2013澳洲股票交流贴

黑山老妖

条款里提到， 假如每个季度/每年的 interests payment 不能按时发放的话，dividend stopper会被trigger, 股票不会有任何分红
换言之，就是： 只要hybrid就没有distribution，发行债券的公司就不能分红
>> 同时只要公司不发分红就没有你债券的利息。

银行的preference share方面，2月6号最新推出的是WESTPACK的 $500m Tier 1 capital notes， 回报率大概Distribution Rate: (90-day BBSW rate + [3.20-
3.40%]) x (1-Corporate Tax Rate). 每个季度发一次
和crown不同的是 这个 率 是  fully franked,

>> 一个上市公司一段时间不发分红也是常有的事。你自己考虑一下风险和回报。

原来

xkon4 发表于 2013-2-7 10:35
谢谢分享

我所读到的信息好像恰恰相反， 拿 CRWON 60年的债券来举例，14 September 2018 是第一次call t ...

债券偿付是优先于股票分红的，但是需要注意的是发行时候的LVR，Debt-Service Coverage Ratio和early redemption option
以及如何redemption，是发新债，新股，还是公司本身的现金流。

小橘子

RAI!

xkon4

黑山老妖 发表于 2013-2-7 11:46
条款里提到， 假如每个季度/每年的 interests payment 不能按时发放的话，dividend stopper会被trigger, 股 ...

interest payments: Interest payments are
deferrable at CWN’s option and subject to
mandatory deferral conditions.

3个mandatory deferral conditions:
1. Leverage Ratio (Relevant Gross Debt (divided
by two)/Normalised EBITDA) is above 5.0
times for to two consecutive testing dates; or
2. Interest Cover Ratio (Normalised EBITDA/
Normalised Net Interest Paid) is below 2.5
times on any testing date; and
3. CWN has a solicited rating from a rating
agency.

但是CWN’s option 也可以defer interests payment， 不知道这里面会不会牵涉到dividend事情

假如有个季度不派利息，那么：

Deferred interest payments are cumulative and
compounding. CWN intends to pay, but is not
obliged to pay, any deferred interest payments
within five years of the deferral of the oldest
outstanding amount.

黑山老妖

具体条款我没有看。但是何必冒这个险？
他的回报并不比银行债券高多少。

eguan88

terry11 发表于 2013-1-29 18:05
Btr怎么掉了那么多？
四眼兄

好久都不理BTR了...

小橘子

出去吃了个中饭 ， 回来一看， RAI都到过3.8 了阿，， 哎，错过了行情， 不过还是看好， 先拿着

JP_jiping

各位前辈，请问FMS目前的价格可以建仓么？ 这个股票未来趋势如何？

xkon4

小橘子 发表于 2013-2-7 13:27
出去吃了个中饭 ， 回来一看， RAI都到过3.8 了阿，， 哎，错过了行情， 不过还是看好， 先拿着 ...

恭喜！

小橘子

xkon4 发表于 2013-2-7 17:01
恭喜！

呵呵，一天白涨了

xkon4

小橘子 发表于 2013-2-7 18:18
呵呵，一天白涨了

明天再卖咯

cyvs

xkon4 发表于 2013-2-7 11:56
interest payments: Interest payments are
deferrable at CWN’s option and subject to
mandatory defe ...

I am into hybrids and notes.  Currently only holding hybrids from the major banks and RHCPA, IANG, and AQHHA (all bought at par a while back).  

In my opinion Crown's convertible note is not very attractive at 105 at the moment.  Said the current yield is 8.2%.  You bought at 105 mean there is a 5% discount to the yield = 8.2/1.05 = about 7.81% pa.  Then consider that the face value is 100 so u are losing 5AUD in 5 years time, unless u sell before then, and also provided u can sell at current price..).  Compare its yield to the major banks' preference shares I think it is probably better to have the major banks' hybrids.  Though there is major difference between Crown's unsecured notes and preference shares, I don't think Crown is as attractive..  Just my opinion.

jimmymxz

bnd 怎么样啊

hezongheng

截止到去年十二月的那个季度，以及今年元月，很多股票都还是涨的不错的
尤其是银行股，都是自经济危机以来的高点
可是矿业股长的还是不好
不然asx200指数早就在5000以上了

xkon4

Australian equities are set to open lower on the back of weak offshore leads. On the corporate side, investors can expect results from mining giant, NCM, which is widely tipped to have a dip in earnings. The RBA will also be looking to release its statement of monetary policy, whereby the market will put it under the spotlight for clues on the next interest rate move.


