 2011, then-6-year-old Timmothy Pitzen's mother killed herself, leaving a note saying her son was fine but that no one would ever find him. Anderson says her daughter was having problems with her fourth marriage and had battled depression for years. ___ 8:30 a.m. Authorities are trying to confirm the identity of a teenager who told police he is an Illinois boy missing since 2011. A 14-year-old boy told police in Newport, Kentucky, on Wednesday that he escaped two kidnappers in the Cincinnati area and ran across a bridge. He said his name was Timmothy Pitzen. In 2011, then-6-year-old Timmothy Pitzen's mother picked him up at school in Illinois, took him to the zoo and a water park, and later killed herself at a hotel, leaving a note saying her son was fine but that no one would ever find him. Police from Aurora, Illinois, sent two detectives to the Cincinnati area, where the FBI and local police are investigating. The boy was taken to a hospital, but no information was released. |
https://finance.yahoo.com/news/therapist-child-confidentiality-custody-cases-023058221.html | 2019-04-05 02:30:58+00:00 | [] | ALM Media | ALM Media | https://www.law.com | Therapist/Child Confidentiality in Custody Cases: Who Should Hold the Waiver Privilege? | A women holding a child's hand/courtesy photoWhen Pat Benatar sang “Hell Is for Children” (1980, Giraldo, Benatar, Capps, BMG Rights Management), she might have been referring to the plight of minors in custody litigation. It only gets worse for children in custody fights who are in psychotherapy and want to keep communications between themselves and their therapists private. This article examines the vexing problem of determining when young or incompetent children in custody cases have the right to waive their therapist-patient privilege of confidentiality.A person who actively contests custody presumptively places in issue her mental and physical condition and waives privileges that might otherwise prevent the introduction of such evidence. See, e.g.,Baecker v. Baecker, 58 A.D.2d 821 (2d Dep’t 1977). Thus, otherwise assertable privileges such as those found in CPLR §4507 (psychologist/patient privilege) and CPLR §4508 (social worker/client privilege) do not shield the custody litigant.A child involved in a custody case, aside from not being a party, has done nothing that might be construed as a waiver of these privileges. If a child is competent and wishes to assert her privilege in a custody case, she may do so through her attorney (AFC). However, where a child is not able to assert her privilege, whether by reason of incompetence or immaturity, New York law is unclear as to who has the authority to assert the privilege on her behalf. This lacuna stems from New York’s issuance of §7.2 of the Rules of the Chief Judge in 2007 abrogating the ability of law guardians to substitute their judgment for that of their clients. Rule 7.2(d)(2) states that the attorney for the child must take a position consistent with the child’s wishes, even if the attorney for the child disagrees with what the child wants or has a different opinion than the child regarding what would be best for the child, as long as (1) the child must be capable of making a knowing, voluntary and considered judgment and (2) if the child gets his or her wish, the child must be free from substantial risk of imminent, serious harm. The rule does not address whether the AFC may assert evidentiary privileges on behalf of an incompetent or immature child, whereas prior to the rule’s adoption, there was no impediment to a law guardian’s assertion of the privilege on her client’s behalf. SeeBillings v. Billings, 309 A.D.2d 1194 (4th Dep’t 2003), citingPerry v. Fiumano, 61 A.D.2d 512 (4th Dep’t 1978). This article will examine how other states have dealt with this issue and will propose a solution that may be applied in New York.
The confidentiality privilege is particularly important to a child, since therapy is often necessary to assist her in coping with the breakup of the family. A child’s knowledge that disclosures made in confidence to her therapist may be disclosed against her wishes impedes the therapeutic process. Mental health professionals generally agree that psychotherapist-patient confidentiality is essential to successful treatment. Doyal,Guardian ad Litem as Child’s Privilege Holder, 87 Col. L. Rev. 205.In general, when a person is incompetent, whether because of age, mental disorder, or other reason, her guardian serves as the privilege holder. Conn. Gen. Stat. §52-14c; Md. Code Ann., Cts. & Jud. Proc. §9-109(ccc); Ohio Rev. Code Ann. §2317.02(B)(1); Cal. Evid. Code §1013 (delegating ability to waive privilege to incompetent person’s guardian). For a child, the parent normally holds the privilege. However, where, as in custody litigation, a parent’s interests may come into conflict with the child’s, the parent may not be an appropriate person to hold the privilege. SeeBerg v. Berg, 886 A.2d at 980, 984-86 (Sup. Ct. N.H. 2005); Bond v. Bond, 887 S.W.2d 558, 560 (Ky. Ct. App. 1994).
In New York, there is a relative dearth of case law on the child’s right to waive the therapist-patient privilege in custody cases and no reported cases have dealt with the issue of an incompetent child’s assertion of the psychologist-patient or social worker-patient waiver privilege.InAscolillo v. Ascolillo, 43 A.D.3d 1160 (2d Dep’t 2007), the Second Department found that the Family Court properly refused to permit the mother to call the child’s therapist as a witness since the AFC did not consent. See alsoLiberatore v. Liberatore, 37 Misc.3d 1034 (Sup. Ct. Monroe Cty. 2012), citingPerry, 61 A.D.2d 512 (4th Dep’t 1978) (in the context of a child custody proceeding within a matrimonial action, communications between an unemancipated minor and her therapist may not be disclosed to the parties or counsel in the absence of “judicial process sufficient to afford the court opportunity to exercise its obligation to determine the best interests of the child in its role asparens patriae,” and for the child, through the attorney for the child, to assert her statutory privilege).Although theLiberatorecourt stated that “the trial court has the authority and discretion to determine whether assertion or waiver of the privilege is in the child’s best interests,” citingIn re Berg, 152 N.H. 658, 661 (Sup. Ct. N.H. 2005), it did not address the issue of an incompetent child’s waiver. These cases did not address, or clarify, who in New York has the authority to waive the privilege on behalf of an incompetent or immature child.
Some states vest trial courts with authority to hold the waiver privilege on behalf of an incompetent child. See, e.g.,Bond, 887 S.W.2d 558, 560 (Ky. Ct. App. 1994);Berg, 152 N.H. 658 (Sup. Ct. N.H. 2005;In re Marriage of Khan v. Ansar, No. A-09-977, 2009 WL 4040862 at 11 (Minn. Ct. App. Nov 24, 2009).Other states vest this authority in a guardian ad litem (GAL). See, e.g.,L.A.N. v. L.M.B., 292 P.3d 950 (Col. Sup. Ct. 2013) (guardian ad litem should hold the child’s psychotherapist-patient privilege when the child is too young or incompetent to hold the privilege and the child’s interests are adverse to those of her parents.)In Kansas and Maryland, a special guardian ad litem is appointed to determine whether an incompetent child’s psychotherapist-client privilege should be waived. SeeIn re Zappa, 631 P.2d 1245 (Kan. Ct. App. 1981); Md. Code Ann., Cts. & Jud. Proc. §9-109. The task of this “privilege GAL” varies, but generally it is to assess whether the child is mature enough to appreciate the concept of waiver; if so, the preferences of the child; the benefit, if any, of preserving psychotherapeutic confidences; the value of the information held by the psychotherapist to the proceeding; and the balancing of the child’s need for privacy with the court’s need for information. Boumil, Freitas and Freitas,Legal and Ethical Issues Confronting Guardian Ad Litem Practice, 13 J. Law and Fam. Stud. 43, 58-61 (2011).Insofar as New York permits the use of guardians ad litem in certain cases, it is conceivable that a New York court would vest such person with the authority to make the waiver privilege decision for an incompetent child, as other states have done. In the author’s opinion, this would be unwise, since courts are better equipped to hold this privilege than are guardians ad litem according to the reasoning below.
New York law implicitly distinguishes between “jurisdictional” GALs, on the one hand, and “parens patriae” GALs, on the other. The former, to which Surrogate Court Procedure Act (SCPA) §§402 and 403 and CPLR §1201 refer, are statutorily mandated representatives for persons “under disability” over whom jurisdiction must—and could not otherwise—be obtained. In the CPLR context, GALs are most often appointed so that a plaintiff can effectively sue an infant defendant and obtain a binding judgment. The second GAL category “serves at the statutory or common law discretion of the judge to play an intermediate role by ferreting out information, gathering evidence, and making recommendations that are intended to protect and foster the best interest of the children.” There is no statutory authority in New York for the appointment of GALs to protect the interests of non-party infants in a proceeding; rather, as in other jurisdictions, appointing authority for so-called parens patriae GALs derives from the common law and in particular from the parens patriae powers of the court. SeeMatter of Doe, 17 Misc.3d 1017 (N.Y. Surr. Ct. 2007).Some foreign state courts have held that the better choice as between a court and a GAL to hold the child’s privilege is the GAL, suggesting that a GAL’s neutrality, expertise and efficiency mandate this choice.L.A.N. II, 292 P.3d 942, 949 (Col. Sup. Ct. 2013). It has also been argued that the GAL is the better option because, as the advocate of the child’s best interests, GALs can best protect this privilege.L.A.N. II, 292 P.3d at 950.In the author’s view, permitting an incompetent child’s GAL to be the sole arbiter of waiving her privilege is an improper delegation by the trial court not only of its parens patriae authority but of its role as a tribunal. The waiver decision involves a balancing of interests, i.e., the need for competent evidence on the one hand and the privilege interest of the child on the other. Unlike GALs, courts are accustomed to making decisions about competence and interest-balancing and can apply that expertise in cases involving an incompetent child’s waiver decision. See, e.g.,Guardianship of J.G.S., 857 N.W.2d 847, 851 (Sup. Ct. N.D. 2014). As between a guardian ad litem and a court, the court is the more appropriate holder of the privilege.
The ability of a minor to comprehend information about rights can be conceptually related to her level of cognitive reasoning. Piaget’s theory of cognitive development (1972) suggests a predictable progression from lower to higher levels of reasoning ability regarding a minor’s ability to comprehend information about rights. For example, normally a young child at the level of concrete operational thinking (about 7-11 years of age) would have only a limited, concrete understanding of rights based on an orientation of deference to the authority of those who make the rules (i.e., adults). By contrast, an adolescent who has achieved formal operational thinking (over 14 years of age) normally has developed a capacity for understanding of rights equivalent to that of an adult. Belter and Grisso,Children’s Recognition of Rights Violations in Counseling, 15 Professional Psychology Research and Practice Vol. 15, No. 6 at 899.In the area of children giving informed consent to medical treatment, these theories of cognitive development have served as the basis for proposed guidelines. The authors of these guidelines generally agree that children below the level of concrete operational thinking (7-11 years of age) have not achieved the level of cognitive development required for making informed treatment decisions. They also agree that by age 14 or 15, most minors have attained a level of cognitive functioning (formal operational thinking) that is equivalent to cognitive maturity; therefore, minors should be regarded as competent to give informed consent, unless individually they fail to meet the same standards used to determine the incompetency of some adults. Belter and Grisso, id. at 900. This reasoning may also be applied to the issue of determining when children are competent to waive their privilege of therapist-client confidentiality in custody litigation.There are considerable differences among children in their ability to reason or engage in problem-solving tasks of the type presented by the waiver decision. Grisso, 3Perspectives in Law & Psychology131. In general, courts have not offered standards or opinions that may be translated into measurable indices of legally relevant reasoning capacities. Indeed, the psychological questions about children’s thought processes are so complex that courts would be hard put to specify the level of cognitive complexity or problem-solving ability they would require of a child in order for a waiver of rights to be seen as competently provided. Id. at 132. While there is no consensus in the scientific community as to when a child is able to grasp the concept of a waiver of rights, the capacity for voluntary consent appears to be questionable through age 14. Messenger and McGuire,The Child’s Conception of Confidentiality in the Therapeutic Relationship, 18 Psychotherapy Theory, Research and Practice 1 at 123 (Spring 1981). There is little data suggesting minors of age 15 and above as a group are any less competent to provide consent than are adults. Generally, older children have a significantly better understanding of confidentiality in psychotherapy than do younger children. Id.
According to experts who have studied the issue, the ability of children under the age of 14 to competently waive their privilege of therapist-client confidentiality is generally unreliable. Also, some children, like some adults, have psychological issues that draw into question their ability to knowledgeably waive their privilege of confidentiality. Consequently, the question arises what person or entity is best suited to hold the power to waive a child’s therapist-client privilege when that child is incompetent or too immature to do so for herself.New York should adopt a rule creating a rebuttable presumption that a child under the age of 14 is not competent to waive her privilege of confidentiality under CPLR §§4507 and 4508. In such cases (or where there is evidence of a child’s incompetence over the age of 14) the court should hold the waiver privilege for the child pursuant to its parens patriae powers. If necessary, a hearing may be held to determine whether or not the child has sufficient maturity or competence to enable the child to knowingly waive her privilege of confidentiality.Daniel H. Stockis the head of family law firm Daniel H. Stock, PLLC. |
https://finance.yahoo.com/news/penguins-hurricanes-clinch-playoff-spot-capitals-win-division-023213767.html | 2019-04-05 02:32:13+00:00 | null | null | Yahoo Sports Canada | https://ca.sports.yahoo.com | Pens, Hurricanes clinch playoff spots; Caps win division | On the third-last night of the NHL regular season, a lot of things were figured ahead of the 2019 playoffs around 9:30 p.m. (EST). First, a 3-1 win for the Carolina Hurricanes over the New Jersey Devils locked up their first postseason berth since 2009. With the score knotted at one early in the second period, Justin Faulk fired a point shot past Cory Schneider to give Carolina its first lead of the night. B O O M pic.twitter.com/jfJoZhdVCM — Carolina Hurricanes (@NHLCanes) April 5, 2019 The blueliner’s 10th of the season stood as the winner, the Hurricanes’ 45th victory of the season. They currently sport a record of 45-29-7 for 97 points with only one game remaining on their schedule (against the Philadelphia Flyers on Saturday). The excitement within the walls of PNC Arena was high as a result. The wait is over!! pic.twitter.com/VDajOkASZh — Carolina Hurricanes (@NHLCanes) April 5, 2019 Minutes later, the final horn sounded at PPG Paints Arena in Pittsburgh. After surrendering the game’s opening tally to the Detroit Red Wings, Phil Kessel found the back of the net twice while Jake Guentzel and Sidney Crosby added singles to propel the Penguins to a 4-1 win. The triumph moved their record to 44-26-11 for 99 points with one game remaining (against the New York Rangers on Saturday). WE'RE IN! The Penguins are playoff bound for the 13th consecutive season, the longest streak in the NHL. #LetsGoPens pic.twitter.com/38XavCFrpj — Pittsburgh Penguins (@penguins) April 5, 2019 We mention those final games because they may determine where the two sides end up after 82 regular season contests. Pittsburgh currently sits third in the Metropolitan, two points up on Carolina. Story continues If, however, the Penguins lose their final game in regulation and the Hurricanes win in regulation or overtime, they would both have 99 points. In that scenario, Carolina would jump over Pittsburgh because they have more wins. Things may also become interesting if the Columbus Blue Jackets are able to win their final two games and the Hurricanes lose in regulation to the Flyers. (More on Columbus shortly.) Elsewhere, a crushing 2-1 loss to the Washington Capitals has the future looking pretty grim for the Montreal Canadiens. Nic Dowd’s tally for the Capitals early in the second period proved to be the difference. Swiped. Screened. Sniped. #ALLCAPS #CapsHabs pic.twitter.com/VNAbWbiNBT — Washington Capitals (@Capitals) April 5, 2019 The loss drops Montreal’s record to 43-30-8 for 94 points. While that total is the same as that of the Blue Jackets (45-31-4), the Canadiens only have one game remaining (against the Toronto Maple Leafs on Saturday) while the Blue Jackets have two (against the Rangers on Friday and the Ottawa Senators on Saturday). With a game in hand, more wins and more ROW (Regulation and Overtime Wins) than Montreal, Columbus is in full control its own destiny. Washington’s win clinches their fourth straight Metropolitan Division crown. The Capitals (48-25-8) have 104 points with one game remaining on their schedule (against the Islanders on Saturday). Lars Eller shared a message with Washington’s fans after the victory. 🗣 @lellerofficial on the division 👑 pic.twitter.com/bAQIA3yJOu — Washington Capitals (@Capitals) April 5, 2019 When it comes to the Eastern Conference, a lot has been decided. However, as usual down the stretch of an NHL season, there’s still plenty to figure out. (Getty Images) More NHL coverage on Yahoo Sports |
https://finance.yahoo.com/news/china-tower-corporation-limited-hkg-023222907.html | 2019-04-05 02:32:22+00:00 | null | null | Simply Wall St. | https://simplywall.st/ | How Do China Tower Corporation Limiteds (HKG:788) Returns Compare To Its Industry? | Want to participate in a research study ? Help shape the future of investing tools and earn a $60 gift card! Today we'll look at China Tower Corporation Limited ( HKG:788 ) and reflect on its potential as an investment. Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. First of all, we'll work out how to calculate ROCE. Next, we'll compare it to others in its industry. Then we'll determine how its current liabilities are affecting its ROCE. What is Return On Capital Employed (ROCE)? ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. In general, businesses with a higher ROCE are usually better quality. Ultimately, it is a useful but imperfect metric. Renowned investment researcher Michael Mauboussin has suggested that a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'. How Do You Calculate Return On Capital Employed? The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for China Tower: 0.049 = CN¥9.9b ÷ (CN¥315b - CN¥115b) (Based on the trailing twelve months to December 2018.) So, China Tower has an ROCE of 4.9%. Check out our latest analysis for China Tower Does China Tower Have A Good ROCE? ROCE is commonly used for comparing the performance of similar businesses. Using our data, China Tower's ROCE appears to be significantly below the 8.7% average in the Telecom industry. This could be seen as a negative, as it suggests some competitors may be employing their capital more efficiently. Regardless of how China Tower stacks up against its industry, its ROCE in absolute terms is quite low (especially compared to a bank account). It is likely that there are more attractive prospects out there. Story continues China Tower reported an ROCE of 4.9% -- better than 3 years ago, when the company didn't make a profit. That suggests the business has returned to profitability. SEHK:788 Past Revenue and Net Income, April 5th 2019 When considering this metric, keep in mind that it is backwards looking, and not necessarily predictive. ROCE can be misleading for companies in cyclical industries, with returns looking impressive during the boom times, but very weak during the busts. ROCE is, after all, simply a snap shot of a single year. Since the future is so important for investors, you should check out our free report on analyst forecasts for China Tower . Do China Tower's Current Liabilities Skew Its ROCE? Current liabilities are short term bills and invoices that need to be paid in 12 months or less. The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise. To check the impact of this, we calculate if a company has high current liabilities relative to its total assets. China Tower has total liabilities of CN¥115b and total assets of CN¥315b. As a result, its current liabilities are equal to approximately 36% of its total assets. China Tower has a medium level of current liabilities (boosting the ROCE somewhat), and a low ROCE. What We Can Learn From China Tower's ROCE So researching other companies may be a better use of your time. You might be able to find a better buy than China Tower. If you want a selection of possible winners, check out this free list of interesting companies that trade on a P/E below 20 (but have proven they can grow earnings). I will like China Tower better if I see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. If you spot an error that warrants correction, please contact the editor at [email protected] . This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/kind-investor-owns-most-quantum-023652896.html | 2019-04-05 02:36:52+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | What Kind Of Investor Owns Most Of Quantum Thinking Limited (HKG:8050)? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Every investor in Quantum Thinking Limited (HKG:8050) should be aware of the most powerful shareholder groups. Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. I generally like to see some degree of insider ownership, even if only a little. As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'
Quantum Thinking is a smaller company with a market capitalization of HK$556m, so it may still be flying under the radar of many institutional investors. Our analysis of the ownership of the company, below, shows that institutions don't own shares in the company. We can zoom in on the different ownership groups, to learn more about 8050.
See our latest analysis for Quantum Thinking
Small companies that are not very actively traded often lack institutional investors, but it's less common to see large companies without them.
There could be various reasons why no institutions own shares in a company. Typically, small, newly listed companies don't attract much attention from fund managers, because it would not be possible for large fund managers to build a meaningful position in the company. It is also possible that fund managers don't own the stock because they aren't convinced it will perform well. Quantum Thinking's earnings and revenue track record (below) may not be compelling to institutional investors -- or they simply might not have looked at the business closely.
We note that hedge funds don't have a meaningful investment in Quantum Thinking. As far I can tell there isn't analyst coverage of the company, so it is probably flying under the radar.
The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.
I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.
Our information suggests that insiders own more than half of Quantum Thinking Limited. This gives them effective control of the company. So they have a HK$413m stake in this HK$556m business. Most would argue this is a positive, showing strong alignment with shareholders. You canclick here to see if those insiders have been buying or selling.
With a 26% ownership, the general public have some degree of sway over 8050. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.
It's always worth thinking about the different groups who own shares in a company. But to understand Quantum Thinking better, we need to consider many other factors.
I like to dive deeperinto how a company has performed in the past. You can findhistoric revenue and earnings in thisdetailed graph.
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/mongolia-lawmakers-seek-rewrite-oyu-023723106.html | 2019-04-05 02:37:23+00:00 | [] | Reuters | Reuters | http://www.reuters.com/ | Mongolia lawmakers seek to rewrite Oyu Tolgoi deal | * Group recommends 2015 Oyu Tolgoi expansion deal be scrapped
* Flagship project subject to repeated political disputes
* Any changes could undermine investor sentiment - advisor
By Munkhchimeg Davaasharav
ULAANBAATAR, April 5 (Reuters) - A group of Mongolian legislators has recommended one of the agreements underpinning Rio Tinto's Oyu Tolgoi copper mine should be scrapped and another changed, adding to the giant project's political problems.
The Gobi desert copper deposit promises to become one of Rio Tinto's most lucrative properties, but it has been subject to repeated challenges from politicians who argue the spoils of the country's mining boom are not being evenly shared.
It has also been at the centre of an anti-corruption investigation that has seen the arrest of two former prime ministers and a former finance minister.
The original 2009 Oyu Tolgoi Investment Agreement granted 34 percent of the project to the Mongolian government and 66 percent to Canada's Ivanhoe Mines, now known as Turquoise Hill Resources and majority-owned by Rio Tinto.
Nationalist politicians have repeatedly called for the deal to be adjusted in Mongolia's favour.
Terbishdagva Dendev, head of a parliamentary working group set up last year to review the implementation of the Oyu Tolgoi agreements, told reporters this week the group had concluded the original 2009 deal should be revised.
A 2015 deal known as the Dubai Agreement, which kickstarted the underground extension of the project after a two-year delay, should also be scrapped entirely, he said.
"Of course there will be international and local pressure, though if we do have rule of law ... the agreements should be amended for good," he said in a separate television interview.
Rio Tinto did not immediately comment on the issue when contacted by Reuters.
A lawyer involved in Mongolian mining deals speaking on condition of anonymity said opponents of the original agreement argue the Dubai Agreement made changes to the 2009 deal and should therefore have been subject to full parliamentary approval. Instead it was just approved by the prime minister.
The 200-page review has been submitted to Mongolia's National Security Council as well as a parliamentary standing committee on economic matters. It is unclear when or if its recommendations will be implemented.
"It will be very hard to terminate the underground mine plan, since it must be done by mutual agreement," said Otgochuluu Chuluuntseren, advisor at Mongolia's Economic Policy and Competitive Research Center and a former government official.
"Also foreign investors who were participating in the project finance might intervene in the process to protect their interests," he told Reuters, adding that it could also damage investor sentiment for years.
The flagship Oyu Tolgoi project helped spur a mining boom that drove economic growth up to double digits from 2011-2013, but a rapid collapse in foreign investment and falling commodity prices saw Mongolia plunge into an economic crisis in 2016.
