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Companies with an avid focus on the fundamentals of environmental, social and governance criteria will be better off than their competitors, according to Ausbil.

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According to Ausbil, investing in companies with forward momentum in their ESG performance can be beneficial from the perspective of adding alpha, as better risk management is likely to add a premium to valuation over time.

Head of ESG research at Ausbil Mans Carlsson-Sweeny said the market is saturated with discussions about ESG issues. However, many investors are missing a crucial point about this increasingly important aspect of investing. 

“Investors whose sole focus is only investing in companies with the relatively best ESG profiles might develop a portfolio of expensive stocks and miss the potential for growth in companies with a positive ESG trajectory,” said Mr Carlsson-Sweeny.

Mr Carlsson Sweeny believes investors can identify companies working to improve their ESG profiles, and that these can be a leading indicator of operational performance and present a vote of confidence for management quality.

“Furthermore, companies that are improving their ESG approaches tend also to be those that are improving their overall business. And, in turn, that will be reflected in their profitability, risk management and ultimately their share price,” Mr Carlsson-Sweeny said.

The fund manager added that ESG integration into analysis and investment decisions is making better informed investment choices, ultimately in order to obtain higher returns.

Companies with poor ESG profiles often perform poorly.

He also noted that the “war on plastics” is a growing ESG issue, as new estimates reveal there will be more plastic in the ocean than fish by 2050.

“While some companies are responding to this challenge, others are being driven by changing consumer preferences. This is happening in our own backyard as seen in Australian supermarkets reducing their use of single-use plastic bags.

“The world is changing, and companies need to adapt, and demonstrate that they can adapt. How they approach ESG issues is a proxy for this,” Mr Carlsson-Sweeny concluded.

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Companies with an avid focus on the fundamentals of environmental, social and governance criteria will be better off than their competitors, according to Ausbil.

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The world is changing for the better, with new technologies creating a wealth of opportunities for investors going forward, according to an analyst.

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In the 1900s, telephone, electricity and automobiles all emerged at the same time. Fast forward to today, multiple innovative platforms are also emerging at the same time in a similar fashion.

In a presentation during the UBS Australasia Conference 2019, founder and CEO of Ark Invest Catherine Wood outlined how the world is going to change dramatically and, as a consequence, see greater investment opportunities for the Australian market. 

“The five changes are blockchain technology, genomic sequencing (DNA sequencing), robotics, energy storage and artificial intelligence,” Ms Wood stipulated.

“If I were to use the Richter scale to give you a sense, the first period of innovation in the 1900s, that would have equated to 6.5 on the Richter scale. For every point up, it’s 10 times the power, we would equate what is about to happen as an 8.5,” Ms Wood said. 

Banking, energy and traditional pharmaceuticals will be significantly impacted by these changes, with Ms Wood believing they need to innovate to survive. 

Why are we ready for prime time?

Ms Wood believes markets are now ready for prime time, something they weren’t ready for during the dot com boom.

With the advanced technology available, Ms Wood said businesses are currently presented with the opportunity to create products at a lower cost. 

DNA sequencing - Genome sequencing is a shortcut allowing scientist to find genes much quicker and easier, with real-world implications such as stopping cancer in stage one.

The first whole human genome was completely sequenced in 2003 at a cost of $2.7 billion and took 13 years of computing power.

“Today we are below $1,000, and in 2024 we will be below $100, and you will go to your geneticist to have your genome profiled,” Ms Wood said.

Last year, there were 2.4 million genomes, and by 2024 it will be 100 million. 

Energy storage - Battery technology has been disappointingly slow, until Elon Musk engineered a battery pact system, Ms Wood said.

Last year, there were about 1.5 million electric vehicles sold around the world. In the next two years, the cost of an electric vehicle will drop below a petrol vehicle, leading to an explosion in sales, according to Ms Wood.

“They are better cars, and they are going to be much cheaper. By 2024, there will be 37 million electric vehicle sales globally,” Ms Wood said.

Robotics - Collaborative robots that are covered in sensors are going to help the labour productivity of human beings.

“In the United States, there are 7 million jobs that are unfilled for one of two reasons – either they don’t pay enough or there’s a skill set mismatch,” Ms Wood said.

AI - In the early days of artificial intelligence, scientists predicted AI would take over the world. 

“Why are we ready for prime time now? It is because we have taken the human programmer out of the equation, with the human being setting the objective, but in terms of the actual artificial intelligence, something called deep learning allows machines to teach themselves,” Ms Wood said.

Blockchain - Many people are still talking about blockchain technology without bitcoin, but Ms Wood said bitcoin will become the reserve asset of the cryptocurrency ecosystem.

