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Need 4 Speed Read - ASX Report - 22/11/22

ASX trading

G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst! 

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Trading Idea of the Day

ASX:FLT - Flight Centre Travel Group Ltd - BULLISH BIAS (long term) - BULLISH BIAS (short term)

  • Key levels on the chart - consider taking trades from key support/resistance zones.
  • Price is significantly undervalued and at a key support, a level not seen since the beginning of COVID.
  • The reopening and pent-up travel demand narrative is only gathering momentum, with FLT expecting a gradual recovery in FY23 followed by a 'larger scale recovery during FY24' as the world opens up even more.
  • Flight Centre's corporate travel segment has returned to pre-covid form based on their latest updates, contributing $58m to their underlying earnings. The company said corporate transaction levels are also back at pre-covid levels, with revenue at approximately 95% which is a positive sign for FY23 and shareholder expectations.
  • Leisure bookings remain subdued, impacted by the 'lack of competition and spare capacity. The leisure segment lags as outbound travel remains impacted by a lack of competition and capacity, leading to a lack of bookings available and abnormal prices.
  • Management expects revenue margins to remain below pre-covid levels over the forecast period but partially offset by cost margin improvements.

ASX & Economic Key Events

ASX Key Events Calendar (TODAY)

Economic Key Events (TODAY)

Economic Key Events (YESTERDAY)

OPTO For Investors Research

Article of the Day: Berkshire, Bridgewater and Tiger expand positions in chip stocks 

Podcast of the Day: BlackRock’s Carolyn Weinberg on the democratising power of ETFs

APAC Daily Report


Market Snapshot & Highlights as of 8:00am AEDT

EXPECTATIONS: Energy LOWER (lower oil prices) & Materials LOWER on overall lower commodity metal prices.

Global Markets Headlines

(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)

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