There was a lot to like about the February reporting season. By Morgans estimates, over 30% of large caps beat the market’s expectations, and unlike previous seasons, estimates held firm rather than falling away into results. Downgrades and significant misses were largely a non-event and overall management commentary reflected the most buoyant conditions we’ve seen for a while.
Morgans pick-apart key themes we identified around large cap outperformance, offshore earnings growth, industrials earnings momentum (up slightly), capital management (up), and the resource cycle (maturing).
Read the full Morgans monthly Investment Watch update
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