“We have had some proof because since it peaked at $20,000, bitcoin’s share has gone from the low 30 per cent range to 70 per cent. It is the reserve currency, it is the flight to safety currency within the crypto asset ecosystem,” Ms Wood concluded.

Last year saw 1.1 trillion in transactions on the bitcoin blockchain, which has allowed cross-border trading in expensive markets.

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The world is changing for the better, with new technologies creating a wealth of opportunities for investors going forward, according to an analyst.

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Despite its three biggest rivals recording double-digit losses, Australia’s largest bank has grown by 5 per cent in the first quarter to 30 September.

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CBA reported unaudited cash net profit from continuing operations of approximately $2.3 billion, with operating income up 3 per cent.

CBA CEO Matt Comyn said the bank performed well in a difficult environment undermined by uncertain economic conditions and record-low interest rates.

“Our strong capital position and balance sheet setting means we are well placed to meet the needs of our customers, illustrated by good volume growth in our core markets of home loan lending, business lending and household deposits,” Mr Comyn said.

While the results were stronger than the other big four banks, CBA benefited from the absence of any extra remediation charges – something that may not be repeated in 2020.

Operating expenses fell by 9 per cent because high compensation costs were not repeated, while operating costs excluding notable items rose by 2 per cent. 

Mr Comyn has warned that profit margins would continue to come under pressure from very low interest rates, while highlighting pockets of stress on its books through personal loans in Western Sydney and Melbourne. 

That being said, Mr Comyn said the bank would continue to grow, highlighting its benefit to retirees.

“In a low rate environment, [CBA] will continue to maintain a disciplined approach that delivers balanced outcomes for all our stakeholders, including over 6 million savings customers, 1.6 million home loan customers and 800,00 retail shareholders, including many retirees who rely on our dividends,” Mr Comyn concluded.

nestegg has previously reported ANZ, Westpac and NAB’s financial reports.

At the time of writing, the bank’s share price increased by nearly 1 per cent following the announcement. 

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Despite its three biggest rivals recording double-digit losses, Australia’s largest bank has grown by 5 per cent in the first quarter to 30 September.

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It’s been a disappointing 12 months for NAB: It has lost its CEO, has fallen behind its rivals in the mortgages sphere and had to spend $1.1 billion in consumer-related remediation.

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The major bank revealed its full-year results, and with profits taking a hit, it’s had a flow-on effect on what shareholders should expect in income.

Summary of results

The National Australia Bank (NAB) has reported that its statutory profit after tax for the year ended 30 September 2019 is $4.8 billion.

It’s down by 13.6 per cent on the previous comparable period to 30 September 2018 following a $15 billion slide in mortgage volumes.

Cash earnings at the bank fell less than net profit but were down double digits to $5.1 billion. 

Cash earnings per share have also decreased, falling from 202.4 cents per share in September 2018 to just 177.0 cents per share in September 2019.

This led to the bank paying shareholders 83 cents fully franked final dividend, down from 99 cents a year ago.

Speaking to the media, NAB acting CEO and chairman-elect Philip Chronican acknowledged that the bank “fell behind” its peers in the mortgage market over the second half of the 2019 financial year, adding that home loan growth was clearly disappointing.

However, he is confident that NAB will recover ground in the home lending space over FY20, with CFO Gary Lennon revealing that applications have already increased by 18 per cent since June off the back of rate cuts and changes to mortgage serviceability guidance. 

Despite expecting volumes to improve in FY20, Mr Chronican does expect overall credit growth to remain subdued.

“We’ve got work to get back to system growth, but from the numbers I’ve seen of the last four to six weeks in terms of applications, [it] suggests pretty strong momentum coming through there, but that’s clearly the area of focus for us,” he said.

“I’m pretty comfortable that we can grow broadly in line with system credit growth or better, but obviously, it’s going to be a low number. Credit growth is going to be a low single-digit number.”

It comes after the “disappointing” results from both ANZ and Westpac.

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It’s been a disappointing 12 months for NAB: It has lost its CEO, has fallen behind its rivals in the mortgages sphere and had to spend $1.1 billion in consumer-related remediation.

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Two of the big four banks have now revealed their full-year results, and with profits down, it’s had a flow-on impact on what shareholders can expect in income.

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ANZ

ANZ has announced that its statutory profit after tax for the year ended 30 September 2019 is $5.95 billion.

The bank had previously indicated its second-half cash profit would be impacted by customer-related remediation. 

It’s down 7 per cent on the previous comparable period to 30 September 2018.

Cash profit for continuing operations has remained constant from the same period last year, sitting at $6.47 billion.

Cash earnings per share have also increased, 2 per cent to 228 cents.

