Performance of S&P/NZX50 in the Week Gone By

  • May 25, 2020 02:44 PM NZST
  • Team Kalkine
Performance of S&P/NZX50 in the Week Gone By

During the week ended May 22, 2020, S&P/NZX50 Index declined by ~0.63%. The top performer of the week was Argosy Property Limited (NZX: ARG), which increased by ~8.65% and the worst performer of the week was New Zealand Refining Company Limited (NZX: NZR), which decreased by ~10.13%.

In this article, we are going to have a look at the top and worst performers of the week ended May 22, 2020.

Argosy Property Limited (NZX: ARG)

Argosy Property Limited happens to be one of the country’s leading listed property companies. For the 12 months ended 31 March 2020, the company’s net property income stood at $99.7 million, down by 2.7% from the previous year.

The net distributable income stood at $59.6 million and increased by 3.8 per cent as compared to the prior year of $57.4 million. The net distributable income per share rose 3.7 per cent to 7.20 cents per share from 6.94 cps in the previous year.

The independent work conducted by valuers led to an annual revaluation uplift amounting to $60 Mn.

  • By sector, Industrial delivered the greatest contribution at $53.4 million, up 6.8 per cent;
  • By location, Auckland was the biggest contributor to the revaluation gain with $49.7 million or 83 per cent of the total portfolio gain;
  • The Office portfolio increased by $19.5 million, or 2.7 per cent and Large Format Retail decreased by $13.0 million or -6.5 per cent.

Financial Summary (Source: Company’s Report)

Financial Summary (Source: Company’s Report)

Arvida Group Limited (NZX: ARV)

Arvida Group Limited is one of New Zealand’s largest aged care providers owning and operating 32 retirement villages located nationally.

For the six months ended 30 September 2019, the company’s net profit after tax increased by 47% to $45.0 million, as compared to previous corresponding period. Underlying profit for the period was reported at $23.4 million, an increase of 31% on pcp. The strong growth in underlying profit was led by solid margins and higher volumes on the resale of occupation rights.

The company had 2,359 retirement units and 1,682 aged care beds spread across 32 villages at the end of the period.

Underlying Growth Trends (Source: Company Reports)

Underlying Growth Trends (Source: Company Reports)

Oceania Healthcare Limited (NZX: OCA)

In the release dated 28th April 2020, the company advised that none of its aged care centres or retirement villages have reported any cases of COVID-19 to date. Throughout lockdown period, OCA continued to sign applications as well as completed the sales of Care Suites. The company will also gain from the lately declared increase in the Government’s funding for aged residential care.

Pushpay Holdings Limited (NZX: PPH)

For the year ended 31 March 2020, the company reported total revenue of US$129.8 million, up by 32% and operating revenue stood at US$127.5 million, up by 33%. The company provided the following guidance, all of which were either achieved or exceeded:

FY20 Guidance (Source: Company Reports)

FY20 Guidance (Source: Company Reports)

Future Outlook

In the coming future, the company anticipates further strong revenue growth as it continues to execute on the strategy to gain the market share. The company is expecting to achieve EBITDAF of between US$48.0 million and US$52.0 million for the full year ending 31st March 2021.

Meridian Energy Limited (NZX: MEL)

Meridian Energy Limited has released monthly operating report for the month of April 2020 and the key highlights are:

  • National hydro storage increased from 94% to 103% of historical average, in the month to 11 May 2020;
  • South Island storage stood at 108% of average and North Island storage stood at 65% of average on 11 May 2020;
  • The company’s April 2020 monthly total inflows were 85% of historical average;
  • Its New Zealand retail sales volume in April 2020 were 0.3% lower than April 2019.

Now let us have a look at the five worst performers of the week

The New Zealand Refining Company Limited (NZX: NZR)

The New Zealand Refining Company Limited has decided to defer all non-essential activity because of the current trading environment and has also reduced the capex estimates from $70 Mn to $40 Mn for 2020.

  • The company also expanded as well as extended its bank facilities in the month of March and now the company’s total available debt funding facilities are equal to $400 million with no significant maturities until March 2022;
  • The company’s net debt stood at $252 million as at the end April.

Sky Network Television Limited (NZX: SKT)

Sky Network Television Limited has decided to conduct an equity raising of approximately NZ$157 million to ensure that it is well funded to survive the impact of COVID-19 pandemic. The offer price of the equity raise would be NZ$0.12 per share, comprising of:

  • A fully underwritten NZ$148 million pro-rata non-renounceable accelerated entitlement offer, at a ratio of 2.83 for 1 and;
  • A fully underwritten NZ$9 million institutional placement.

Z Energy Limited (NZX: ZEL)

The company has provided weekly volume data. According to the release dated May 22, 2020, the data consists retail volumes for the company’s network including Foodstuffs, the Caltex network and for the domestic supply arrangements that Z Energy Limited supports. Following is the key data:

Key Data (Source: Company Reports)

Key Data (Source: Company Reports)

Freightways Limited (NZX: FRE)

The company’s revenue dropped (on average) by around 32% during the month of April but showed a steady improvement through that period of time, both in volume and in the type of activity being performed.

  • The Express Package reported volume decline of more than 60% as New Zealand entered Alert Level 4 lockdown;
  • Big Chill, the temperature-controlled delivery company acquired by Freightways in April 2020, which had been trading ahead of its prior year results before Covid-19, saw a drop of volume of about 22% during Alert Levels 4 and 3;
  • The IM business in New Zealand and Australia saw a more limited drop in activity during Alert Levels 4 and 3 of about 30%.

Fletcher Building Limited (NZX: FBU)

The company has decided to cancel the FY20 interim dividend and has also suspended the on-market share buyback programme. Notably, the Board of the company has decided to withdraw FY 2020 EBIT guidance.


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