Mongolia was also embroiled in a row with Rio Tinto over tax and project budget issues that saw Oyu Tolgoi's expansion put on hold. A series of other disputes with foreign miners also weakened investor sentiment. (Reporting by Munkhchimeg Davaasharav; additional reporting by Barbara Lewis in London; editing by David Stanway and Richard Pullin) |
https://finance.yahoo.com/news/2019-04-04-verizon-5g-network-testing-chicago-data-speeds.html | 2019-04-05 02:41:00+00:00 | [] | Chris Velazco·Senior Editor, Mobile | Engadget | https://www.engadget.com/ | Verizon’s 5G network is live and fast, if you can find it | In a bid to claim the title of the first consumer-ready 5G network in the world, Verizon surprised us by lighting up its 5G nodesacross Chicago and Minneapolis ahead of schedule. Obviously, there was no way wecouldn'tbook a flight to the Windy City and see what this next-gen network was capable of. As usual, though, things weren't quite that straightforward. What actually happened is that my time testing 5G turned into a city-wide scavenger hunt, trying — often in vain — to find stable high-speed connections.
To be clear, when youdofind 5G, it's usually as fast (if not a little faster) than the 450Mbps (down) that Verizon claims. And, yes, this is only the second day the network has been live, so the carrier deserves a little slack. For now, though, only people who crave life on the wireless bleeding edge need apply — just about everyone else is better off waiting for Verizon (or its competitors, for that matter) to flesh out their 5G coverage maps first.
For those who do want to take the plunge, the costs involved can be surprisingly low. The most crucial bit of hardware I needed was Motorola's $200 5G Moto Mod, attached to a$480 Moto Z3. (You'll also have to pay $10 a month on top of your existing data plan, but that's true of all Verizon 5G phones.) Around $700 for a full-blown 5G setup seems reasonable and is almost certainly less than what you'd pay for a5G-enabled Galaxy S10. But that little math problem won't work out in everyone's favor — for one, it presumes that you'd want to use an upper-mid-range Android device instead of a full-blown flagship.
This isn't the first time we've seen the 5G Mod or the Z3, but it is the first time I've used them outside of a canned demo. There are four mmWave antennas inside (for redundancy) and a 2,000mAh battery that only powers the Mod. While Motorola promises that Moto Z2 owners will also be able to use the 5G Mod, there's no official timeline in place — for now, Doug Michau, Motorola's head of product operations says updates for the Mod's "stability and robustness" on the Z3 take priority.
As clunky as the Mod can feel, it actually held up quite well. I've been dashing around the city trying to run speed tests and download apps whenever possible, and after six hours of the most consistent use I could manage, it still had about 40 percent battery left. As it turned out, the Mod's battery life was much less of a concern than actually finding the 5G network itself.
Verizon wouldn't confirm how many nodes are live in Chicago at the moment, only that it hadn't added any since yesterday. Since they're designed to look unobtrusive when attached to poles and streetlights, there are few visual cues to let you know what kinds of speeds to expect. As you might have noticed in some of these photos, thereisan obnoxiously large "5G UWB" (for "ultra-wideband") logo that replaces the subtle LTE mark in the phone's notification bar. Surely that will let you know when you've hit the 5G jackpot, right? Well, not always.
The way Verizon's system is set up, that 5G UWB logo appears only when the Mod is connected to the network and actively using it. That means you could be walking through a slice of the city that has 5G up and runningand not even realize itif an app or service wasn't trying to connect over it. It also means that, because the 5G logo doesn't automatically appear when your phone is connected to the network, actively searching for places where 5G works is more difficult than it needs to be. The only ways to know for sure involved walking around staring at your phone in hopes that some app in the background triggers the 5G logo, or triggering the logo change yourself by trying to use the data connection.
Maybe I'm in the minority on this one, but this feels pretty ridiculous. Right now, if I want to download a podcast on the street, I'm going to do it when my phone has an LTE connection, not a 3G one. Similarly, if I want to download a few episodes ofThe Officein the Netflix app, I'd prefer to do it over 5G instead of 4G. Verizon's approach here doesn't take into account how user behaviors could change when people know they have access to a much faster network, and the fact that someone who pays for 5G service (an extra $10 a month) could feasibly not even know it was available seems tremendously short-sighted.
It doesn't help that the 5G logo also "flickers," because different apps are tapping into the 5G connection and stopping at different times. The result? The phone looks like it's rapidly jumping between 4G and 5G connections, even though that's not necessarily the case. In other words, the 5G connection can look really flaky even when it's not. Even worse, that phone exhibits the same behavior when the 5G connection is, in fact,flaky, which has happened with some frequency here. (More on that in a bit.)
Where I did find 5G, I generally saw very fast download speeds in Ookla's Speedtest app. Emphasis on the word "generally" — in some places, I could consistently get north of 350Mbps down, and frequently saw speeds top out at nearly 600Mbps. Verizon claims that peak speeds can get as high as 1Gbps, but even with few people actively using the network now, none of my tests even got close. Even so, assuming you find the right location, 5G on the Moto Z3 can be really fast. (Of course, that's not to say it doesn't have competition.)
The thing to keep in mind is that there's more to using a phone than just looking at speed tests, and for now at least, the practical benefits of 5G on this smartphone haven't been game-changers. Pages loaded noticeably faster than my personal iPhone on AT&T's so-called 5GE network, but I'm not sure that's necessarily a fair comparison — as I bounced across the city, I rarely found full coverage on AT&T anyway.
5G was more helpful for playing back 1080p60 video on YouTube, though. Scrubbing through the same videos took noticeably less time on the 5G Moto Z3 than another test device I brought with me. I also downloadedPUBG Mobile(a 1.81GB file) over 5G in exactly four minutes and 30 seconds, which isn't bad considering the same download took just over eight minutes over LTE. When I launched the app to try and fumble through a round, though, I noticed that the download speeds for a 200-ish MB update file never went faster than 8MB per second, or 64Mbps. That's not nearly as fast as I was hoping for.
Months ago, Motorola nearly sold me on the idea of trying to use the 5G-enabled Moto Z3 as a superfast mobile hotspot while traveling. It's a great idea in theory, but that's all it is right now — until Motorola releases a software update at some point, the hotspot feature simply doesn't work. It's probably just as well, too, because upload speeds were comparatively tame — they generally hovered between 15 and 25Mbps. That's because only data traffictothe phone runs over the 5G network; everything you try to upload gets routed over LTE, so anyone hoping to move big files around on the go will likely be disappointed (at least for now).
As I plodded around in the rain on foot, I did find a few particularly strong pockets of 5G. The single best place I found to get a sense of the network's speed was right outside Motorola's headquarters in the city's historic Merchandise Mart. That's great if you work for Motorola, but less than ideal for, well, most residents of Chicago. I also stumbled across a decent 5G signal at the corner of Michigan and Monroe, a busy intersection just feet away from Millennium Park and the city's Art Institute.
This is where things started to get a little dicey. The typical speed tests were appropriately quick outdoors, but when I ducked into a coffee shop to try and warm up a bit, the phone quickly fell back to an LTE connection. When I pressed myself up against the coffee shop's front window, the 5G UWB logo popped up again... for just a moment. I spent the next fifteen minutes watching the phone switch between 4G and 5G connections, but the pane of glass in front of me seemed to prevent it from securely latching onto that mmWave signal.
A lackluster speed test result (roughly 45Mbps down) confirmed the issue. Those flaky connections don't just strike when indoors, either. The rest of my jaunt around the touristy spots Verizon said should have functional 5G involved lots of wandering around and freezing in place when I saw the 5G logo pop up. While that often worked, I occasionally saw the phone switching back and forth between 4G and 5G during speed tests, leading to significantly slower results.
I still have a few hours left with the 5G Mod in Chicago, so I'm going to keep poking around the city in hopes of getting a more uniform experience. In fairness, Verizon's 5G network has only been up and running for two days, and when it works, it works surprisingly well. What the whole shebang lacks right now is any sort of satisfying consistency. Like the rain pelting the city on and off today, many of the 5G connections I stumbled into were intermittent and frustrating. The fact that Verizon only wants you to know you're on 5G when you're already using it doesn't help matters.
After all of this, I can't help but wonder if Verizon made the right choice in lighting up its 5G network early. I got the distinct feeling throughout the day that the company's surprise launch caught people on many levels a little off-guard. Naturally, Verizon disagrees with my assessment — Ed Chan, Verizon's chief network engineering officer, told me that the network's stability had improved to the point where launching April 11th as originally planned would've provided people with the same experience they're getting now. That might be true, and I have little doubt that things will improve dramatically in time. That's just how network rollouts go. For now, though, all we can do is wait and hope change happens fast. |
https://finance.yahoo.com/news/did-miss-compumedicss-asx-cmp-024112857.html | 2019-04-05 02:41:12+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Did You Miss Compumedics's (ASX:CMP) Impressive 300% Share Price Gain? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But on a lighter note, a good company can see its share price rise well over 100%. One great example isCompumedics Limited(ASX:CMP) which saw its share price drive 300% higher over five years. And in the last month, the share price has gained -2.2%.
Check out our latest analysis for Compumedics
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
During the five years of share price growth, Compumedics moved from a loss to profitability. Sometimes, the start of profitability is a major inflection point that can signal fast earnings growth to come, which in turn justifies very strong share price gains.
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
Thisfreeinteractive report on Compumedics'searnings, revenue and cash flowis a great place to start, if you want to investigate the stock further.
It's nice to see that Compumedics shareholders have received a total shareholder return of 22% over the last year. However, the TSR over five years, coming in at 32% per year, is even more impressive. The pessimistic view would be that be that the stock has its best days behind it, but on the other hand the price might simply be moderating while the business itself continues to execute. Before forming an opinion on Compumedics you might want to consider these3 valuation metrics.
If you are like me, then you willnotwant to miss thisfreelist of growing companies that insiders are buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on AU exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/investors-react-yee-hop-holdings-024124730.html | 2019-04-05 02:41:24+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | How Should Investors React To Yee Hop Holdings Limited's (HKG:1662) CEO Pay? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
In 2015 Chi Tat Yan was appointed CEO of Yee Hop Holdings Limited (HKG:1662). This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. After that, we will consider the growth in the business. And finally - as a second measure of performance - we will look at the returns shareholders have received over the last few years. This process should give us an idea about how appropriately the CEO is paid.
See our latest analysis for Yee Hop Holdings
At the time of writing our data says that Yee Hop Holdings Limited has a market cap of HK$940m, and is paying total annual CEO compensation of HK$1.5m. (This figure is for the year to March 2018). We think total compensation is more important but we note that the CEO salary is lower, at HK$1.1m. We took a group of companies with market capitalizations below HK$1.6b, and calculated the median CEO total compensation to be HK$1.5m.
So Chi Tat Yan is paid around the average of the companies we looked at. Although this fact alone doesn't tell us a great deal, it becomes more relevant when considered against the business performance.
You can see a visual representation of the CEO compensation at Yee Hop Holdings, below.
On average over the last three years, Yee Hop Holdings Limited has shrunk earnings per share by 59% each year (measured with a line of best fit). Its revenue is up 11% over last year.
Few shareholders would be pleased to read that earnings per share are lower over three years. And while it's good to see some good revenue growth recently, the growth isn't really fast enough for me to put aside my concerns around earnings. So given this relatively weak performance, shareholders would probably not want to see high compensation for the CEO. Although we don't have analyst forecasts, you could get a better understanding of its growth by checking outthis more detailed historical graphof earnings, revenue and cash flow.
Boasting a total shareholder return of 88% over three years, Yee Hop Holdings Limited has done well by shareholders. So they may not be at all concerned if the CEO were to be paid more than is normal for companies around the same size.
Chi Tat Yan is paid around what is normal the leaders of comparable size companies.
We're not seeing great strides in earnings per share, but the company has clearly pleased some investors, given the returns over the last three years. So we can't see a reason to suggest the pay is inappropriate. CEO compensation is one thing, but it is also interesting tocheck if the CEO is buying or selling Yee Hop Holdings (free visualization of insider trades).
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/break-stock-024432847.html | 2019-04-05 02:44:32+00:00 | null | null | Kiplinger | http://portal.kiplinger.com/ | How to Break Up With Your Stock | You've had some good times together. You've had some bad times. Now you have to decide if it's time for your stock to start seeing other people. Selling isn't easy, especially if you've been together for a long time. See Also: Cut Your Investing Risk at Every Age The best reason to sell a stock is that it's no longer doing what you bought it to do, such as deliver increasing levels of sales and earnings. "You won't know when to sell unless you've come up with a sell plan before you buy," says Stephen DuFour, manager of Fidelity Focused Stock Fund. If a stock you bought for its growth prospects misses Wall Street earnings expectations, for example, you should keep your eye on it--but you probably shouldn't push the sell button right away. If that stock suffers a string of quarterly misses, send it to Palookaville. Kraft Heinz saw its earnings fall for three quarters before posting a stunning $12.61 billion loss for 2018 in February. Don't hesitate to look at analysts' research, often available free from your brokerage, as you try to figure out what's wrong. "It could be a structural problem with the company, and that's where you should rely on others to help you," says Randy Frederick, a vice president at the Schwab Center for Financial Research. The stock's price moves might also give you some hints. If it falls below its average price for the past 50 days, for example, then other investors are having doubts about the stock, too, and it's time to look for a reason (see The Magic of Moving Averages ). The main concern for income investors should be that a stock continues to pay dividends--and, preferably, boosts them regularly. One red flag is a dividend yield that is several percentage points above that of similar stocks, which happens more often because of a sinking stock price than increasing corporate generosity. But if the company has enough money to continue paying the dividend from earnings--and not by borrowing--then keep the stock. The dividend payout ratio, calculated by dividing dividends per share by earnings per share, is a quick test to see if a firm can afford its payout. A rule of thumb says a payout ratio above 55% is a red flag, but payout ratios vary by industry, so it's key to compare your stock's ratio with other stocks in the same industry. Story continues Too much of a good thing. Another good reason to sell a stock is if it appreciates so much that it becomes too big a piece of your portfolio. That's particularly true if you get stock as part of your compensation. Then you're putting both your investment capital and your human capital (your job) in your company's hands. Some investors set a limit on how big a part of their portfolio any stock should be. Fidelity's DuFour tries not to let any stock count for more than 5% of assets. Tom Plumb, manager of Plumb Equity Fund, starts to get uncomfortable when a stock gets to 10% of the portfolio. You should certainly consider trimming back a stock that is more than 15% of your holdings. Rebalancing, or selling shares of your winners and investing the proceeds in your laggards, is a simple way to reduce overly appreciated positions. Try to resist the urge to dump a stock if it hits the headlines for the wrong reason. Often, that's a good time to buy, not sell. Nike's stock teetered, then snapped back, after Duke University's Zion Williamson's shoe fell apart during a critical basketball game. Boeing's woes are far more serious--more than 300 people have died in two crashes of its 737 Max since October. The cost to Boeing could reach into the billions. If you own shares, hang on; new buyers should wait for more clarity. If a stock runs up after you sell or trim it, you'll feel like a clod. Don't. If you trimmed an outsize holding, you reduced your risk. If you take a loss when you sell, you'll get some consolation from the tax man. You can use your losses to offset capital gains in other holdings. And if you sell at a profit and have to pay capital gains taxes, don't complain--it's a sign you're doing something right. See Also: Black Monday: What I Learned from the 1987 Stock Market Crash EDITOR'S PICKS Now That Stock Prices Have Rebounded, How Do I Protect My Gains? Black Monday: What I Learned from the 1987 Stock Market Crash Cut Your Investing Risk at Every Age Copyright 2019 The Kiplinger Washington Editors |
https://finance.yahoo.com/news/bitcoin-cash-abc-litecoin-ripple-024442273.html | 2019-04-05 02:44:42+00:00 | [] | Bob Mason | FX Empire | https://www.fxempire.com/ | Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/04/19 | Bitcoin Cash ABC slid by 4.26% on Thursday. Partially reversing a 23.3% rally from Wednesday, Bitcoin Cash ABC ended the day at $288.35.
A rise to an early morning intraday high $320 was the only bullish move of the day. Falling short of the first major resistance level at $352.33, Bitcoin Cash ABC fell to a late afternoon intraday low $272.57.
While steering clear of the major support levels, the pullback saw Bitcoin Cash ABC fall through the 23.6% FIB of $291.
Support late in the day kicked in to drive Bitcoin Cash ABC back to $295 levels before easing back by the day’s end.
At the time of writing, Bitcoin Cash ABC was down by 0.59% to $286.65. Moves in the early hours saw Bitcoin Cash ABC rise to a morning high $294.92 before falling to a low $286.64. While Bitcoin Cash ABC left the major support and resistance levels untested, the 23.6% FIB of $291 proved to be a challenge early on.
For the day ahead, a break back through the 23.6% FIB to $294 levels would bring $300 levels back into play. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to fall short of the first major resistance level at $314.71. In the event of a rally, a breakout from $300 levels would bring the second major resistance level at $341.07 into play.
Failure to move back through the 23.6% FIB could see Bitcoin Cash ABC pullback to $270 levels before any recovery. Barring a crypto meltdown, we would expect the first major support level at $267.28 to be left untested. In the event of a sell-off, the second major support level at $246.21 could come into play later in the day.
Litecoin fell by just 0.7% on Thursday. Following a 10.35% gain on Wednesday, Litecoin ended the day at $84.95.
Tracking the broader market, Litecoin rose to an early morning intraday high $90.84 before hitting reverse. Falling short of the first major resistance level at $97.98, Litecoin fell to an intraday low $80.37 before steadying.
While avoiding the day’s major support levels, Litecoin fell through the 38.2% FIB of $83 before finding support. A break back through the 38.2% FIB late in the day was positive for the bulls.
At the time of writing, Litecoin was by 0.46% to $85.34. A bullish start to the day saw Litecoin rise to a morning high $86.92 before easing back to a morning low $84.48. Litecoin steered clear of the major support and resistance levels early on. Holding above the 23.6% FIB of $83 was key in the early hours.
For the day ahead, a hold onto $85 levels would bring the first major resistance level at $90.4 into play. Barring a broad-based crypto rally, we would expect Litecoin to come up short of Wednesday’s high $99.89. In the event of a breakout, the second major resistance level at $95.86 could limit the upside on the day.
Failure to hold onto $85 levels could see Litecoin slide back to sub-$80 before any recovery. Barring a crypto sell-off, the first major support level at $79.93 would likely limit the downside on the day.
Ripple’s XRP slid by 2.82% on Thursday. Following on from a 3.6% fall from Wednesday, Ripple’s XRP ended the day at $0.33304.
Recovering from a morning low $0.33678, Ripple’s XRP rose to a mid-morning intraday high $0.35148 before hitting reverse.
Falling short of the first major resistance level at $0.3690, Ripple’s XRP slid to an intraday low $0.32759.
In spite of the afternoon reversal, Ripple’s XRP avoided the major support levels to move back through to $0.33 levels.
At the time of writing, Ripple’s XRP was up 0.32% to $0.33411. A range-bound start to the day saw Ripple’s XRP rise from a morning low $0.33303 to a high $0.33561 before easing back.
Ripple’s XRP left day’s major support and resistance levels untested early.
For the day ahead, a move through to $0.3375 would bring $0.34 levels into play later in the day. Ripple’s XRP would need support from the broader market to take a run at the first major resistance level at $0.3472. Barring a broad-based crypto rally, we would expect Ripple’s XRP to come up short of $0.35 levels on the day.
Failure to move through to $0.3375 could see Ripple’s XRP hit reverse later in the day. A slide through the morning low $0.33303 would bring $0.32 levels into play before any recovery. Barring a crypto meltdown, we would expect Ripple’s XRP to hold above the first major support level at $0.3233.
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Please let us know what you think in the comments below
Thanks, Bob
Thisarticlewas originally posted on FX Empire
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https://finance.yahoo.com/news/introducing-hung-fook-tong-group-024555729.html | 2019-04-05 02:45:55+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Introducing Hung Fook Tong Group Holdings (HKG:1446), The Stock That Dropped 26% In The Last Three Years | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Many investors define successful investing as beating the market average over the long term. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that's been the case for longer termHung Fook Tong Group Holdings Limited(HKG:1446) shareholders, since the share price is down 26% in the last three years, falling well short of the market return of around 47%.
See our latest analysis for Hung Fook Tong Group Holdings
In his essayThe Superinvestors of Graham-and-DoddsvilleWarren Buffett described how share prices do not always rationally reflect the value of a business. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
During the unfortunate three years of share price decline, Hung Fook Tong Group Holdings actually saw its earnings per share (EPS) improve by 17% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past. It's worth taking a look at other metrics, because the EPS growth doesn't seem to match with the falling share price.
With a rather small yield of just 1.5% we doubt that the stock's share price is based on its dividend. Revenue is actually up 3.2% over the three years, so the share price drop doesn't seem to hinge on revenue, either. It's probably worht worth investigating Hung Fook Tong Group Holdings further; while we may be missing something on this analysis, there might also be an opportunity.
You can see how revenue and earnings have changed over time in the image below, (click on the chart to see cashflow).
You can see how its balance sheet has strengthened (or weakened) over time in thisfreeinteractive graphic.
When looking at investment returns, it is important to consider the difference betweentotal shareholder return(TSR) andshare price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Hung Fook Tong Group Holdings the TSR over the last 3 years was -23%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
The last twelve months weren't great for Hung Fook Tong Group Holdings shares, which performed worse than the market, costing holders 19%, including dividends. Meanwhile, the broader market slid about 0.05%, likely weighing on the stock. Shareholders have lost 8.5% per year over the last three years, so the share price drop has become steeper, over the last year; a potential symptom of as yet unsolved challenges. Although Warren Buffett famously said he likes to 'buy when there is blood on the streets', he also focusses on high quality stocks with solid prospects. If you would like to research Hung Fook Tong Group Holdings in more detail then you might want totake a look at whether insiders have been buying or selling shares in the company.
But note:Hung Fook Tong Group Holdings may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with past earnings growth (and further growth forecast).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/read-buying-20-microns-limited-025031715.html | 2019-04-05 02:50:31+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Read This Before Buying 20 Microns Limited (NSE:20MICRONS) For Its Dividend | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Dividends play a key role in compounding returns over time and can form a large part of our portfolio return. Historically, 20 Microns Limited (NSE:20MICRONS) has been paying a dividend to shareholders. Today it yields 1.8%. Let's dig deeper into whether 20 Microns should have a place in your portfolio.
See our latest analysis for 20 Microns
When researching a dividend stock, I always follow the following screening criteria:
• Is it the top 25% annual dividend yield payer?
• Does it consistently pay out dividends without missing a payment of significantly cutting payout?
• Has dividend per share amount increased over the past?
• Is is able to pay the current rate of dividends from its earnings?
• Will it be able to continue to payout at the current rate in the future?
The current trailing twelve-month payout ratio for the stock is 14%, meaning the dividend is sufficiently covered by earnings. Furthermore, analysts have not forecasted a dividends per share for the future, which makes it hard to determine the yield shareholders should expect, and whether the current payout is sustainable, moving forward.
When assessing the forecast sustainability of a dividendit is also worth considering the cash flow of the business. Companies with strong cash flow can sustain a higher payout ratio, while companies with weaker cash flow generally cannot.
If there's one type of stock you want to be reliable, it's dividend stocks and their stable income-generating ability. Unfortunately, it is really too early to view 20 Microns as a dividend investment. It has only been consistently paying dividends for 9 years, however, standard practice for reliable payers is to look for a 10-year minimum track record.
In terms of its peers, 20 Microns has a yield of 1.8%, which is high for Chemicals stocks but still below the market's top dividend payers.
Now you know to keep in mind the reason why investors should be careful investing in 20 Microns for the dividend. On the other hand, if you are not strictly just a dividend investor, the stock could still be offering some interesting investment opportunities. Given that this is purely a dividend analysis, I recommend taking sufficient time to understand its core business and determine whether the company and its investment properties suit your overall goals. I've put together three fundamental aspects you should look at:
1. Future Outlook: What are well-informed industry analysts predicting for 20MICRONS’s future growth? Take a look at ourfree research report of analyst consensusfor 20MICRONS’s outlook.
