Australians bank shares are expected to outperform market expectations now that the $2.2 billion tax settlement has been finalised, Craigs Investment Partners broker Chris Timms says.
The Bank of New Zealand, Westpac, ASB and ANZ-National - all Australian-owned - last week ended about five years of legal battles with Inland Revenue by agreeing to pay back $2.2 billion.
It is believed to be the largest single tax settlement in New Zealand history and stems from a High Court ruling in October that found the BNZ and Westpac owed a combined $1.6 billion in taxes and penalties relating to foreign-structured finance transactions.
Mr Timms said the settlement gave investors confidence all the unexpected shocks had been cleared out, particularly that the amount of money the banks had provided for was more than what they were paying out.
"They are provisioning for more than they paid.
"It removes all the uncertainty.
"We are going overweight in banks - carrying more than the market index weighting."
The listed Australian banks on Craigs' list are the ANZ Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac.
Craigs expected the global recovery to continue in 2010 and Australia to record almost 3% growth in gross domestic product in 2010.
The move to go overweight in bank stocks was based on both the recovery story and the expectation the bad-debt cycle had peaked, potentially allowing provisioning released by the end of the year.
Craigs was exiting the property sector as a funding source for the bank buy-up, he said.
"Craigs is confident in its forecast of 4.1% global economic growth in 2010.
"Stimulus packages and accommodative monetary policies should remain in place during the early part of 2010, globally."
Potential United States inflation risks would likely be offset by US unemployment and continued private balance sheet repair, facilitating continuing Federal Reserve support, Mr Timms said.
Craigs was positive on global equity markets and was growing more confident the current "tightrope" economic recovery would blossom into real demand.
Structural issues should remain, but should not prevent continued progress in the near and medium term.
The broker was forecasting a 15% rise in Australian equities, against 11% for the US and 13% for Europe.
The target was based on conservative earnings expectations for 2010, with a return to strong earnings-per-share growth in 2001 and an expectation the market would trade on its historical mean price-earnings ratio, Mr Timms said.
Craigs would also take overweight positions in consumer discretionary stocks, mining and services, and industrials and cyclicals.
To fund those positions, the broker was going underweight in the defensive sectors - consumer staples, financials and property, and was exiting Westfield Group.
The upward trend of progression for global markets should move from a straight-line V-shaped recovery, to trading within ranges for periods but with an upward bias, he said.
Catalysts to the upside would move the ranges up and catalysts to the downside would cause a "saw-tooth" pattern to emerge.
"We have observed saw-tooth patterns of market performance emerge after previous downturns.
The example is the most recent recessions experienced in the US and Europe, which bottomed in March 2003."
As markets rebounded towards the top end of historical valuations on all measures, Craigs believed earnings revisions - based initially on a cyclical recovery - would be the most important driver of market performance in 2010, Mr Timms said.
"We believe the Australian market will require continued upwards momentum in earnings revisions and this is reflected in our 2011 forecasts for earnings-per-share growth of 30.2%, compared to consensus at 22%."
Source
Sunday, February 28, 2010
Monday, February 15, 2010
Strategic Capital Corporation funds money from selling structured settlement payments in 18 days
Strategic Capital Corporation recently helped a customer sell structured settlement payments and get the money in a record 18 days.
The company gives customers a simple, foolproof way to speed selling structured settlement payments: just submit all the required documents on time.
“Of course, quick closings also depend on factors not in your control or your transfer (factoring) company’s control—like how fast the state and court systems operate and the efficiency of the annuity issuer. It’s a fact that Illinois and Virginia process the transfer transaction faster than any other state,” notes David Meyerowitz, President and CEO of Strategic Capital Corporation.
“But bottom line: you will get your money faster if you complete all of the documents in the structured settlement annuity package—especially the annuity policy--and submit them as soon as possible.”
A single missing document can cause significant funding delays. On the other hand, Strategic Capital Corporation can get you your money in as little as 18 days in certain states if you submit all the information requested in the structured settlement annuity package—including the Annuity Policy.
Take the time to review the checklist included in the structured settlement annuity package. It should list all the documents necessary to complete the transaction. If anything is unclear, contact the experts at the company buying the payments to clarify which documents are necessary to submit—and when.
The goal of a good structured settlement transfer company is to help clients receive money in the fastest time frame possible.
The quickest, easiest way to sell structured settlement payments
1. Complete and return every page in the package. You must sign all required documents and return every document requested so the purchaser can provide the necessary information to the court and insurance company.
2. Provide a copy of the Annuity Policy as early in the process as possible. This document provides accurate and essential information to the company buying the payment.
3. Submit a copy of the Final Divorce Decree and Property Settlement (if you are divorced) to verify whether your ex-spouse is entitled to a portion of the funds. The sooner you submit this document, the less chance there will be delays with funding.
4. Sign and return the affidavit as soon as possible.
5. Provide all supporting documents and information for the court that explains why the money is necessary at this time.
6. Get it right the first time by contacting an expert. The professionals at the structured settlement transfer company will make sure the right documentation is submitted at the right time. This is a proven way to speed funding.
7. Submit a clear copy of your picture ID. Just increase the shade settings on the photocopier to improve the image quality.
Source
The company gives customers a simple, foolproof way to speed selling structured settlement payments: just submit all the required documents on time.
“Of course, quick closings also depend on factors not in your control or your transfer (factoring) company’s control—like how fast the state and court systems operate and the efficiency of the annuity issuer. It’s a fact that Illinois and Virginia process the transfer transaction faster than any other state,” notes David Meyerowitz, President and CEO of Strategic Capital Corporation.
“But bottom line: you will get your money faster if you complete all of the documents in the structured settlement annuity package—especially the annuity policy--and submit them as soon as possible.”
A single missing document can cause significant funding delays. On the other hand, Strategic Capital Corporation can get you your money in as little as 18 days in certain states if you submit all the information requested in the structured settlement annuity package—including the Annuity Policy.
Take the time to review the checklist included in the structured settlement annuity package. It should list all the documents necessary to complete the transaction. If anything is unclear, contact the experts at the company buying the payments to clarify which documents are necessary to submit—and when.
The goal of a good structured settlement transfer company is to help clients receive money in the fastest time frame possible.
The quickest, easiest way to sell structured settlement payments
1. Complete and return every page in the package. You must sign all required documents and return every document requested so the purchaser can provide the necessary information to the court and insurance company.
2. Provide a copy of the Annuity Policy as early in the process as possible. This document provides accurate and essential information to the company buying the payment.
3. Submit a copy of the Final Divorce Decree and Property Settlement (if you are divorced) to verify whether your ex-spouse is entitled to a portion of the funds. The sooner you submit this document, the less chance there will be delays with funding.
4. Sign and return the affidavit as soon as possible.
5. Provide all supporting documents and information for the court that explains why the money is necessary at this time.
6. Get it right the first time by contacting an expert. The professionals at the structured settlement transfer company will make sure the right documentation is submitted at the right time. This is a proven way to speed funding.
7. Submit a clear copy of your picture ID. Just increase the shade settings on the photocopier to improve the image quality.
Source
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