Find that old Tupperware

August 26, 2022

Good Morning,

Tupperware searches increased by over 700% on Trade Me, Costco's MD hopes the Auckland store will be the first of many, Kiwibank predicted house prices could fall by 13% by year-end, Australian PM Anthony Albanese announced a royal commission inquiry into robodebt, California will ban the sale of new petrol cars from 2035, Tesla split its stock 3-1, hedge funds suffered a $7.8B (USD) net outflow in Q2, Tiger Woods and Rory Mcllroy announced TGL and Daniel Riccardo needs to find a new seat for next year.

Let's jump in.

Before The Bell

Markets

  • The New Zealand market slipped as investors remained cautious ahead of J Pow's Speech today despite positive earnings results. (Stuff)

  • The ASX rose on the prospect of Japan restarting nuclear power, which caused uranium stocks to rise steadily. (NBR)

  • The US markets rose to break a three-day losing streak, whilst London stocks dropped again.

Earnings

  • Air New Zealand dropped 1.5% after it posted its third straight annual loss but in postive news for the company it said deamand for travel is execeeding its expecations. (NBR)

  • City Chic didn't fear as well, dropping 19% after missing underlying earnings expectations. (AFR)

  • Comvita reported record revenue of $209m (NZD), leading to a 2.7% increase in the stock price. (NBR)

  • Insignia Financial jumped 11.4% after reporting underlying profit after tax grew 59% to $234.5m (AUD). (AFR)

  • Nine Entertainment is also conducting a share buyback of up to 10% of its shares after delivering underlying profit growth of around 35%. (AFR)

  • Qantas announced better-than-expected results, which included a $400m (AUD) share buyback which resulted in the stock price climbing 7.1% to $4.86. (AFR)

  • SkyCity Entertainment dropped 1.4% after it reported a $33.6m (NZD) annual loss as revenue fell by a third. They also warned of financial and reputational risk from the Austrac review of its Adelaide casino. (NBR)

  • Sky TV rose 1.2% after hitting market expectations and announcing it will return $82m (NZD) to investors via a final dividend and pro-rata capital return. (NBR)

  • Woolworths share price decreased by 3.21% as they battle with increasing costs, staff absences and the effects of inflation on their customer base. (AFR)

News Summary

  • Costco's MD hopes the Auckland store will be the first of many. (Stuff)

  • After Tupperware announced its withdrawal from NZ yesterday, searches have increased by more than 700% on Trade Me. (Stuff)

  • Humm, a buy now, pay later business, will shut down its New Zealand service on the 25th of September. (Stuff)

  • Kiwibank predicted that the supply shortage in the NZ housing market has decreased to 23,000 homes and, as a result, predicted prices could fall 13% by year-end. (Stuff)

  • Gibbston Valley Resort has cancelled contracts due to building supply problems and rising costs. (NBR)

  • Qantas will fly from Auckland to New York from June 2023. (RNZ)

  • Australian PM Anthony Albanese announced a royal commission inquiry into the robodebt compliance scheme. (9 News)

  • International students look set to return at record levels to Australian universities for 2023. (AFR)

  • Daniel Riccardo will leave McLaren at the end of 2022. (9 News)

  • Biden cancels up to $10K (USD) in student loans for millions. (BBC)

  • California to ban the sale of new petrol cars from 2035. (Guardian)

  • Tesla split its stock 3-1. (CNBC)

  • Peru to sue oil firm Repsol for $4.5B (USD) over the oil spill that occurred off the coast of Lima in January. (BBC)

  • China suspended 20 IPOs sponsored by China Merchant Securities amid a probe. (RT)

  • Hedge funds suffered a $7.8B (USD) net outflow in Q2. (RT)

  • The PGA tour boosted players' benefits and pay to compete with rival tour LIV Golf. (CNBC)

  • Tiger Woods and Rory Mcllroy announced TGL, a new tech-infused golf tour which will tee off in 2024. (FOS)

Deal Flow

Investments/ M&A

  • Schneider, a french industrial conglomerate, is considering buying the remaining minority stake of 40% in software company AVEVA, which has a current market cap of $10.1B (USD). (RT)

  • EQT, KKR, Gaw Capital, PAG and Stonepeak are among the bidders for data centre company Global Switch which has an expected valuation of ~$10B (USD). (BBG)

  • Mobile World, a Vietnamese retailer, is planning the sale of a 20% stake in its Bach Hoa Xanh grocery chain at a ~$1.5B (USD) valuation. (RT)

  • Blackstone is among the bidders for rock band Pink Floyd's catalogue. (RT)

  • Rio Tinto, a global mining giant, has made an improved $4.49B (AUD) bid for copper target Turquoise Hill Resources. (AFR)

  • Move Logistics, a New Zealand end-to-end logistics company, has purchased bulk transport provider Fluidex Transport for ~$15.2m (NZD). (NBR)

  • Ramsey Health Care announced that KKR is looking to acquire 100% of the shares and then spin off Ramsay's Sante stake in an agreement that would see shareholders with less than 5,000 shares receive $88 (AUD) a share and shareholders with more than 5,000 shares receive $78.2 (AUD) in cash and 0.22 Sante shares for each share. (AFR)

VC & Fundraising

  • Australian family officers and institutions are ready to invest in a $1B (USD) funding round for Tract, a data centre's play. (AFR)

  • Sir, a Sydney fashion label is plotting a ~$6m (AUD) capital raise to fund brick-and-mortar stores. (AFR)

Equity Raises 

  • Chinese nickel trader Lygend plans a $1B (USD) IPO launch. (BBG)

Debt Raises

  • Bank of America will lead three other banks in bankrolling Perpetual's new debt package, believed to be worth ~$757m (AUD). (AFR)

  • CommBank is offering to bankroll a ~$1B+ (AUD) two-headed debt staple package to fund chemicals company Ixom's buyout. (AFR)

Love our newsletter? Please share it with your friends, family, colleagues or anyone who needs to stay on top of the market. 

Also, if you have any feedback or questions, don't hesitate to hit us up via email or Instagram. 

Reply

or to participate.