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3. Dividend Rockstars: Are there better dividend payers with stronger fundamentals out there? Check out ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/vanguards-esg-fund-offering-025046525.html | 2019-04-05 02:50:46+00:00 | null | null | Kiplinger | http://portal.kiplinger.com/ | Vanguard's New ESG Fund Offering | In another sign that sustainable investing is here to stay, Vanguard announced it would launch its first actively managed fund with a focus on environmental, social and (corporate) governance characteristics. See Also: Shareholders Shake Things Up This Proxy Season When it opens, in late May at the earliest, Vanguard Global ESG Select Stock will charge 0.55% in annual fees, half the average expense ratio of all ESG stock mutual funds. Two managers from Wellington Management, Mark Mandel and Yolanda Courtines, plan to hold roughly 40 stocks. They'll scout for profitable, smartly run companies in the U.S. and abroad that are also leaders in integrating ESG practices into their businesses. ESG qualities entail more than just being anti-gun or anti-tobacco. To earn the mantle, generally, companies must be mindful of their environmental impact; treat customers, suppliers and employees well; and be run by a diverse pool of managers who are aligned with shareholder interests. Fund investors don't have to sacrifice performance in support of their values. We looked at 28 large-company stock funds investing in U.S. and foreign firms, with ESG-focused strategies as defined by fund tracker Morningstar. On average, the funds' annualized returns outpaced the MSCI All Country World Index in five of the past six calendar years between 2013 and 2018. Vanguard isn't new to ESG investing. The Valley Forge, Pa.-based firm already has three index-based ESG funds: Vanguard FTSE Social Index (symbol VFTAX ), Vanguard ESG International Stock ETF ( VSGX ) and Vanguard ESG U.S. Stock ETF ( ESGV ). The introduction of another offering, this one actively managed, shows that Vanguard is "going whole-hog into the ESG marketplace," says Dan Wiener, editor of the Independent Adviser for Vanguard Investors newsletter. Vanguard is following the money in a market that continues to grow. According to Morningstar, ESG funds and ETFs pulled in $5.5 billion in 2018, the third straight year of record net inflows (total money coming in, less money going out). Meanwhile, net flows into the U.S. fund universe overall hit a nine-year low. Story continues See Also: ESG Investing: What Does It All Mean EDITOR'S PICKS ESG Investing: What Does It All Mean Shareholders Shake Things Up This Proxy Season 5 Mutual Funds That Win With ESG Copyright 2019 The Kiplinger Washington Editors |
https://finance.yahoo.com/news/duluth-holdings-inc-dlth-q4-025311611.html | 2019-04-05 02:53:00+00:00 | [] | Motley Fool Transcribers, The Motley Fool | Motley Fool | http://www.fool.com/ | Duluth Holdings Inc. (DLTH) Q4 2018 Earnings Conference Call Transcript | Image source: The Motley Fool.
Duluth Holdings Inc.(NASDAQ: DLTH)Q4 2018 Earnings Conference CallApril 04, 2019,4:30 p.m. ET
• Prepared Remarks
• Questions and Answers
• Call Participants
Operator
Good afternoon, and welcome to the Duluth Holdings Incorporated Fourth Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Donni Case, Investor Relations for Duluth Holdings. Please go ahead.
Donni Case--Investor Relations
Thank you, Gary, and welcome to today's call to discuss Duluth Trading fourth quarter and fiscal 2018 financial results. Our earnings release, which we issued this afternoon is available on our Investor Relations website at ir.duluthtrading.com under Press Releases. I'm here today with Stephanie Pugliese, Chief Executive Officer; and Dave Loretta, Chief Financial Officer. On today's call management will provide prepared remarks and then we will open the call to your questions.
Before we begin, I would like to remind you that the comments on today's call, which include forward-looking statements can be identified by the use of words such as estimate, anticipate, expect, and similar phrases. Forward-looking statements by their nature involve estimates, projections, goals, forecasts and assumptions, and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.
Such risks and uncertainties include, but are not limited to, those that are described in our most recent Annual Report on Form 10-K and other SEC filings as applicable. These forward-looking statements speak only as of the date of this conference call and should not be relied upon as predictions of future events.
With that I'd like to turn the call over to Stephanie. Stephanie?
Stephanie L. Pugliese--President and Chief Executive Officer
Thank you and welcome everyone to our fourth quarter and year-end call for fiscal 2018. This past year was one of significant growth and accomplishment for the Duluth business. Our goal this year were to achieve strong revenue growth, strengthen our omnichannel presence, implement key infrastructure improvements and reach more customers than we ever have before.
We achieved these objectives and some highlights for the year include revenue growth of almost $100 million over 2017; a 50% expansion of our store base, ending with the year with 46 stores, including three locations in Texas, one of our top three states; market share growth in both new and established store market; the power of the omnichannel model continues to prove out as evidenced by established store markets consistently achieving direct growth rates at more than doubled the non-store market rates; continued double-digit growth in our active customer base along with an improvement in key metrics such as the percent of customer shopping across categories and average annual spend per customer; implementation of a large-scale infrastructure improvements, including a new order management system, inventory planning system and e-commerce platform, and upgrade to our distribution center in Belleville, Wisconsin. And finally, the launch of customer-facing omni programs such as Buy-Online-Pickup-In-Store or BOPIS, ship-from-store and e-gift cards.
While executing all these important initiatives puts us in a stronger competitive position for the future, our fourth quarter, which is the lion's share of our revenues and profitability, fell short of our expectations. We began the holiday shopping season with a strong showing on Black Friday and Cyber Monday, and we were on track to deliver higher sales results through the first week of December.
As we got closer to Christmas and through January, we experienced a slowdown in customer response, which we attribute to some factors that were in our control and others that were not. On a macro level, we were not immune to the overall slowdown in consumer spending and we felt the impact of lower traffic across all of our channels. Internally, we encountered some challenges with systems implementation and late deliveries of product. As a result we had inventory that was misaligned to the timing of sales and not distributed optimally throughout the network. This affected store productivity and added extra cost throughout the system, and some of our high-demand product didn't hit the market in time to reach the full benefit of the holiday season.
For example, we were out of stock in some of our highest volume sizes of our women's Plus Size program during this critical time of the year. We also took more back orders than we had planned due to later deliveries of the product and incurred more labor in the distribution centers and in the stores to process the flow of goods, which added considerable expense for the quarter. It is important to note that despite these issues we delivered a 15% increase in revenues over last year.
Critical to the business, our new e-commerce platform had the stability to handle peak volumes and we saw significant improvement in site speed. Total website visits in the fourth quarter increased 11% year-over-year with continued growth in new visitors. Most importantly, we recognize that as our model successfully shifts from direct to omnichannel, retail stores continue to influence customer engagements and revenues and across the entire ecosystem.
We know that when we open a store, that store presence quickly increases market penetration and longer term it's a catalyst for higher growth rate in direct. With total market growth being key to our success, top priority efforts are under way to drive awareness of and traffic to the stores. This is especially important as we expand to more new markets. This requires even more focused on the specific drivers of retail stores.
For example, the importance of new high volume products in our assortments each season. Unlike the direct business that drives on core stable, delivering fresh assortments to our retail stores, drives overall sales, attracts new customers to the brand, and boots traffic overall. We increased our new product introduction this past year, but several of our program fell short to our sales expectations, particularly in men's accessories and outerwear.
We know that we can do better and we are planning for more new styles, sizes and color options to create a pipeline of fresh impactful product year-around. We will double the number of SKUs in our women's plus size category and we will also continue to build out the rest of our women's business, Alaskan Hardgear and men's base layers, which are significant and proven drivers of growth.
Overall, we are planning for a 40% increase in new product that will be ready for the fall and peak season. In addition to evolving the assortment to meet the expectations of our omnichannel customers, we are focused on improving our ability to attract new and retain existing customers through targeted marketing and a more personalized web and store experience. This past season we did not yet have all of the elements of customer-facing marketing efforts in place and we were still -- are still working on these initiatives through the first quarter. For example, we know that the influence of women customers on omnichannel sales is important and growing, yet we were underpenetrated in marketing efforts that spoke specifically and directly to her. We will leverage the momentum in this part of our business by investing in additional advertising, increasing visibility within retail stores and doubling and improving our marketing mix.
Our men's business grew 19% year-over-year with Alaskan Hardgear being one of the fastest growing segments and achieving a three-year CAGR of 95%. We have a lot of opportunity to grow this popular sub-brand by expanding its retail footprint in appropriate store markets and by leveraging its brand appeal beyond outerwear with year-around apparel.
In a few minutes I will share our plans for this year. But first I'll turn the call over to Dave to discuss the details of our financial results and our guidance for 2019.
Dave Loretta--Senior Vice President and Chief Financial Officer
Thank you, Stephanie, and good afternoon, everyone. In the fourth quarter, we reported net sales of $250.5 million, up 15% compared to $217.8 million last year. This included $7.7 million for an extra 53rd week in 2018 as compared to 2017. Net sales growth was driven by both our retail and direct segments, with retail sales increasing 39% to $86.8 million and direct sales growing 5.4% to $163.8 million. Excluding the 53rd week, direct segment growth was 2.5% to $159 million and retail segment growth was 34% to $83.8 million.
For the quarter, shipping revenues were $3.4 million, a decrease of 40% compared to the prior year. In retail, we opened a total of three new stores, adding approximately 40,000 gross square feet to our retail footprint. We ended the year with a total of 46 stores and approximately 716,000 gross square feet. As Stephanie mentioned, our holiday business was on trend heading into December, but we started to see some mixed results two weeks prior to Christmas.
Direct sales were healthy through Christmas with the first eight weeks of the quarter growing 7% over last year. This trend reversed at that point with direct sales lagging last year by close to negative 6%. Our store sales productivity was good through early December, but didn't finish the holiday selling season as strong as last year. In January, we were up against a very promotional period last year and direct sales growing over 20% in that period. The addition of clearance goods and flash events this year didn't result in enough business to see online gains in January.
Gross profit for the fourth quarter was $131.3 million or 52.4% of net sales compared to $116 million or 53.3% of net sales last year. The 90 basis point decrease in gross margin rate was primarily due to an 80 basis point decline in shipping revenues and increased freight cost of our stores. Gross margins on our product sales improved over last year by 40 basis points, but were largely offset by end of year shrink and other cost of goods adjustments, including some adjustments that related to correcting system, inventory balances which were inflated by the cut over to the new order management system earlier in the year. We discovered the inflated inventory during our year-end close, but have determined that the adjustments are immaterial to our full year results. We are completing our assessment of the effectiveness of internal controls related to this and expect that that assessment will be completed in time for our 10-K filing.
Moving on to expenses; selling, general and administrative expenses increased 16.7% to $109 million compared to $86.5 million last year. This increase included $300,000 in advertising and marketing expenses, $9.6 million in selling expenses and $4.6 million in general and administrative expenses. As a percentage of net sales, SG&A expense increased 60 basis points to 40.3% compared to 39.7% last year. As a percentage of net sales, advertising and marketing costs decreased 200 basis points to 14.4% compared to 16.4% in the fourth quarter last year. The 200 basis point decrease was largely due to cost reductions related to catalog circulation and the shift of women's and men's catalogs from late January into February 2019, as well as leverage gained in advertising from a higher mix of retail net sales.
Selling expenses as a percentage of net sales increased to 16% compared to 14.1% last year. The 190 basis point increase was primarily due to higher retail selling costs from additional stores, an increase in shipping expense and an increase in distribution and call center labor. The increase in shipping expenses were primarily due to back orders and higher shipping rates during the peak season. The increase in direct fulfillment expenses were the result of our planned increase in wage rates as well as higher shipments per order due to a greater percentage of back orders.
General and administrative expenses as a percentage of net sales increased 70 basis points to 9.9% compared to 9.2% last year, primarily due to higher depreciation from the investments we made in new stores, technology and infrastructure. As we continue to fine-tune the new order management platform, we did experience additional cost to stabilize and maintain high customer service levels, that added an estimated $1.1 million in expenses in the quarter.
For the quarter, we reported net income of $20.8 million -- of net income or $0.64 per diluted share compared to net income of $19.5 million or $0.60 per diluted share last year. This includes an update to our effective tax rate from 26% to 26.7% as a result of the greater state tax apportionment. Adjusted for the change in tax rates due to the US tax reform in 2018, our prior year fourth quarter net income was $21.2 million or $0.66 per diluted share.
Our adjusted EBITDA increased 9% to $35.3 million compared to $32.4 million in the fourth quarter last year. We closed fiscal 2018 with a healthy balance sheet that positions us well for making strategic product, inventory and marketing adjustments to capitalize on our customers' preference for newness. At the end of the year, net working capital was $65 million with $16.5 million outstanding on our $130 million line of credit. Inventories increased 8.5% to $97.2 million compared to $89.5 million at the end of the fourth quarter last year -- $9.5 million of total inventory related to the additional 15 stores opened during 2018 and partially offset by improvement in turns.
Our outlet in clearance inventory showed a minimal increase at the end of 2018. As we progress into the first quarter of 2019, the response so far has been favorable to clearing that inventory and we expect to end the first quarter in a lower clearance position, allowing us to focus more on new products and full price selling.
Total capital expenditures were $50.8 million in 2018 compared to $42.8 million last year. As we discussed a year-ago, our 2018 capital expenditure plan reflected a peak investment year that was focused on supporting our growth strategy with new store openings, foundational investments and automation in our distribution center, implementing a new order management and inventory planning system, and replacing our outdated website.
Now moving on to the 2019 financial guidance, which is based on 52-weeks. We expect 2019 net sales to be between $645 million and $655 million with the retail channel accounting for up to 45% of total 2019 net sales, and mid single-digit growth in direct. We plan to open 15 new stores in 2019.
We expect full year gross profit rate to be flat compared to 2018 with slight improvement in product margins, offset by continued decline in shipping revenues of roughly 30 basis points. The exception to this will be in our first quarter where the sluggish trend in sales, both online and in stores, and heavier clearance activity is expected to negatively impact gross profit rate by 200 basis points to 250 basis points.
We expect selling, general and administrative expenses as a percentage of net sales to be 70 basis points to 120 basis points over last year, half of which is due to a shift of lease expenses from the interest line item to SG&A, plus an incremental $1 million in lease expenses as a result of the adoption of the new accounting lease standard. Excluding these impacts, the growth in the stores channel will continue to drive SG&A increases, along with higher depreciation expenses related to technology, infrastructure projects placed into service during 2018.
As a result, the annualization of higher depreciation related technology support costs and higher fulfillment labor rates will impact the first half of 2019 much more so than the back half. We anticipate these additional expenses will be partially offset by leverage gain in advertising, primarily due to higher retail sales in 2019. The one exception will be in the first quarter where we expect advertising to deleverage up to 20 basis points based on the shift in catalog drop dates into the quarter, as well as investing deeper in women's TV advertising for the spring and summer assortments.
We expect 2018 earnings per diluted share to be between $0.74 and $0.80. This assumes a full year weighted average diluted share count of 32.5 million shares and a tax rate of 27%. We expect adjusted EBITDA to be between $60 million and $64 million or a 15% to 23% increase. We expect capital expenditures to be in the range of $40 million to $45 million with the majority of spend on new stores and omnichannel growth initiatives.
We expect our free cash flow to turn positive in 2019 as we enter the period of steady state capital investments and begin to leverage fixed costs in the business model.
In closing, we ended the year with softness in sales trends on top of the heavy investment in foundational systems that impacted profitability growth. However, we have a solid plan for 2019 and are already executing on that plan.
With that, I'll turn the call back over to Stephanie.
Stephanie L. Pugliese--President and Chief Executive Officer
Thank you, Dave. Our culture of innovation is not limited to the products that we offer our customers. We did a lot of heavy lifting in 2018 to enhance our omnichannel model and to build a strong platform capable of creating deeper engagement with rapidly evolving customer expectations and technology that is moving faster than ever. While these initiatives created some near-term pressures in our business, we generated strong top line growth and maintained profitability in 2018. Looking forward, our focus will be on optimizing our investments and maximizing the opportunities we see to enrich brand awareness and engagement across all contact points with the customer. We are intensely focused on the parts of the business with greatest momentum and the greatest opportunity for increased market penetration.
These areas include the women's business, Alaskan Hardgear and men's base players. We are introducing proportionately more new product innovations in these areas and we have outsized our marketing efforts to drive growth and awareness. We will continue to expand and refine our omnichannel model with the goal of an additional 15 new stores and holistic effort to engage customers across channels, including the roll out of BOPIS. Regarding BOPIS, I can report to you that our trial in seven stores during 2018 exceeded our expectations. 91% of the customers polled indicated that they're likely or very likely to use BOPIS again. We expect to have this slide in all existing stores by the end of this month and we will make it available in all of our new stores as well.
As we see it, BOPIS creates multiple opportunities. It gets product to the customer faster than shipping, it encourages purchases in the store at the time of pickup and it ensures that we will have the product on hand when customers make the trip to the store. We will refine the investments that we implemented this past year, including improving the speed of our order management systems and continuing to build on the assortment and inventory planning tool, which will more accurately predict inventory needs by location and ultimately allow us to localize assortments by store and respond to customers' different needs by climate and geography.
Hand-in-hand, we will focus on productivity improvements to leverage the variable costs associated with our investments. This includes, increasing our use of pop up distribution centers for peak selling season, increasing the amount of product that is retail ready from our vendors and more accurately projecting on-hand inventory needs throughout the network.
And finally, we will begin to utilize insights from our marketing mix study to more fully engage customers across all of our marketing efforts. As our model has become more complex, our ability to understand and act on what is truly driving customer behavior is increasingly important. Through test and learn, we expect to more fully leverage the spend in the future.
We have an ambitious yet achievable agenda for 2019. The investments made to date have not been just in brick and mortar and IT systems, but also in talent and training. (Technical Difficulty) stronger and deeper than it's ever been. We remain fully committed to our long-term strategy of building the Duluth Trading brand through an omnichannel experience that we entirely control. We are well positioned to move our business forward and thereby create long-term value for our shareholders.
With that, we welcome your questions.
Operator
We will not begin the question-and-answer session. (Operator Instructions) The first question comes from John Morris with D.A. Davidson. Please go ahead.
John Morris--D.A. Davidson -- Analyst
Hi, thanks. Hi, Stephani, hi, Dave. Hi, couple of questions on the product category performance. Stephanie, I know you did mention it, you mentioned it very quickly, so I'm wondering if you give us a little bit more color on what you saw in terms of the product category performance, for example, I think I heard you say that outerwear didn't perform as well as you wanted it to. And so maybe that also kind of begs the question, if that's the case and/or volunteer your feeling on how whether or not weather impacted you on the quarter. And just generally on the product category performance, both men and women.
Stephanie L. Pugliese--President and Chief Executive Officer
Sure. So first, let me start at a slightly higher level on the men's versus women's. Our women's business continues to outpace the overall business in growth and -- the men's business. We picked up another couple of points of penetration in the women's business overall. And we are definitely seeing an increasing momentum in women's even as we go into the first quarter, particularly around some of our newest product launches and our plus-size business, for example, continues to be a very strong part of our business overall. So on the women's side of things, we certainly had a few products that exceeded expectations, a few that were -- fell a little bit shy, but overall in women's, I'd say we had some pretty decent momentum throughout the quarter.
The struggles that we had specifically on product really were twofold. There were a couple of large-scale programs that we had that were more weighted toward our men's business in outerwear. They were new launches of products that just didn't meet our expectations overall. We had certain pockets of outerwear that were good, but by and large, our outerwear business fell short. We also saw that the accessories hard goods part of the business didn't meet our expectations, again geared more toward the men's side of things.
That said, there was also an exacerbation of product performance, in that I mentioned in my prepared remarks that we had some later deliveries, some inventory that was misaligned. Specific to that we had some deliveries that were later than we expected due to some port congestion, a little bit later on into the quarter. And that was -- they added to our problems there in that. We had tight deliveries to begin with and then trying to get some of those goods out to the full network, including all of the stores in time for certain peak selling -- peak parts of the selling season was difficult. So we found -- we also found that we had some of our inventory that we didn't get out to our DC network fully and completely in time, again for some of those peak weeks.
So we were taking on more burden in our Belleville, Wisconsin distribution center than we had anticipated, which added to cost and slowed down the inventory replenishment to our retail stores. As you may remember Belleville is the one DC that replenishes our retail stores. So when we get clogged up there on the direct side, it tends to impact the whole system. So those were the big things around the product side of things. And what I'd say, John, in terms of the impact of both of those, they are probably both -- both equally weighted in terms of the sales volume impact, but the second thing that I talked about with the inventory misalignment also had expense ramifications as well.
John Morris--D.A. Davidson -- Analyst
That's a lot of helpful color. I'm wondering, I mean, given that the pace of the slowdown coming so late in the quarter, whether or not you all want to comment on what you're seeing so far top line wise here at the beginning of the first quarter since we're you know pretty well through it, whether or not you're seeing and to what degree you can comment qualitatively on recovery. Dave, I know you gave a fair amount of color on some other below the top line item things, but I'm wondering if you can comment any kind of a recovery that you've seen so far, top line wise.
Stephanie L. Pugliese--President and Chief Executive Officer
On the top line side, John, I'll take that one and then pass it off to Dave for any additional comments. Q1 has been slow for us. We haven't come out of the sluggishness that we saw in Q4. We're not really seeing a trend reversal at this time, particularly on the men's side of the business. That said, our women's customer, particularly with the new product has been responding more quickly and stronger.
So our women's trend is actually still quite good, but we did come out of fourth quarter with, you know, because of those issues that I described just a moment ago, with additional end of season clearance inventory, which we took some additional markdowns on in late February and early March to move those goods, we feel good about where we are today on that inventory position and we feel good about, as we keep going deeper into the year, the plans and the new products that we have in place to introduce to the customer, but we really see first quarter sluggish, second quarter perhaps a little bit of recovery, but really it's going to be -- and the inflection point is the latter half of the year for some of the product turnaround as well as some of the marketing efforts that we have in place.
The last thing that I would mention to you is, we haven't yet seen an all-out kind of spring whether reversal, if you will, with a lack of rain and obviously not such hot temperatures. So in terms of really gauging some of our warmer weather product, it's still a little too early to tell and call that.
John Morris--D.A. Davidson -- Analyst
Yeah, OK. All the best for spring there. Thank you.
Stephanie L. Pugliese--President and Chief Executive Officer
Thanks, John.
Operator
The next question comes from Jonathan Komp with Baird. Please go ahead.
Jonathan Komp--Robert W. Baird -- Analyst
Yeah, hi. Thank you. I wanted to just first follow-up about the inventory-related comments and you already characterized more of the operations, factors that you called out. Just curious, Stephanie, kind of when do you think you'll have a good handle on all those factors and (Technical Difficulty) any more color as diagnosed some the operating factors (Technical Difficulty).
Stephanie L. Pugliese--President and Chief Executive Officer
Jon, you broke up a little bit for me. So I'll start with what I did hear about commentary on some of the inventory comments that I made, as well as where we are today and how we see that evolving and improving. Is that a fair -- is that your question?
Jonathan Komp--Robert W. Baird -- Analyst
(Technical Difficulty)
Stephanie L. Pugliese--President and Chief Executive Officer
Okay. So we really saw some pretty significant impact on inventory misalignment over -- in fourth quarter, obviously because fourth quarter is such an important part of our year and every day is a significant amount of volume. So one or two days of misalignment or missed delivery of an order is very impactful in the fourth quarter, more so of course than any other quarter. That said, the things that we can control, we have found that our deliveries are back to the standard, if you will, in terms of being on-time delivery. We haven't of late experience those same types of inventory delays or delivery delays, I should say, that we experienced in the fourth quarter.
In addition, in fourth quarter we were just coming off of the transition to our new expansion of our Belleville distribution center, which primarily affects retail replenishment, that was a slow kind of restart at the end of the third quarter. It stayed impacting us in fourth quarter. So we're past some of those things. The piece that we are still working on from an inventory perspective is we're still fine-tuning the new assortment and inventory planning tool that we put in place in late third quarter and that is the tool that anticipates sales curves and demand needs in stores ahead of the curve.
