Thorney Opportunities Ltd. · ASX:TOP
Thorney Opportunities — H1 FY2023 Earnings Presentation
15 slides from Thorney Opportunities's earnings presentation, Feb 22, 2023
Slide 1: Thorney Opportunities Ltd 1H FY23 Results
For personal use only THORNEY OPPORTUNITIES LTD 1H FY23 Results February 2023
Slide 2: About TOP
For personal use only ABOUT TOP Thorney Opportunities Ltd (TOP) is an ASX-listed investment company that invests in listed and unlisted equities and financial assets, in a variety of sectors, including media, automotive, energy, engineering and mining services and financial services. Our primary foc
Slide 3: Investment Objectives
For personal use only INVESTMENT OBJECTIVES 01 02 Producing absolute Delivering a strong returns for shareholders fully franked over the medium- to dividend stream to long-term shareholders Thorney Opportunities Ltd: 1H FY23 Results | February 2023 3
Slide 4: Key 1H FY23 Highlights
KEY 1H FY23 HIGHLIGHTS Net gain after tax for the half year $10.1m For personal use only Fully franked interim dividend per share 1.05 cents Up 5.0% on 1H FY22 NTA per share (before tax) 72.5 cents Down 3.3% on 1H FY22 NTA per share (after tax) 70.5 cents Down 2.9% on 1H FY22 Subject to performance,
Slide 5: TOP Investments as at December 2022
For personal use only TOP 10 INVESTMENTS AS AT 31 DECEMBER 2022 RANK COMPANY % OF PORTFOLIO 1 20 Cashews Pty Ltd* 26.9 2 MMA Offshore 17.9 3 Solvar (formerly Money3 Corporation) 10.3 4 Austin Engineering 9.8 5 Southern Cross Electrical Engineering 7.3 6 Retail Food Group 5.3 7 Consolidated Operation
Slide 6: Market Performance
For personal use only MARKET PERFORMANCE TOP NTA V S&P SMALL ORDINARIES ACCUM. INDEX 12 MONTHS TO 31 DECEMBER 2022 11500 78.0 11000 73.0 10500 68.0 10000 63.0 9500 58.0 9000 53.0 8500 48.0 8000 TOP NTA (after tax + divs) XSOAI Thorney Opportunities Ltd: 1H FY23 Results | February 2023 6
Slide 7: Portfolio Performance
For personal use only PORTFOLIO PERFORMANCE The TOP investment portfolio finished the half-year ended 31 December 2022 up 9.97%, outperforming the S&P Small Ordinaries Accumulation Index which gained 7.03%, an outperformance of 2.94%. The decline in the NTA over the period was largely due to continu
Slide 8: Portfolio Commentary (1/5)
PORTFOLIO COMMENTARY (1/5) View Media Group was formally launched in August, following an For personal use only investment of cash and media services by Seven West Media Limited (SWM.ASX). In February 2023, a $50 million investment by ANZ (ASX.ANZ) was completed, a step which validates VMG’s ambitio
Slide 9: Portfolio Commentary (2/5)
For personal use only PORTFOLIO COMMENTARY (2/5) Money3 Corporation Ltd changed its name to Solvar Ltd (SVR.ASX) in December in order to better reflect its business aims as the Company expands its commercial lending operations, its presence in New Zealand and broadens its credit appetite. SVR contin
Slide 10: Portfolio Commentary (3/5)
For personal use only PORTFOLIO COMMENTARY (3/5) TOP’s largest engineering and mining services holdings, MMA Offshore Ltd (MRM.ASX) and Austin Engineering Ltd (ANG.ASX) were key contributors to the positive performance for the half as the companies enjoy a buoyant operating environment and favourabl
Slide 11: Portfolio Commentary (4/5)
For personal use only PORTFOLIO COMMENTARY (4/5) Retail Food Group Ltd (RFG.ASX) was also a strong performer during the half with an improvement in market conditions driving positive momentum in the business after a challenging few years due to COVID-19. We are confident that RFG’s turnaround journe
Slide 12: Portfolio Commentary (5/5)
For personal use only PORTFOLIO COMMENTARY (5/5) AMA Group Ltd (AMA.ASX) has started to turnaround after a difficult few years due to challenging macroeconomic conditions and an increasing cost and complexity of repairs. We expect the Company to continue to transition for the remainder of FY23 as it
Slide 13: Outlook
OUTLOOK For personal use only TOP believes equity markets are likely to remain uncertain for some time due to weakening leading economic indicators, increasing pressure on company earnings, and the lagged effect of interest rate rises from central banks. Despite this, we believe that our engineering
Slide 14: Disclaimer
For personal use only DISCLAIMER This presentation has been prepared by Thorney Opportunities Ltd “TOP” and does not constitute or form Neither TOP nor any other person accepts any liability and TOP, its related bodies corporate and their part of, and should not be construed as, an offer, solicitati
Slide 15: Contact
For personal use only CONTACT Corporate Investors Craig Smith, Company Secretary Gabriella Hold, Automic Group E: craig.smith@thorney.com.au E: T: + 61 3 9921 7116 gabriella.hold@automicgroup.com.a u T: + 61 411 364 382 Thorney Opportunities Ltd: 1H FY23 Results | February 2023 15
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