Aug 6 (Reuters) - Chengdu Xinzhu Road & Bridge Machinery Co Ltd:
* SAYS CHAIRMAN HUANG ZHIMING RESIGNS DUE TO CHANGE IN JOB ROLE Source text in Chinese: https://bit.ly/2Mnvoph Further company coverage: (Reporting by Hong Kong newsroom)
Aug 6 (Reuters) - Chengdu Xinzhu Road & Bridge Machinery Co Ltd:
* SAYS CHAIRMAN HUANG ZHIMING RESIGNS DUE TO CHANGE IN JOB ROLE Source text in Chinese: https://bit.ly/2Mnvoph Further company coverage: (Reporting by Hong Kong newsroom)
The City of London's 'Golden Age' as Europe's financial capital is over following Brexit, but it will remain a major and profitable centre, NatWest bank chairman Howard Davies said on Tuesday. The City has been largely cut off from the EU since Britain's full departure on Dec. 31, 2020, with bankers and City officials not expecting any direct access to the bloc anytime soon. "Almost five years after the Brexit referendum, and five months after Britain's exit from the European Union, the future of London as a global financial center seems secure," Davies said in a column for Project Syndicate on Tuesday.
(Bloomberg) -- AT&T Inc. agreed to spin off its media operations in a deal with Discovery Inc. that will create a new entertainment company, merging assets ranging from CNN and HBO to HGTV and the Food Network.The transaction values the combined entity at about $130 billion including debt, based on WarnerMedia’s estimated enterprise value of more than $90 billion.AT&T will receive $43 billion in cash, debt securities and debt retention, with its shareholders getting stock representing 71% of the new company, the companies said in a statement Monday. The deal is structured as a tax-friendly Reverse Morris Trust.The plan, first reported by Bloomberg News, would combine Discovery’s reality-TV empire with AT&T’s vast media holdings, creating a formidable competitor to Netflix Inc. and Walt Disney Co. It marks a retreat for AT&T’s entertainment-industry ambitions after years of working to assemble telecom and media assets under one roof. AT&T, now the world’s most heavily indebted nonfinancial company, gained some of the biggest brands in entertainment through its $85 billion acquisition of Time Warner Inc., completed in 2018.Discovery Chief Executive Officer David Zaslav is to lead the new entity. The future of WarnerMedia CEO Jason Kilar, meanwhile, has yet to be determined, AT&T CEO John Stankey said on a conference call discussing the deal.The transaction includes all of AT&T’s WarnerMedia operations. In addition to CNN and HBO, WarnerMedia owns Cartoon Network, TBS, TNT and the Warner Bros. studio. Discovery, backed by cable mogul John Malone, controls networks such as TLC and Animal Planet. The new company’s name will be announced this week, Zaslav said on the conference call.‘Complementary Content’“This agreement unites two entertainment leaders with complementary content strengths and positions the new company to be one of the leading global direct-to-consumer streaming platforms,” Stankey said in the statement. “It will support the fantastic growth and international launch of HBO Max with Discovery’s global footprint and create efficiencies which can be reinvested in producing more great content to give consumers what they want.”Discovery shares initially jumped on news of the deal, but they began to slip later Monday and were down as much as 4.5% to $34.05. AT&T climbed 1% to $32.56 as of 12:30 p.m. in New York.In shedding the assets, Stankey has been unwinding an acquisition spree undertaken by predecessor Randall Stephenson. The deal underscores the difficulty telecom companies have had finding a payoff from their media operations. Verizon Communications Inc. announced its own plan to slim down earlier this month. The company agreed to sell its media division to Apollo Global Management Inc. for $5 billion, a move that will offload online brands like AOL and Yahoo.“I expect AT&T is going to be the No. 1 telecom and communications company in the world,” Zaslav said on the conference call. And the new combined entity “will not stop until we have the No. 1 global entertainment company, reaching people on every device.”Though he has questioned in the past whether news content was a good fit with Discovery, Zaslav said the new company would keep CNN and “lean into news.”Kilar, a streaming-industry veteran who helped found Hulu, has been running WarnerMedia for the past year. At a recent investor conference, he defended the need for the business to be owned by AT&T, saying the telecom company had invested billions of dollars in HBO Max and broken down silos within the company to create a single operating unit. He added that AT&T’s phone and broadband customers were less likely to cancel if they got HBO