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Application To Bank Asset Management

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Question:

Discuss about the Application to Bank Asset Management.
 
 

Answer:

Introduction

There are various companies that are functioning in the global economy and each one of them has their own missions and objectives with the help of which the organizations function in the market. The renowned and globally operating organizations are listed in any of the stock exchanges functioning globally as they offer shares in the market for the public and with the help of which they gather capital from the market and on behalf of that offer dividends to the shareholders of the company(Vogel 2014). Therefore, a company would be selected that is listed in a renowned stock exchange and have been providing dividends to the shareholders from the profits they earn from their business activities.

The company that has been selected for this paper is Qantas Airways Ltd, which is a domestic and international airline service provider that operates in globally and is an Australian based organization. The company is listed in the Australian Stock Exchange and has been giving out significant level of dividend to its shareholders.

Qantas Airways Limited has been identified to be one of the main airline companies that provide luxurious, elite and economical airline service to the global consumers of airline service. Qantas Airways has been furthermore to deliver numerous sorts of airline and courier services as well as new and innovative airline facilities(Investor.qantas.com. 2017). Qantas has even undertaken programs like airhostess programs and training and developments of the new aspiring candidates so that new candidates can have the opportunity to join the airline industry. This company has been chosen for the assessment of their share price and assessing their share price for the past five years have been influential for the determination of the current position of the firm and the future trend that would be followed by the company. The dividend that is given out by them is even assessed in order to have an idea about the profit earned by the organization and the percentage out of the profit that is given out as dividends to the shareholders. It has been observed that the company undertakes various operational activities and these activities are undertaken with the help of the strategies and the policies that have been undertaken by the firm during their quarterly and annual general meetings. It is seen that performance of any company can be understood by taking assistance of the financial statements that have been constructed by the company. The financial statement explains the transactions that have been taking place along with the income and the expenditure that the company has been undertaking during an accounting year(Jensen 2013). The profit of the firm determines the position of the firm in the market and accordingly ascertains the share price of the stocks that are available in the market.

The share price of Qantas for the last five years has been taken into consideration in order to assess the same and discover the level of profit and the financial performance of the organization. It is seen that the share price of the company from the year 2012 to 2016 will be analysed.

 

Financial Year 2012 – How it went for Qantas Airways Limited

2012 had been a very difficult year for global aviation but in spite of that the firm recorded a profit before tax of $95 million. But the profit after tax amounted to a statutory loss of $244 million. The loss was primarily incurred due to the launching of the five year turnaround plan that involved a cost of $376 million and was endorsed by the shareholders of the company at the Annual General Meeting of 2011. The detailed list of events that led to Qantas Airways incurring such a loss were that the airlines company recorded its highest ever bill for fuel that is $4329 million. The amount was almost 18% greater than the fuel bill that was incurred in the financial year of 2011. Therefore the fuel bill exceeded the normal value (that was incurred in 2011) by an amount of $645 million. Secondly other events that led to the loss incurred by the company werethe financial impact that the industrial dispute in the financial year of 2011 had and also the grounding of the Qantas fleet. These two events amounted to $194 million which acted as a major blow to the company In spite of all these major blows to the company the financial position of the company was sound enough with a $3.4 billion cash balance(Investor.qantas.com. 2017). The loss incurred by the company in the financial year of 2012 led to Qantas realizing loss per issued share of (10.8) cents. Therefore no declaration or payments were made in relation to dividends in the financial year of 2012.