大家可以看下NCM，
早盘开盘前很强势，不知到今天放的 结果 是好是坏，关注

xkon4

xkon4 发表于 2013-2-8 10:02
Australian equities are set to open lower on the back of weak offshore leads. On the corporate side, ...

Statutory profit1 for the six months ended 31 December 2012 of A$320 million was A$339 million lower than the corresponding
prior period of A$659 million, primarily due to lower sales revenue resulting from lower gold production. Underlying profit2 was
identical to Statutory profit in the current period. Cash flow from operations of A$225 million for the period was also lower than
the corresponding prior period primarily as a result of lower sales revenue.
Gold sales volumes of 956,073 ounces were 22% lower than the corresponding prior period, while copper sales volumes were
7% lower. Gold production of 953,331 ounces was 18% lower than the corresponding prior period primarily as a result of
processing lower grade ore at Cadia Valley and Gosowong, lower recoveries at Telfer, lower mill throughput at Lihir as a result
of plant interruptions, and the exclusion of Cracow and Mt Rawdon following divestment in November 2011.


很差劲，好像比市场预期还差

xkon4

xkon4 发表于 2013-2-8 10:04
Statutory profit1 for the six months ended 31 December 2012 of A$320 million was A$339 million low ...

Directors have determined an interim dividend of 12.0 cents per share (unfranked), an increase in the payout ratio to 29%.
Gold reserves increased by 10% to 87.3Moz and copper reserves increased by 43% to 12.1Mt, with material upgrades at Cadia
Valley, Wafi Golpu and Lihir.


积极的方面

eguan88

RXL要CR了

xkon4

eguan88 发表于 2013-2-8 11:01
RXL要CR了

我刚准备发贴说这个事情
镜痴你赢了

eguan88

xkon4 发表于 2013-2-8 11:25
我刚准备发贴说这个事情
镜痴你赢了

猜猜多少我觉得是6C以下.

eguan88

MAH真爽啊, 一路向北

xkon4

BRU,入！！！

xkon4

eguan88 发表于 2013-2-8 11:30
猜猜多少我觉得是6C以下.

6.4 cents

五月的风

bought DML @0.89  guf @ 0.42

xkon4

xkon4 发表于 2013-2-8 10:46
BRU,入！！！

BRU

黑山老妖

xkon4 发表于 2013-2-7 11:56
interest payments: Interest payments are
deferrable at CWN’s option and subject to
mandatory defe ...

今天看到WBC也发capital notes.
Distribution Rate = (90 day Bank Bill Rate + Margin) x (1 – Tax Rate)
• Margin is 3.20%.3.2%

同样的margin何必选crown?

xkon4

黑山老妖 发表于 2013-2-8 12:24
今天看到WBC也发capital notes.
Distribution Rate = (90 day Bank Bill Rate + Margin) x (1 – Tax Rat ...

CRWON 是 5% margin

黑山老妖

xkon4 发表于 2013-2-8 13:25
CRWON 是 5% margin

噢。我看错了。
可是我还是觉得这个1.8%不值得。
wbc的那个肯定比crown要好很多。

五月的风

0.93 出DML

xkon4

黑山老妖 发表于 2013-2-8 12:26
噢。我看错了。
可是我还是觉得这个1.8%不值得。
wbc的那个肯定比crown要好很多。 ...

我同意

楼上有位朋友讲的不错，这些 notes 或者 preference shares 在 par value 发行的时候购入还是不错的

WBC的capital notes 昨天我已经提到了，可能是老妖看漏了， 它是2月6号开始，7号发行，3月份结束

昨天也看到到一个Tatts发行的corporate bond, 那个比银行的notes 或者 crwon的bond 都要牛，每季度利息必须强制发行，假如不按时发放，自动算为default，tatts要立刻清算所有相关债券

它的评级是 senior bond， 排在一般债券和股权之前

margin比银行高，比crown低，

crown一半收入在大众赌博，四分之一收入在 VIP 赌博， 四分之一收入在酒店餐饮

Tatts一半收入在彩票，一般在赌博及其他，风险比crwon低

Tatts发的那份债券在我眼里极为合适