Max, and many of HBO Max’s subscribers were AT&T customers.At Discovery, Zaslav has helped the company grow through acquisitions, including a purchase of HGTV owner Scripps Networks Interactive Inc. in 2018.Discovery’s RallyDiscovery shares experienced a meteoric rally earlier this year but had lost more than half their value since Bill Hwang’s Archegos Capital Management was forced to liquidate its positions. The shares remained up 18% for the year through the end of last week. That gave the company a market value of almost $24 billion. AT&T, meanwhile, gained 12% in 2021, giving it a market capitalization of $230 billion.LionTree LLC and Goldman Sachs Group Inc. advised AT&T on the transaction, while Allen & Co. and JPMorgan Chase & Co. worked with Discovery. Perella Weinberg Partners also provided advice to Discovery’s independent directors.Stankey has been cleaning house at the sprawling telecom titan, cutting staff and selling underperforming assets. The company has been funneling money into rolling out its 5G wireless network, which requires billions of dollars of investment, as well as expanding its fiber-optic footprint.What Bloomberg Intelligence Says“We believe Comcast could add its NBC unit to the bidding mix. An NBC-Warner matchup would combine two powerful studios and streaming platforms while a scaled TV network unit with $12 billion in Ebitda could better weather secular declines and generate $2 billion in cost savings.”--Geetha Ranganathan, media analystClick here to read the research.The carrier has been boosting movie and television production to attract subscribers to its HBO Max streaming service. It also needs cash to pay down debt. AT&T racked up borrowing of $200 billion after an acquisition spree, and though it’s been reducing what it owes, it now has bills from a recent spectrum auction.AT&T was the second-highest bidder in the Federal Communications Commission’s sale of airwaves, committing $23 billion. Verizon, the top bidder, agreed to pay $45 billion.DirecTV SpinoffThe Discovery agreement comes just months after AT&T reached a deal to spin off its DirecTV operations in a pact with buyout firm TPG. AT&T also agreed in December to sell its anime video unit Crunchyroll to a unit of Sony Corp. for $1.2 billion.And the company has parted with its Puerto Rico phone operations, a stake in Hulu, a central European media group and almost all its offices at New York’s Hudson Yards.Stephenson had spent his 13-year tenure as CEO bulking up the company. Stephenson, who handed the reins to Stankey last year, even kept a color-coded roster of companies he wanted AT&T to buy, leading to 43 acquisitions.But critics such as activist investor Elliott Management Corp. complained about the strategy, urging AT&T to focus on its core business. AT&T’s mountain of debt also put pressure on the company to cut staff and sell assets.‘Transformational Year’The Discovery deal represents an admission that AT&T’s audacious plan to build a media and communications conglomerate was a costly misfire.Elliott weighed in on the news Monday morning, praising Stankey’s efforts to redirect the Dallas-based phone company.”It has been a transformational year at AT&T,” Jesse Cohn, managing partner, and Marc Steinberg, portfolio manager, said in a statement. “AT&T has now executed on its promise to streamline operations and refocus on its core businesses.”Analysts see antitrust risk to the Discovery tie-up as low. By creating a large collection of cable channels, one question for competition authorities is whether the combined company would have increased leverage over pay-TV distributors that could lead to higher prices for consumers.But the Department of Justice in 2018 approved a much larger media merger with Disney’s purchase of film and TV assets held by 21st Century Fox.Economic Harm“If the DOJ did not think that combining those cable assets caused market harm, it is a little difficult to see the kind of economic harm that a smaller combination could cause, particularly as the economic power of cable assets is diminishing as the power of streaming assets grows,” Blair Levin, an analyst at New Street Research, said in a note Monday.The Discovery deal also unwinds the AT&T-Time Warner combination that the Justice Department argued was illegal, a challenge that ultimately failed.Since then, consumers’ streaming options have proliferated, which will ease the path to approval, according to Bloomberg Intelligence analyst Jennifer Rie. She expects a review that could last up to a year and may require the new company to sell some assets or agree to arbitration provisions if there are disagreements with cable companies over distribution deals.