In the financial year of 2013 Qantas Airways limited did turn around and incur a profit before tax of $192 million and the profit after tax amounted to $6 million for the financial year of 2013. A major event undertake by the company in the financial year of 2013 is that it entered into a partnership with Emirates. The turnaround plan that was carried out in the financial year of 2013 proved to be effective. This is evident from the fact that the unit cost of the company increased by 5 percent that reflected reduction of cost and improvement of the production process. The financial year of 2013 was the year of revival for Qantas Airways Limited. The implementation of the turnaround plan resulted in a strategic benefit of $171 million. Furthermore Qantas also incurred a benefit of $257 million from ongoing cash management. The financial position of the company was strengthened as the cash flow represented a positive balance of $372 million. The liquidity position of the company was also maintained at a balance of $3.4 billion including $2.8 billion in cash. Even the net capital expenditure was reduced from $200 to 1.4 billion(Investor.qantas.com. 2017). The earning incurred per share by the company in the financial year of 2013 was 0.2 cents per share that resulted in profit attributable to the members of Qantas which amounted to $5 million.

Financial Year 2014 – How it went for Qantas Airways Limited

The financial year of 2014 turned out to be yet again a year of struggle for the company. Qantas Airways incurred a loss before tax of $646 million which was a result of extreme operating conditions prevailing in the financial year of 2013. The loss after tax amounted to $2.8 billion. This loss after tax was a result of $2 billion expended in the Qantas Transformation program. Though the figures looked bad but Qantas Airways as a company was going through a revival phase and the benefits from the transformation programme resulted in a an amount of $440 million. The transformation plan also resulted in the implementation of the future projects which projected future benefits in the upcoming financial years. Whatever the situation the company was able to maintain its liquidity position at a rate of $3.6 billion including a cash balance of $3 billion. The loss incurred by the company in the financial year of 2014 was mainly due to an unprecedented rise in the fuel costs. In comparison to the previous financial year the fuel costs in 2014 increased by an amount of $253 million. The loss incurred per share by the company was (128.5) cents that wholesomely resulted in a loss attributable to the members of Qantas which was of the amount, $2,843 million. Therefore no dividend were declared or paid in the financial year of 2014.

The financial year of 2015 marked the re-entry of the company in business. The profit before tax earned by Qantas in the financial year of 2015 amounted to $975 million and subsequently the profit after tax amounted to $560 million. The saviour that led to the improvement of the crisis situation in which the company was in was the Qantas Transformation program which contributed to a benefit of up to $894 million which enabled the company to pay off its debts by an amount of $1 billion. The liquidity position of the company was also maintained. As the company did finally return to a stable position in the financial year of 2015, a capital return of $505 million was proposed including earnings per share of 23 cents and the shareholders were proposed to be paid in November, 2015.

 

Financial Year 2016 – How it went for Qantas Airways Limited

The financial year of 2016 is another step in the rising trend of the performance curve of Qantas Airways Limited. The profit before tax incurred by the company is $1.53 billion. The Qantas Transformation program led to a benefit of $1.66 billion(Investor.qantas.com. 2017). The financial position of the company was maintained at an amount of $2.8 billion. The return on invested capital also increased to 23%. The earnings per share resulted in 49.4 cents. Therefore the directors declared final dividend of seven cents per ordinary share which resulted in a total of $134 million. The payment to the shareholders marked the return of Qantas Airways Limited to a financially stable and healthy position.

Therefore, it is observed out of the five years Qantas has been able to pay dividends in three years as the company has been able to generate profit out of their operational activities. In the year the share price of the company was bought at AUD 1.36 and the share price had been significantly low due to the adverse global aviation scenario. However, the company has been able to come out of this stressful situation and in that manner has been able to maintain their market share. Hence, currently the share price of Qantas is priced at AUD 5.71 which has been higher than the price at which it was bought. As the price is significantly high, the shares have been sold at this rate. The price of the shares has been the highest in the month of October in the year 2017 and the value amounted to AUD 6.39 and even though the share could have been sold in that time but with the expectation that the price would increase in the coming time the shares was retained. However, the as the price has started to fall since then therefore the share is being sold at this price. The dividend yield of the share is 1.23% and the P/E ratio accounted to 12.46. The interest that has been accrued is deposited in the savings account and the money is again invested in bonds and exchange traded funds. 