It has led to the bank announcing its proposed final dividend of 80 cents per share, partially franked at 70 per cent.

It means ANZ shareholders can expect $2.3 billion in payments, against a total market capitalisation of $78 billion for the bank.

According to CEO Shayne Elliott, it’s been “a challenging year of slow economic growth, increased competition, regulatory change and global uncertainty”.

He said the bank had been focused on improving its balance sheet strength, and “significantly reduced the cost and risk of operating the bank even though strong headwinds impacted the sector”.

Commenting on the reduction of franking to a new base, Mr Elliott said the decision “reflects the changed shape of our business as well as recognising how important the dividend, franking and predictability is to shareholders”.

“In proposing the final dividend and franking level, the board considered the bank’s strong capital position and its organic capital generation capacity.”

Westpac

Westpac has also announced its profits are down on the same time last year, having pulled in a statutory net profit of $6.78 billion.

It’s 16 per cent less than the bank posted in September 2018.

Cash earnings are also down 15 per cent, sitting at $6.85 billion.

Cash earnings per share were also down 16 per cent, to 198.2 cents.

It’s led to shareholder dividends taking a hit, with final fully franked dividends down to 80 cents per share.

Westpac considered it a 15 per cent drop from September 2018, where dividends for shareholders sat at 94 cents per share.

Group CEO Brian Hartzer called 2019 “a disappointing year”.

“Financial results are down significantly in a challenging, low-growth, low interest rate environment.”

He blamed the downturn on customer remediation costs and the reset of the bank’s wealth business.

“Excluding these notable items, cash earning were down 4 per cent on FY18, which was mainly due to a reduction in wealth and insurance income from the exit of our financial planning business, higher insurance claims, and the impact of regulatory changes on revenue,” Mr Hartzer said.

In re-setting for a new environment, Westpac indicated it is seeking to raise around $2.5 billion in capital.

The CEO said this would provide an increased buffer above APRA’s “unquestionably strong benchmark” as well as create flexibility for changes in capital rules “and for potential litigation or regulatory action”.

He also commented that the decision to reduce the second half dividend to 80 cents per share “was not easy”.

“We know many of our shareholders rely on our dividends for income,” the CEO conceded.

“However, we felt it was necessary to bring the dividend payout ratio to a more sustainable medium-term range given the capital raising and lower return on equity.”

 

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2019-11-06 01:51:23" ["slug"]=> string(67) "14079:disappointing-and-challenging-major-banks-post-yearly-results" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(10) "292:shares" ["event"]=> object(stdClass)#2699 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(417) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(171) "

Two of the big four banks have now revealed their full-year results, and with profits down, it’s had a flow-on impact on what shareholders can expect in income.

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A lack of options since the global financial crisis has led to growth shares in Australia being three times the price of companies across the global benchmark known as the MSCI world, new research has found.

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According to State Street Global Advisors, growth shares in Australia are expected to rise by 38 per cent, while global high-growth companies are predicted to rise by 31 per cent. This means investors in Australia are paying three times the price for just 7 per cent stronger growth.

State Street’s head of portfolio management, Bruce Apted, has found it hard to justify the high cost of Australian growth shares.

“While the higher growth is a consideration, it isn’t enough to justify the valuation differential,” Mr Apted said. 

The outperformance of growth

The outperformance of growth in the last decade has been one of the more curious anomalies observed in financial markets for some time, State Street said.

“Part of the explanation lies in the low-growth world we have been in since the global financial crisis. A lack of growth opportunities (limited supply) makes the few companies with growth more attractive to investors,” Mr Apted said.

According to State Street, the lowering of monetary policy is also having an impact on the wealth effect, especially on those with exposures to property and equities, which has been seen to encourage further risk within the growth sector of the market.

Growth v bonds

Global equity markets were up in September following a tough August.

While “growth” and “momentum” have been the standout strategies in the last few years, in September, State Street did note a sharp reversal to this trend.

Investors in companies with higher growth underperformed against the broader market by almost 2 per cent, while investors in US 10-year government bonds gained returns of just under 2 per cent.

The bottom line

Growth in itself is a good thing with everything being equal, according to the fund management company, and it makes sense that investors should prefer to find companies with strong growth profiles.

In Australia, however, growth companies become inherently riskier when they become excessively expensive.

State Street has advised investors to maintain a balanced approach to their portfolios that focuses on those companies that offer the best combination of quality, value and improving outlook for the acceptable level of expected volatility which also provide opportunities for returns.

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A lack of options since the global financial crisis has led to growth shares in Australia being three times the price of companies across the global benchmark known as the MSCI world, new research has found.

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