“That result is far more likely than the DOJ trying to go to trial again after the loss the first time,” she said.(Updates with shares in eighth paragraph, Elliott comments in 24th paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- SoftBank Group Corp., the technology dealmaker founded by billionaire Masayoshi Son, is considering listing a special purpose acquisition company in Europe, people with knowledge of the matter said.The Japanese conglomerate’s Vision Fund is discussing plans to raise capital for a blank-check company on the Amsterdam stock exchange later this year, the people said, asking not to be identified because the information is private. It is considering seeking about 250 million euros ($304 million) from the deal, though the target hasn’t been finalized, the people said.The SPAC would hunt for investments in the European technology industry and other high-growth areas, the people said. Deliberations are at an early stage, and details of the potential listing could change, the people said.A representative for the SoftBank Vision Fund declined to comment.Blank-check companies have completed $102 billion of U.S. initial public offerings this year, while $3.6 billion has been raised on European exchanges, data compiled by Bloomberg show. SoftBank has embraced the boom, with various arms of the Japanese conglomerate raising a combined $3.3 billion for nine U.S.-listed SPACs during the latest financial year.The pace of European listings has started rising as activity in New York slows, with British dealmaker Ian Osborne among the latest to raise funds on the continent. Dieter Wemmer, the former chief financial officer at Allianz SE, is also planning a blank-check company in Amsterdam targeting insurance deals, Bloomberg News has reported.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Wall Street's main indexes were set to open higher on Tuesday after better-than-expected results from Walmart and Home Depot signaled strength in consumer demand against the backdrop of rising prices. Walmart, the world's biggest retailer, gained 3.5% in premarket trading after raising its full-year earnings forecast as additional stimulus checks increased spending for apparel and electronics. Top U.S. home improvement retailer Home Depot's shares rose 2.2% after beating quarterly same-store sales estimates, allaying concerns that the company would see pandemic-fueled demand easing as vaccinations gather steam.
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.As Bank of England officials consider how to unwind their emergency pandemic-era stimulus, markets have already made up their minds about what the first step will be. The conclusion could spell trouble for Chancellor of the Exchequer Rishi Sunak.Investors are penciling in the BOE’s first 15-basis-point interest-rate hike for September 2022, reversing its last cut, just nine months after the central bank is scheduled to wrap up its latest round of buying, and too soon to have allowed for any significant balance-sheet reduction.That would have major consequences for Sunak, who has run up the U.K.’s biggest-ever peacetime deficit to fund crisis aid, and relied on BOE stimulus to keep borrowing costs under control.The BOE slashed rates to 0.1% and more than doubled its asset-purchase target to 895 billion pounds ($1.26 trillion) during the crisis. Now, officials led by Governor Andrew Bailey are discussing whether their previous guidance -- that they’d hold onto to those bonds until interest rates hit 1.5% -- is still suitable.“The world has changed hugely” since the BOE last reviewed its stance on tightening, Bailey said following the central bank’s May decision. “It’s appropriate to review that again.”While the review is yet to be completed, Bailey himself last year suggested he was open to a major shift, and was prepared to reduce the institution’s balance sheet before raising interest rates.Aaron Rock, an investment director at Aberdeen Standard Investments, is holding to the view that rate hikes will precede any reduction of the balance sheet. He expects the BOE to halve the policy rate at which balance sheet reduction will be considered to around 0.75%, a level currently anticipated to be reached only in the second half of 2024.Flexible OptionHowever, Rock flagged a risk the review may decide on a more flexible option, allowing the balance sheet to be reduced “starting next year at the same time they are hiking policy rates from 0.1%.”The BOE’s holdings of bonds are financed at its key interest rate, and the massive expansion of quantitative easing since the pandemic began has left the nation twice as sensitive to a one-point move, according to the Office for Budget Responsibility.Even a small increase would immediately filter through to debt-servicing costs, with the buying having shortened the median maturity of public debt to less than two years, from more than seven before the financial crisis, according to the OBR.