And while we think that is working well, we definitely think there's opportunities to improve that and to optimize that system, looking at things like opportunities for highest volumes SKUs to be in a never out situation and what type of inventory levels would it take to do that and we're working with our vendors to be able to fast track some inventory on some of these higher volume items so that we are in better stock position across the entire system.
The other thing that we're looking at is, as we have -- as I mentioned in the remarks, we are finding more and more that our retail business and our retail customer is responding more disproportionately to new and the new seasons good. And so we are looking -- we're going back into our placement of orders on those types of goods and ensuring we have the depth of inventory levels to be able to stay in stock, in that product across, you know, now the 50 stores with our with our Spokane store coming online that we have and making sure that we've got enough inventory to go across the entire system.
Jonathan Komp--Robert W. Baird -- Analyst
Okay. That's helpful. Maybe a question just some of the (Technical Difficulty) drivers (Technical Difficulty) marketing initiatives later in the year, can you talk about your degree of confidence that those are the business forward and any -- any results that kind of tests related to some of that or any more color that you could share.
Stephanie L. Pugliese--President and Chief Executive Officer
Sure. So one of the -- one of the kind of confidence proof points that we have today, I've mentioned it a couple of times in terms of the juxtaposition of women's results versus our men's results right now. Women's, we have doubled the amount of newness and the floor right now that we have in men and that business is trending better. The product that we have -- that we have introduced, that is transitional product as well as some of the early reads that we've gotten in women's, and remember that our women's customer will shop a little bit more ahead of the season than our men's buy now, wear now guy is, we've seen some very positive indication on some of the early reads even there in summer goods, if you will.
The other piece that we have seen is that in our men's business where we've had small collections of new product, we've gotten actually an early good response but we haven't been in the inventory position to be able to sustain some of these new kind of trending products. The last piece that you asked about confidence as we go forward, I would say that the depth of newness and some of the large-scale programs that we have or introducing a full new category in women's. I'll keep you guys in suspense on that until we get a little bit closer on exactly what that looks like, but that's a, that's an important driver of what we've got go forward. We've doubled the SKUs available in our plus size business which is proving itself out.
So I feel really good about where we're going go forward. It's going to take a little bit of time for us to get there because we're not there yet. The other thing that I would just mention is marketing efforts. We have already started some of the test and learn efforts coming off of our first marketing mix indicators that we got in late fourth quarter and we're starting to see indicators of results there. We expect that we'll have the results shortly coming off of fourth quarter and we'll be utilizing that to adjust our marketing investments for third and fourth quarter for the year as well.
Jonathan Komp--Robert W. Baird -- Analyst
Okay, great. And just last one from me, a bit of a follow-up. But when you look at the margin performance of the business, given the marketing model, mix changes maybe leveraging some of the systems that are now in place, like how far out do you think you are from stabilizing and maybe starting to improve operating margin again?
Dave Loretta--Senior Vice President and Chief Financial Officer
Jon, we have talked about the second half of 2019 as a point where we expect some operating margins to start to expand and that is what we are expecting to see. So I'd kind of characterize this as, third quarter, we expect that trend to begin and that's what's reflected in our guidance.
Jonathan Komp--Robert W. Baird -- Analyst
Okay, great, thanks for all that color.
Stephanie L. Pugliese--President and Chief Executive Officer
Thanks, Jon.
Operator
The next question comes from Jim Duffy with Stifel. Please go ahead.
Jim Duffy--Stifel Nicolaus -- Analyst
Thank you. Good afternoon. Couple of questions from me. First, just on trends during December, the check showed a more promotional stance on a year-to-year basis, that's consistent with your comments on trends across the quarter. Did you find that consumers just weren't responding to promotions like they have in the past?
Stephanie L. Pugliese--President and Chief Executive Officer
Yes, I think it was part was partially that, Jim. It was also that we were up against some pretty deep flash sales. And while we stayed very promotional and increased some of our global, you know, take X percent of your orders promotions in the month of January, we still just didn't see quite the response that we expected. We are attributing some of that -- quite frankly, to some of the things that I've already talked about with having impactful new large-scale programs that some of them that we had and the customer just didn't react to them at full price or at markdown, as well as just some overall slowdown because we did see that it was enterprisewide, if you will, that sluggishness.
Jim Duffy--Stifel Nicolaus -- Analyst
Okay. And Stephanie, maybe you just answered my next question. But I'm curious trends across the quarter, the linearity of the quarter was fairly consistent between the direct and the retail business.
Stephanie L. Pugliese--President and Chief Executive Officer
Yes. And I would say that they've also been fairly consistent in terms of what we've seen in prior quarters. And what I mean specifically, Jim, about that is that we do consistently see, for example, that we sell more of a proportion of our sales at full price in retail stores then in direct. Direct is a more promotional segment or channel for us, primarily driven with emails, as you would imagine, and we saw that consistently, but it was all kind of -- there was an umbrella of sluggishness across all aspects.
Jim Duffy--Stifel Nicolaus -- Analyst
Okay, helpful. Thanks. And then you have referenced a couple of times the need for more newness in the stores. What are you seeing with respect to store traffic trends. Is that something you can comment on, any help that would be...
Stephanie L. Pugliese--President and Chief Executive Officer
Yeah, sure. I would say -- there are two things I can say about that. Number one is, when we talk about the quarter that we just came off of and even the continuation into first quarter, we have seen traffic sluggishness across the board. So that's web traffic sluggishness as well as store traffic. In regard to the newness and what we see with that, there are two things.
Number one is, as I mentioned just a few minutes ago, we know when we look at the proportion of sales that are driven by core basics versus brand new product versus seasonal new product, and when I mentioned, seasonal new that something like a flannel shirt that might be a repeat of prior year, but it goes away in the spring and summer then comes back again in the fall, that seasonal new and the brand new product is the higher driver of our retail revenues than it is in direct.
And we see that when we deliver a new store set, when we deliver a new catalog, for example, or a new television ad that is featuring either that seasonal product or brand new product, we see store traffic increase more quickly and staff and -- at a faster stronger or pace, if you will, than even the web traffic.
Jim Duffy--Stifel Nicolaus -- Analyst
Okay. So it seems like the retail stores are showing some different characteristics than the online, which is to be expected, I suppose. Merchandise assortments, you're still getting figured out. I'm curious, you're adding retail stores, putting new systems in place. Does it make sense to take some time to get your feet underneath you before and tap the brakes on opening stores. Is that something that's been discussed?
Stephanie L. Pugliese--President and Chief Executive Officer
As we're looking at the opening of the stores and the 15 store plan that we have again this year, the primary filters, if you will, that we're using are, you know, the stores that we are opening, even though we're coming off of a sluggish quarter, the stores that we're opening are still achieving or exceeding our model goals. All of the things that we've talked about a number of times with sales per square foot goals as well as four-wall EBITDA projections, projection of payback on the initial investment and we are seeing continued strength in the omni model, the direct side of the business in our more established longer store market. So there is all the really positive indications around the omnichannel model and the growth there.
That said, the other filters, if you will, that we use and we want to make sure that we always have in place, are obviously the capital in place. The second thing would be the available real estate that is right for us, not just they are because it's available and the ability to manage staff and create a customer experience that we expect from our stores.
So if those things are all in place, we expect to keep moving forward with our store expansion. And as far as the systems piece of things, we are obviously still dealing with the refinement of the system and what we sometimes call the tail that flows and after the implementation and we're working on those things, but the very large scale implementations are behind us at this point and we're really focusing on refining the use of those systems this year as opposed to kind of turning over again.
Jim Duffy--Stifel Nicolaus -- Analyst
Very good, thank you for that.
Stephanie L. Pugliese--President and Chief Executive Officer
Thank you.
Operator
The next question comes from Dylan Carden with William Blair. Please go ahead.
Dylan Carden--William Blair -- Analyst
Yeah, hi. Thank you very much. Curious to trying to understand the wider spread between store productivity and direct business and how direct was able to kind of pull out of this quarter with some positive momentum which you expect to continue this year. I guess how much of the implementation of new order management systems do you attribute to the decline in the retail channel from a productivity standpoint. And then go forward, any update you can give vis-a-vis kind of the interaction of the two channels, one year, two years in, you know, customer retention of the 50% new customers, how many you're seeing in that second year that come back to the store, any sort of second-year trend in these newer stores you've now had opened from 2017, any kind of data points in and around sort of the aging of the fleet, so to speak, would be helpful.
Stephanie L. Pugliese--President and Chief Executive Officer
Dylan, that with a lot of questions. So I'm going to try to them off one at a time and please let me know if I forget about one, OK? So just starting with sales productivity and the retail versus direct and the results that we saw and how OMS and systems might have impacted that, I would say that the impact of the systems implementation overall was threefold.
Specific to your question about was there an impact to the trend line, if you will, of retail, we definitely had some impact. It's hard to quantify on the lack of inventory or lack of timely inventory in the stores in the peak season I've mentioned before with the changeover of both of our DC as well as the new assortment and inventory planning system that we implemented at the end of third quarter. That definitely had an impact on our stores where people were coming in during the peak season and we didn't have full inventory position, particularly in some of our higher volume items.
One of the benefits that we have go forward for that will be the BOPIS roll-out to all of our stores. But remember in the fourth quarter that was only in seven stores, so it was really not impactful at all in terms of the grand scheme of things. The second impact that the systems implementations had were obviously with expenses and that's not necessarily a retail trend line issue, but it was certainly very real impact to our bottom line for fourth quarter and for the year. And we've talked I know about some of that in our prepared remarks.
The third piece that systems implementation had in terms of an impact was quite frankly there were a lot of our team members that were working through the implementation of those systems as well as the refinement and making sure that we were fixing the bugs as we came through third and fourth quarter this year. And there were some energy spent on those systems implementations and refinement that we have back now to be able to be focused on retail replenishment and inventory levels and making sure we have newness and assortment and all that sort of thing. So I do think that we lost some kind of mindshare time, if you will, on some of the retail specific business drivers.
The last thing that I would mention is, one of the things that I tried to communicate and I think with some of the other questions is, becoming a little bit clear is, we are now at the point where almost 40% of our business last year was done in the retail channel and we know that retail customers go back and they shop across channels. So they may come into retail stores for the new seasonal product or the brand new product, but oftentimes they will often go back and order online for their core basics or a new color or something that they just bought.
So while 40% or so the transactions are done at retail, a far greater amount of the overall sales are being influenced and impacted by our presence in retail. And we have an opportunity to get a little bit sharper, a little bit smarter about the specific demands of the retail channel that drive customer decisions like this newness we've been talking about a lot and how we go forward and strengthen that.
The other part of your question I believe was how -- what are like kind of the customer metrics around retail stores.
Dylan Carden--William Blair -- Analyst
Yes, you've provided before some handy metrics around sort of in the second year you see direct sales in these new markets to X growth relative to the plea, that's kind of where I was going within?
Stephanie L. Pugliese--President and Chief Executive Officer
Yes. So let me talk first about just some quick kind of view of the customer. Our retail customers are, they shop more often with us, there's a higher retention rate of retail customers. They spend more on an annualized basis, particularly driven by the visits that occur more often. They also are more likely to buy across categories, across genders and to go back and forth between the channels, kind of what I just explained a couple of minutes ago with back to quarter in basics online.
In terms of the overall business and what happens in the market, we are still seeing that, that same dynamics that we've talked about for a little while now which is, we enter a store -- a market with a store, we instantly see that market penetration grow substantially with the store volume that we've just added to the market. In the first year, we do see direct growth rates contract to a little bit lower than what the non-store or average market direct growth rates are. As we enter into the second year of that store being in the market, we are still seeing, and even in the slower fourth quarter, we are still seeing direct growth rates in established store markets being double or more so than growth rates in non-store markets. So we're absolutely still seeing that retail has a positive impact on direct growth ultimately.
We do see that in the second year of a store being in a market, we do see some contraction in four wall store sales, but that's happening, you know, we've got a few months where the direct sales are not reignited to a really fast pace and the store sales are kind of hitting up again the grand opening in their 14th, 15th month before the direct starts refiring to the level where the market is growing again. And so, there is that period of a lull, if you will, in that second year of a retail store, but we've consistently seen between direct growth and the retail store being present significant market penetration increase and absolutely an improvement in direct growth rate.
Dylan Carden--William Blair -- Analyst
Great. Thank you very much. Can I sneak one last one to hear about on profitability? I'm just curious, on the gross margin guidance you know I think it was kind of similar last year and ultimately (Technical Difficulty) I guess sort of confidence level that you're going to go to offset or is it that shipping level -- shipping threshold should stay more consistent this year given kind of where they are trended? And then also on marketing whether or not kind of your plans for the year and what you saw in the fourth quarter gives you some hesitation on leveraging that line item longer term more aggressively? Thanks.
Dave Loretta--Senior Vice President and Chief Financial Officer
Yes, Dylan, on the gross margin expectation, we do expect that the shipping revenue decline will continue and that was call out in the comments around 30 basis points of impact to gross margin as a result of that. We do expect that product margin will largely offset that and that will play out through the course of the year, similar to last year with the first quarter being a bigger decline in the gross margin rate and then the other periods of the quarter of the year being positive. But in terms of advertising, we also see that the new element that we've got going into 2019 is some learnings from our marketing mix modeling study that we'll apply to our spend already this first part of the year and probably more so in the back part of the year because we'll have the learnings after this past back half of the year analysis available to us.
So we're confident that the advertising leverage will be there, but it'll be more targeted and more focused on the elements that drive the activities that we're looking for. So that's in what's available to us going forward.
Dylan Carden--William Blair -- Analyst
Great, thank you very much.
Stephanie L. Pugliese--President and Chief Executive Officer
Thanks, Dylan.
Operator
This concludes our question-and-answer session. And the conference is also now concluded. Thank you for attending today's presentation. You may now disconnect.
Duration: 55 minutes
Donni Case--Investor Relations
Stephanie L. Pugliese--President and Chief Executive Officer
Dave Loretta--Senior Vice President and Chief Financial Officer
John Morris--D.A. Davidson -- Analyst
Jonathan Komp--Robert W. Baird -- Analyst
Jim Duffy--Stifel Nicolaus -- Analyst
Dylan Carden--William Blair -- Analyst
More DLTH analysis
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https://finance.yahoo.com/news/matsa-resources-limiteds-asx-mat-025441885.html | 2019-04-05 02:54:41+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Is Matsa Resources Limited's (ASX:MAT) CEO Paid Enough Relative To Peers? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Paul Poli is the CEO of Matsa Resources Limited (ASX:MAT). First, this article will compare CEO compensation with compensation at similar sized companies. Next, we'll consider growth that the business demonstrates. And finally - as a second measure of performance - we will look at the returns shareholders have received over the last few years. The aim of all this is to consider the appropriateness of CEO pay levels.
View our latest analysis for Matsa Resources
Our data indicates that Matsa Resources Limited is worth AU$24m, and total annual CEO compensation is AU$362k. (This is based on the year to June 2018). While we always look at total compensation first, we note that the salary component is less, at AU$342k. We took a group of companies with market capitalizations below AU$281m, and calculated the median CEO total compensation to be AU$353k.
That means Paul Poli receives fairly typical remuneration for the CEO of a company that size. Although this fact alone doesn't tell us a great deal, it becomes more relevant when considered against the business performance.
You can see a visual representation of the CEO compensation at Matsa Resources, below.
On average over the last three years, Matsa Resources Limited has shrunk earnings per share by 70% each year (measured with a line of best fit). In the last year, its revenue is up 962%.
The reduction in earnings per share, over three years, is arguably concerning. But on the other hand, revenue growth is strong, suggesting a brighter future. In conclusion we can't form a strong opinion about business performance yet; but it's one worth watching. We don't have analyst forecasts, but you could get a better understanding of its growth by checking outthis more detailed historical graphof earnings, revenue and cash flow.
With a total shareholder return of 16% over three years, Matsa Resources Limited shareholders would, in general, be reasonably content. But they probably don't want to see the CEO paid more than is normal for companies around the same size.
Remuneration for Paul Poli is close enough to the median pay for a CEO of a similar sized company .
We think many would like to see better growth. But we don't think the CEO compensation is a problem. Shareholders may want tocheck for free if Matsa Resources insiders are buying or selling shares.
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/imagine-owning-hong-kong-building-025929434.html | 2019-04-05 02:59:29+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Imagine Owning Hong Kong Building And Loan Agency (HKG:145) And Trying To Stomach The 90% Share Price Drop | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
While not a mind-blowing move, it is good to see that theThe Hong Kong Building And Loan Agency Limited(HKG:145) share price has gained 27% in the last three months. But will that heal all the wounds inflicted over 5 years of declines? Unlikely. Five years have seen the share price descend precipitously, down a full 90%. While the recent increase might be a green shoot, we're certainly hesitant to rejoice. The real question is whether the business can leave its past behind and improve itself over the years ahead.
We really feel for shareholders in this scenario. It's a good reminder of the importance of diversification, and it's worth keeping in mind there's more to life than money, anyway.
View our latest analysis for Hong Kong Building And Loan Agency
Because Hong Kong Building And Loan Agency is loss-making, we think the market is probably more focussed on revenue and revenue growth, at least for now. Shareholders of unprofitable companies usually expect strong revenue growth. Some companies are willing to postpone profitability to grow revenue faster, but in that case one does expect good top-line growth.
In the last half decade, Hong Kong Building And Loan Agency saw its revenue increase by 48% per year. That's well above most other pre-profit companies. So it's not at all clear to us why the share price sunk 37% throughout that time. It could be that the stock was over-hyped before. While there might be an opportunity here, you'd want to take a close look at the balance sheet strength.
The chart below shows how revenue and earnings have changed with time, (if you click on the chart you can see the actual values).
If you are thinking of buying or selling Hong Kong Building And Loan Agency stock, you should check out thisFREEdetailed report on its balance sheet.
While the broader market lost about 0.05% in the twelve months, Hong Kong Building And Loan Agency shareholders did even worse, losing 30%. However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. However, the loss over the last year isn't as bad as the 37% per annum loss investors have suffered over the last half decade. We would want clear information suggesting the company will grow, before taking the view that the share price will stabilize. Shareholders might want to examinethis detailed historical graphof past earnings, revenue and cash flow.
If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/suspect-formally-charged-nipsey-hussle-murder-due-court-000123146.html | 2019-04-05 03:01:06+00:00 | null | null | Reuters | https://www.reuters.com/ | Accused killer of rapper Nipsey Hussle pleads not guilty in Los Angeles | By Dan Whitcomb LOS ANGELES (Reuters) - A Los Angeles man pleaded not guilty on Thursday to charges that he killed Grammy-nominated rapper Nipsey Hussle and was ordered held on $5 million bail. Eric Ronald Holder, 29, entered his pleas to murder and attempted murder charges through his attorney during a brief hearing in Los Angeles Superior Court. Holder appeared in court behind bars in a holding cell and spoke only to acknowledge his rights. He was ordered held on $5 million bail and told to return for a hearing on May 10. Holder was represented in the high-profile case by Chris Darden who, as a Los Angeles County deputy district attorney in the 1990s, unsuccessfully prosecuted former football star O.J. Simpson for murder. Darden asked Los Angeles Superior Court Judge Teresa Sullivan to ban cameras from the courtroom, a request she denied. Darden declined to speak to reporters as he left the courthouse. Hussle, whose real name was Ermias Asghedom, was shot multiple times on March 31 outside his Marathon Clothing store in south Los Angeles. Two other people were wounded by gunfire. PERSONAL DISPUTE Holder was taken into custody on Tuesday in the Los Angeles suburb of Bellflower after a caller reported seeing the man police had named as a suspect. Investigators say the slaying was motivated by a personal dispute between the two men. Holder faces a maximum sentence of life in prison without the possibility of parole if convicted at trial. A woman who drove Holder away from the scene has not been arrested or charged in the case. The Los Angeles Times reported on Thursday that Holder was an aspiring rapper and suspected gang member who went by the nickname "Fly Mac". He has a previous conviction for carrying a loaded firearm, the paper said. A disturbance erupted at a vigil for Hussle on Monday, setting off a stampede that critically injured two people. Hussle's debut studio album, "Victory Lap," was nominated for Best Rap Album at this year's Grammy Awards and his death prompted tributes on social media. Story continues The rapper, who was of Eritrean descent and grew up in south Los Angeles, has said that he once belonged to a street gang but more recently he had parlayed his fame into a role as a community organizer and activist. Hussle wrote "having strong enemies is a blessing" in a Twitter post on the day of his death. (Reporting by Dan Whitcomb; Editing by Dan Grebler and Richard Chang) |
https://finance.yahoo.com/news/nice-financial-group-hkg-1469-030400400.html | 2019-04-05 03:04:00+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Some Get Nice Financial Group (HKG:1469) Shareholders Are Down 26% | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
It's easy to match the overall market return by buying an index fund. But if you buy individual stocks, you can do both better or worse than that. Unfortunately theGet Nice Financial Group Limited(HKG:1469) share price slid 26% over twelve months. That falls noticeably short of the market return of around -0.05%. We wouldn't rush to judgement on Get Nice Financial Group because we don't have a long term history to look at.
View our latest analysis for Get Nice Financial Group
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
Unfortunately Get Nice Financial Group reported an EPS drop of 38% for the last year. The share price fall of 26% isn't as bad as the reduction in earnings per share. It may have been that the weak EPS was not as bad as some had feared.
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. Thisfreeinteractive report on Get Nice Financial Group'searnings, revenue and cash flowis a great place to start, if you want to investigate the stock further.
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Get Nice Financial Group's TSR for the last year was -21%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
We doubt Get Nice Financial Group shareholders are happy with the loss of 21% over twelve months (even including dividends). That falls short of the market, which lost 0.05%. That's disappointing, but it's worth keeping in mind that the market-wide selling wouldn't have helped. Putting aside the last twelve months, it's good to see the share price has rebounded by 3.2%, in the last ninety days. Let's just hope this isn't the widely-feared 'dead cat bounce' (which would indicate further declines to come). Before forming an opinion on Get Nice Financial Group you might want to consider the cold hard cash it pays as a dividend. Thisfreechart tracks its dividend over time.
Of courseGet Nice Financial Group may not be the best stock to buy. So you may wish to see thisfreecollection of growth stocks.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/know-ellex-medical-lasers-limiteds-030816217.html | 2019-04-05 03:08:16+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | What You Should Know About Ellex Medical Lasers Limited's (ASX:ELX) Financial Strength | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Ellex Medical Lasers Limited (ASX:ELX) is a small-cap stock with a market capitalization of AU$86m. While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. Why is it important? Since ELX is loss-making right now, it’s essential to evaluate the current state of its operations and pathway to profitability. The following basic checks can help you get a picture of the company's balance sheet strength. Nevertheless, these checks don't give you a full picture, so I recommend youdig deeper yourself into ELX here.
ELX's debt level has been constant at around AU$15m over the previous year – this includes long-term debt. At this stable level of debt, the current cash and short-term investment levels stands at AU$20m to keep the business going. Its negative operating cash flow means calculating cash-to-debt wouldn't be useful. For this article’s sake, I won’t be looking at this today, but you can examine some of ELX’soperating efficiency ratios such as ROA here.
With current liabilities at AU$32m, it appears that the company has been able to meet these commitments with a current assets level of AU$63m, leading to a 1.95x current account ratio. The current ratio is the number you get when you divide current assets by current liabilities. For Medical Equipment companies, this ratio is within a sensible range since there's a sufficient cash cushion without leaving too much capital idle or in low-earning investments.
With a debt-to-equity ratio of 21%, ELX's debt level may be seen as prudent. ELX is not taking on too much debt commitment, which may be constraining for future growth. Investors' risk associated with debt is very low with ELX, and the company has plenty of headroom and ability to raise debt should it need to in the future.
ELX’s high cash coverage and appropriate debt levels indicate its ability to utilise its borrowings efficiently in order to generate ample cash flow. In addition to this, the company exhibits an ability to meet its near term obligations should an adverse event occur. I admit this is a fairly basic analysis for ELX's financial health. Other important fundamentals need to be considered alongside. I recommend you continue to research Ellex Medical Lasers to get a better picture of the stock by looking at:
1. Future Outlook: What are well-informed industry analysts predicting for ELX’s future growth? Take a look at ourfree research report of analyst consensusfor ELX’s outlook.
