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S&P/ASX 200 morning report – BIN, TYR & AYS shares in focus

The S&P/ASX 200 (ASX: XJO) is set to rise when the market opens on Wednesday according to the latest SPI futures. Here’s what ASX investors need to know.

ASX bounces back, Bingo share price surges

The ASX 200 finished 1.2% higher on Tuesday, benefitting from increasing corporate activity and a round of broker upgrades for mining and retail companies.

The discretionary retailing sector finished 2.0% higher on the back of an 8.0% increase in Domino’s Pizza Enterprises Ltd (ASX: DMP).

Meanwhile, the industrials sector added 1.3% after Bingo Industries Ltd (ASX: BIN) received a takeover bid, sending the share price 20.4% higher. The garbage collection business received a takeover offer from CPE Capital and Macquarie’s Infrastructure unit, valuing the company at $3.50 per share.

Industry competitor Cleanaway Waste Management Ltd (ASX: CWY) also benefitted, finishing 3.6% higher, with private investors clearly attracted to the defensive income of waste management (disclosure: I am a holder of CWY).

Mobile network operator and retailer Amaysim Australia Ltd (ASX: AYS) received a slightly improved bid from WAM Capital Limited (ASX: WAM), equating to $0.70 cents in cash or 1 new WAM share for every 2.675 AYS, with WAM Capital seeking to control the franking credits and proceeds received from the deal. Amaysim shares finished 2.0% higher. This looks to be a reasonable price for a company operating in a highly competitive sector.

Record inflows for Hub24, Tyro responds to short report

Independent platform operator Hub24 Ltd (ASX: HUB) continues to attract financial advisers to its platform, recording a record $1.7 billion of inflows in the final quarter. This took the assets in its custody to $22 billion, and closer to $31 billion once the recent purchase of Ord Minnett’s platform is included.

HUB’s average monthly inflows have hit $514 million with the so-called ‘Wexit’ or departure of advisers from Westpac, NAB and the CBA sending them to this lower-cost, flexible option. There are now 2,280 advisers using the platform, close to 10% of all registered advisers. Whilst clearly a fast-growing business, valuation is always a query in such low margin, competitive industries.

Tyro Payments Ltd (ASX: TYR) responded to what it calls ‘key factual misstatements’ in the report by ‘research house’ Viceroy, highlighting massive discrepancies and noting it was never contacted for comment. The Tyro share price rallied 25% on the news, which disputed details ranging from the number of terminals impacted, management’s response and communication. I took the opportunity yesterday to pick up some shares.

Rio Tinto Limited (ASX: RIO) confirmed that iron ore exports will fall within its original guidance, whilst confirming volumes will increase in 2020. UBS is now expecting earnings upgrades from Rio and Fortescue Metals Group Limited (ASX: FMG), with iron prices currently 60% above their forecasts for 2021.

US markets finish higher, Microsoft and General Motors team up

US markets finished broadly higher after the long weekend, with the Nasdaq leading the way, adding 1.4% ahead of the S&P 500 at 0.8%.

Microsoft (NASDAQ: MSFT) was in the headlines after reports it had invested US$2 billion into General Motors (NYSE: GM) self-driving car unit, Cruise, as it seeks to speed up its route to market. Microsoft joins Honda Motors and SoftBank Corp as investors in the loss-making enterprise.

The news sent GM to a record high, up 9.7%, as investors start to see the company as an automated rather than old fashioned operators.

Bank of America (NYSE: BAC) was the latest to report earnings, with the bank delivering a quarterly profit of US$5.5 billion, down from US$7.0 billion in 2019. Interestingly, the bank benefited from an US$826 million release from its loss reserves as mortgage delinquencies from COVID are far lower than expected.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


Disclosure: At the time of publishing, Drew owns shares in Cleanaway and Tyro.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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