“I still believe that hikes are a long way off,” said Mike Riddell, portfolio manager at Allianz Global Investors. He doesn’t expect the central bank to ever reduce its balance sheet, despite this being its intention a decade ago.“Now that we have even more debt, which makes the economy even more sensitive to higher rates, then I’d be surprised if the U.K. or global economic backdrop is such that quantitative tightening would be deemed necessary,” Riddell said.That’s not the view of Goldman Sachs Group Inc., which expects balance-sheet reduction to push the first rate hike out as far as 2025.“We expect the Monetary Policy Committee to reverse the previous exit sequencing and adopt a ‘last in, first out’ approach for the process of monetary tightening,” wrote Goldman Sachs economists including Jari Stehn.The Treasury was happy to reap the rewards from QE, so “when the bank begins to tighten policy, it should be prepared to live with the consequences,” Nick Macpherson, former Permanent Secretary at the Treasury, said in a video seminar on Tuesday.(Adds former official’s comment in fina paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Indonesian online travel company Tiket.com is exploring going public through a merger with a special purpose acquisition company as it seeks to expand its business, according to people with knowledge of the matter.The startup is in talks with COVA Acquisition Corp. for a deal that would value the combined entity at about $2 billion, according to the people, who asked not to be identified because the talks are private. Goldman Sachs Group Inc. is advising Jakarta-based Tiket, which is valued at more than $1 billion and owned by diversified Indonesian conglomerate Djarum Group, they said.The startup may also pursue a traditional initial public offering, a merger or an acquisition to expand, the people said. Negotiations between the two firms aren’t finalized and it’s possible discussions may not result in a deal, they said.Tiket joins a slew of Southeast Asian internet companies considering SPAC listings or initial public offerings to fuel growth as online commerce gains popularity in the region. Indonesian rival Traveloka is in advanced talks to go public through merging with Bridgetown Holdings Ltd., a blank-check firm backed by billionaire Richard Li and Peter Thiel.As part of the deal, Tiket could raise about $200 million in a so-called private investment in public equity, or PIPE, that often accompanies a SPAC merger, the people said. Representatives of Tiket, Goldman and COVA Acquisition declined to comment.Tiket.com was founded in 2011, a year before Traveloka. Djarum acquired Tiket in 2017 and put it under the leadership of Chief Executive Officer George Hendrata, previously Djarum’s director of business development and diversification. Tiket’s platform lets consumers buy tickets for flights, trains as well as concerts and other events. Users can also book hotel and rental cars in Indonesia. It has a network of more than 90 airlines, 2.8 million hotels and other lodgings, and more than 400 corporate partners.Tiket’s sales of plane tickets and hotel bookings surged more than 300% in the first three months of 2021 compared with the second quarter of 2020, when business was hurt by the onset of the coronavirus pandemic, according to the company’s press release in April.Djarum is led by Michael Bambang Hartono and his younger brother Robert Budi Hartono, who inherited a clove cigarette manufacturing business from their father Oei Wie Gwan upon his death in 1963. They grew the business into a diversified conglomerate including PT Bank Central Asia, whose market capitalization of about $55 billion makes it Indonesia’s most valuable company. Budi Hartono is the richest Indonesian with a net worth of $16 billion, while Michael has a net worth of $15 billion, according to the Bloomberg Billionaires Index.Luminar Backer’s $300 Million SPAC Seeks Southeast Asia TargetCOVA Acquisition is led by Jun Hong Heng, the founder of San Francisco-based Crescent Cove Advisors LP, which backs high-growth technology, media and telecommunications ventures in the U.S. and Southeast Asia. Crescent Cove was one of the earliest and largest investors in Luminar, a driverless-car startup founded by entrepreneur Austin Russell.