2. Historical Performance: What has ELX's returns been like over the past? Go into more detail in the past track record analysis and take a look atthe free visual representations of our analysisfor more clarity.
3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/one-thing-remember-dilip-buildcon-030831519.html | 2019-04-05 03:08:31+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | One Thing To Remember About The Dilip Buildcon Limited (NSE:DBL) Share Price | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
If you own shares in Dilip Buildcon Limited (NSE:DBL) then it's worth thinking about how it contributes to the volatility of your portfolio, overall. In finance, Beta is a measure of volatility. Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. First, we have company specific volatility, which is the price gyrations of an individual stock. Holding at least 8 stocks can reduce this kind of risk across a portfolio. The second type is the broader market volatility, which you cannot diversify away, since it arises from macroeconomic factors which directly affects all the stocks on the market.
Some stocks are more sensitive to general market forces than others. Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). However, Warren Buffett said 'volatility is far from synonymous with risk' in his 2014 letter to investors. So, while useful, beta is not the only metric to consider. To use beta as an investor, you must first understand that the overall market has a beta of one. Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.
See our latest analysis for Dilip Buildcon
Given that it has a beta of 1.51, we can surmise that the Dilip Buildcon share price has been fairly sensitive to market volatility (over the last 5 years). Based on this history, investors should be aware that Dilip Buildcon are likely to rise strongly in times of greed, but sell off in times of fear. Many would argue that beta is useful in position sizing, but fundamental metrics such as revenue and earnings are more important overall. You can see Dilip Buildcon's revenue and earnings in the image below.
With a market capitalisation of ₹86b, Dilip Buildcon is a small cap stock. However, it is big enough to catch the attention of professional investors. It has a relatively high beta, which is not unusual among small-cap stocks. Because it takes less capital to move the share price of a smaller company, actively traded small-cap stocks often have a higher beta that a similar large-cap stock.
Since Dilip Buildcon tends to moves up when the market is going up, and down when it's going down, potential investors may wish to reflect on the overall market, when considering the stock. This article aims to educate investors about beta values, but it's well worth looking at important company-specific fundamentals such as Dilip Buildcon’s financial health and performance track record. I highly recommend you dive deeper by considering the following:
1. Future Outlook: What are well-informed industry analysts predicting for DBL’s future growth? Take a look at ourfree research report of analyst consensusfor DBL’s outlook.
2. Past Track Record: Has DBL been consistently performing well irrespective of the ups and downs in the market? Go into more detail in the past performance analysis and take a look atthe free visual representations of DBL's historicalsfor more clarity.
3. Other Interesting Stocks: It's worth checking to see how DBL measures up against other companies on valuation. You could start with thisfree list of prospective options.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/moot-court-not-just-law-031052550.html | 2019-04-05 03:10:52+00:00 | [] | ALM Media | ALM Media | https://www.law.com | Moot Court Is Not Just for Law Students | Fordham Law moot courtAll of us can recall our law school moot court competitions that occupied our energies—learning how to write a persuasive brief and to argue its contents before a “court” often comprised of professors, teaching assistants and alumni. But, the importance of the moot court experience does not stop at graduation. Practicing lawyers, especially appellate counsel can be significantly assisted by engaging in a law school style “moot court” exercise as they prepare for an appellate or motion court engagement.Enlisting the assistance of those with a careful eye toward maximizing the effect of courtroom presentations—both the brief and the argument—should not be underestimated. While the trained ear of a colleague, a friend, perhaps a spouse or partner who takes some time out to listen to snippets of an intended argument can make a big difference in the effectiveness of an oral argument, to maximize the benefit of a moot court experience, the practitioner should consider a more exacting approach.A compelling oral argument, supplementing a thoughtful and well-crafted brief can help persuade the court to rule in your favor in a close case. The opportunity to persuade the appellate panelists should not be squandered.A good moot court approach for an appeal begins with the briefs, which are the most important part of the appeal. It is while drafting the appellate briefs that lawyers make strategic decisions on what arguments to advance, how they are prioritized and how to present them.It is useful, even at the brief-writing stage, to engage the assistance of parties who are not as close as you are to your argument to review your brief and assess whether or not an argument should be made and how it should be structured and prioritized with other points. Remember, at the appellate stage, it is important to focus on the issue or issues on appeal not necessarily on the issues as they were presented in the lower court. This dispassionate third-party perspective is especially important if you were also counsel at the trial level because it may be difficult to extricate yourself from the factual details, themes and arguments made at the trial level. See Joseph W. Hatchett and Robert J. Telfer III,Appellate Advocacy Symposium, Part II: The Importance of Appellate Oral Argument,33 Stetson L. Rev. 139, 146 (Fall 2003). By seeking outside help, you can focus on advancing the strongest arguments in your appellate briefs.Briefs are where you set the stage for oral argument and evaluating how your brief frames the issues for oral argument should not be overlooked. See Gwen J. Samora,Symposium: Preparing for Appeal: New Challenges: Oral Argument Tips for Trial Lawyers—Aim For The Good, Avoid The Ugly, 76 The Advocate 23, 23 (Fall 2016).Attorneys preparing for an appellate oral argument must practice delivery of their argument prior to the oral argument date. A good response to a tough question can make a difference to a judge who is on the fence. Practicing your argument aloud with experienced interlocutors, preferably through a formal moot court exercise, can give you an invaluable perspective on how to handle questioning. Even if you engaged in the brief writing stage without assistance, there is still value in mooting your argument with others. The moot court process provides the practitioner with a tough and thorough interrogation of the perceived weaknesses of your argument. See Dori Bernstein,Feature, How to Construct an Effective Moot Court,44 Litigation 47, 47 (Fall 2017). During this process, your moot court panelist or panelists may ask you important questions that may not have occurred to you. They also may have ideas on how to better articulate what you are trying to say. Each question can help you refine your argument and prepare the best responses to potential questions. Because moot court questioning is often tougher that the actual oral argument, going through the moot court process can also boost your confidence and make you better prepared for an argument.Finding the right moot court panelists is critical. Ideally, utilizing skilled appellate advocates is important, especially those who regularly argue in the court in which you are scheduled to appear. See id. at 48-49. You should also provide the panelists with the decision below, the appellate briefs and important excerpts from the record. Encouraging the panelists to be fully prepared will ensure that they can zero in on the critical issues in the case during the moot court questioning. Interlocutors who have not examined the briefs and the record may actually do you a disservice. There should be a structure to the moot court; the first part is the question and answer portion where the lawyer presents the case and the panelists ask questions, probe weaknesses and push the strongest points supporting the opposite side.Additionally, unlike the actual argument itself where judges often interrupt a counsel’s response to a prior question, moot panelists should allow the lawyer to fully complete each answer. Bernstein, 44 Litigation at 50. That way, the mooting panelists can evaluate the effectiveness of the lawyer’s response.After the question-and-answer part is concluded; the feedback portion begins in which panelists get to share their reactions to the form and substance of the presentation. Here, there should be a frank discussion of what aspects of the oral argument worked, what did not work, what improvements or modifications may be needed and how to deal with problematic issues. Bernstein, 44 Litigation at 50. We feel that ideally, the moot should be held only a few days to two weeks ahead of the scheduled appeal or motion argument.Give yourself plenty of time prior to the oral argument to engage in the moot court process. If time allows, follow up with your panelist or panelists to vet new responses to questions you were having trouble with during the moot court process. And, continue to practice. If you cannot arrange for a formal moot court session, practicing before other colleagues is still valuable. Just remember, the more you prepare in advance, the better prepared you will be when it’s show time.Arguments in any of the departments of the Appellate Division are live-streamed and archived. These archives are a treasure trove of information as to how appellate judges interact with counsel and think through legal issues. Many judges have distinct approaches which are regularly displayed during oral argument. Studying these variations can be useful even if, as is the case in the First Department, the make-up of the panel you are arguing before is announced on the preceding afternoon. Your preparation is not complete without a review of past oral arguments in order to get a feel for the judges, the court room, the tempo of questioning and the like.After all that practice, it is now your oral argument date. What some practitioners forget is that each question from the court is an opportunity to persuade the court. Start off strong. Don’t waste time reciting facts; immediately state what relief you are seeking and why you should win. It may be the only time you can present your argument without interruption. Answer the courts questions in a direct, professional and non-aggressive manner. Because you practiced extensively prior to the oral argument, you will be well-prepared to address the weaknesses in your argument, while using each opportunity to advance your argument. Do not assume that all questions are hostile; it may be a softball question intended to give you an opportunity to make your point. If you encounter a judge who appears to be taking you on an unrelated tangent, answer the question directly as best as you can and try to pivot back to your argument. If it is not directly on point, do not be afraid to say that you could look into it and submit supplemental briefing post-argument if the court would like. If one judge ties up your time with a series of off-point questions, ask the Justice Presiding for some additional time, noting you were stymied by the need to respond to Judge X’s questions. Who knows, a sympathetic Justice Presiding might recognize you were unfairly held hostage and allow some limited time.Extensive preparation for oral argument with the assistance of skilled moot court preparation, will give you the confidence and the experience to tackle the hard questions and facilitate your effort to persuade an undecided appellate panel. It can be all the difference between winning and losing.David B. Saxeis a former Associate Justice of the Appellate Division, First Department where he served for 19 years before becoming a partner at Morrison Cohen.Danielle Lesseris a partner at the firm and chair of its business litigation group. |
https://finance.yahoo.com/news/kind-shareholder-appears-mie-holdings-031414168.html | 2019-04-05 03:14:14+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | What Kind Of Shareholder Appears On The MIE Holdings Corporation's (HKG:1555) Shareholder Register? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
A look at the shareholders of MIE Holdings Corporation (HKG:1555) can tell us which group is most powerful. Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. Companies that used to be publicly owned tend to have lower insider ownership.
With a market capitalization of HK$197m, MIE Holdings is a small cap stock, so it might not be well known by many institutional investors. Our analysis of the ownership of the company, below, shows that institutions own shares in the company. Let's take a closer look to see what the different types of shareholder can tell us about 1555.
See our latest analysis for MIE Holdings
Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.
We can see that MIE Holdings does have institutional investors; and they hold 24% of the stock. This suggests some credibility amongst professional investors. But we can't rely on that fact alone, since institutions make bad investments sometimes, just like everyone does. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at MIE Holdings's earnings history, below. Of course, the future is what really matters.
Hedge funds don't have many shares in MIE Holdings. As far I can tell there isn't analyst coverage of the company, so it is probably flying under the radar.
The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
Our data suggests that insiders own under 1% of MIE Holdings Corporation in their own names. However, it's possible that insiders might have an indirect interest through a more complex structure. It seems the board members have no more than HK$416k worth of shares in the HK$197m company. I generally like to see a board more invested. However it might be worth checkingif those insiders have been buying.
The general public holds a 20% stake in 1555. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.
We can see that Private Companies own 55%, of the shares on issue. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research.
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too.
I like to dive deeperinto how a company has performed in the past. You can accessthisinteractive graphof past earnings, revenue and cash flow for free.
Of coursethis may not be the best stock to buy. So take a peek at thisfreefreelist of interesting companies.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/japan-february-real-wages-dip-031530071.html | 2019-04-05 03:15:30+00:00 | null | null | Reuters | https://www.reuters.com/ | Japan February real wages dip 1.1 percent year on year | TOKYO (Reuters) - Japan's inflation-adjusted real wages fell in February from a year ago at the fastest pace in more than three years, government data showed on Friday, in a sign that consumption could weaken due to dwindling consumer spending power. Real wages fell 1.1 percent in February from a year ago, the biggest decline since June 2015. Data for January was revised down to show an annual decrease of 0.7 percent. Recent revelations that labour ministry officials used faulty polling methods that led to downward revisions have cast doubts on the accuracy of wages data published by the government between 2004 and 2017. Prime Minister Shinzo Abe's government has defended its view that incomes are improving despite the downward revisions, but the fall in real wages undercuts this argument. Monthly wage data showed nominal total cash earnings dropped an annual 0.8 percent in February, following a revised 0.6 percent decline in the year ended January. Regular pay, which accounts for the bulk of monthly wages, dropped an annual 0.2 percent in February after a revised 0.6 percent annual decline in January. One-off special payments dived 34.2 percent annually in February as companies stopped paying yearly bonuses. Overtime pay, a barometer of strength in corporate activity, fell 0.5 percent in February from a year earlier. The labour ministry said in January it used faulty polling methods in compiling monthly wage data - which covers about 33,000 firms - and had failed to accurately depict the actual strength of wage growth. The error has made it more difficult to determine the trend for wages and consumer spending. (Reporting by Stanley White, Editing by Sherry Jacob-Phillips) |
https://finance.yahoo.com/news/trump-eyed-cain-fed-cain-raised-money-trump-031644140--business.html | 2019-04-05 03:16:44+00:00 | [] | By Ann Saphir | Reuters | https://www.reuters.com/ | As Trump eyed Cain for Fed, Cain raised money for Trump | By Ann Saphir
(Reuters) - Former pizza chain executive Herman Cain, U.S. President Donald Trump's pick for a position on the Federal Reserve's interest-rate setting panel, runs a political fundraising group that has spent more than half its money supporting Trump's reelection.
Cain, himself a former Republican presidential candidate and a long-time conservative activist, chairs America Fighting Back PAC, a political action committee created "by a group of President Trump's most committed supporters," according to the group's website. Its mission is to fight "disrespectful, dishonest and destructive news" about Trump and bolster a movement of voters to fight for his reelection in 2020.
Trump, who described Cain as "a friend" on Thursday, said he plans to nominate the former head of Godfather's Pizza to one of two vacancies on the Fed's seven-member Board of Governors. Trump just two weeks ago said he would nominate conservative economic commentator Stephen Moore to the other vacant seat on the Fed's board.
Trump’s plan to nominate an overt loyalist for a spot on the Fed board comes as Trump over and over again lambastes the central bank for raising interest rates four times last year and could checker the Fed’s long-cherished standing as an independent, apolitical body. Moore is also a longtime Trump ally who has joined him in criticizing last year's rate hikes.
Cain was a Republican candidate for president in 2012 before dropping out amid allegations by several women of sexual harassment, which he has vehemently denied.
His America Fighting Back PAC has raised $347,000 during the current election cycle, according to the Centre for Responsive Politics.
At least $190,500 of that has gone to Canton, Ohio-based RRTV Media for television advertising in support of Trump, filings with the Federal Election Commission show. The total includes $10,000 just weeks before Cain met with Trump to discuss the Fed job on Jan. 30, and another $9,000 in early March.
Cain appears to be the only one of Trump's Fed nominees so far to have actively raised funds for his benefit. He has not individually made any contributions to Trump's campaign.
The White House declined comment.
A campaign solicitation email signed by Cain was circulated on Feb. 5, less than a week after his interview with Trump. Reuters received a copy of the email directly.
"Friend, I couldn’t stand to see our President and his family abused and attacked by the mainstream media and Washington swamp any longer," the email began.
"With the 2020 election on the horizon, please become a Founding Member with America Fighting Back PAC by making a contribution of $25, $50, $100, $500, or even $1000 to help us take on all the D.C. forces out to get President Trump," the email said.
Floyd Brown, a conservative activist who co-chairs the PAC with Cain, said in an email that when Cain learned about Trump's interest in appointing him to the Fed, he voluntarily "stepped away from day to day involvement with the PAC... (and) has let us know he will resign if nominated."
Brown said the Feb. 5 fundraising email was likely approved before Cain's meeting with Trump, after which "he immediately ceased his efforts." The PAC’s TV ads were also changed to remove Cain from them, Brown said.
Cain, whose Twitter feed continues to be chock full of partisan support for Trump and opposition to his Democratic rivals, did not respond to requests for comment.
POLICYMAKERS AND POLITICAL DONATIONS
Fed officials assiduously guard their political independence, seen as crucial for its ability to steer the economy. Close ties with politicians have led central banks in other countries to keep monetary policy too loose, eventually stoking inflation.
Trump has stridently criticized the Fed's interest rate hikes, saying they have hurt the economy.
Cain's political fundraising could ignite criticism from legislators. The central bank's Washington-based board is picked by the president and confirmed by the U.S. Senate.
The members of the Board of Governors and the president of the New York Fed are permanent voters on the U.S. central bank's policy-setting committee, while four of the remaining 11 presidents of the regional Fed banks serve on a rotating basis.
In 2016 Fed Governor Lael Brainard drew fire from Republican lawmakers for donations to Democrat Hillary Clinton, whom Trump defeated to win the White House. Brainard's contributions eventually totalled $2,700, the maximum allowed under law.
Donations to political candidates by sitting Fed governors are extremely rare, though they are generally allowed under rules which govern the political activities of top Fed officials and other federal employees. Soliciting political contributions is prohibited under those same rules.
Four current Fed board members were appointed by Trump, including Chairman Jerome Powell, an appointment Trump apparently regrets. Trump's three other appointees are Randal Quarles, Richard Clarida and Michelle Bowman.
Quarles has donated frequently to Republican candidates over the years. His most recent donation, according to the Federal Election Commission, was $35,000 to the National Republican Senatorial Committee in November 2016. That was about seven months before he was picked by Trump for the Fed.
Powell, who first became a Fed governor in 2016 as an appointee of President Barack Obama, has not made a federal political donation since 2008, when he gave $28,500 to the Republican National Committee.
Bowman's most recent political donation was $500 to Republican Mitt Romney for his presidential run in 2012, FEC records show.
Clarida gave $2,000 to George W. Bush in 2004 and has made no political donations since.
(Reporting by Ann Saphir in San Francisco; Additional reporting by Tim Ahmann, Roberta Rampton and Steve Holland in Washington, D.C.; Editing by Leslie Adler) |
https://finance.yahoo.com/news/had-bought-lippo-china-resources-031732622.html | 2019-04-05 03:17:32+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | If You Had Bought Lippo China Resources (HKG:156) Stock Five Years Ago, You'd Be Sitting On A 48% Loss, Today | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Ideally, your overall portfolio should beat the market average. But in any portfolio, there will be mixed results between individual stocks. So we wouldn't blame long termLippo China Resources Limited(HKG:156) shareholders for doubting their decision to hold, with the stock down 48% over a half decade. And some of the more recent buyers are probably worried, too, with the stock falling 24% in the last year. There was little comfort for shareholders in the last week as the price declined a further 1.6%.
See our latest analysis for Lippo China Resources
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
In the last half decade Lippo China Resources saw its share price fall as its EPS declined below zero. At present it's hard to make valid comparisons between EPS and the share price. However, we can say we'd expect to see a falling share price in this scenario.
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
Dive deeper into Lippo China Resources's key metrics by checking this interactive graph of Lippo China Resources'searnings, revenue and cash flow.
When looking at investment returns, it is important to consider the difference betweentotal shareholder return(TSR) andshare price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Lippo China Resources, it has a TSR of -36% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted thetotalshareholder return.
We regret to report that Lippo China Resources shareholders are down 20% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 0.05%. Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 8.5% per year over five years. We realise that Buffett has said investors should 'buy when there is blood on the streets', but we caution that investors should first be sure they are buying a high quality businesses. Importantly, we haven't analysed Lippo China Resources's dividend history. Thisfreevisual report on its dividendsis a must-read if you're thinking of buying.
Of courseLippo China Resources may not be the best stock to buy. So you may wish to see thisfreecollection of growth stocks.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/malaysia-march-palm-oil-stocks-032203793.html | 2019-04-05 03:22:03+00:00 | null | null | Reuters | https://www.reuters.com/ | Malaysia March palm oil stocks to come in at five-month low: Reuters survey | By Emily Chow KUALA LUMPUR (Reuters) - Malaysia's palm oil stockpiles likely dropped during March to less than 3 million tonnes and the lowest mark in five months, according to a Reuters survey, as a hefty jump in exports outpaced production gains. March inventories in Malaysia, the world's second-largest palm oil producer and exporter, are expected to have fallen 6.4 percent from February to 2.85 million tonnes, the lowest since October 2018, based on the median estimate of eight planters, traders and analysts polled by Reuters. A confirmed dip in the stockpiles would support benchmark palm oil prices, which hit a three-month low in March before recovering on expectations of firmer demand. Palm prices closed 1.3 percent higher on Thursday, at 2,204 ringgit ($540.06) a tonne at the close of trade. The expected ease in inventories was attributed to stocking activities and demand ahead of Ramadan, the Muslim fasting month that begins in early May this year and which sees devotees break day-long fasts with communal feasting. This increases palm oil use for food and cooking. Importers typically stock up on the edible oil one to two months ahead of the festival. Palm oil shipments from Malaysia are pegged to come in at 1.63 million tonnes for March, a 23.4 percent rise from the previous month. The monthly gain, if confirmed by official data, would be the strongest in six months. "The low crude palm oil price environment triggered major restocking – buyers realized CPO prices were undervalued versus other edible oils," said William Simadiputra, an analyst at DBS Vickers Securities. Benchmark palm oil prices averaged 2,124 ringgit a tonne in March, the lowest in three months. Output in March is expected to have risen for its first gain after four months of declines. Survey respondents estimated that output rose 6.8 percent from February to 1.65 million tonnes. This would be the highest for March for Malaysia in Refinitiv Eikon records back to January 2000. Story continues "Our survey revealed that estates in Sarawak posted lower output on a month-on-month basis while Sabah and Peninsular Malaysia estates posted higher production," said Ivy Ng, regional head of plantations research at CIMB Investment Bank. Official palm oil data will be published by the Malaysian Palm Oil Board after 0430 GMT on April 10. The median results from the Reuters survey put Malaysia's consumption in March at 270,493 tonnes. ($1 = 4.0810 ringgit) (Reporting by Emily Chow; Editing by Tom Hogue) |
https://finance.yahoo.com/news/shanghai-industrial-urban-development-group-032204796.html | 2019-04-05 03:22:04+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Update: Shanghai Industrial Urban Development Group (HKG:563) Stock Gained 15% In The Last Three Years | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Investors can buy low cost index fund if they want to receive the average market return. But if you invest in individual stocks, some are likely to underperform. That's what has happened with theShanghai Industrial Urban Development Group Limited(HKG:563) share price. It's up 15% over three years, but that is below the market return. Unfortunately, the share price has fallen 4.0% over twelve months.
View our latest analysis for Shanghai Industrial Urban Development Group
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
During three years of share price growth, Shanghai Industrial Urban Development Group achieved compound earnings per share growth of 3.5% per year. This EPS growth is lower than the 4.8% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did three years ago. It is quite common to see investors become enamoured with a business, after a few years of solid progress.
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
It might be well worthwhile taking a look at ourfreereport on Shanghai Industrial Urban Development Group's earnings, revenue and cash flow.
When looking at investment returns, it is important to consider the difference betweentotal shareholder return(TSR) andshare price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Shanghai Industrial Urban Development Group, it has a TSR of 22% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted thetotalshareholder return.
We regret to report that Shanghai Industrial Urban Development Group shareholders are down 1.6% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 0.05%. However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. On the bright side, long term shareholders have made money, with a gain of 1.9% per year over half a decade. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. Before deciding if you like the current share price, check how Shanghai Industrial Urban Development Group scores on these3 valuation metrics.
If you are like me, then you willnotwant to miss thisfreelist of growing companies that insiders are buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/directors-own-magnetic-resources-nl-032221751.html | 2019-04-05 03:22:21+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Do Directors Own Magnetic Resources NL (ASX:MAU) Shares? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
The big shareholder groups in Magnetic Resources NL (ASX:MAU) have power over the company. Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. I quite like to see at least a little bit of insider ownership. As Charlie Munger said 'Show me the incentive and I will show you the outcome.'
Magnetic Resources is not a large company by global standards. It has a market capitalization of AU$55m, which means it wouldn't have the attention of many institutional investors. In the chart below below, we can see that institutions are not on the share registry. Let's take a closer look to see what the different types of shareholder can tell us about MAU.
