\n\tHow did the Australian FY11<\/span> corporate result season stack up? Do analysts feel better or worse now for the year ahead? How might one best approach FY12<\/span> investment?<\/p>\n

\n\t\tAll this and more was discussed in FNArena's<\/span> Market Insight program yesterday live on the BRR<\/span> Network. An archived vodcast<\/span> and alternative audio-only recording, along with all slides used in the presentation, are now available. Click here<\/a>. <\/strong>Scroll down for alternative versions.<\/p>\n

\n\t\tPlease note that due to technical difficulties we were pushed for time, and didn't quite get to the last slide in the presentation. Here I chose to note that brokers have now multiplied their FY12<\/span> earnings forecasts by their PE expectations to arrive at forecasts for the ASX<\/span> 200. I have chosen one example, from Goldman Sachs.<\/p>\n

\n\t\tIn short, Goldmans<\/span> is tipping the ASX<\/span> 200 to reach 5000 by end-2012 (with the caveat of no market meltdown due to, for example, Europe in the meantime). This looks like a good opportunity for traders, or investors sitting in cash, given it represents a 19% price return. However longer term investors will no doubt note that the ASX<\/span> 200 was already at 5000 earlier this year, and at least a couple of times last year. Not very encouraging.<\/p>\n

\n\t\tThe forecast does, however, emphasise<\/span> how investors in the twenty-tens should be looking towards yield rather than capital appreciation to provide returns. Stocks with projected earnings growth and potential dividend growth are preferred, as the broadcast notes.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"