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- JD Logistics Inc., the delivery arm of e-commerce giant JD.com Inc., is seeking to raise as much as HK$26.4 billion ($3.4 billion) in its Hong Kong initial public offering, seizing on China’s online shopping boom sparked by the coronavirus pandemic.The warehousing and shipping company is selling 609.2 million shares at HK$39.36 to HK$43.36 each, according to a statement published in the South China Morning Post. The company will start taking investor orders from Monday and is set to begin trading on May 28 in Hong Kong. The deal is expected to be priced on May 21, according to the terms of the IPO obtained by Bloomberg News.At $3.4 billion, JD Logistics would be the second-largest IPO in the city this year, after Kuaishou Technology’s $6.2 billion listing in February. Hong Kong has seen two other blockbuster JD.com-related offerings in the past 12 months, including online health-care unit JD Health International Inc.’s $4 billion IPO in December, as well as its own second listing in June, which raised $4.6 billion.JD Logistics’ first-time share sale comes as Hong Kong’s market shrugs off concerns over inflation. The city has hosted $20.5 billion worth of IPOs so far this year, nearly seven times the $3 billion raised in the same period in 2020, data compiled by Bloomberg show.Created in 2007 and set up as a standalone unit under JD.com a decade later, JD Logistics’ networks include both so-called last mile and longer distance lines, as well as cold chain and bulky item networks, according to its prospectus. It operated more than 900 warehouses across China as of the end of 2020.The logistics firm’s revenue climbed 47% in 2020 to 73.4 billion yuan, the prospectus shows. The company reported a net loss of 4.1 billion yuan last year, compared to 2.2 billion yuan in 2019. It plans to use the proceeds from the IPO to upgrade and expand its logistics networks, develop advanced technologies and to expand its customer base.JD Logistics has attracted seven cornerstone investors to its offering, who agreed to subscribe for about $1.53 billion of stock, according to the terms.The cornerstone investors are:SoftBank Vision Fund $600 millionTemasek Holdings Pte about $220 millionBlackstone Group Inc. $150 millionTiger Global $200 millionChina Chengtong Holdings Group Ltd. $160 millionMatthews Asia $100 millionOaktree Capital $100 millionBofA Securities Inc., Goldman Sachs Group Inc. and Haitong International Securities Group Ltd. are joint sponsors for the listing.(Updates with details of cornerstone investors from term sheet.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Hon Hai Precision Industry Co. signed an agreement to partner with Jeep maker Stellantis NV, one of the world’s biggest automakers, on a joint venture to jointly develop digital car cockpits.The main assembler of Apple Inc.’s iPhones and the carmaker formed from the merger of Fiat Chrysler and PSA Group said in a statement Tuesday they reached a non-binding deal to form Mobile Drive, a joint venture that could supply both Stellantis and other auto manufacturers.The tie-up between the flagship unit of Foxconn Technology Group and the carmaking giant has the potential to become one of the more significant alliances in the rapidly converging worlds of tech and autos. Hon Hai also has ambitions to supply underpinnings for electric vehicles and has signed deals with Chinese startup Byton Ltd. and U.S.-based Fisker Inc.Whereas Byton are Fisker are just trying to get off the ground, Stellantis sold roughly 6 million vehicles last year. That amount of scale presents an opportunity for Foxconn to diversify a business dependent on Apple for much of its revenue.Most engineers in the joint venture will be based in Taipei, while management will be in Europe, said Calvin Chih, the chief executive officer of Foxconn’s Hong Kong-listed unit FIH Mobile. The companies have not set a goal for the market share the new entity wants to achieve.Chief Executive Officer Carlos Tavares expressed openness to having Stellantis partner with tech giants -- including with Apple, which has been exploring an automotive foray for several years -- during a post-merger press conference in January.“Stellantis is open for business always as long as it creates win-win situations and as long as it doesn’t create any technology dependence that would penalize the future of the company,” Tavares said.(Updates with executive’s comment in the fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
British retailer Marks & Spencer on Tuesday promoted food boss Stuart Machin and strategy chief Katie Bickerstaffe as part of a major shake-up of its leadership team's responsibilities. M&S said the changes reflected the clothing and food group moving on from the "fixing the basics" phase of its latest turnaround plan to a phase that will see it reinvest and restore growth. Machin and Bickerstaffe will become joint chief operating officers, reporting to CEO Steve Rowe.
Raoul Pal tells bitcoin investors that current volatility is to be expected, but big things are around the corner.
‘The Fed has gotten hooked on these expansive policies of ultra-low interest rates,' Kerry Killinger says.
Experienced hands look to be buying the dip as a key bitcoin price indicator suggests the pullback may be coming to an end.
The air is leaking out of the crypto complex, led by sharp declines in popular trades, including bitcoin, dogecoin and crypto platform Coinbase Global on Monday.
Dividend stocks are always popular. They offer investors a clear path to returns, with regular cash payments and a yield – a return on the original investment – that usually far exceeds bond yields. But not all dividend stocks are created equal, and some offer better opportunities than others. Dividend yield is a key metric. Among S&P listed companies the average yield is only 2%. However, the highest yields aren’t always the way to go. Investors should also consider share appreciation or upside potential – these factors aren’t always connected to dividends, but they will affect the general returns available from a given stock. To that end, we’ve used the TipRanks database to pull up two high-yield dividend stocks that share a profile: a Buy-rating from the Street’s analyst corps; considerable upside potential; and a dividend yielding over 8%. Let’s take a closer look. New York Mortgage Trust (NYMT) We’ll start with a real estate investment trust (REIT), a logical place to turn for high dividend returns. REITs typically pay out higher than average dividends, as a way of complying with profit-return regulations in the tax code. New York Mortgage Trust, which holds a portfolio of adjustable-rate residential mortgage loans, commercial mortgages, and non-agency mortgage-backed securities, is typical of its niche, both in the quality of its portfolio and its high yield dividend. In its recent 1Q21 financial release, NYMT listed several metrics of interest to investors. The company sold off non-agency RMBS and CMBS totaling $111.6 million, purchased $347.3 million in residential loans, and finished the quarter with $4.72 billion in total assets. The company saw net investment income of $30.3 million, and was able to fund its dividend payment, to the tune of 10 cents per common share. At that payment rate, the dividend yields 8.91%. This was the second dividend declaration in a row at 10 cents; the company has been gradually increasing the payment since cutting it back last summer during the worst of the corona crisis. B. Riley analyst Matt Howlett was impressed by NYMT’s management of the recent economic crisis, and that factor takes a lead role in his recent initiation report. “Over the last decade, NYMT has delivered among the highest economic return within the space due in part to strong asset selection, low leverage, and a highly efficient operating structure. While the March 2020 liquidity crisis was a setback for the industry, NYMT managed the crisis admirably, in our view, and avoided any major wear and tear on the company. In fact, we argue that as NYMT has rebuilt, its originations have become more direct (acquiring loans vs. securities), and its cost of capital has been declining,” Howlett opined. In line with these comments, Howlett rates the stock a Buy, and his $6 price target implies a one-year upside potential of 36%. Based on the current dividend yield and the expected price appreciation, the stock has ~45% potential total return profile. (To watch Howlett’s track record, click here) Overall, there are four recent reviews on record for NYMT, and they break down to 2 Buys, 1 Hold, and 1 Sell for a Moderate Buy consensus rating. The shares are selling for $4.45, and the average price target of $5.17 suggests room for ~17% upside from that level. (See NYMT stock analysis on TipRanks) Global Net Lease (GNL) Next up, Global Net Lease, is another REIT. The portfolio here is built on commercial real estate properties. A review of the company’s portfolio shows 306 such properties, totaling 37.2 million square feet of leasable space, let to 130 tenants. GNL operates in 10 countries, and boasts that 99.7% of its total square footage has been leased. The average lease has 8.3 years remaining – an important factor, as the long term provides stability to the portfolio. In the first quarter of 2021, GNL showed a top line of $89.4 million, up 12.8% from the year-ago quarter. The company ran a net loss, but at $800,000 that loss was significantly smaller than the $5 million lost in 1Q20. Net operating income was up from $71.9 