See our latest analysis for Magnetic Resources
Institutional investors often avoid companies that are too small, too illiquid or too risky for their tastes. But it's unusual to see larger companies without any institutional investors.
There are multiple explanations for why institutions don't own a stock. The most common is that the company is too small relative to fund under management, so the institition does not bother to look closely at the company. It is also possible that fund managers don't own the stock because they aren't convinced it will perform well. Magnetic Resources's earnings and revenue track record (below) may not be compelling to institutional investors -- or they simply might not have looked at the business closely.
We note that hedge funds don't have a meaningful investment in Magnetic Resources. Our information suggests that there isn't any analyst coverage of the stock, so it is probably little known.
The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.
I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.
Our information suggests that insiders maintain a significant holding in Magnetic Resources NL. Insiders have a AU$26m stake in this AU$55m business. This may suggest that the founders still own a lot of shares. You canclick here to see if they have been buying or selling.
The general public, with a 38% stake in the company, will not easily be ignored. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.
We can see that Private Companies own 15%, of the shares on issue. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research.
It's always worth thinking about the different groups who own shares in a company. But to understand Magnetic Resources better, we need to consider many other factors.
I like to dive deeperinto how a company has performed in the past. You can findhistoric revenue and earnings in thisdetailed graph.
Of coursethis may not be the best stock to buy. Therefore, you may wish to see ourfreecollection of interesting prospects boasting favorable financials.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/nonfarm-payrolls-dollar-going-another-032412113.html | 2019-04-05 03:24:12+00:00 | [] | Bob Mason | FX Empire | https://www.fxempire.com/ | It’s Nonfarm Payrolls – Is the Dollar Going to Get Another Shock? | Economic data released through the Asian session was on the lighter side this morning. Household spending figures out of Japan were the only stats to consider in the early part of the day.
Household spending slid by 2% in February, month-on-month, reversing a 0.7% rise in January. Year-on-year, spending rose by 1.7%, coming up short of a forecasted 1.9% increase.
According to figures released by theMinistry of Internal Affairs and Communications,
Weighing on overall household spending, year-on-year, were
• A 6.4% fall in spending on fuel, light & water charges and a 4.9% fall in spending on education. There was also a 1.9% fall in spending on other consumption expenditures.
Supporting household spending:
• Spending on transportation and communication rose by 6.7%, with spending on furniture and household utensils up 5.8%.
• There were also notable increases in spending on housing (4.7%), clothing & footwear (3%), and culture & recreation (2.9%).
One factor that weighed on overall household spending, year-on-year, was a 0.8% fall in disposable incomes.
The Japanese Yen moved from¥111.648 to ¥111.644 against the U.S Dollar upon release of the figures. At the time of writing, theJapanese Yenwas down by 0.05% to ¥111.72 against the U.S Dollar.
At the time of writing, theAussie Dollarwas up 0.15% to $0.7123, while theKiwi Dollarwas flat at $0.6754 for the session.
Positive updates from China’s Premier Xi and U.S President Trump continued to support risk appetite through the early part of the day. Both China and HK markets closed are for the day.
In the equity markets, the Nikkei was on the rise, gaining 0.32%, while the ASX200 looked set for another day in the red. At the time of writing, the ASX200 was down by 0.78%.
It’s another relatively quiet day on the economic calendar. Germany’s February industrial production figures are due out ahead of the European open.
Following a 4thconsecutive fall in factory orders in February and the continued contraction in Germany’s manufacturing sector, anything positive would be a surprise.
In the wake of the ECB monetary policy meeting minutes from Thursday, dire numbers could raise the prospects of a near-term move by the ECB.
While we can expect the EUR to respond to the numbers, sentiment towards the U.S – China trade talks and Brexit will also be a factor.
Later in the day, nonfarm payroll and wage growth figures due out of the U.S will also influence market risk appetite.
At the time of writing, theEURwas up 0.03% at $1.1224.
Economic data due out of the UK is limited to March house price figures that will have a muted impact on the Pound.
Following Wednesday’s parliamentary vote in support of the Cooper Bill, the focus has turned to the House of Lords. With the debate over the draft legislation having kicked off on Thursday, a vote could be imminent and there could be a surprise.
It’s highly unlikely that the draft legislation will get passed without changes, which will then see MPs grapple to push through a bill that previously had passed by just one vote.
Chatter from the EU will also need to be monitored. Through Thursday, there wasn’t overwhelming support for a lengthy extension unless there was a justifiable reason to do so. A 2ndReferendum would certainly be something that EU member states would support…
At the time of writing, thePoundwas up 0.06% to $1.3085.
It’s a big day for the Greenback. Nonfarm payroll and wage growth figures will be the key driver later today. Following February’s particularly dire NFP numbers, the markets will be looking for a bounce back. Recent weekly jobless claims figures support a rebound, though will it be enough. The markets will need to see 185K plus to really be convinced…
Wage growth will likely have less of an influence this time around, following the FED’s decision to hit pause on rate hikes.
Outside of the numbers, market risk sentiment will provide direction for the Dollar ahead of the numbers.
At the time of writing, theDollar Spot Indexwas down by 0.02% to 97.284.
Canada’s labor market figures are due out later in the day. We can expect the Loonie to be particularly sensitive to the stats. While forecasts are for the unemployment rate to hold steady at 5.8%, it will be the employment change numbers that count…
Outside of the stats, expect market risk appetite to overshadow the stats later in the day.
TheLooniewas flat at C$1.3359, against the U.S Dollar, at the time of writing.
Thisarticlewas originally posted on FX Empire
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https://finance.yahoo.com/news/amnesty-joe-bidens-big-law-032414292.html | 2019-04-05 03:24:14+00:00 | [] | ALM Media | ALM Media | https://www.law.com | Amnesty for the Joe Bidens of Big Law! | Joe Biden.You know who you are: You're part of the establishment (maybe a partner, senior corporate counsel, or of counsel), you're a born glad-hander (which is why you're so good at client relations) and you simply cannot keep your hands to yourself, especially when it comes to the ladies. You give them bone-crushing hugs, rub their shoulders or kiss them, lingeringly, on the forehead.
That more or less describes what Biden did over the years—and he's getting hammered for it.Last week, former Nevada Lt. Gov.-nomineeLucy Flores wrote in New York magazinethat Biden gave her “a big slow kiss” on the back of her head and sniffed her hair at an event in 2014. Then, congressional aide Amy Lappos told theHartford Courantthat Biden "put his hand around my neck and pulled me in to rub noses with me," adding, "I thought he was going to kiss me on the mouth."As of last count,six other women have joinedthe chorus to condemn Biden about encroaching on their personal space. And though Biden has issued a video apology, he is facing pressure to drop out of the presidential run. As Lappos told the Courant, Biden went too far, crossing a line that's "not grandfatherly." She also said, "It’s not cultural. It’s not affection. It’s sexism or misogyny.”Whoa. Let's take a breath. While I agree that Biden's actions are kind of icky and inappropriate, I certainly do think they are "grandfatherly" and "cultural," which is exactly the problem: Biden is a dinosaur, a creature of past eras. That said, I'd argue he was trying to be affectionate, albeit with actions that are arguably sexist. As for misogyny? Nah. I honestly don't think it rises to that level.
Why then are we bothering to make him into some kind of icon of odious male behavior?To me, his overwrought displays of affection, or whatever you want call them, are not worthy of a grand #MeToo reckoning. To state the obvious: What Biden did was not sexual assault. Also to state the obvious: What Donald Trump bragged about ("grabbing them by the pussy") and thecharges by the 23 womenagainst him (which include allegations of groping and forced kisses on the mouth) were sexual assault.For the #MeToo movement to have credibility, I think it is critical to draw a distinction between awkward, antiquated behaviors and ones that are far more deliberate and serious. So I wonder if women are shooting themselves in the foot by demanding that Biden drop out of the race. (For the record, I'm not a Biden fan. I'm one of those angry women who feels he really screwed up his handling of Anita Hill during the Clarence Thomas hearings.)By that same logic, I'm not sure that every out-of-touch partner who's made stupid sexist comments (such as complimenting a woman's appearance—which I don't think is that awful) or hugged a female colleague too closely should be automatically put out to pasture. One caveat to this, of course, is that they amend their behavior going forward. At this point, everyone should know better.So, yes, by all means call out inappropriate behavior when you see it. And scold those old goats and send them to re-education camp, if necessary.But hang them out to dry? Not worth it.
Contact Vivia Chen at [email protected]. |
https://finance.yahoo.com/news/why-riverine-china-holdings-limited-032636018.html | 2019-04-05 03:26:36+00:00 | null | null | Simply Wall St. | https://simplywall.st/ | Why Riverine China Holdings Limited’s (HKG:1417) Return On Capital Employed Looks Uninspiring | Want to participate in a research study ? Help shape the future of investing tools and earn a $60 gift card! Today we'll look at Riverine China Holdings Limited ( HKG:1417 ) and reflect on its potential as an investment. Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. First of all, we'll work out how to calculate ROCE. Second, we'll look at its ROCE compared to similar companies. Finally, we'll look at how its current liabilities affect its ROCE. Return On Capital Employed (ROCE): What is it? ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business. In general, businesses with a higher ROCE are usually better quality. Overall, it is a valuable metric that has its flaws. Renowned investment researcher Michael Mauboussin has suggested that a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'. So, How Do We Calculate ROCE? Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Riverine China Holdings: 0.054 = CN¥13m ÷ (CN¥387m - CN¥148m) (Based on the trailing twelve months to December 2018.) Therefore, Riverine China Holdings has an ROCE of 5.4%. View our latest analysis for Riverine China Holdings Is Riverine China Holdings's ROCE Good? ROCE can be useful when making comparisons, such as between similar companies. In this analysis, Riverine China Holdings's ROCE appears meaningfully below the 13% average reported by the Construction industry. This could be seen as a negative, as it suggests some competitors may be employing their capital more efficiently. Aside from the industry comparison, Riverine China Holdings's ROCE is mediocre in absolute terms, considering the risk of investing in stocks versus the safety of a bank account. It is possible that there are more rewarding investments out there. Story continues Riverine China Holdings's current ROCE of 5.4% is lower than 3 years ago, when the company reported a 43% ROCE. Therefore we wonder if the company is facing new headwinds. SEHK:1417 Past Revenue and Net Income, April 5th 2019 When considering this metric, keep in mind that it is backwards looking, and not necessarily predictive. ROCE can be misleading for companies in cyclical industries, with returns looking impressive during the boom times, but very weak during the busts. ROCE is only a point-in-time measure. You can check if Riverine China Holdings has cyclical profits by looking at this free graph of past earnings, revenue and cash flow . Riverine China Holdings's Current Liabilities And Their Impact On Its ROCE Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. To check the impact of this, we calculate if a company has high current liabilities relative to its total assets. Riverine China Holdings has total assets of CN¥387m and current liabilities of CN¥148m. As a result, its current liabilities are equal to approximately 38% of its total assets. Riverine China Holdings's ROCE is improved somewhat by its moderate amount of current liabilities. Our Take On Riverine China Holdings's ROCE Despite this, its ROCE is still mediocre, and you may find more appealing investments elsewhere. Of course you might be able to find a better stock than Riverine China Holdings . So you may wish to see this free collection of other companies that have grown earnings strongly. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. If you spot an error that warrants correction, please contact the editor at [email protected] . This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/copying-brief-writing-where-line-033001600.html | 2019-04-05 03:30:01+00:00 | [] | ALM Media | ALM Media | https://www.law.com | Copying in Brief Writing: Where Is the Line? | For litigators, copying is a tricky thing. Every lawyer has at least enough familiarity with the principles of plagiarism to know that, as a general rule, one should not copy another person’s words and offer them as one’s own. Lawyers also generally know enough about copyright law to realize that extensive use of someone else’s work—even with attribution—can be problematic. But originality is not exactly a virtue in brief writing. It’s quite the opposite, in fact. The point of most legal briefs is to persuade a court that the applicable precedent offers straightforward support for the desired outcome, ideally without need for much innovative interpretation or extension. When a court calls an argument “imaginative,” it tends to be the kiss of death. See, e.g.,Matter of Power Auth. v. Williams, 60 N.Y.2d 315, 326 (1983); accordAT&T Corp. v. Iowa Utilities Bd., 525 U.S. 366, 380 (1999).Are the rules about copying different in brief writing than elsewhere? To some extent, yes. But litigators should not mistake that for a license to copy freely. The accepted practices may be different, but there are limits.Plainly, a certain amount of copying is valued (and indeed necessary) in brief writing. Briefs quote liberally from authority because arguments that are expressly based on the words of a judge, legislator, treatise writer, or other source that isnotthe lawyer writing the brief are generally considered the most persuasive. As well, lawyers often “recycle” arguments they or their colleagues have written before. As long as the language is adjusted and tailored to the extent necessary to fit the case at hand, this is considered efficient and desirable. And one would be hard pressed to find an attorney who minded seeing language from her brief imported into the judge’s opinion—with or without attribution. In fact, most attorneys feel a sense of pride when this happens.But copying in brief writing can go too far. Because courts have found that legal briefs are subject to copyright protection, large scale copying of another lawyer’s brief may be actionable as infringement. SeeNewegg v. Ezra Sutton, P.A., 2016 WL 6747629 (C.D. Cal. Sept. 13, 2016); accordWhite v. West Publishing, 29 F. Supp.3d 396 (S.D.N.Y. 2014) (upholding a fair use defense). Moreover, plagiarism in legal briefs can lead to sanctions. InLohan v. Perez, 924 F. Supp. 2d 447 (E.D.N.Y. 2013), for example, counsel was sanctioned for conduct that included filing a brief that consisted “almost … entirely” of material “taken from unidentified, unattributed sources”—conduct that the court found “unacceptable and … sanctionable pursuant to the court’s inherent powers”even thoughone of those “sources” was apparently “a legal memorandum plaintiff filed in an entirely different case.” 924 F. Supp.2d at 458 n.6; id. at 460. TheLohancourt opined that “plagiarism of the type at issue here would likely be found to violate New York State Rule of Professional Conduct 8.4, which prohibits a lawyer from ‘engaging in conduct involving dishonesty, fraud, deceit or misrepresentation.’” Id. at 460 n.9 (alteration inLohan).Similarly, inDewilde v. Guy Gannett Publishing Co., 797 F. Supp. 55, 56 n.1 (D. Me. 1992), the court found that the plaintiff’s brief in opposition to summary judgment “plagiarized Defendants’ memorandum in support of the motion in significant part,” adding: “Plaintiff’s counsel has inserted his own facts and conclusions, contrary to those written by defense counsel, but it is clear that he did no legal research and remained content to let defense counsel do all the work.” The court determined that the claims were frivolous, granted summary judgment dismissing the complaint, and awarded the defendants their attorney fees “charged against the Plaintiff’s attorney”—noting that this outcome was “particularly fitting” inasmuch as, “since Plaintiff’s counsel appropriated the work of defense counsel, submitting it as his own, he should, at the very least, pay for the services unwittingly rendered.” 797 F. Supp. at 64.It appears, however, that to be truly sanctionable plagiarism in a legal brief must be not only extensive, but also accompanied by something more. InLohan, the offending submission was so heavily copied that it failed to address the “salient points” in the case, and the copying was aggravated by other misrepresentations to the court. See 924 F. Supp. 2d at 458 and n.6; id. at 459-60. InDewilde, the court’s comments about plagiarism were ancillary to a finding that the claims themselves were frivolous. See 797 F. Supp. at 63-64. Other cases where lawyers have been sanctioned for copying in their briefs have likewise involved additional misconduct. See, e.g.,In re Ayeni,822 A.2d 420 (D.C. App. 2003) (attorney disbarred for conduct that included filing a brief “that was virtually identical to the brief filed earlier by his client’s co-defendant” and submitting “a voucher for payment asserting that he expended more than nineteen hours researching and writing the brief”);In re Steinberg, 206 A.D.2d 232 (1st Dept. 1994) (attorney censured for conduct that included submitting memoranda written by someone else as his writing samples in connection with his application for a panel of assigned criminal defense counsel); accordIn re Mundie, 453 Fed. Appx. 9, 16-19, 20 (2d Cir. 2011) (attorney reprimanded based on conduct that included copying a brief written by another attorney without adequately adjusting it to address the particular circumstances of the case; conduct amounted to an absence of care that “had the potential to prejudice his client”).Exactly where is the line? The New York City Bar Association’s Committee on Professional Ethics grappled with this issue last summer in Formal Opinion Number 2018-3, where it answered the question: “Is it a violation of Rule 8.4(c) which prohibits ‘conduct involving dishonesty, fraud, deceit or misrepresentation’ for a lawyer to copy verbatim from other sources without attribution when drafting a litigation filing?” Following an extensive survey of case law (including most of the cases discussed above, together with many others) and other authorities, the Committee concluded that such copying “is notper sedeceptive” and does not in itself violate any ethics rules. The Committee emphasized, however, that its conclusion was “based on its view of the norms of litigation practice and the purpose of litigation filings” and its belief that there is no “clear judicial consensus that copying without attribution isper sedeceptive.” “Over time,” the Committee noted, as courts “continue to express opinions on the propriety of” such copying, “it is possible that these decisions will coalesce into” such a consensus. “If that consensus emerges,” the Committee cautioned, “we would need to revisit this opinion.” The Committee also stressed that it did not “condone copying source material without attribution in litigation filings,” and that “many Courts … plainly believe” that such conduct is sanctionable.At first blush, the Committee’s conclusion—that copying someone else’s work without attribution does not in itself appear to violate the ethics rules, but that its view on this might change and that such copying might meanwhile subject lawyers to sanctions—seems unsatisfying. It does not give the kind of comfort or assurance one might hope for in an ethics opinion. But it is important to recall that the question the Committee was answering was whether conduct that would in any other context be condemned as plagiarism violates the ethics rules. The question itself is somewhat shocking. The Committee’s conclusion is, in essence, that copying someone else’s work without attribution probably does not violate the rules if that isallthe lawyer does (that is, if the conduct is not accompanied by other misdeeds such as an attempt to charge for work the lawyer did not actually do, or a failure to “tailor the brief to the situation before the court”), but it should be avoided.The notion that a lawyer who copies someone else’s work without attribution acts at his or her peril is hardly an unreasonable one. But by stopping short of condemning the practice, Formal Opinion 2018-3 leaves room for it to continue. Perhaps this also leaves room for development of the “clear judicial consensus” the Committee found lacking. But it might be better if lawyers did not provide the fodder for such a “consensus,” even if that means the question continues to go without a clear answer.While a lawyer’s job in brief writing is to fashion arguments based largely on precedent, relating that precedent to the case at hand is in fact a creative process. Doing it well is the skill of our craft. A lawyer who skips that step in favor of simply copying someone else’s work without permission or attribution does the profession a disservice, regardless of whether or not that conduct rises to the level of an ethics violation.Adrienne B. Kochis a litigation partner with Katsky Korins in New York.Timothy J. Holland, an associate with the firm, assisted with this article. |
https://finance.yahoo.com/news/trump-says-u-china-trade-deal-may-reached-002445062.html | 2019-04-05 03:30:29+00:00 | [] | By Jeff Mason and David Lawder | Reuters | https://www.reuters.com/ | Trump says U.S.-China trade deal may be reached in four weeks | By Jeff Mason and David Lawder
WASHINGTON (Reuters) - U.S. President Donald Trump said on Thursday the United States and China were close to a trade deal that could be announced within four weeks, while warning Beijing that it would be difficult to allow trade to continue without a pact.
The two countries are engaged in intense negotiations to end a months-long trade war that has rattled global markets, but hopes of a resolution soared after both sides expressed optimism following talks in Beijing last week.
Speaking to reporters at the White House at the start of a meeting with Chinese Vice Premier Liu He, Trump said some of the tougher points of a deal had been agreed but there were still differences to be bridged.
"We're getting very close to making a deal. That doesn’t mean a deal is made, because it's not, but we're certainly getting a lot closer," Trump said in the Oval Office.
"And I would think with, oh, within the next four weeks or maybe less, maybe more, whatever it takes, something very monumental could be announced."
Trump said he would hold a summit with Chinese President Xi Jinping if there were a deal.
Xi assured Trump that text of the China-U.S. trade could be finalised soon, in a message conveyed by Liu He.
According to state-run news agency Xinhua, Liu He told Trump that Xi believed under his and Trump’s leadership, China-U.S. relations will make new and greater progress.
Xi said that in the past month or more, the two sides’ trade teams had maintained close contact and “achieved new and substantive progress on issues in the text of two countries’ trade agreement”.
“I hope the two sides’ trade teams can continue working in the spirit of mutual respect, equality, and mutual benefit to resolve each other’s concerns, and finish negotiations on the text of the China-U.S. trade agreement soon,” Xi said to Trump through Liu.
KEEPING LEVERAGE
Trump declined to say what would happen to U.S. tariffs on $250 billion worth of goods as part of a deal. China wants the tariffs lifted, while U.S. officials are wary of giving up that leverage, at least for now.
Asked about the benefits of an agreement for China, Trump said: "It’s going to be great for China, in that China will continue to trade with the United States. I mean, otherwise, it would be very tough for us to allow that to happen."
Goods trade between the United States and China, the world's two largest economies, totaled $660 billion last year, according to U.S. Census Bureau data, consisting of imports of $540 billion from China and $120 billion in exports to China.
On China's behalf, Liu cited "great progress" in the talks because of Trump's direct involvement and expressed hope that the talks would lead to "a good result."
U.S. SEEKS SWEEPING CHANGES
Trump has previously threatened to impose punitive tariffs on all imports from China, more than a half-trillion dollars worth of products.
U.S. Trade Representative Robert Lighthizer, who is leading the talks for the Trump administration, said there were still some "major, major issues" to resolve and praised Liu's commitment to reform in China.
Asked about the remaining sticking points, Trump mentioned tariffs and intellectual property theft. He said he would discuss tariffs with Liu in their meeting.
"Some of the toughest things have been agreed to," Trump said. He later said that an enforcement plan for a deal remained a sticking point as well.
"We have to make sure there’s enforcement. I think we'll get that done. We've discussed it at length," he said.
Lighthizer and Treasury Secretary Steven Mnuchin are holding talks in Washington with a Chinese delegation this week after meeting together in Beijing last week. The current round of talks is scheduled to go through Friday and possibly longer.
Hopes that the talks were moving in a positive direction have cheered financial markets in recent weeks. But U.S. stocks were mixed on Thursday as investors waited for more developments in the trade negotiations, with the Dow Jones industrial Average slightly higher, and the S&P 500 and Nasdaq Composite slightly lower.
The United States is seeking reforms to Chinese practices that it says result in the theft of U.S. intellectual property and the forced transfer of technology from U.S. companies to Chinese firms.
Administration officials initially envisioned a summit between Trump and Xi potentially taking place in March, but some U.S. lawmakers and lobbying groups have said recently they were told that the administration was now aiming for a deal in late April.
OUTSTANDING ISSUES
White House economic adviser Larry Kudlow said last week that the talks were "not time dependent" and could be extended for weeks or even months longer.
While some reform pledges by Beijing are largely set, including an agreement to avoid currency manipulation, an enforcement mechanism to ensure that China keeps its pledges and the status of U.S. tariffs on $250 billion worth of Chinese goods must be resolved.
"China has been very clear, publicly and privately, that they would like to see all the tariffs removed," U.S. Chamber of Commerce international affairs chief Myron Brilliant told reporters on Tuesday.
"The (Trump) administration has been equally clear that they want to keep some of the tariffs in place as a way to have leverage over China fulfilling its obligations under whatever final package is reached."
(Reporting by Jeff Mason and David Lawder; Additional reporting by Chris Prentice and Michael Martina in BEIJING; Editing by Peter Cooney, Simon Cameron-Moore and Michael Perry) |
https://finance.yahoo.com/news/why-chongqing-iron-steel-company-033103714.html | 2019-04-05 03:31:03+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Why Chongqing Iron & Steel Company Limited (HKG:1053) Could Be Your Next Investment | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Chongqing Iron & Steel Company Limited (HKG:1053) is a stock with outstanding fundamental characteristics. When we build an investment case, we need to look at the stock with a holistic perspective. In the case of 1053, it is a company with great financial health as well as a a great history of performance. Below, I've touched on some key aspects you should know on a high level. If you're interested in understanding beyond my broad commentary, take a look at thereport on Chongqing Iron & Steel here.
Over the past few years, 1053 has more than doubled its earnings, with its most recent figure exceeding its annual average over the past five years. Not only did 1053 outperformed its past performance, its growth also surpassed the Metals and Mining industry expansion, which generated a 13% earnings growth. This paints a buoyant picture for the company. 1053's strong financial health means that all of its upcoming liability payments are able to be met by its current cash and short-term investment holdings. This implies that 1053 manages its cash and cost levels well, which is a key determinant of the company’s health. 1053's has produced operating cash levels of 1.45x total debt over the past year, which implies that 1053's management has put its borrowings into good use by generating enough cash to cover a sufficient portion of borrowings.
For Chongqing Iron & Steel, I've put together three important aspects you should further research:
1. Future Outlook: What are well-informed industry analysts predicting for 1053’s future growth? Take a look at ourfree research report of analyst consensusfor 1053’s outlook.
2. Valuation: What is 1053 worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether 1053 is currently mispriced by the market.
3. Other Attractive Alternatives: Are there other well-rounded stocks you could be holding instead of 1053? Exploreour interactive list of stocks with large potentialto get an idea of what else is out there you may be missing!
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/explainer-countries-getting-tougher-mining-033231841.html | 2019-04-05 03:32:31+00:00 | null | null | Reuters | https://www.reuters.com/ | Explainer: How countries are getting tougher with mining companies | By Barbara Lewis LONDON (Reuters) - A mix of political populism, higher commodity prices and the expectation electrification will spur demand for some raw materials has led resource-holding governments to change the rules for miners operating in their countries. In most cases, governments are seeking to increase their share of profits, rather than all-out resource nationalism, although Mongolia has been trying to nationalise a stake in a copper mine. The toughness is not universal. Some governments see the hardened stance of other countries as a chance to lure investment. Ethiopia is rolling out pro-business reforms after Prime Minister Abiy Ahmed swept into office last year. WHAT'S DIFFERENT THIS TIME? Typically, resource holders have increased the demands they make of international companies when commodity prices rise. Commodity prices have been increasing since the start of this year, but are relatively low and were still recovering from the crash of 2015-16 when the latest wave of resource nationalism began. In Africa, Tanzania, regarded as an extreme example, turned on the miners after President John Magufuli swept to power in late 2015 pledging to secure a bigger share of the country's natural resource wealth. Industry insiders and lawyers say political populism and social media are impelling calls for a greater share, beginning with the local communities around mines. They also say investment by China and to a lesser extent Russia increases the leverage of resource-holding governments. "China's growing investment in mining projects has helped spur resource nationalism by giving many resource-rich countries an alternative to Western investment," Henry Hall, associate director at Critical Resource advisory firm, said. WHICH COUNTRIES DOMINATE? In Africa, Democratic Republic of Congo, Tanzania and Zambia have been seeking more of the profits from copper, cobalt and gold. Democratic Republic of Congo in June last year signed off regulations to implement its new mining code that raised royalties and taxes. Story continues Major mining companies, such as Glencore and Barrick, have opposed the code and are seeking negotiations and ways to increase pressure. Zambia raised royalties from January and introduced a 10 percent tax when the price of copper exceeds $7,500 per tonne. Zambia also plans to replace value-added tax with a non-refundable sales tax to help reduce public debt, but has delayed the move until July, pending further consultation. WHAT IS THE IMPACT ON INVESTMENT? Mining executives say a first response is to withdraw exploration funding. The biggest listed miners say they are focussing their exploration in countries with low political risk. Democratic Republic of Congo's reserves, however, are temptingly rich and include copper and cobalt, needed for an expected upturn in demand for battery vehicles, which gives the government bargaining power. Figures from S&P Global Market Intelligence show falls in exploration spending in Tanzania, Zambia and Mongolia last year, while investment in Democratic Republic of Congo rose as Ivanhoe Mines and its Chinese partner Zijin Mining have invested in developing a copper mine. Globally, exploration spending climbed, but is far below the peaks of 2012 at the height of the commodity boom. Spending was highest last year in countries considered mining-friendly, such as the United States and Ecuador, which is welcoming Western explorers into its copper prospects as it seeks to diversify from oil. (Graphic: Exploration spending in major mining jurisdictions png, https://tmsnrt.rs/2Via9tw ) WHAT CAN COMPANIES DO TO PROTECT THEMSELVES? Companies have threatened to leave when the terms of engagement change to their detriment, but resource-holding governments know firms are reluctant to do that when they have invested in building a mine. Lawyers and mining executives say companies have become more careful about where they invest in the first instance. As sustainability has shot to the fore following the Vale dam disaster in Brazil in January, the need to get all sections of society on side has increased. "One of the most important aspects to have a good understanding of is the community landscape - without the social licence, mines will either not start up, or will be disrupted by community activism," Warren Beech, a partner at law firm Hogan Lovells, said. While the overall mood is cautious, China and Russia have a higher risk appetite, potentially providing negotiating power for resource-holding governments. "The risk appetite varies, with China and Russia seemingly having a greater appetite for risk, probably to support their strategic intent to control the life cycle ... and to develop geopolitical influence," he said. As a last resort, international miners can threaten arbitration, which lawyers say is cheaper than political-risk insurance. Dispute settlement lawyer Samuel Pape of Latham and Watkins said miners can seek legal protection by for instance investing through a company incorporated in a country that has a bilateral investment treaty with the resource-holding nation. "Many disputes can be resolved through negotiations without the need to commence proceedings under an investment treaty, though the potential for such an arbitration can provide important leverage," he said. (Reporting by Barbara Lewis; Editing by Dale Hudson) |
https://finance.yahoo.com/news/imagine-holding-environmental-group-asx-033518274.html | 2019-04-05 03:35:18+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Imagine Holding Environmental Group (ASX:EGL) Shares While The Price Zoomed 331% Higher | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Generally speaking, investors are inspired to be stock pickers by the potential to find the big winners. But when you hold the right stock for the right time period, the rewards can be truly huge. Take, for example, theThe Environmental Group Limited(ASX:EGL) share price, which skyrocketed 331% over three years. On top of that, the share price is up 60% in about a quarter.
Check out our latest analysis for Environmental Group
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
During three years of share price growth, Environmental Group moved from a loss to profitability. That kind of transition can be an inflection point that justifies a strong share price gain, just as we have seen here.
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
Before buying or selling a stock, we always recommend a close examination ofhistoric growth trends, available here..
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Environmental Group, it has a TSR of 340% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
It's good to see that Environmental Group has rewarded shareholders with a total shareholder return of 18% in the last twelve months. Of course, that includes the dividend. That's better than the annualised return of 6.6% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. Most investors take the time to check the data on insider transactions. You canclick here to see if insiders have been buying or selling.
We will like Environmental Group better if we see some big insider buys. While we wait, check out thisfreelist of growing companies with considerable, recent, insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on AU exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/sudarshan-chemical-industries-limited-nse-033537649.html | 2019-04-05 03:35:37+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | What Can We Make Of Sudarshan Chemical Industries Limited’s (NSE:SUDARSCHEM) High Return On Capital? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Today we'll look at Sudarshan Chemical Industries Limited (NSE:SUDARSCHEM) and reflect on its potential as an investment. Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires.
First up, we'll look at what ROCE is and how we calculate it. Second, we'll look at its ROCE compared to similar companies. Then we'll determine how its current liabilities are affecting its ROCE.
ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business. All else being equal, a better business will have a higher ROCE. Overall, it is a valuable metric that has its flaws. Renowned investment researcher Michael Mauboussinhas suggestedthat a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'.
Analysts use this formula to calculate return on capital employed:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
Or for Sudarshan Chemical Industries:
0.20 = ₹1.4b ÷ (₹13b - ₹6.2b) (Based on the trailing twelve months to March 2018.)
So,Sudarshan Chemical Industries has an ROCE of 20%.
View our latest analysis for Sudarshan Chemical Industries
When making comparisons between similar businesses, investors may find ROCE useful. Sudarshan Chemical Industries's ROCE appears to be substantially greater than the 16% average in the Chemicals industry. I think that's good to see, since it implies the company is better than other companies at making the most of its capital. Separate from Sudarshan Chemical Industries's performance relative to its industry, its ROCE in absolute terms looks satisfactory, and it may be worth researching in more depth.
It is important to remember that ROCE shows past performance, and is not necessarily predictive. ROCE can be deceptive for cyclical businesses, as returns can look incredible in boom times, and terribly low in downturns. ROCE is, after all, simply a snap shot of a single year. If Sudarshan Chemical Industries is cyclical, it could make sense to check out thisfreegraph of past earnings, revenue and cash flow.
Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. To check the impact of this, we calculate if a company has high current liabilities relative to its total assets.
Sudarshan Chemical Industries has total assets of ₹13b and current liabilities of ₹6.2b. As a result, its current liabilities are equal to approximately 47% of its total assets. With this level of current liabilities, Sudarshan Chemical Industries's ROCE is boosted somewhat.
With a decent ROCE, the company could be interesting, but remember that the level of current liabilities make the ROCE look better. But note:Sudarshan Chemical Industries may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with strong recent earnings growth (and a P/E ratio below 20).
If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them).
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/type-shareholder-owns-hebei-yichen-034010924.html | 2019-04-05 03:40:10+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | What Type Of Shareholder Owns Hebei Yichen Industrial Group Corporation Limited's (HKG:1596)? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Every investor in Hebei Yichen Industrial Group Corporation Limited (HKG:1596) should be aware of the most powerful shareholder groups. Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. I generally like to see some degree of insider ownership, even if only a little. As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'
With a market capitalization of HK$3.6b, Hebei Yichen Industrial Group is a small cap stock, so it might not be well known by many institutional investors. Our analysis of the ownership of the company, below, shows that institutions don't own many shares in the company. Let's take a closer look to see what the different types of shareholder can tell us about 1596.
See our latest analysis for Hebei Yichen Industrial Group
Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.
Since institutions own under 5% of Hebei Yichen Industrial Group, many may not have spent much time considering the stock. But it's clear that some have; and they liked it enough to buy in. If the business gets stronger from here, we could see a situation where more institutions are keen to buy. It is not uncommon to see a big share price rise if multiple institutional investors are trying to buy into a stock at the same time. So check out the historic earnings trajectory, below, but keep in mind it's the future that counts most.
We note that hedge funds don't have a meaningful investment in Hebei Yichen Industrial Group. We're not picking up on any analyst coverage of the stock at the moment, so the company is unlikely to be widely held.
The definition of company insiders can be subjective, and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. The company management answer to the board; and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board, themselves.
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
It seems that insiders own more than half the Hebei Yichen Industrial Group Corporation Limited stock. This gives them a lot of power. That means they own HK$2.5b worth of shares in the HK$3.6b company. That's quite meaningful. Most would argue this is a positive, showing strong alignment with shareholders. You canclick here to see if those insiders have been buying or selling.
The general public holds a 19% stake in 1596. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.
It seems that Private Companies own 8.4%, of the 1596 stock. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research.
It's always worth thinking about the different groups who own shares in a company. But to understand Hebei Yichen Industrial Group better, we need to consider many other factors.
I always like to check for ahistory of revenue growth. You can too, by accessing this free chart ofhistoric revenue and earnings in thisdetailed graph.
Of coursethis may not be the best stock to buy. So take a peek at thisfreefreelist of interesting companies.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/high-yield-investments-worth-risk-014907394.html | 2019-04-05 03:42:42+00:00 | null | null | Kiplinger | http://portal.kiplinger.com/ | High-Yield Investments That Are Worth the Risk | After getting slammed in the final weeks of 2018, many high-yielding investments are again rocking and rolling. The tent is large and includes the debt or stock offerings of everything from oil-and-gas partnerships to real estate investment trusts that specialize in mortgages or development to companies that provide financing for other businesses. Many of these investments have returned more than 10% so far in 2019. That reinforces my doctrine: It's worth striving for extra yield, even in a "riskier" asset, provided you get paid in full and on time, which is the usual result absent a recession or a credit crisis. See Also: 12 Dividend Stocks That May Be Income Traps The strategy is not for everyone. You may be gloomy about the U.S. economy's prospects, or you may believe that inflation and interest rates will soar. Maybe you're keeping nearly 100% of your savings in cash, short-term notes and bank deposits because you don't need the extra income and don't want the risk of investing in something more aggressive. Or perhaps you're safeguarding the money for a particular purpose. But if none of that applies to you, don't blanch just because a high-payout holding gets caught in a temporary market tumble. Unless a specific enterprise is mismanaged--or it runs chronically negative cash flows and has to pay through the nose to borrow at all--there will likely be a recovery, and your rewards over time will eclipse the occasional dips and dives. I say this because a bunch of my favorite long-term-yield exemplars got hit hard last year--and my counter-reaction (and published advice) was to be fearless. Long-term financial investments are not trading vehicles. Such proven operations as Brookfield Infrastructure Partners (symbol BIP , $41, yield 4.8%), Compass Diversified Holdings ( CODI , $16, 9.0%), Hannon Armstrong Sustainable Infrastructure Capital ( HASI , $25, 5.3%), Ladder Capital ( LADR , $17, 8.1%) and NexPoint Strategic Opportunities Fund ( NHF , $22, 10.9%) are disciplined, expertly run companies with sound portfolios of loans and properties. They cover distributions with regular cash flow, they don't speculate in wacky stuff, they don't have management shakeups, and they keep much of what they buy or finance on their own balance sheets (rather than flip and strip them to pay grandiose distributions). Who's afraid of the Fed? Every one of the above-named investments tanked near the end of 2018, some by 20% or more. But each has now recovered because nothing happened to discredit its business model or threaten its dividends. The most plausible reason for the market tumble was the fear of drastic Federal Reserve credit tightening. Smart buyers pounced on the deeply oversold shares even before the central bank called a time-out on its rate-hiking cycle. Savvy investors will take advantage if the market pulls this trick again. Story continues You can invest in this sphere indirectly through the likes of Miller/Howard High Income Equity ( HIE , $11), a closed-end fund, or exchange-traded fund YieldShares High Income ( YYY , $18). These funds also include such yield-oriented standards as bank-loan funds and short-term junk-bond funds. The investments listed here, whether funds or individual securities, make more sense as satellites rather than core fixed-income holdings. And I will not argue with those who doubt we'll get another double-digit-percentage quarterly gain on top of the first-quarter bounce. "It does feel to us that the rally is running out of steam," says John Sheehan, a portfolio manager with Osterweis Capital Management, an adept player in high-yielding investments. But he's absolutely not expecting another nasty sell-off. Buying a REIT or finance firm that may zigzag in price while steadily and briskly boosting its well-covered dividend isn't playing the lottery. It's just the opposite. See Also: 20 of Wall Street's Newest Dividend Stocks EDITOR'S PICKS 12 Dividend Stocks That Hedge Funds Love 11 Dividend Stocks With 55 or More Years of Payout Growth 9 Great Dividend Growth Stocks to Buy Copyright 2019 The Kiplinger Washington Editors View comments |
https://finance.yahoo.com/news/tsui-wah-holdings-limiteds-hkg-034437611.html | 2019-04-05 03:44:37+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Is Tsui Wah Holdings Limited's (HKG:1314) High P/E Ratio A Problem For Investors? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). We'll show how you can use Tsui Wah Holdings Limited's (HKG:1314) P/E ratio to inform your assessment of the investment opportunity.Tsui Wah Holdings has a price to earnings ratio of 24.22, based on the last twelve months. That is equivalent to an earnings yield of about 4.1%.
See our latest analysis for Tsui Wah Holdings
Theformula for P/Eis:
Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)
Or for Tsui Wah Holdings:
P/E of 24.22 = HK$0.80 ÷ HK$0.033 (Based on the trailing twelve months to September 2018.)
A higher P/E ratio means that buyers have to paya higher pricefor each HK$1 the company has earned over the last year. All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.'
If earnings fall then in the future the 'E' will be lower. Therefore, even if you pay a low multiple of earnings now, that multiple will become higher in the future. A higher P/E should indicate the stock is expensive relative to others -- and that may encourage shareholders to sell.
Tsui Wah Holdings saw earnings per share decrease by 52% last year. And it has shrunk its earnings per share by 22% per year over the last five years. This could justify a pessimistic P/E.
The P/E ratio indicates whether the market has higher or lower expectations of a company. As you can see below, Tsui Wah Holdings has a higher P/E than the average company (15.4) in the hospitality industry.
Tsui Wah Holdings's P/E tells us that market participants think the company will perform better than its industry peers, going forward. The market is optimistic about the future, but that doesn't guarantee future growth. So investors should always consider the P/E ratio alongside other factors, such aswhether company directors have been buying shares.
The 'Price' in P/E reflects the market capitalization of the company. That means it doesn't take debt or cash into account. In theory, a company can lower its future P/E ratio by using cash or debt to invest in growth.
Spending on growth might be good or bad a few years later, but the point is that the P/E ratio does not account for the option (or lack thereof).
Since Tsui Wah Holdings holds net cash of HK$375m, it can spend on growth, justifying a higher P/E ratio than otherwise.
Tsui Wah Holdings has a P/E of 24.2. That's higher than the average in the HK market, which is 12.2. Falling earnings per share is probably keeping traditional value investors away, but the relatively strong balance sheet will allow the company time to invest in growth. Clearly, the high P/E indicates shareholders think it will!
Investors should be looking to buy stocks that the market is wrong about. As value investor Benjamin Graham famously said, 'In the short run, the market is a voting machine but in the long run, it is a weighing machine.' Although we don't have analyst forecasts, you might want to assessthis data-rich visualizationof earnings, revenue and cash flow.
Of course,you might find a fantastic investment by looking at a few good candidates.So take a peek at thisfreelist of companies with modest (or no) debt, trading on a P/E below 20.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/project-hydro-binance-v-label-034500791.html | 2019-04-05 03:45:00+00:00 | [] | ACCESSWIRE | ACCESSWIRE | https://www.accesswire.com/ | Project Hydro on Binance Info V Label | This Binance project is very special for us at Project Hydro, since it involves one of the most important values we believe in within theblockchain industry: full transparency. Visit $Hydro's listing on Binance's V Label project below.
WEST PALM BEACH, FL / ACCESSWIRE / April 4, 2019 /Today marks another great accomplishment for theHydro Blockchainteam and its worldwide crypto community.
"V Label" is Binance Info's transparency initiative since early last year, which shares blockchain project-related information such as news and progress reports that help keep the Binance community informed and up to date with blockchain projects such as Hydro.
As of April 4th, 2019, Hydro is proud to officially announce that they have been selected to join Binance Info's "V Label".
The "V" Label certifies that the Hydro project team itself is updating and maintaining its information on Binance Info. You can now access up to date information on Hydro by visitinghttps://info.binance.com/en/currencies/hydro.
What is Project Hydro?
Hydro is a blockchain company that was founded in 2018 by Hydrogen Technology Corporation, an award-winning fintech company out of New York City, USA.
No strangers to the fintech industry, twins Mike and Matt Kane have over 10 years of enterprise level experience when it comes to the financial industries space, previously pioneering the robo investing industry with Hedgeable.
Hydro is an open source blockchain project comprising of multiple smart contracts (protocols) and a dApp store, all powered by the HYDRO token (which can be purchased at Bittrex).
Hydro enables new and existing private systems to seamlessly integrate and leverage the immutable and transparent dynamics of a public blockchain, allowing companies to enhance application and document security, identity management, and transactions for their customers.
Raindrop 2FA, private systems can use the Hydro public blockchain protocols and dApps to enhance security through public authentication, bringing additional security to sensitive financial and personal data.
Snowflake is a unique and immutable 'Digital Fingerprint' stored on the blockchain. It is a revolutionary standard in Digital Identity (ERC-1484) and a dApp Store for Third Party Developers to #BUIDL just about anything.
Ice is a document signing and verification protocol allowing users to stamp, authenticate, verify and seal any document or contract.
Tide is a payment protocol which allows for one-click authorization of debit and credit POS transactions, as well as instantaneous p2p, p2b, and b2b payments across the blockchain.
Mist is an artificial intelligence protocol which will create industry-leading data modeling of high-speed transactions and fraud detection.
Building on top of the others Hydro Phases, Hail enables the tokenization and monetization of a multi-trillion dollar market for security tokens, tying together assets, identity, investors, rights, and more!
In the true spirit of an open source project, Hydro is developed and managed by a decentralized global community.
As always, the Hydro team continues to welcome everyone to contribute to the Hydro platform and ecosystem, and become part of the Hydro community. You can learn more about Hydro at their websitehttps://projecthydro.org.
Contact Info:Name: Lenny MauricioOrganization: Project HydroPhone: 305.239.8505Website:https://projecthydro.org
SOURCE:Project Hydro
View source version on accesswire.com:https://www.accesswire.com/541181/Project-Hydro-on-Binance-Info-V-Label |
https://finance.yahoo.com/news/does-data-lycopodium-limited-asx-034854893.html | 2019-04-05 03:48:54+00:00 | null | null | Simply Wall St. | https://simplywall.st/ | Does The Data Make Lycopodium Limited (ASX:LYL) An Attractive Investment? | Want to participate in a research study ? Help shape the future of investing tools and earn a $60 gift card! I've been keeping an eye on Lycopodium Limited ( ASX:LYL ) because I'm attracted to its fundamentals. Looking at the company as a whole, as a potential stock investment, I believe LYL has a lot to offer. Basically, it is a financially-healthy company with a a great track record of performance, trading at a discount. In the following section, I expand a bit more on these key aspects. For those interested in understanding where the figures come from and want to see the analysis, take a look at the report on Lycopodium here . Outstanding track record with excellent balance sheet and pays a dividend In the previous year, LYL has ramped up its bottom line by 56%, with its latest earnings level surpassing its average level over the last five years. This illustrates a strong track record, leading to a satisfying return on equity of 25%. which is an optimistic signal for the future. LYL's strong financial health means that all of its upcoming liability payments are able to be met by its current cash and short-term investment holdings. This implies that LYL manages its cash and cost levels well, which is a key determinant of the company’s health. With a debt-to-equity ratio of 1.3%, LYL’s debt level is low. Investors’ risk associated with debt is very low and the company has plenty of headroom to grow debt in the future, should the need arise. ASX:LYL Income Statement, April 5th 2019 LYL's share price is trading at below its true value, meaning that the market sentiment for the stock is currently bearish. Investors have the opportunity to buy into the stock to reap capital gains, if LYL's projected earnings trajectory does follow analyst consensus growth, which determines my intrinsic value of the company. Compared to the rest of the construction industry, LYL is also trading below its peers, relative to earnings generated. This bolsters the proposition that LYL's price is currently discounted. ASX:LYL Price Estimation Relative to Market, April 5th 2019 Next Steps: For Lycopodium, I've compiled three important aspects you should further research: Future Outlook : What are well-informed industry analysts predicting for LYL’s future growth? Take a look at our free research report of analyst consensus for LYL’s outlook. Dividend Income vs Capital Gains : Does LYL return gains to shareholders through reinvesting in itself and growing earnings, or redistribute a decent portion of earnings as dividends? Our historical dividend yield visualization quickly tells you what your can expect from LYL as an investment. Other Attractive Alternatives : Are there other well-rounded stocks you could be holding instead of LYL? Explore our interactive list of stocks with large potential to get an idea of what else is out there you may be missing! We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. If you spot an error that warrants correction, please contact the editor at [email protected] . This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. View comments |
https://finance.yahoo.com/news/boill-healthcare-holdings-limiteds-hkg-034906921.html | 2019-04-05 03:49:06+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Is Boill Healthcare Holdings Limited's (HKG:1246) Balance Sheet A Threat To Its Future? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Investors are always looking for growth in small-cap stocks like Boill Healthcare Holdings Limited (HKG:1246), with a market cap of HK$1.2b. However, an important fact which most ignore is: how financially healthy is the business? Since 1246 is loss-making right now, it’s essential to evaluate the current state of its operations and pathway to profitability. Let's work through some financial health checks you may wish to consider if you're interested in this stock. Nevertheless, these checks don't give you a full picture, so I’d encourage you todig deeper yourself into 1246 here.
