This week, financial results from CFAP, CML, IMF Bentham, NRW, Pacific National, Pioneer, Rackspace, Sunland and Sydney Airport
CFAP quarterly results – higher than 1Q18
On 24 August 2018, CF Asia Pacific Group released its 2Q18 results to 30 June. 2Q18 results were 4% higher than 1Q18.
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CML annual results – credit outlook stable
CML Group Ltd released its FY18 results.
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IMF Bentham annual results – credit outlook stable
On 24 August 2018, IMF Bentham released its FY18 results.
We reiterate our Market Perform on IMF Bentham’s 7.40% notes due June 2020 at the current indicative mid price of 103.15 and yield to worst of 4.71%pa. The credit outlook remains stable.
To read the full wholesale and retail reports click here.
Pacific National annual results – first financial year since privatisation
On 22 August 2018, railway freight haulage company Pacific National Holdings Pty Ltd, formerly known as Asciano Ltd, reported its financial results for the year ending 30 June 2018. This was the first full financial year since the company was taken private in August 2016 by a consortium comprising long term infrastructure investors that include sovereign wealth funds from Canada, China and Singapore.
PN’s financial performance for FY18 was strong, with revenue growing by 7.4%.
To read the full report click here.
NRW annual results – credit outlook stable
NRW Holdings released its FY18 results.
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Pioneer Credit annual results – strong growth with further acquired PDPs
On 24 August 2018, Pioneer reported its FY18 results.
Pioneer specialises in acquiring and servicing unsecured retail debt portfolios and purchased debt portfolios, known as PDPs. Pioneer achieved strong growth off the back of a further increase in acquired PDPs, at a slightly lower price and no noticeable change in the underlying customer characteristics.
To read the full report click here.
Rackspace quarterly results – slightly weaker total revenue
On 24 August 2018, Rackspace reported its 2Q18 results.
Total revenue was slightly weaker with results not comparable to the same period last year given the acquisition of Datapipe.
To read the full report click here.
Sunland Group annual results
On 23 August 2018, Sunland Group reported its full year FY18 results.
We maintained our Underperform recommendation on Sunland’s 7.55% Notes due 2020 and changed the credit outlook from stable to negative.
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Sydney Airport semi annual results – market perform reiterated
On 22 August 2018, Sydney Airport reported its semi annual results in line with our expectations and the credit look remains positive.
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Please note yields are accurate as of 29 August 2018, subject to change. S&P ratings are shown.