Whitefield Industrials Limited · ASX:WHF
Whitefield Industrials — Investor Presentation (September 2005)
11 slides from Whitefield Industrials's investor presentation, Sep 12, 2005
Slide 1: Listed Investment Companies: Whitefield & Sylvastate Update
Listed Investment Companies WHITEFIELD & SYLVASTATE UPDATE September 2005 WHITEFIELD SYLVASTATE v WHITEFIELD Founded 1923, Strong track record over mary years Portfolio of ~ 48 stocks, Portfolio Size $190,000,008, MER 0.31% Our Objective: Australian Share returns higher than market + To generate an
Slide 2: Sylvastate and Investment Methodology
SYLVASTATE Founded 1924, Strong track record over marty years Portfolio of ~ 30 stocks, Portfolio Size $48,000,000, MER 0.34% Our Objective An Australian Share exposure emphasising higher cash flow & higher yield To produce a growing and secure stream of income through investment in a fiver sific Hi
Slide 3: Investment Outcomes: Whitefield and Sylvastate
INVESTMENT OUTCOMES: WHITEFIELD Whiteffeld’s investment portfolio has outperformed the ASX200 Accumulation Index in 18 of the fast 20 rolling five year periods, "ROLLIG SR RETLR (RONSRCEED/ TERS ASHI ACCLM ATO WHITEFIELD 5 SYLVASTATE INVESTMENT OUTCOMES: SYLVASTATE ‘NEC OMGLATED NVEETICENT FE Ln: PO
Slide 4: Investment Outcomes: Efficiency
INVESTMENT OUTCOMES: EFFICIENCY Whitefield & Syivastate’s low Management Expense Ratios (less than 0.35%) and LIC Discount CGT status provide an extremely cost and tax efficient vehicle for investors. Ranga ot LiCs Hay 2006 Sinetron Fepath, argeines SEM Fat Eateste REREEUT OF A LOW MER ANE LIC DISCO
Slide 5: Investment Outcomes: SYL (Latest)
INVESTMENT OUTCOMES: SYL (LATEST) 2004/5 3 Quarter (Ended 31% May} > — Investment Revenue up 25% on pep + Earnings per share growth $ months 12.5% + Gross dividend yield 6.02%, approx 1.25% higher than ASX200 Principal Portfolio Positions ‘Major Banks Perpetual Trustee Teista Alesco Macquarie Bank S
Slide 6: Economic Outlook
ECONOMIC OUTLOOK Global liquidity conditions are tightening. Short term cash rates have been raised in NZ, Aust, UK, Ching and the US. UK LIBOR Overproduction is emerging in segments of the Chinese ecoriomy where previously there had been unbridied growth | Textiles, steel, aluminiura? WHITEFIELD 1
Slide 7: Economic Outlook
ECONOMIC OUTLOOK All of these offsetting factors, however, are steadily turning around: A. Continued and ongoing upwards pressure on the Chinese currency increases the cost of Chinese labour and increases the cost of goods manufactured in China. This Is likely to continue for an extended period: B C
Slide 8: The Australian Market
THE AUSTRALIAN MARKET Insurance {Shift to Underweight) Claims, premium and invesiment environments deteriorating. Expect this to continue. Some stocks trading well above fait value. Diversified Financials (Overweight / Shifts to Marketweight) Eamings continue to grow from fund inflaws and spesific i
Slide 9: Portfolio Positions: Whitefield
PORTFOLIO POSITIONS: WHITEFIELD " 48.8 yor Banks MACQ. BANK 6.60% 4h WESTPAC 6.22% 171% i 7 AN? BANK 5.24% 0.80% Major Media TELSTRA 4s% 0.89% (NWS, PBL, NEW CORPORATION INC 45% 3.13% SEV) SL S7% 2.97% Beanies asm oe hic sae PATRICK 2.78% fT MBL, CHALLENGER 2.29% CGE AMP) PUELABROAD 2.008% ANCOR 1.7
Slide 10: Pricing
PRICING WATEFILOLTO: FREE ANDDTA Whitefield NTA (July) NTA Before Tax $4.02 NTA After Tax $3.62 SYLVAMTATE LID PRUE AMEN Sylvastate NTA (July) NTA Before Tax $4.79 NTA After Tax $4.44 WHITEFIELD 19 SYLVASTATE a v CORPORATE OBJECTIVES Update 2005/6 + Following increases of over 100% in shareholder nu
Slide 11: Conclusion
CONCLUSION CONCLUSION + Global markets are at a point of inflection, so expect continued volatility + An easing in globat demand and a retreat in commodity price inflation may be a desirable outcome + WHF, with its defensive portfolio, has limited ffs exposure to the more overpriced segments of the
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