While major overseas equity markets appear to be making gains almost every day, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has moved lower in the first month of 2018. Much of this underperformance can be attributed to our Big Four banks, which collectively comprise almost 25% of the index, while several other stocks continue to run higher.
Here are four stocks that recently hit 52-week highs:
Aristocrat Leisure Limited (ASX: ALL) hit an all-time high this week, though there hasn't been any significant news since the company announced it had completed the acquisition of Big Fish Games. Big Fish was the second social gaming firm Aristocrat announced it would acquire in 2017, following the October purchase of Israeli-based Plarium Global.
These are two major acquisitions that mark the beginnings of a new strategy for Aristocrat, which had predominantly focussed on gaming machines in the past. Given the recent price volatility, there appears to be some uncertainty in the market as to Aristocrat's ability to successfully integrate the acquisitions, though the company has managed stellar growth performance over the past five years.
ResMed Inc. (CHESS) (ASX: RMD) reached a 52-week high earlier in the week following the medical device company's results announcement for the second quarter of FY2018. ResMed delivered 11% revenue growth on a constant currency basis when compared with the previous corresponding period, and a 39% increase in non-statutory net income.
ResMed also revealed it would be negatively impacted by the new tax laws in the United States, recognising additional tax expense of $126.6 million, mainly due to the one-time transition tax on unremitted foreign earnings.
Platinum Asset Management Limited (ASX: PTM) is an investment firm that has benefitted from the outperformance of overseas markets. Platinum's funds under management (FUM) increased again in December, now sitting comfortably above $27 billion.
After a disappointing 2016, Platinum adjusted its fee structure and improved investment performance across its range of listed and unlisted international funds in 2017. The turnaround has been impressive, and the firm's share price has almost doubled since May.
Bingo Industries Ltd (ASX: BIN) is a waste management company with operations in New South Wales and Victoria. The company listed on the ASX in May last year and the share price is up more than 50% since.
Bingo's FY2017 results were slightly ahead of prospectus forecasts and management predicts a strong performance again in FY2018; pro forma net profit expected to increase 27.2%.
Expansion opportunities, population growth, environmental awareness and regulatory change are all significant factors that suggest Bingo could be a successful company over the long term.