million one year ago to $81.8 million in 1Q21. GNL reported sound liquidity in the quarter, with $262.9 million in cash or cash equivalents and an additional $88.6 million available in credit. And most importantly, GNL reported collecting 100% of rents due in Q1. GNL declared a 40 cent dividend for common shareholders during the quarter, and through it distributed a total of $36.2 million. At that rate, the dividend annualizes to $1.60 and gives a high yield of 8.59%. The dividend was cut last year during the corona crisis, but has been kept stable for five quarters since then. All of this adds up to a company that is sound on fundamentals of its business, and that has attracted notice from analyst Bryan Maher. In his note for B. Riley, Maher writes, “GNL's strong portfolio metrics provide for an attractive setup for the balance of 2021…. Given that GNL, in our view, is not over-levered and can borrow at exceedingly low rates, combined with prudent use of its in-place ATM, we are not concerned about the REIT's ability to finance acquisitions to hit our $300.0M target for 2021.” The analyst summed up, "Given GNL's well-crafted industrial/ office net lease portfolio and strong operating metrics, we reiterate our Buy rating on the shares." The Buy rating comes with a $23 price target attached. At current share price, that implies an upside of ~25% for the next 12 months. (To watch Maher’s track record, click here) Some stocks fly under the radar, and GNL is one of those. Maher's is the only recent analyst review of this company. (See GNL stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
The payments will reach more than 65 million children, according to senior administration officials.
(Bloomberg) -- Less than six months into the year, South Korean retail traders have already bought more local stocks than they did in all of 2020, as a pandemic boom in individual investing shows no signs of abating.Retail investors’ accumulated net purchases of shares in the benchmark Kospi for 2021 reached 51.7 trillion won ($45.6 billion) as of Monday, according to Korea Exchange data. That’s more than last year’s annual record total of 47.5 trillion won.The strong support from the nation’s mom-and-pop traders has helped push the Kospi up more than 9% for the year, making it one of the best performers in the Asia Pacific.The retail traders, referred to locally as “ants,” have helped offset an exodus of domestic institutional investors and the region’s worst foreigner selloff -- overseas investors have dumped nearly $16 billion of Korean stocks this year. They’ve also minimized the negative impact from the return of short-selling, with the Kospi having only slipped 0.4% since a 13-month ban was partially lifted at the start of this month.“They are taking the shares that foreigners dump in stride,” said Kiwoom Securities Co. analyst Han Jiyoung, who expects retail investors to remain net buyers. “Two or three years ago, this amount of foreign selling would have caused the markets to drop more.”Fueled by easy money and pandemic free time, mom-and-pop traders drove the Kospi up more that 30% last year, making it the world’s second-best performer behind Nigeria’s benchmark. Amid their continued hunt for higher returns at a time of low interest rates, individuals now account for about three-quarters of daily stock trading in South Korea.The surge in individual stock investment has also pushed their margin debt levels to an all-time high. Margin financing by retail investors set a record of 23.5 trillion won on April 29 and remains near that level, according to Korea Financial Investment Association data.“Margin trading makes investors vulnerable to short-term market corrections,” said Seo Sang-Young, a market strategist at Mirae Asset Securities Co. “When markets crash, those who bought stocks on debt will be hit harder.”While their penchant for risky trades including volatile microcaps and preferred stock drew regulator warnings last year, the most popular shares among retail traders so far this year have been blue chips including Samsung Electronics Co., SK Hynix Inc. and Hyundai Mobis Co., according to exchange data.“With few other options for investment because of low interest rates, Koreans see stock investment as a way to build wealth,” said Kiwoom’s Han. “They learned last year that stock investment will eventually pay off.”