ASX 200 rises, Nick Scali falls, Pinnacle jumps

Pinnacle’s share price rise was a highlight on the ASX today.

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The S&P/ASX 200 Index (ASX: XJO) went up by 0.1% today to 7,511 points.

Here are some of the highlights from the ASX:

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price climbed around 9% after the business released its FY21 result to investors after the market had closed.

Pinnacle reported that its net profit after tax (NPAT) increased by 108% to $67 million. The company’s share of affiliates’ net profit was $66.4 million, up 75% from $38 million in FY20.

It revealed that the aggregate affiliates’ funds under management (FUM) was $89.4 billion at 30 June 2021. That was a 27% increase from 31 December 2020 and 52% increase from 30 June 2020.

Aggregate retail FUM was $20.3 billion at the end of FY21, an increase of 22% from 31 December 2020 and a 55% rise from 30 June 2020.

Net inflows for the financial year was $16.7 billion, including $11.2 billion in the six months to 30 June 2021. Within the total for FY21, $4.5 billion of the net flows were retail.

The closing FY21 FUM was $89.4 billion, more than 20% higher than the average FUM throughout FY21.

Pinnacle reported that it was doubling its final dividend to 17 cents per share. That brought the full year dividend to 28.7 cents per share, which was an increase of 86%.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price fell around 1% after handing in its FY21 report.

It revealed that sales increased by 42.1% to $373 million. This helped underlying earnings before interest and tax (EBIT) grow by 100.5% to $121.9 million and underlying net profit after tax (NPAT) rise by 100% to $84.2 million. Operating cash flow before interest and tax rose 88.4%.

Online operations contributed $18.3 million of written sales, compared to $3 million in FY20. The online EBIT contribution for FY21 was $8.8 million, up from $0.6 million in FY20.

The Nick Scali board decided to increase the final dividend by 11.1% to 25 cents per share.

However, the business warned that trading during July 2021 was impacted by government mandated lockdowns in Greater Sydney, Victoria and South Australia. Written sales orders were down 27% compared to July 2020, but up 24% on July 2019. But, the company said that Victoria and South Australia had traded exceptionally having come out of lockdown towards the end of the month.

The online growth was 88% for July 2021 year on year.

Centuria Industrial REIT (ASX: CIP)

The ASX 200 real estate investment trust (REIT) announced its FY21 result today.

Centuria Industrial REIT said that it generated $91.4 million of funds from operations (FFO), translating to 17.6 cents per unit. The distribution paid per unit for FY21 was 17 cents, in line with its guidance.

During the year, it experienced a $587 million valuation uplift. This helped net tangible assets (NTA) per unit increase by 36% to $3.83.

Jesse Curtis, the fund manager of Centuria Industrial REIT, said:

FY21 was a successful year for Centuria Industrial REIT, driven by transformative acquisitions and major portfolio leasing. Strong sector tailwinds supported increased tenant demand and record low national vacancy rates, propelled by the continued rise of e-commerce, positively impacting industrial property markets.

The ASX 200 share expecting FY22 FFO to be no less than 18.1 cents per unit, with distribution guidance of 17.3 cents per unit.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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