Platinum Asset Management
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Platinum Asset Management announced yesterday that funds under management had fallen from $17.8bn at 30 June 2011 to $15.1bn at 31 December. Continuing weak sharemarkets, short-term fund underperformance, and net outflows are to blame, all of which we flagged as issues in Platinum hopes for dollar dive on 10 Nov 11 (Long Term Buy - $3.75). Weaker funds under management means Platinum is a long way from achieving the results in our ‘roadmap’ from Platinum on the road again (see 13 Jan 11 (Long Term Buy – $4.86)).
Platinum also announced yesterday that its net profit for the first half is likely to be in the range $64m-$67m, down from $78m in the previous period. Given continued weakness in funds under management, Platinum’s net profit for the 2012 financial year will probably be less than $130m due to the company’s traditionally weaker second half.
The recommendation guide prices have followed funds under management down over the past year, but an eventual turnaround in markets is still required to justify buying at today’s price. With the stock down 5% since 10 Nov 11 and, with that caveat in mind, Platinum remains a LONG TERM BUY.
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