(Updates with margin debt levels in paragraphs 7-8, adds chart)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Beijing threw the spotlight on trade tensions with its top commodities supplier, Australia, after the government’s economic planning agency said it’s looking to diversify China’s supply of iron ore.Chinese firms should boost domestic exploration for the steel-making input, widen their sources of imports, and explore overseas ore resources, the National Development and Reform Commission said at its monthly briefing.The NDRC also said Australia should stop damaging economic and trade cooperation with China and take measures to promote the healthy development of bilateral ties.Iron ore is Australia’s biggest export earner, and relations with Canberra have taken a turn for the worse in recent weeks. But adding the mineral to a raft of curbs already in place on Australian commodities would be a risky move given near-record prices and China’s dependence on Australia’s high-quality supply for about two-thirds of its imports.“While an outright ban would be almost unimaginable, various forms of restrictions, delays or increased administrative burdens on Australian iron ore imports could yet happen,” Wood Mackenzie said in a recent note.Chinese industrial commodities prices powered on, meanwhile, recovering much of their poise after last week’s pullback.Citigroup said further gains for markets like steel, aluminum and coal are supported by solid demand and a policy agenda that includes “domestic production crackdowns for environmental, energy and safety control purposes,” according to a note from the bank.At the same time, an acceleration in credit tightening is unlikely in the foreseeable future after the central bank expressed only limited concern about the surge in commodities prices feeding through into CPI, Citigroup said.Otherwise, the day’s agenda is led by China’s agricultural imports for April. Purchases of corn, wheat and sorghum are likely to stay elevated, as China’s buying binge continues to help fuel a global grains rally.Events Today(All times Beijing unless noted otherwise.)China’s 2nd batch of April trade data, incl. agricultural imports; LNG & pipeline gas imports; oil products trade breakdown; alumina and rare-earth product exports; bauxite, steel & aluminum product importsLONGi Green, Goldwind execs among speakers at Macquarie Group conference in Hong KongEARNINGS: Daqo New EnergyToday’s ChartChina’s data dump for April suggests the economy’s expansion may have plateaued as policy makers seek to rein in commodities-intensive spending on real estate and infrastructure before new growth drivers of consumer spending and manufacturing investment have recovered.On the WireShaanxi province, China’s third-biggest coal producing region, hit a clean energy milestone last month when generation from renewables briefly topped thermal power for the first time.In a town on the edge of the Gobi desert is a sign in English and Chinese that reads “Oil Holy Land.” Nearby, a preserved drilling rig marks the spot of China’s first commercial oil well.JinkoSolar Announces Change to Senior ManagementChina Is Drafting Carbon Peaking Plans for Steel, Power SectorsAsian Copper Stocks Rise on Top Producer Chile’s Election ResultHuadian Power Downgraded to Sell by Citi on Rising Coal CostsBank of China, Citigroup, BNP Lead Green Bond Offshore MarketCGN Wind Energy Adds Zhejiang Province’s Largest Offshore FarmGCL-Poly Energy Says Deloitte Touche Tohmatsu Resigns as AuditorBrazil Iron Ore Miners Seen Lifting Output Coming Months: IbramChina’s Tapering of Monetary Stimulus Could Pop Oil Price BubbleThe Week AheadWednesday, May 19China’s monthly loan primes rates, 09:30China’s April output data for base metals and oil productsHOLIDAY: Hong KongThursday, May 20China’s 3rd batch of April trade data, including country breakdowns for energy and commoditiesSMM battery materials conference in Changsha, Hunan, day 1USDA weekly crop export sales, 08:30 ESTFriday, May 21Ganfeng Lithium, EVE Energy, Huayou Cobalt execs among speakers at Macquarie Group conference in Hong KongChina weekly iron ore port stockpilesShanghai exchange weekly commodities inventory, 15:30SMM battery materials conference in Changsha, Hunan, day 2AGMs: Cnooc, Tianqi Lithium, CATLMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
AT&T said Monday it will combine its massive WarnerMedia media assets, which includes HBO and CNN, with Discovery Inc. to create a new media heavyweight in a $43 billion deal.
AT&T ruined a lot of shareholder value by trying to get success in the media business, a veteran media analyst Craig Moffett tells Yahoo Finance Live.
SafeMoon debuted its cryptocurrency in March, claiming to solve common problems that plague Bitcoin, Ethereum, and Dogecoin.