ASXValue

Q3 was another excellent result, returning +14.59% against the benchmark return of -4.04%.   YTD return for the financial year so far is +77.05%.  My only trade for the quarter was purchasing Webjet. Kogan again contributed a significant proportion of the return, but the standout in percentage growth was Spirit Telecom, rising 70%. I am constantly…

Kogan released their HY numbers a couple of weeks back, and did not disappoint.  Revenue, expected to grow at 35%, instead grew at 45.7%. Gross margins improved to 19.4%.  And the dividend was increased to 6.9c per share.  Based on the IPO price of $1.80 just a year ago, this annualises to a dividend yield…

Once again, KGN made a majority of the contribution to my returns this quarter, with the stock price increasing 75% this quarter.  The portfolio return was +27.11% for the quarter, against the benchmark Vanguard ASX300 index of +6.98%.  Removing Kogan the fund still outperformed with a +8.17% return. I got rid of DTL (After the…

Company Overview Fortescue is a well-known Australian success story.  A former stockbroker buys some mining leases in the Pilbara, is blocked from accessing BHP and RIO’s rail infrastructure, so he builds his own debt-funded railway.  Nowadays, Fortescue is almost debt-free, generates masses of cash every year, and has the lowest C1 production costs in the…

Thanks largely to Kogan, my first full quarter running my SMSF was an absolute cracker.  The portfolio finished up 21.6%* against the benchmark (The Vanguard ASX300 index) of 0.77%.  Without Kogan, performance still would have been a respectable 4.52%.   I don’t have any big plans to add anything new, but will add to my…

One of the key things we need to do if we are to make good quality decisions, is to be aware of our own internal biases and not let them cloud our judgement.  This last 2 months, I’ve really gotten into Charlie Munger’s wisdom (a starting point here).  For the uninitiated, Charlie Munger is Warren…

One of the decisions I am most proud of this year is my call to sell off my BPF shares in February after some disappointing HY numbers.  Previous articles on BPF have extolled the virtues of their annuity business and their high revenue growth rate.  I’d been cheering BPF for the previous year after seeing…

Jumbo has been on my radar for a long time, but I’d been leery about their business.  Since the FY16 numbers were released, the share price has zoomed from $1.60 to $2.90, and I’m ashamed to say my decision to buy around the $2.80 level was driven by the FY16 numbers, so I was slow…

Spirit Telecom went into trading halt this week, prior to announcing the acquisition of World Without Wires (WWW), a consumer WiMax service provider operating across South East Queensland.  The purchase was funded by a mix of cash and new shares, for a total consideration of $4.6m. This acquisition will increase revenue by 23% and GP…

AV Jennings released numbers on Friday, and as anticipated by the market, reported a drop in both revenues and profits: Revenue down 4.8% from 422M to 402M NPAT down 12.7% from $40.9M to 35.7M EPS down 13.1% from 10.7c to 9.3c NTA up 4.3% from 95c to 99c   The drop in profits was mainly…