Businesses globally have been navigating tariff chaos and economic uncertainty well, says ING's head of wholesale banking
Head of wholesale banking at ING, Andrew Bester, who's on a tour of the company's Asian region, including Australia, says businesses globally are showing resilience despite the economic uncertainty.
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News.com.au
an hour ago
- News.com.au
Criterion: Telstra rings up profit growth, but it may be time to look for better value elsewhere
Telstra's full year earnings soared 31%, but the nation's leading telco lacks the 'wow' factor Smaller rivals arguably have better growth prospects Tua's proposed $1.66 billion takeover of a Singapore rival will turbocharge its growth Telstra's (ASX:TLS) internal repair efforts are cracking along at a pace that would even leave self-help gurus such as Dale Carnegie and Stephen Covey in the dust. While the telco stalwart's full-year revenue edged up less than one per cent, earnings bounced 31%. Measures such as paring thousands of staff aside, Telco has been aided by a rare sector-wide outbreak of rational mobile plan pricing. Still, Thursday's result left investors nonplussed, even though they met market expectations. One concern is that customer growth in mobiles – Telstra's most important division – slowed in the second half. Telstra has a commanding 40% share of the sector. But overall growth looks elusive, as evidenced by the board's decision to launch a $1 billion share buyback. While Telstra will grab the headlines courtesy of its 1.14 million, yield-hungry shareholders, it's not the only telco stock to watch as the reporting season unfolded. Arguably there's better value elsewhere, especially given Telstra shares have gained 25% over the last year. Tuas can play at the M&A game How about a Singapore Fling instead? On Tuesday, Tuas (ASX:TUA) stole Telstra's limelight with a surprise S$1.4 billion ($1.66 billion) buyout of Singaporean rival M1. The proposed purchase shapes as transformative the $2.6 billion market cap Tuas, funded and led by TPG's creator, David Teoh. How much of a game changer for the owner of the Lion City's Simba Telecom? Citi models combined revenue of S$984 million in the current year, compared with S$178 million for the stand-alone Tua. Earnings before interest, tax depreciation and amortization (ebitda) soars to S$275 million, from S$79 million on a stand-alone basis. Still the consumers' Buddy Aussie Broadband (ASX:ABB) is expected to ring up some rosy numbers when it reports later this month. On the back of market share gains. On consensus numbers, Aussie should report revenue of $1.187 billion, 17% higher than previously. The telco's underlying earnings are expected to be $137 million, 13% higher. While Aussie lifted prices across its own brand, left its low-cost Buddy Telco's rates pricing unchanged. Citi says: 'Aussie Broadband's value proposition, solid user experience and superior customer experience continue to be differentiating factors compared to both incumbents and most of the challengers'. Super profits for Superloop The market expects internet provider Superloop's (ASX:SLC) full-year revenue to come in at $550 million, 33% better. The company in late June upgraded its guidance underlying ebitda at or above $91 million, 67% higher year on year. As with Telstra, the company's doing more bottom line with not so much top line. Citi says Superloop has 'set the tone for the rest of the industry' in terms of pushing through National Broadband Network (NBN) price increases. As part of a six-year a six-year wholesale agreement, Origin Energy is migrating its NBN customers to Superloop. Superloop's results next Wednesday should shed light on the pace of this transition. TPG has cash to spare Most of the intrigue around TPG Telecom (ASX:TPG) is what the owner of Vodafone Australia will do with the $5.3 billion of proceeds from the sale of its fixed-asset business to Vocus. S&P Global Ratings says TPG's capital needs are tapering because of an end to 5G investment and 'initiatives such as IT modernisation and business simplification that reduce fixed costs.' Once again, TPG should benefit from mobile price rises, but at the risk of higher churn and promotional costs. TPG has guided to flat ebitda of around $1.66 billion. Dipping into data centres Macquarie Technology Group (ASX:MAQ) is mentioned as an emerging force in the data centre game, having acquired land at Sydney's Macquarie Park to bolster its capacity threefold. But in the December half Macquarie still derived 31% of revenue ($56 million) and 22% of ebitda ($12.3 million) from its traditional telco business. Morgan Stanley tips total revenue of $382 million for the 2024-25 year, up 5% with ebitda edging up 4% to $113 million. Powered by data centre (and cloud) growth, turnover should climb to $419 million in the current year, up 10%. Ebitda should rise 11.5% to $126 million. Macquarie has been an outlier share price wise, falling 22% over the past year. Should the data centre sector wobble, the telco stuff is a nice hedge.
News.com.au
2 hours ago
- News.com.au
Tragic news for beloved MasterChef star Reynold Poernomo as latest restaurant goes bust
MasterChef star Reynold Poernomo has received some tough news this week with his high-end dessert bar in Melbourne going bust. The business behind KOI Dessert Bar in Melbourne, known for its luxurious, highly creative, and visually stunning treats, has entered voluntary administration. The family run business, which also has two establishments in Sydney, became known to the public when Poernomo placed fourth on the 2015 series of the beloved Channel 10 show. It's the latest in a series of blows for the popular chef, who's business Monkey's Corner in Sydney entered liquidation in May, according to Herald Sun. The business, which was opened back in 2017, reportedly owed almost $500,000 to creditors at the time of its closure, including unpaid taxes. Managing director of KOI Dessert Bar Ronald Poernomo, Reynold's brother, told News Corp that the Melbourne venue, located at 100 Queen St, was continuing to trade during the administration process. 'KOI Dessert Bar has since begun the process of seeking a new licensed retailer to take over the Melbourne location, in line with our commitment to uphold the quality and reputation of the KOI brand,' he said. 'The site is currently under the control of an administrator, who has listed it as a potential franchise opportunity. 'This is a common commercial strategy designed to attract the highest possible value for the business. 'The viability of other alternate options to preserve KOI's presence in Melbourne will also be discussed with the administrator in good faith.' He added: 'This matter pertains solely to the Melbourne operations and does not reflect the health or viability of KOI Dessert Bar's wider operations. 'The KOI Dessert Bar brand – including its Sydney venues (Chippendale and Ryde) and global collaborations – remains unaffected. 'KOI Dessert Bar remains fully committed to its customers, staff, and suppliers, and to delivering world-class culinary experiences with creativity, integrity, and care.' Meanwhile, Poernomo previously revealed that he will never return to the show following yet another devastating loss. The pastry chef first appeared on the reality show back in 2015 where he finished in fourth place, and returned to the show five years later where he came third. His latest stint saw him crowned the runner-up on Dessert Masters in 2023, and despite fans rallying behind him on social media, Poernomo confessed he had officially had enough of always being the reality TV bridesmaid. He told Yahoo Lifestyle there is 'not a chance' he will return for another chance at the crown, and revealed his loss has sparked his decision to move to a country where he's more appreciated. 'I can't just be pigeonholed the whole time on the show,' he shared. 'It's time for me to keep growing and keep moving onto bigger things. It's not the end, it's just the beginning.' Maybe I might go for Michelin overseas, maybe I might go into the entertainment industry overseas. But definitely somewhere in Asia or somewhere in the States.'
ABC News
2 hours ago
- ABC News
Canberra school dismayed after $50 million expansion walked back
The ACT government changes its plans for a Canberra school expansion after data showed they expected fewer enrolments than had been predicted during the COVID-19 pandemic.