Qantas Airways Limited

 

Financial Year

Net Profit/Loss ($M)

Total Assets ($M)

Average Shareholder's Equity ($M)

Net Sales ($M)

 

2012

-244

21,178

6,020

15,724

 

2013

6

20,200

5,921.50

15,902

 

2014

-2922

17,318

4,377.50

15,352

 

2015

558

17,530

3,166.50

15,816

 

2016

1029

16,705

3,353.50

16,200

 

Significant Ratios

Financial Year

2012

2013

2014

2015

2016

Return on Investment

-0.01

0.00030

-0.17

0.03

0.06

Return on Equity

-0.041

0.00101

-0.67

0.18

0.31

Net Profit Margin

-0.016

0.00038

-0.19

0.04

0.06

The Return on Investment (ROI) that has been calculated show a stable value from the financial year of 2015 indicating that the management has gradually gained a stable position from 2015 and has ensured enough return from the investment funds.

The Return On Equity (ROE) also reflect an increasing trend from the financial year of 2015 indicating that the entity has been ensuring optimum utilization of the equity funds.

The Net Profit Margin ratio has been representing an increasing trend from the financial year of 2015 further indicating that the entity is recovering from the bad phase and is estimated to acquire a good amount of profit in the upcoming financial years.

This section of the paper looks to construct an investment strategy based on the funds that is ideal for an investor by looking at the numerous variables that are available in the market. The development of an investment strategy is based on assessing the macro-economic variables and its impact on the financial market(Bodie 2013). The current condition of the financial market is a significant factor that influences the investors and the shareholders to undertake investment and construct an investment portfolio that would be ideal for them.

Initially it is pertinent to understand the impact of macro-economic variables on the financial market. Macro-economics is the assessment of the economy of a country and it looks to scrutinize the cyclical movements and the patterns that is existent within the economy like inflation, gross domestic product, money supply unemployment etc. Cochrane (2014) have cited that macro-economic variables within an economy consider various assumptions. Macro-economic variables have been considered as the most remarkable variables and the government of a country construct their regulations and policies with respect to these variables. Therefore macro-economic variables are a significant indicator in order to understand the prevailing trends in the economy(Hua et al. 2015). The impact and the relation between the macro-economic variables and the financial market has been evaluated by taking help of various techniques and tools. However, in this paper, only certain selected macro-economic variable shave been taken into consideration in order to have an idea about their effect in the financial market. Each one of them has been explained as follows:

 


Money Supply: This is a significant variable that is essential to stabilize an economy as it can be utilised for immediate transactions and can even be traded for its value as it itself is a store of value. There have been extensive researches that have been undertaken in order to examine the relationship between the supply of money and the prices of stocks and results indicate that the relationship is still unclear(Szegö 2014). According to the portfolio theory, a rise in the supply of money will alter the structure of the portfolio from the non-interest bearing monetary assets to the financial assets like the stock.

Call Money Rate: This is one of the most observable variable in the daily undertaking of the monetary practices and is frequently used as an operating target for the creation of the policy. A rise in the call money rate will raise the opportunity cost of the holding money and thereby making stock swapping with the interest bearing assets and in that manner would reduce the prices of the stocks(Cochrane 2014). It even has an impact on the corporate revenue of the firms, demand for services and goods attraction of the financial securities like the shares, bonds and other fixed interest bearing investments and the financing modes and borrowing money cost in order to buy the shares.

Exchange rate: It is a moderate of the financial transactions that undertaken among the countries. The overall export and import procedure any nation is dependent on the exchange rate of their currency(Mangram 2013). If the currency of the country depreciates, rise in the value of import and fall in the value of the export and vice versa. If the domestic currency is strong, it unfavourably has an impact companies that are export oriented and advantage to import the oriented organizations.

Gross fiscal deficit: It is actually the difference among the money that is earned and the money created by a nation. It has an argumentative relationship with the financial market. In case it is higher, it would depict a rise in the risk related to the inflation and mitigate the growth of the economy, have an impact on the sovereign rating of a nation, doubt with respect to the ability of the government to repay their liabilities and becomes a restriction for the foreign investors in order to make a country a hub for investment(Nawrocki and Viole 2014).

Inflation rate: It has been observed that inflation is not very good for any economy as it has an impact on all the sectors and misinterpreting the prices and challenges a clear relationship that is needed to exist among the price and value of a product or service. It explains a negative relationship with the financial markets. It reduces the savings and expenses of the consumers. When the expenses are reduced, it can ruin the profit of a firm automatically(DeFuscoet al. 2015). It therefore has an impact on the currency value of a nation in the foreign exchange markets.

The impact of macro-economic variables has an adverse impact on the financial markets and in order to construct an effective investment strategy it is essential to assess the own situation and the risk profile.

As I am constructing my own investment strategy it is essential to assess my own characteristics. I am an investor who has the idea of gaining long term returns and in that manner is in the lookout for making investments in ETF funds and mutual funds that would give out longer, stable returns with a moderate amount of risk. The main objective has been to gain moderate level of returns for a longer period of time and in that manner enhances the lifestyle. The main aim has been to earn and save sufficient amount of savings so I can have a comfortable lifestyle even after retirement. The time horizon has a significant role to play in the development of an effective investment strategy and as I am a teenager the retirement tenure is a long one(Brigham and Ehrhardt 2013). Hence, I have a time period of around 25 years before I take retirement. Therefore, my investment strategy would be in line with my time horizon and therefore undertake investments in that manner.

The investment strategy that will be constructed would be undertaken by looking at the current economic trends that is existent globally. The greater amount of risk that is related to any investment requires greater amount of return. The risk profile explains the willingness to grant the risk or an assessment of the risks to which an individual gets exposed. The risk is generally measured with respect probability of risks and the impact of risk. Hence, as I am willing to take risks I have the tendency of investing in stocks in the mutual funds and Exchange Traded Funds. The stocks have long term potential gain and therefore I would be willing purchase stocks as I am willing to accept fluctuations that are available in the market. I have knowledge that every kind of investments are associated with certain level of risks and therefore this level of risk is computed by taking help of financial statistics(Arnold 2013). I can take help of the tools like standard deviation, alpha and beta as these tools can be helpful in computing the volatility of the risk that is related to a specific portfolio or investment.

The construction of the investment portfolio would be in line with the global economic pattern. The current global economy has been undergoing transformational changes due to increase in the financial demand from the consumers. The introduction of various policies and regulations has developed the global financial structure and in that manner has motivated the investors to undertake investments effectively(Alvarez, Larkin and Ropicki 2017).

An effective investment strategy has to be constructed in order to understand the assets in which investments has to be taken. The objective of the investment strategy has been to provide benefits that are associated with superannuation to the members and the dependents in order to meet the requirement demands. The strategy should look to make sure that suitable mixes of the investments are held by the fund in order to assist the requirements. The strategy should be inclusive of the funds that have adequate liquidity at all times in order to satisfy all the commitments. The funds should even look to maximise the level of tax effectiveness of the fund investments and thereby delivering the most suitable long term after the tax returns of the members.

The investment objectives of the individuals have been to accomplish the actual medium to longer term growth. In the identification for the 20 year investment time frame of the individuals, the fund will have a high proportion of growth assets in the portfolio.

The fund investment that has been ascertained can include but not restricted to any of the following:

  • Stocks, direct equities and derivatives that includes participation in the reinvestment in dividends programs and the right issues.
  • Associated investments and property trusts
  • Associated products and managed investments
  • Industrial and commercial property and direct residential using allowable restricted resource borrowing arrangements
  • Investments and deposits with the banks and various securities of other financial institutions

The above mentioned investments comprise of the various funds that are available in the market and they include:

  • Money market funds
  • Fixed income funds
  • Equity funds
  • Balanced funds
  • Index funds
  • Specialty funds
  • Fund-of-funds
  • Diversify by investment style
 


These funds have their own features and characteristics and it is on the investor to decide what kind of investment they want to undertake. The equity funds have the highest level of returns along with the highest level of risk and on the other hand money market funds have the least level of risk and a guaranteed minimum return. Balanced fund on the other hand is a blend of both where investments are made in equities as well as bonds.   

The investor from time to time may decide to look for professional advices from the financial planners, solicitors and accountants in the construction and incorporation of this for the purpose of investment strategy. During the construction of the strategy the individuals have considered precise features of the several investments with respect to aims of the fund and suitable legislations(DeYoung et al. 2015). Various circumstances of fund has been considered during the drafting of the investment strategy and they are as follows:

  • The risks and the return that is related with each investment
  • The diversity and the range of investments held by the fund
  • Any risks that arise due to restricted diversification
  • The liquidity of the investments from the fund
  • The preferences and ages of the members
  • The estimated cash requirements
  • Ability of the fund to meet their prospective and existing liabilities

The policies that have been implemented in order to accomplish these objectives are:

  • Frequent supervision of the performance of the performance of the investment in the fund, the total investment mix and the estimated requirements of the cash flow of the fund.
  • Rebalancing of the investment portfolio of the fund due to the changes in the market scenarios through the sale of asset and new investments are required.

The investor is in the aim of following an investment strategy bit on the other hand, they will reserve the right to transform the investment mix relying on the market scenario and opportunities that are available to attain the fund’s objectives.

Risk Profile and Tolerance

The fund has a long time horizon and being an investor I have the capacity to endure reasonable extent volatility from the returns of the long term growth. I have existing investments that has been taken earlier and therefore have extensive knowledge about the level of returns that is available from an investment. I have the knowledge about the trade-off among the investment risk and the long term capital and growth of income and have indicated that stable asset growth is of key importance. The risks related to the investment is borne by the members as changes in the return from the investments will have an impact on extent of benefit that is available.  

The funds where investments have been made should hold an agreement of insurance as there is a need in order to safeguard the capital that has been invested to maintain the normal lifestyle. 

As I am aged 27 years and do not have significant level of assets outside the superannuation. At the current time period, there is no intention to make use of the superannuation fund before the age of 60 years. There is no projected payment of benefit within the next 33 years. The cash that is more than the estimated requirement will be invested with respect to the investment strategy of the fund.

The targeted asset allocation will identify the requirement to have a distributed asset mix, provided that the horizon of long term investment sums up to the life expectancy. The allocation of the assets will have a strong growth asset bias and would be concentrating on the maximising capital growth for the long term in order to sustain normal lifestyle even after retirement. It is the habit of the investors to identify the increased risk in investing largely in the growth of the assets and level of volatility related to the property and shares(Danthine and Donaldson 2014). The volatility will be remunerated by the vision of accomplishing increased returns and growth in the long term. In order to reduce the risk the investor will look to invest in several sectors and industries where ever applicable.

Growth Assets

 

Allocation %

 

 

 

Franklin India Blue chip

 

7.94

Franklin India Prima

 

1.59

HSBC Equity

 

2.49

HDFC Equity

 

2.04

HDFC Top 200

 

1.59

Reliance Diversified Power

 

2.27

HDFC HI-Short-term

 

25.40

Templeton Floating Rate-ST

 

34.01

HDFC Floating Rate Income-ST

 

22.68

Total

 

100%

The construction of this kind of asset allocation can be useful for effective level of returns for the investor as it would provide returns that would meet the objectives of the research. The construction of an effective investment strategy can be done by taking help of the financial consultants as they have better knowledge about the market and the changes that have been taking place in the economy as well. The investment strategy that has been constructed comprises of a mixture of the various bonds and shares so that a guaranteed minimum returns can be attained in case there is a fall in the prices of the equity shares. The bonds and the government treasury bills where investments have been undertaken will act as a barrier that would safeguard the investor from the total loss.

There has been an observation that in order to generate asset for the long term utilisation, it is vital for the investor to invest mostly in the equities. Even though equity is prone to risk, there is a probability that if invested in an effective way would bring out significant amount of returns that would sustain the current lifestyle even after retirement.

The equities and the assets that has been chosen in the portfolio are the most suitable ones for the investor and one has to maintain a financial consultant so that the portfolio can be accessed from time to time so that in case there is changes in the price of the stocks that are in the portfolio, one can sell off these shares and consequently can bring in other shares in the portfolio that would maintain the return that is desired by the investor. If the investor has sufficient knowledge about the same then they may not take assistance of the financial advisers and undertake all the investment strategies themselves.

This section of the paper consists of selecting a corporate or government bond that would be useful for the investor in order to earn desired amount of returns with respect to the capital that has been invested(Helwege, Huangand Wang 2014). In this aspect a corporate bond has been taken into consideration and the bond that is under consideration of purchasing is issued by Alfa Holding. The bond is transacted in Swiss Franc. The smallest trading unit for the bond is 5000 and the interest frequency has been 1x per year. The earliest redemption date and the maturity date of the bond is 09/11/2022. The coupon percentage has been 2.875%. The daily change of the bond is -0.05% and the ask volume has been 155’000 and the bid volume has been 50’000. The average buy volume has been 50,903.47 and the average buy value has been 50,928.24. On the other hand, the average sale volume has been 250,000 and the average sell value has been 250,875 (Six-swiss-exchange.com. 2017). The spread availability ratio of the bond has been 100%.

This bond has been looked upon as the most suitable one for the investor as this is a new bond that has been issued by Alfa Holding and the trend the bond has been following can provide fruitful returns in the future. The investor is in the idea of gaining returns for the future and obtaining small amount of returns during the initial years. By analysing the other bonds that are available to the investor, it has been observed that this bond is a new bond that has been introduced in the market and has a maturity date in the year 2022. The investor is even in the idea that after the bond matures the investor would again re-invest the capital in the same bond if other suitable bonds are not introduced in the market. The estimated returns for the bond has been projected to be around 110% of the capital that has been invested.

The additional return after the maturity of the bond will be added to the initial capital and would be re-invested so that additional returns can be attained(Becker and Ivashina 2015). The investor can even look into the other bonds that are available in other stock exchanges in order to increase their level of investment so that they may increase their returns from investment.

There can be an argument with respect to choosing this bond over the other bonds that are available in the market and therefore a critical evaluation has been made in order to make the decision justified. There has been an observation that the current fair value has been 6.52 and the price earning has been 11.6. The dividend yield percentage has been 8.28% and the return on equity percentage for the bond has been 4.4% for the current and 5 year average has been 6.1%.  In the current time period the other bonds have not been providing significant amount of returns that Alfa Holding is giving. This bond will be used for the purpose future returns and therefore in the first year the return on investment has been negative coming to -1.5%, but in 3 year the return will become positive coming to 4.2% and the 10 year return will come to 3.4% (Quotes.morningstar.com 2017). This would be return on maturity for the bond. There are several other bonds that provides better returns than this bond, but still this bond has been taken into consideration as this bond has significantly less amount of risk and it is anticipated that this bond would provide greater returns with respect to the bonds that are currently giving better returns.The Alfa Holdings bond having less amount of risk is subject to growth in the future and purchase of these bonds have been undertaken with the growth anticipation of the bond. This bond that has been taken into consideration is a Managed Fund as the investments are pooled together and all the investments made by the other investors are assembled together and thereafter the entire money is invested in the funds that are deemed appropriate. This bond undertakes investments in the funds that will bring higher returns in the long run. The investors are in the idea of gaining long term returns and thereby investments are undertaken in this manner. 

 

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