1246 has sustained its debt level by about HK$1.2b over the last 12 months including long-term debt. At this constant level of debt, 1246 currently has HK$310m remaining in cash and short-term investments , ready to be used for running the business. Moreover, 1246 has produced cash from operations of HK$388m in the last twelve months, resulting in an operating cash to total debt ratio of 33%, indicating that 1246’s operating cash is sufficient to cover its debt.
Looking at 1246’s HK$1.3b in current liabilities, it seems that the business may not be able to easily meet these obligations given the level of current assets of HK$880m, with a current ratio of 0.68x. The current ratio is the number you get when you divide current assets by current liabilities.
1246 is a relatively highly levered company with a debt-to-equity of 86%. This is a bit unusual for a small-cap stock, since they generally have a harder time borrowing than large more established companies. But since 1246 is currently unprofitable, sustainability of its current state of operations becomes a concern. Running high debt, while not yet making money, can be risky in unexpected downturns as liquidity may dry up, making it hard to operate.
1246’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow. However, its low liquidity raises concerns over whether current asset management practices are properly implemented for the small-cap. Keep in mind I haven't considered other factors such as how 1246 has been performing in the past. I recommend you continue to research Boill Healthcare Holdings to get a more holistic view of the stock by looking at:
1. Valuation: What is 1246 worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether 1246 is currently mispriced by the market.
2. Historical Performance: What has 1246's returns been like over the past? Go into more detail in the past track record analysis and take a look atthe free visual representations of our analysisfor more clarity.
3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/heres-p-e-ratios-help-035347136.html | 2019-04-05 03:53:47+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Here's How P/E Ratios Can Help Us Understand China 21st Century Education Group Limited (HKG:1598) | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll look at China 21st Century Education Group Limited's (HKG:1598) P/E ratio and reflect on what it tells us about the company's share price.China 21st Century Education Group has a P/E ratio of 11.21, based on the last twelve months. That corresponds to an earnings yield of approximately 8.9%.
Check out our latest analysis for China 21st Century Education Group
Theformula for P/Eis:
Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS)
Or for China 21st Century Education Group:
P/E of 11.21 = CN¥0.73(Note: this is the share price in the reporting currency, namely, CNY )÷ CN¥0.065 (Based on the year to December 2018.)
A higher P/E ratio means that buyers have to paya higher pricefor each HK$1 the company has earned over the last year. All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.'
Probably the most important factor in determining what P/E a company trades on is the earnings growth. Earnings growth means that in the future the 'E' will be higher. That means unless the share price increases, the P/E will reduce in a few years. Then, a lower P/E should attract more buyers, pushing the share price up.
China 21st Century Education Group increased earnings per share by an impressive 21% over the last twelve months.
The P/E ratio essentially measures market expectations of a company. We can see in the image below that the average P/E (19.1) for companies in the consumer services industry is higher than China 21st Century Education Group's P/E.
China 21st Century Education Group's P/E tells us that market participants think it will not fare as well as its peers in the same industry. Many investors like to buy stocks when the market is pessimistic about their prospects. It is arguably worth checkingif insiders are buying shares, because that might imply they believe the stock is undervalued.
It's important to note that the P/E ratio considers the market capitalization, not the enterprise value. That means it doesn't take debt or cash into account. Hypothetically, a company could reduce its future P/E ratio by spending its cash (or taking on debt) to achieve higher earnings.
Spending on growth might be good or bad a few years later, but the point is that the P/E ratio does not account for the option (or lack thereof).
China 21st Century Education Group has net cash of CN¥409m. That should lead to a higher P/E than if it did have debt, because its strong balance sheets gives it more options.
China 21st Century Education Group has a P/E of 11.2. That's below the average in the HK market, which is 12.2. The net cash position gives plenty of options to the business, and the recent improvement in EPS is good to see. The relatively low P/E ratio implies the market is pessimistic.
Investors have an opportunity when market expectations about a stock are wrong. If it is underestimating a company, investors can make money by buying and holding the shares until the market corrects itself. Although we don't have analyst forecasts, shareholders might want to examinethis detailed historical graphof earnings, revenue and cash flow.
Of course,you might find a fantastic investment by looking at a few good candidates.So take a peek at thisfreelist of companies with modest (or no) debt, trading on a P/E below 20.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/investors-know-newton-resources-ltds-035810985.html | 2019-04-05 03:58:10+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | What Investors Should Know About Newton Resources Ltd's (HKG:1231) Financial Strength | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
While small-cap stocks, such as Newton Resources Ltd (HKG:1231) with its market cap of HK$3.4b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. Given that 1231 is not presently profitable, it’s vital to assess the current state of its operations and pathway to profitability. Let's work through some financial health checks you may wish to consider if you're interested in this stock. Nevertheless, this is not a comprehensive overview, so I suggest youdig deeper yourself into 1231 here.
1231 has sustained its debt level by about CN¥219m over the last 12 months made up of predominantly near term debt. At this constant level of debt, 1231 currently has CN¥157m remaining in cash and short-term investments to keep the business going. Moving on, operating cash flow was negative over the last twelve months. For this article’s sake, I won’t be looking at this today, but you can take a look at some of 1231’soperating efficiency ratios such as ROA here.
At the current liabilities level of CN¥330m, it seems that the business has been able to meet these obligations given the level of current assets of CN¥404m, with a current ratio of 1.22x. The current ratio is the number you get when you divide current assets by current liabilities. Usually, for Metals and Mining companies, this is a suitable ratio as there's enough of a cash buffer without holding too much capital in low return investments.
With debt reaching 78% of equity, 1231 may be thought of as relatively highly levered. This is a bit unusual for a small-cap stock, since they generally have a harder time borrowing than large more established companies. Though, since 1231 is presently loss-making, there’s a question of sustainability of its current operations. Maintaining a high level of debt, while revenues are still below costs, can be dangerous as liquidity tends to dry up in unexpected downturns.
1231’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow. This may mean this is an optimal capital structure for the business, given that it is also meeting its short-term commitment. I admit this is a fairly basic analysis for 1231's financial health. Other important fundamentals need to be considered alongside. I recommend you continue to research Newton Resources to get a more holistic view of the small-cap by looking at:
1. Historical Performance: What has 1231's returns been like over the past? Go into more detail in the past track record analysis and take a look atthe free visual representations of our analysisfor more clarity.
2. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/does-market-volatility-impact-liquefied-040219052.html | 2019-04-05 04:02:19+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Does Market Volatility Impact Liquefied Natural Gas Limited's (ASX:LNG) Share Price? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
If you're interested in Liquefied Natural Gas Limited (ASX:LNG), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. First, we have company specific volatility, which is the price gyrations of an individual stock. Holding at least 8 stocks can reduce this kind of risk across a portfolio. The second sort is caused by the natural volatility of markets, overall. For example, certain macroeconomic events will impact (virtually) all stocks on the market.
Some stocks see their prices move in concert with the market. Others tend towards stronger, gentler or unrelated price movements. Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). However, Warren Buffett said 'volatility is far from synonymous with risk' in his 2014 letter to investors. So, while useful, beta is not the only metric to consider. To use beta as an investor, you must first understand that the overall market has a beta of one. A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.
View our latest analysis for Liquefied Natural Gas
Zooming in on Liquefied Natural Gas, we see it has a five year beta of 1.83. This is above 1, so historically its share price has been influenced by the broader volatility of the stock market. If the past is any guide, we would expect that Liquefied Natural Gas shares will rise quicker than the markets in times of optimism, but fall faster in times of pessimism. Share price volatility is well worth considering, but most long term investors consider the history of revenue and earnings growth to be more important. Take a look at how Liquefied Natural Gas fares in that regard, below.
Liquefied Natural Gas is a rather small company. It has a market capitalisation of AU$257m, which means it is probably under the radar of most investors. It has a relatively high beta, suggesting it is fairly actively traded for a company of its size. Because it takes less capital to move the share price of a small company like this, when a stock this size is actively traded it is quite often more sensitive to market volatility than similar large companies.
Since Liquefied Natural Gas has a reasonably high beta, it's worth considering why it is so heavily influenced by broader market sentiment. For example, it might be a high growth stock or have a lot of operating leverage in its business model. This article aims to educate investors about beta values, but it's well worth looking at important company-specific fundamentals such as Liquefied Natural Gas’s financial health and performance track record. I highly recommend you dive deeper by considering the following:
1. Financial Health: Are LNG’s operations financially sustainable? Balance sheets can be hard to analyze, which is why we’ve done it for you. Check out ourfinancial health checks here.
2. Past Track Record: Has LNG been consistently performing well irrespective of the ups and downs in the market? Go into more detail in the past performance analysis and take a look atthe free visual representations of LNG's historicalsfor more clarity.
3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/imagine-owning-century-ginwa-retail-040240068.html | 2019-04-05 04:02:40+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Imagine Owning Century Ginwa Retail Holdings (HKG:162) And Trying To Stomach The 83% Share Price Drop | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
We're definitely into long term investing, but some companies are simply bad investments over any time frame. We don't wish catastrophic capital loss on anyone. Anyone who heldCentury Ginwa Retail Holdings Limited(HKG:162) for five years would be nursing their metaphorical wounds since the share price dropped 83% in that time. And it's not just long term holders hurting, because the stock is down 34% in the last year. Furthermore, it's down 11% in about a quarter. That's not much fun for holders.
While a drop like that is definitely a body blow, money isn't as important as health and happiness.
Check out our latest analysis for Century Ginwa Retail Holdings
In his essayThe Superinvestors of Graham-and-DoddsvilleWarren Buffett described how share prices do not always rationally reflect the value of a business. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
Century Ginwa Retail Holdings became profitable within the last five years. That would generally be considered a positive, so we are surprised to see the share price is down. Other metrics might give us a better handle on how its value is changing over time.
It could be that the revenue decline of 5.9% per year is viewed as evidence that Century Ginwa Retail Holdings is shrinking. This has probably encouraged some shareholders to sell down the stock.
You can see how revenue and earnings have changed over time in the image below, (click on the chart to see cashflow).
Balance sheet strength is crucual. It might be well worthwhile taking a look at ourfreereport on how its financial position has changed over time.
We've already covered Century Ginwa Retail Holdings's share price action, but we should also mention its total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Century Ginwa Retail Holdings's TSR of was a loss of 83% for the 5 years. That wasn't as bad as its share price return, because it has paid dividends.
We regret to report that Century Ginwa Retail Holdings shareholders are down 32% for the year. Unfortunately, that's worse than the broader market decline of 0.05%. However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 29% per year over five years. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. Before forming an opinion on Century Ginwa Retail Holdings you might want to consider these3 valuation metrics.
We will like Century Ginwa Retail Holdings better if we see some big insider buys. While we wait, check out thisfreelist of growing companies with considerable, recent, insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/apnewsbreak-white-house-pulls-nomination-ice-director-021345972--politics.html | 2019-04-05 04:03:06+00:00 | null | null | Associated Press | https://apnews.com/ | APNewsBreak: White House withdraws nomination to lead ICE | WASHINGTON (AP) The White House on Thursday withdrew the nomination of a longtime border official to lead U.S. Immigration and Customs Enforcement as the Trump administration grapples with a massive increase in Southern border crossings that are straining the system with no easy solution, according to people with knowledge of the move. The paperwork on Ron Vitiello was sent to members of Congress Thursday, the people said, and the decision was unexpected and met with confusion. Vitiello had been scheduled to travel with President Donald Trump to the border on Friday, but was no longer going, one official said. He will still remain acting director, they said. One Homeland Security official insisted it was nothing but a paperwork error that had later been corrected. But other, higher-level officials said the move did not appear to be a mistake, even though they were not informed ahead of time. The people had direct knowledge of the letter but were not authorized to speak publicly and spoke to The Associated Press on condition of anonymity. Vitiello was nominated to lead ICE, the agency tasked with enforcing immigration law in the interior of the U.S., after more than 30 years in law enforcement, starting in 1985 with the U.S. Border Patrol. He was previously Border Patrol chief and deputy commissioner U.S. Customs and Border Protection, which oversees the patrol. Vitiello took over during a time of unprecedented spotlight and scrutiny for the agency. Part of ICE's mission is to arrest immigrants in the U.S. illegally, which has made it a symbol of President Donald Trump's hardline immigration policies. He had been acting head since June 2018, nominated in August, had a Senate confirmation hearing in November and his nomination had passed one Senate panel, the people said. But because Homeland Security touches on so many topics, a second committee also had jurisdiction and his nomination was still under discussion there. Some Democrats had concerns, and a union representing some ICE agents had opposed his nomination. Story continues Department of Homeland Security officials referred questions to the White House, which did not respond to multiple requests for comment. The move by the White House came as immigration officials were dealing with a 12-year high in U.S-Mexico border crossings and a recent flare-up by Trump who once again threatened to close the border entirely by the end of this week, before backing off. For many years, families arriving at the border were typically released from U.S. custody immediately and allowed to settle with family or friends in the U.S. while their immigration cases wound their way through the courts, a process that often takes years and has been derided by Trump as "catch and release." But in recent months, the number of families crossing into the U.S. has climbed to record highs, pushing the system to the breaking point. As a result, ICE was releasing families faster, in greater numbers and at points farther removed from the border. Since Dec. 21, the agency set free more than 125,000 people who came into the U.S. as families. ___ Associated Press writer Jill Colvin contributed to this report. |
https://finance.yahoo.com/news/stephen-king-nails-why-college-080632476.html | 2019-04-05 04:06:32+00:00 | null | null | HuffPost | https://www.huffpost.com | Stephen King Nails Why The College Admissions Scandal Is ‘Normal’ In The Age Of Trump | Stephen King explained on Thursday why he believes people shouldn’t be shocked by the college admissions bribery scandal . The horror novelist tweeted: Are you surprised that rich parents are bribing their rich kiddies into top schools? Shocked, even? Don't be. In the Age of Trump, when even fundamentalist Christians wink at the president's flagrant adulteries, such behavior comes to seem normal. — Stephen King (@StephenKing) April 4, 2019 Dozens of people, including “Full House” star Lori Loughlin and “Desperate Housewives” actress Felicity Huffman , have been charged with paying bribes to secure spots at prestigious schools for their children. Many tweeters who responded said that the scandal was not solely symptomatic of Trump’s presidency, and that equivalent illegal behavior had been taking place “for years.” King followed up, however, with a further attack on Trump and his syntax: Trump: "They are a Fake News paper who have already been forced to apologize..." Donald, no one expects you to get your facts straight, but at least have someone correct your syntax. "IT is a Fake Newspaper THAT HAS..." Etc. God you're illiterate. — Stephen King (@StephenKing) April 4, 2019 King has long been a fierce critic of Trump. He wrote a (very) short horror story about the president, called for his impeachment and dinged him with a quote from late author George Orwell . Related... Late-Night TV Hosts Torch Donald Trump Over His Latest Conspiracy Theory Stephen Colbert Flusters Stacey Abrams By Reading Her Own Romantic Fiction Alexandria Ocasio-Cortez Ignored Paul Ryan's 'Little Tips' For Congress, And Twitter Loved It Also on HuffPost Love HuffPost? Become a founding member of HuffPost Plus today. This article originally appeared on HuffPost . |
https://finance.yahoo.com/news/did-china-town-development-company-040710250.html | 2019-04-05 04:07:10+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | What Did China New Town Development Company Limited's (HKG:1278) CEO Take Home Last Year? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Heqiang Liu has been the CEO of China New Town Development Company Limited (HKG:1278) since 2014. This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. Next, we'll consider growth that the business demonstrates. And finally we will reflect on how common stockholders have fared in the last few years, as a secondary measure of performance. The aim of all this is to consider the appropriateness of CEO pay levels.
See our latest analysis for China New Town Development
According to our data, China New Town Development Company Limited has a market capitalization of HK$1.9b, and pays its CEO total annual compensation worth CN¥1.0m. (This is based on the year to December 2017). Notably, the salary of CN¥1.0m is the vast majority of the CEO compensation. When we examined a selection of companies with market caps ranging from CN¥671m to CN¥2.7b, we found the median CEO total compensation was CN¥1.5m.
So Heqiang Liu is paid around the average of the companies we looked at. While this data point isn't particularly informative alone, it gains more meaning when considered with business performance.
You can see, below, how CEO compensation at China New Town Development has changed over time.
China New Town Development Company Limited has increased its earnings per share (EPS) by an average of 6.0% a year, over the last three years (using a line of best fit). Its revenue is down -49% over last year.
I would argue that the lack of revenue growth in the last year is less than ideal, but I'm happy with the EPS growth. These two metric are moving in different directions, so while it's hard to be confident judging performance, we think the stock is worth watching. We don't have analyst forecasts, but shareholders might want to examinethis detailed historical graphof earnings, revenue and cash flow.
Given the total loss of 27% over three years, many shareholders in China New Town Development Company Limited are probably rather dissatisfied, to say the least. This suggests it would be unwise for the company to pay the CEO too generously.
Heqiang Liu is paid around what is normal the leaders of comparable size companies.
We would like to see somewhat stronger per share growth. And shareholder returns have been disappointing over the last three years. So suffice it to say we don't think the compensation is modest! CEO compensation is one thing, but it is also interesting tocheck if the CEO is buying or selling China New Town Development (free visualization of insider trades).
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/easyknit-international-holdings-limited-hkg-041140645.html | 2019-04-05 04:11:40+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Is Easyknit International Holdings Limited (HKG:1218) A Financially Sound Company? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Investors are always looking for growth in small-cap stocks like Easyknit International Holdings Limited (HKG:1218), with a market cap of HK$411m. However, an important fact which most ignore is: how financially healthy is the business? Assessing first and foremost the financial health is essential, since poor capital management may bring about bankruptcies, which occur at a higher rate for small-caps. The following basic checks can help you get a picture of the company's balance sheet strength. However, this is just a partial view of the stock, and I suggest youdig deeper yourself into 1218 here.
1218's debt level has been constant at around HK$1.3b over the previous year – this includes long-term debt. At this stable level of debt, 1218's cash and short-term investments stands at HK$333m to keep the business going. Moving on, operating cash flow was negative over the last twelve months. For this article’s sake, I won’t be looking at this today, but you can examine some of 1218’soperating efficiency ratios such as ROA here.
Looking at 1218’s HK$837m in current liabilities, the company has been able to meet these commitments with a current assets level of HK$2.1b, leading to a 2.54x current account ratio. The current ratio is the number you get when you divide current assets by current liabilities. For Real Estate companies, this ratio is within a sensible range since there's a sufficient cash cushion without leaving too much capital idle or in low-earning investments.
With a debt-to-equity ratio of 40%, 1218's debt level may be seen as prudent. This range is considered safe as 1218 is not taking on too much debt obligation, which may be constraining for future growth.
1218’s high cash coverage and appropriate debt levels indicate its ability to utilise its borrowings efficiently in order to generate ample cash flow. In addition to this, the company exhibits an ability to meet its near term obligations should an adverse event occur. Keep in mind I haven't considered other factors such as how 1218 has been performing in the past. I suggest you continue to research Easyknit International Holdings to get a more holistic view of the stock by looking at:
1. Future Outlook: What are well-informed industry analysts predicting for 1218’s future growth? Take a look at ourfree research report of analyst consensusfor 1218’s outlook.
2. Historical Performance: What has 1218's returns been like over the past? Go into more detail in the past track record analysis and take a look atthe free visual representations of our analysisfor more clarity.
3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/metgasco-asx-mel-shareholders-down-041556908.html | 2019-04-05 04:15:56+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Some Metgasco (ASX:MEL) Shareholders Are Down 48% | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
Ideally, your overall portfolio should beat the market average. But every investor is virtually certain to have both over-performing and under-performing stocks. At this point some shareholders may be questioning their investment inMetgasco Limited(ASX:MEL), since the last five years saw the share price fall 48%. We also note that the stock has performed poorly over the last year, with the share price down 25%. Even worse, it's down 16% in about a month, which isn't fun at all.
Check out our latest analysis for Metgasco
Metgasco recorded just AU$1,017,467 in revenue over the last twelve months, which isn't really enough for us to consider it to have a proven product. This state of affairs suggests that venture capitalists won't provide funds on attractive terms. So it seems that the investors more focused on would could be, than paying attention to the current revenues (or lack thereof). It seems likely some shareholders believe that Metgasco will discover or develop fossil fuel before too long.
We think companies that have neither significant revenues nor profits are pretty high risk. There is almost always a chance they will need to raise more capital, and their progress - and share price - will dictate how dilutive that is to current holders. While some such companies do very well over the long term, others become hyped up by promoters before eventually falling back down to earth, and going bankrupt (or being recapitalized).
Metgasco had net cash of AU$7.6m when it last reported (December 2018). That's not too bad but management may have to think about raising capital or taking on debt, unless the company is close to breaking even. With the share price down 12% per year, over 5 years, it seems likely that the need for cash is weighing on investors' minds. The image below shows how Metgasco's balance sheet has changed over time; if you want to see the precise values, simply click on the image.
In reality it's hard to have much certainty when valuing a business that has neither revenue or profit. What if insiders are ditching the stock hand over fist? It would bother me, that's for sure. It only takes a moment for you tocheck whether we have identified any insider sales recently.
We'd be remiss not to mention the difference between Metgasco'stotal shareholder return(TSR) and itsshare price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Metgasco hasn't been paying dividends, but its TSR of -18% exceeds its share price return of -48%, implying it has either spun-off a business, or raised capital at a discount; thereby providing additional value to shareholders.
While the broader market gained around 12% in the last year, Metgasco shareholders lost 25%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 4.0% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. Investors who like to make money usually check up on insider purchases, such as the price paid, and total amount bought.You can find out about the insider purchases of Metgasco by clicking this link.
If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on AU exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
https://finance.yahoo.com/news/postal-savings-bank-china-co-041613264.html | 2019-04-05 04:16:13+00:00 | [] | Simply Wall St | Simply Wall St. | https://simplywall.st/ | Postal Savings Bank of China Co., Ltd. (HKG:1658): Is It A Good Long Term Opportunity? | Want to participate in aresearch study? Help shape the future of investing tools and earn a $60 gift card!
In December 2018, Postal Savings Bank of China Co., Ltd. (HKG:1658) announced its most recent earnings update, which revealed that the business benefited from a slight tailwind, eventuating to a single-digit earnings growth of 4.7%. Investors may find it useful to understand how market analysts predict Postal Savings Bank of China's earnings growth trajectory over the next couple of years and whether the future looks even brighter than the past. I will be using net income excluding extraordinary items in order to exclude one-off volatility which I am not interested in.
See our latest analysis for Postal Savings Bank of China
Analysts' expectations for the coming year seems optimistic, with earnings climbing by a robust 15%. This growth seems to continue into the following year with rates arriving at double digit 27% compared to today’s earnings, and finally hitting CN¥74b by 2022.
Although it is useful to be aware of the growth each year relative to today’s figure, it may be more insightful to estimate the rate at which the earnings are moving every year, on average. The benefit of this approach is that it removes the impact of near term flucuations and accounts for the overarching direction of Postal Savings Bank of China's earnings trajectory over time, which may be more relevant for long term investors. To calculate this rate, I've appended a line of best fit through the forecasted earnings by market analysts. The slope of this line is the rate of earnings growth, which in this case is 12%. This means that, we can presume Postal Savings Bank of China will grow its earnings by 12% every year for the next couple of years.
For Postal Savings Bank of China, I've put together three relevant aspects you should further examine:
1. Financial Health: Does it have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk.
2. Valuation: What is 1658 worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether 1658 is currently mispriced by the market.
3. Other High-Growth Alternatives: Are there other high-growth stocks you could be holding instead of 1658? Exploreour interactive list of stocks with large growth potentialto get an idea of what else is out there you may be missing!
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
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