What’s next for these two NZX-listed shares – Westpac Banking and Fisher & Paykel?

  • September 01, 2020 10:19 PM NZST
  • Team Kalkine
What’s next for these two NZX-listed shares – Westpac Banking and Fisher & Paykel?

Summary

  • Dual listed stocks (both on ASX and NZX) such as WBC and FPH have been sweeping the market with their COVID-19 proof performance and robust financial results, albeit with a couple of hiccups.
  • Last month, Westpac NZ updated that above one-third of Kiwi population mentioned that they had been watching their KiwiSaver balance more intently as a consequence of coronavirus.
  • Recently, Fisher & Paykel Healthcare unveiled that the Company had initiated planning for its third manufacturing facility in Mexico, which is noted to be commissioned within the next two years.

Numerous NZX-listed stocks have turned the corner by experiencing remarkable growth in their businesses during the highly uncertain times induced by COVID-19 crisis.

Notwithstanding the headwinds from the upcoming worries of the pandemic, NZX listed companies are garnering attention for sweeping the market with their bolstered performance, albeit a couple of hiccups.

On 1 September 2020, S&P/NZX50 ended the day’s session in red, as it noted a fall of 1.21 per cent from its previous close, settling at 11,793.16 points.

Did you read; S&P/NZX50 Fell 1.29% on August 31, 2020

With this backdrop, let us quickly skim through numerous NZX listed companies that are witnessing impressive performance during the turbulent waves of COVID-19.

Did you read; 4 NZX Stocks You Need to Watch: Fisher & Paykel, a2 Milk, Chorus, Pushpay

Westpac Banking Corporation (NZX:WBC)

As per a press release dated 26 August 2020, Westpac a dual listed stock (both on ASX and NZX) Meridian Energy unveiled its Green Finance Programme acknowledging its devotion, leadership quality and investment that it made in renewable energy.

The programme under discussion was executed ahead with the support of Westpac’s Sustainable Finance Team, Joanna Silver, WBC NZ’s Head of Sustainable Finance stated that the programme was in accordance with the banking group’s planned direction.

Did you watch; Westpac Banking sells vendor finance business | NZ Market Update

Earlier, on 17 August, Westpac NZ advised its clients gaining repayment deferrals and reductions that there was an array of assistance to opt for as the first 6 months assistance period had reached its end.

Speaking of repayment reductions and deferrals, they have been offered to both home loan and personal loan consumers, people who were bearing the brunt of coronavirus crisis in financial terms. Most of the consumer applications were submitted in April and the assistance is about to come to an end now.

On 15 August, the bank updated that above one-third of Kiwi population mentioned that they had been watching their KiwiSaver balance more intently as a consequence of coronavirus. As per a research conducted by Westpac NZ, one out of five people stated that the coronavirus outbreak had enhanced their comprehension of how KiwiSaver functions.

On 1 September 2020, WBC share price settled the day at NZ$18.7, indicating a decline of 3.11 per cent from the previous close.

Fisher & Paykel Healthcare Corporation Limited (NZX:FPH)

NZX 50 Index listed stock, Fisher & Paykel Healthcare is a dual-listed (both on ASX and NZX) healthcare entity.

On 21 August 2020, Fisher & Paykel Healthcare divulged that it had initiated planning for its third manufacturing facility in Mexico, which is noted to be commissioned within the next two years.

Notably, FPH had completed its second Mexico facility in January 2019 as well as its fourth New Zealand facility was completed in May 2020.

2020 Annual Meeting resolutions

On 21 August 2020, Fisher & Paykel Healthcare updated the market with its Annual Shareholders' Meeting presentation highlighting the business performance and also put across the following resolutions:

Source: NZX update, dated 21 August 2020

Source: NZX update, dated 21 August 2020

Must read; FPH continues delivering stupendous returns; stock performance aided by impressive FY2020 results

Business performance for the fiscal year 2020

In June, Fisher & Paykel Healthcare revealed a boosted performance for the financial year ended 31 March 2020.

Following were the highlights of the accelerated financial performance for FY20:

  • The Company witnessed an upsurge of 14 per cent (y-o-y) in operating revenue (on constant currency basis) and stood at NZ$1, 263.7 million.
  • Furthermore, FPH’s net profit after tax (NPAT) experienced a boosted y-o-y growth of 37 per cent to stand at NZ$287.3 million.
  • FPH announced a total dividend of 27.5 cents per share (cps) in FY20, indicating an upsurge of 18 per cent.

The Company witnessed bolstered business performance across its hospital and homecare product during the twelve months ended 31 March 2020.

Source: Company’s presentation, dated 21 August 2020

Source: Company’s presentation, dated 21 August 2020

The Company provided the earnings guidance for FY21 and anticipated the following-

  • Operating revenue of ~1.61 billion; and
  • Net profit after tax to strike between NZ$365 - NZ$385 million.

Source: Company’s presentation, dated 21 August 2020

Source: Company’s presentation, dated 21 August 2020

On 1 September 2020, FPH last traded at NZ$35.51, down by 3.64 per cent from its last close.

Did you read; Is Fisher & Paykel Healthcare Share Price Still a Buy Post Raising its Guidance

 

 


Disclaimer
The website https://kalkinemedia..com/nz is a service of Kalkine Media New Zealand Limited (Company Number 8107196).The article has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion.Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. We are neither licensed nor qualified to provide investment advice through this platform.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK