The Westpac Banking Corp (ASX: WBC) share price was out of form on Friday and dropped lower.

The banking giant’s shares fell almost 0.5% to $18.54.

Why did the Westpac share price drop lower?

Investors appear to have been selling the banking giant’s shares after it admitted to underpaying some of its staff.

According to a media release, Westpac will be remediating current and former employees who were not paid their correct long service leave entitlements due to some calculation errors.

Westpac advised that the errors led to underpayment and overpayment of some long service leave entitlements. These errors were identified as part of a wider review of its payroll and long service leave arrangements.

The bank explained that in some instances, it found that the wrong rules were inadvertently applied in Westpac’s payroll system. This then affected people’s long service leave entitlements.

What is the damage?

At present, the bank estimates that it will be paying approximately $8 million in total to around 8,000 people who were underpaid their long service leave. This figure includes interest.

The good news for those that were overpaid, is that Westpac will not be asking anyone who has been overpaid to repay any money.

Westpac’s Group Executive of Enterprise Services, Alastair Welsh, commented: “We apologise to anyone impacted by these errors and our priority is to make payments as soon as possible.”

“For long service leave entitlements, different rules apply to different employees based on their employment history and work arrangements. Regrettably, our system didn’t correctly capture the right methodology every time,” he added.

Westpac will now put in place measures to ensure that this doesn’t happen again and that future long service leave is correctly calculated.

“We are committed to putting things right for our people and preventing the issue from re-occurring, and we will continue to check our processes to ensure employees receive their correct entitlements,” Mr Welsh concluded.

More reading

• ASX 200 up 0.9%: Citi lifts Afterpay price target, Webjet boosts liquidity
• Down 32% in FY20, is the NAB share price a buy this year?
• Why this leading broker has upgraded Westpac shares to “buy”
• ASX 200 up 0.9%: Big four banks rising, NEXTDC rockets higher
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Despite being the country where the outbreak of COVID-19 originated, China was the first economy to emerge from the pandemic. Some analysts now predict China’s economy will experience a V-shaped rebound, going from -2% growth this year to 8% in 2021. 

Given the underlying weakness in the Chinese economy – including a soft export market, low domestic demand and lingering trade wars – it’s easy to see why investors would be wary of this market. However, when compared with the bleak economic outlook globally – which will hamper recovery in corporate earnings – some exposure to China looks justified, in my opinion.

It is the only global economy that’s expected to be in positive territory this year.

With full year growth expected to come in at 1.8%, the country appears to have has miraculously dodged a technical recession, and some economists, like BlackRock, expect the world’s second largest economy to experience “near-trend growth” as soon as late 2020.

In addition to the return of strong export markets, what China’s economic stimulus is now focused on is middle-class shoppers spending more as job stability returns to post-COVID-19 levels. China’s reliance on consumer spending cannot be understated, with consumption contributing to two-thirds of the country’s economic growth, according to recent figures.

Greater risk in not investing in China

Despite trade wars, geopolitical tensions and post-COVID-19 economic uncertainty, there are still ways to take measured bets on China. If you’re prepared to do your homework, it’s possible to get good exposure to China’s recovery story. Despite the pandemic, some fund managers have already done this.

For example, back in March at the height of the pandemic, Magellan fund manager, Hamish Douglass increased his allocation to China from 14% a year ago to 25%, via exposure to just a handful stocks. While the fund manager used to be invested only in Apple, Starbucks and Yum Brands, it has now added LVMH, Estee Lauder, Alibaba and Tencent to its holdings in China.

Assuming the focus remains on quality companies, Douglass believes it’s more risky not to invest in China over the next 20 years. He cited Starbucks as a great way to access the Chinese middle-class, where a new store was opening in China on average every 15 hours.

Then there’s Zenith Investment Partners, which pre-COVID had already increased its average exposure to China from 18% to 22%. Zenith’s exposure to what are referred to as A-shares – those listed on the Shanghai and Shenzhen stock exchanges – also doubled from 2% to 4%.

Despite being relatively out of favour, and underweight within (most) global portfolios, in my view Chinese equities look to have been oversold. This creates opportunities for those willing to take a long-term view.

Signs of a rebound are already evident, with recovery picking up steam in June on the back of the Chinese government’s ‘new style’ infrastructure spending (like 5G) – plus other fiscal stimulus measures – designed to drive both domestic consumption and help reopen overseas markets.

Exposure to China through ASX ETFs

If you like the idea of having exposure to China, but don’t have the stomach to be a stock-picker within this market, another way to play China’s recovery story is through ASX-listed China exchange traded funds (ETFs).

Despite rallying 34% in the last year, my favoured ASX-listed China ETF is VanEck Vectors China New Economy (ASX: CNEW). The shares on this index seem to be in the sweet-spot of China’s economic stimulus measures.

In an effort to help stabilise its domestic market, the People’s Bank of China is committed to extending more credit to small businesses that had their liquidity stretched during the lockdown. Unlike the global financial crisis (GFC), this time around economic stimulus measures are primarily focused on technologies of the future, including everything from electric cars, industrial robotics, through to artificial intelligence (AI). As investor with exposure to China, this is something to be aware of.

CNEW seeks to provide investors with access to a portfolio of the most fundamentally sound companies, with the best growth prospects – in consumer discretionary, consumer staples, healthcare, and technology sectors – that are domiciled and listed in mainland China. The three biggest holdings within CNEW (which holds 120 shares) include Guangdong Biolight Meditech Co Ltd, Jiangsu Zitian Media Technology Co Ltd and G-bits Network Technology (Xiamen) Co Ltd A.

Other China-based ETFs listed on the ASX include VanEck Vectors China A-Share (ASX: CETF), which is up by 2.81% over the last 12 months, and Ishares China Large-Cap (ASX: IZZ), which is down 1.28% over the last 12 months.

ETFs aside, it’s also important to note that any ongoing fiscal stimulus-driven upswing for China stocks also bodes well for fund managers whose exposure to China may have fallen along with the market last year. For example, ASX-listed Platinum Asset Management Ltd (ASX: PTM), which has around a 5th of its holdings in China, looks well positioned to benefit from China’s new infrastructure stimulus measures. Since peaking at around $8.50 early February 2018, the Platinum share price is now trading at below half of that high, at $3.76 per share.

Then there are another 30 to 40 funds that could also benefit from their exposure to a Chinese recovery, including the Magellan Global Trust (ASX: MGG) and the Fidelity Asia Fund.

Exposure to China through ASX shares

While resource stocks aren’t in the direct eye of China’s current stimulus measures, some sub-sectors, like base metals (notably iron ore, which is currently selling for around US$100/tonne) are still a net beneficiary of the strong demand for steel. Fortescue Metals Group Limited (ASX: FMG) is the most dominant playmaker in this space in my opinion. Also adding to Fortescue’s fortunes are the export downgrades by its biggest competitors Vale and Rio Tinto Limited (ASX: RIO).

China’s plans to move from coal to gas-fired power, also presents enormous long-term opportunities for Australian providers. Despite a notable deterioration in trade relations, China became Australia’s biggest market for LNG in April, accounting for 40% of total exports. Key beneficiaries include the Queensland-based Origin Energy Limited (ASX: ORG)’s Australia Pacific LNG Venture and the Woodside Petroleum Limited (ASX: WPL)-run North-West Shelf venture in WA.

Resource shares aside, with China’s stimulus measures focused squarely on consumers, any improvement in confidence could also provide a kicker to ASX shares that export high-end consumer discretionary products such as meat, seafood, dairy, fruit, alcoholic beverages and pharmaceuticals. While a growing number of ASX shares export to China, those with the greatest China exposure include winemaker Treasury Wine Estates Ltd (ASX: TWE), milk and infant formula companies A2 Milk Company Ltd (ASX: A2M), and Synlait Milk Ltd (ASX: SM1) plus vitamins company Blackmores Limited (ASX: BKL).

Foolish takeaway

Given the tensions with China on myriad levels right now, it’s important to pick shares with strong exposure to this market carefully. So do your homework – look for shares with 30% or more exposure to China, within markets that appear to be outside the turmoil of any ongoing trade tariff tension, and that will benefit from the ‘translation effect’ when foreign earnings are domiciled back into Australian dollars.

More reading

• Why I would buy Appen and this ASX growth share right now
• Why Adbri, BlueScope, Netwealth, & Rio Tinto shares are tumbling lower
• Rio Tinto share price on watch after Oyu Tolgoi update
• Why I would buy and hold a2 Milk and this ASX 200 share until 2030
• Fund managers have been snapping up Sonic and these ASX 200 stocks

Motley Fool contributor Mark Story owns VanEck Vectors China New Economy shares. The Motley Fool Australia owns shares of and has recommended Blackmores Limited and Treasury Wine Estates Limited. The Motley Fool Australia owns shares of A2 Milk. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re looking to diversify your portfolio to protect it against potential market shocks, then you might want to consider the ASX shares listed below.

I have picked out three top ASX shares in different sectors which I feel could bolster your portfolio if you don’t already have exposure to that particular area of the market.

They are as follows:

BHP Group Ltd (ASX: BHP)

I think having a little exposure to the resources sector can be a good thing for a portfolio. And if you’re going to buy a mining share, you might as well go for the best in the sector. Which I believe to be BHP due to its diverse, world class, and low costs operations, its strong balance sheet, and its attractive valuation. Another positive is its penchant for returning funds to shareholders. Based on the current BHP share price, I estimate that it provides investors with a fully franked ~5% FY 2021 dividend.

ResMed Inc. (ASX: RMD)

If you don’t have exposure to the healthcare sector then ResMed could be a good option. It is a leading medical device company which specialises in sleep treatment hardware and software. I believe ResMed shares could provide strong returns for investors over the next decade thanks to its very positive long term outlook. This is thanks to its exposure to the proliferation of obstructive sleep apnoea (OSA). The company estimates that only 20% of OSA sufferers have been diagnosed at this point. If this is accurate, it gives ResMed a significant runway for growth over the next decade and beyond.

Wesfarmers Ltd (ASX: WES)

Finally, investors looking for exposure to the retail sector may want to consider Wesfarmers. I think the conglomerate is a top option due to its collection of leading retail brands, which all look well-placed for growth over the long term. Especially its key Bunnings brand, which is now its biggest generator of revenue. In addition to its retail exposure, Wesfarmers gives investors a little access to the industrials and chemicals industries through its portfolio. Combined, I believe it is capable of growing its earnings and dividend at a solid rate in the coming years. This could lead to the Wesfarmers share price charging notably higher from where it trades today.

More reading

• Why you can expect further gains for ASX shares this quarter
• Fund managers have been snapping up Sonic and these ASX 200 stocks
• 3 top ASX dividend shares to buy for FY21
• These 3 ASX healthcare shares are at all-time highs!
• ASX 200 stocks to watch for FY2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re wanting to add a few growth shares to your portfolio in July, then I think the two listed below would be great options.

Here’s why I think they are among the best growth shares on the ASX:

a2 Milk Company Ltd (ASX: A2M)

I think a2 Milk Company shares could provide investors with outsized returns over the coming years. This is because I believe the infant formula and fresh milk company is capable of growing its earnings at a strong rate due to the growing popularity of its infant formula in China (and its modest market share in the key market) and the expansion of its fresh milk footprint in North America.

In addition to this, thanks to the high levels of free cash flow it is generating, a2 Milk Company is currently sitting on a mountain of cash. I believe it is likely to put this to work in the near future and could use it to accelerate its growth through value accretive acquisitions and/or new product launches.

Appen Ltd (ASX: APX)

Another growth share I think would be a great option is Appen. I’m a big fan of Appen due to its exposure to the rapidly growing machine learning and artificial intelligence (AI) markets. It provides high-quality, human annotated dataset development services to these markets. This is an integral part of the process and unsurprisingly means its services are in high demand.

Given the outlook for these markets, I’m confident this will remain the case for a long time to come and drive very strong earnings growth over the next decade. So, although the Appen share price is trading at a record high, I would still buy its shares if you’re planning to make a long term investment.

More reading

• Why I would buy and hold a2 Milk and this ASX 200 share until 2030
• What’s next for WAAAX shares?
• Fund managers have been snapping up Sonic and these ASX 200 stocks
• These 2 ASX tech shares show stellar growth prospects
• Why I’d buy and hold a2 Milk shares until 2025

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk and Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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I like to keep an eye on substantial shareholder notices. This is because these notices give you an idea of which shares large investors, asset managers, and investment funds are buying or selling.

Two notices that have caught my eye today are summarised below. Here’s what these fund managers have been buying:

Boral Limited (ASX: BLD)

A notice of change of interests of substantial holder shows that Seven Group Holdings Ltd (ASX: SVW) has been increasing its stake in this building products company. According to the notice, the Australian diversified operating and investment company has recently picked up almost 27 million more Boral shares. This has lifted its holding to a total of 149,434,392 shares, which equates to a 12.19% interest.

With its shares down 35% from their 52-week high, it appears as though Seven Group sees a lot of value in the Boral share price at the current level. Boral seems to be a good fit for Seven, which has a number of interests in the industrial sector. It already owns the WesTrac and Coates Hire businesses.

SEEK Limited (ASX: SEK)

Another notice of change of interests of substantial holder shows that Pinnacle Investment Management Group Ltd (ASX: PNI) has been buying this job listings company’s shares. According to the notice, Pinnacle has lifted its shareholding by approximately 3.6 million shares. This brings it to a total of ~21.8 million. Which represents 6.19% of SEEK’s total shares.

Pinnacle has been buying SEEK’s shares despite them almost doubling from their March low. It appears confident in the company’s long term outlook and its aspiration to grow its revenue to $5 billion later this decade. This compares to FY 2020’s revenue estimate of approximately $1,575 million. I think Pinnacle has made a great move with SEEK and would also be a buyer of its shares with a long term view.

More reading

• What’s going on with the Coles share price?
• Brokers name 3 ASX 200 shares to buy right now
• ASX 200 up 0.55%: Cochlear jumps on FDA approval, Adbri crushed on contract loss
• Risk to supermarkets is rising but is Woolworths share price still a buy?
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia has recommended SEEK Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Advanced Braking Technology Ltd (ASX: ABV) share price is currently trading more than 44% higher today after announcing a new licencing agreement.

Who is the new licencing agreement with?

Advanced braking announced that the company has entered into a technology licencing agreement with VEEM Ltd (ASX: VEE) to provide braking solutions for the Hawkei PMV-L project. The Hawkei PMV is a light 4-wheel drive vehicle that is designed to meet the standards of the defence sector. The agreement will see Advanced Braking manufacture and supply 1,100 park brake mechanisms for the project.

The licence agreement involved 2 phases. Phase 1 will see Advanced Braking design and test a prototype and phase 2 will see the manufacturing and supply of the mechanisms. According to Advanced Braking, the contract value across phase 1 and 2 is approximately $760, 000. In addition, Advanced Braking will supply spare parts and consumables for the life of the product.

The company’s management acknowledged that the contract will allow Advanced Braking to achieve its strategic objective of diversifying its client base. As a result, the licencing agreement may provide Advanced Braking with a competitive advantage to offer customised solution services to other international fleet providers. These include vehicles for military, humanitarian and emergency services.

What does Advanced Braking do?

Advanced Braking is an Australian-based company that designs, manufactures and distributes innovative braking solutions. The company services a diverse range of industries who emphasise and require high safety standards. These include mining, defence, civil construction and waste management industries. Advanced Braking’s products offer unparalleled safety, improved productivity, zero emissions and durability.

During the coronavirus pandemic, Advanced Braking’s operations continued to function with the company maintaining its service levels. In addition, the company’s primary base remained in the mining and civil construction industries which continued to operate during the pandemic.

In an operational update released in late April, Advanced Braking reported a 29% increase in operating sales for FY20. The company also achieved positive EBITDA for Q3 FY20, resulting in 4 consecutive quarters with positive EBITDA.

The Advanced Braking share price

At the time of writing the Advanced Braking share price is trading 44% higher for the day. The company’s share price soared more than 400% from Thursday’s close to the high of 13 cents earlier today.

More reading

• Why I would buy Appen and this ASX growth share right now
• Fund managers have been buying these ASX 200 shares
• Mobilicom share price soars 43% on shift to volume manufacturing
• Why the BNK Banking share price has surged 37% today
• Lovisa share price up 5% as retailer provides business update

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Mobilicom Ltd (ASX: MOB) share price has shot up by 43.75% on Friday to be trading at $0.12 per share. Mobilicom’s share price gains come off the back of an announcement the company is scaling up an existing project and shifting to volume manufacturing. 

What was in the announcement?

Mobilicom reported it has completed the development stage of a ground controller station for a leading drone supplier it started working with in 2019. Additionally, the project has been scaled up by $240,000 from its original $2 million contract.

Mobilicom provided two series of prototype units to the customer and completed integration with the drones and unmanned aerial vehicles of the customer. Following a successful review by the customer, Mobilicom is now commencing commercial manufacturing of the product with the first commercial batch planned for delivery in quarter 3 of the 2020 calendar year.

The customer intends to offer Mobilicom’s ground control solution with all of its drones and small unmanned aerial vehicles worldwide. It has chosen Mobilicom as its vendor of choice in supplying ground control stations for these technologies. Mobilicom reports that it expects to receive additional orders from the customer in due course.

According to the announcement, the customer has revenues of more than $3.6 billion. It is an international high tech company engaged in a wide range of defence, homeland security and commercial programs around the world. The customer is one of the largest drone, small unmanned aerial vehicle and robotics suppliers outside the United States.

Mobilicom CEO Oren Elkayam indicated the company is now preparing for high volume production of its ground control stations. 

“We are pleased this highly regarded company in the drone and unmanned systems sector has defined our solution as its building block for all future small UAV and drone projects, and demonstrates our capacity to meet the high specification needs of our clients,” he said.

About the Mobilicom share price

Mobilicom is a technology company that designs, develops and delivers remote private mobile networks that can operate without existing infrastructure. Mobilicom’s solutions have been deployed worldwide. 

The company released its results for the March quarter in April. Mobilicom had cash receipts of $1.5 million in the first quarter of 2020, a 169% increase on the first quarter of 2019. At that time, the company reported it had a backlog of products to deliver, with invoices exceeding $2.1 million. 

At the end of the March quarter, Mobilicom had a cash balance of $4.1 million with its cash balance declining $0.7 million during the quarter. Employees accepted a salary cut of 10–20% and the founders took a salary cut of 35%.

At the time of the quarterly announcement, the company continued to gain new customers with orders from Australia, the UK, France, Denmark and Israel.

In June, Mobilicom was granted a new patent from the US patents office for technology used in mobile and scalable ad hoc networks. It was also awarded a research project with Space Florida with a first year budget of $770,000.

The Mobilicom share price is up 263% from its 52 week low of $0.033 and it has returned 38.55% since this time last year. Since the beginning of 2020, the Mobilicom share price has dropped by 11.54%.

More reading

• Why I would buy Appen and this ASX growth share right now
• Fund managers have been buying these ASX 200 shares
• Advanced Braking share price soars more than 40% with licence agreement
• Why the BNK Banking share price has surged 37% today
• Lovisa share price up 5% as retailer provides business update

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The BNK Banking Corporation Ltd (ASX: BBC) share price has surged 37.63% so far today, as investors react to a COVID-19 trading update the bank released to the market this morning.

BNK is a digital bank that offers home and personal loans, insurance, term deposits, everyday and saving accounts. 

What did BNK Banking announce?

BNK provided the market with a trading update for the months of April and May 2020. One of the highlights included growth in its total loan book to $47.3 billion, which represents a year-on-year (YoY) increase of 18%.

In addition, BNK’s deposit growth was up 36% YoY to $363 million and transaction accounts grew to $109 million, which is up 100% YoY. The group has $108 million of cash and liquid holdings and a capital adequacy ratio of 20.97%. 

As a result of strong growth, BNK reported that it is operating profitably in the 2020 calendar year to date. 

Interim CEO Don Koch said:

BNK as a group has navigated the COVID disruption well, continuing to grow profitability over the period. Finsure has been a star out-performer achieving record volumes over the period and growing market share. The group remains well capitalised with a strong balance sheet and has made significant progress with diversification of funding over the period.

The BNK-owned Finsure is a nationwide network of independent mortgage brokers. The brokerage has reported strong settlement volumes of $1.35 and $1.45 billion in April and May 2020, respectively, up 32% YoY. Finsure’s aggregation loan book of $44.7 billion is up 20% YOY. 

BNK also reports that requests for relief packages (which include loan payment deferrals) because of COVID-19 have remained very low, with only 2 requests received in June 2020.

About BNK Banking

BNK has two key operating divisions in banking and mortgage broking aggregation. The group seeks to become a challenger bank and is looking to grow its network and partner opportunities. 

It has operated as an APRA-regulated authorised deposit-taking institution (ADI) for over 38 years. As a result, customers are covered for deposits up to $250,000 by the Australian government deposit guarantee scheme. Additionally, it plans to offer a new range of products later this financial year and keep developing its digital platform. 

Finsure is the bank’s aggregation division, which provides insights that assist BNK with product development. The group disclosed in its update it has 1,716 mortgage brokers that manage a loan book of $44.7 billion (as at 31 May 2020). 

The BNK Banking share price is currently trading for 64 cents, which is down 3.03% on this time last year but up 3.2% since the start of 2020. 

More reading

• Why I would buy Appen and this ASX growth share right now
• Fund managers have been buying these ASX 200 shares
• Advanced Braking share price soars more than 40% with licence agreement
• Mobilicom share price soars 43% on shift to volume manufacturing
• Lovisa share price up 5% as retailer provides business update

Motley Fool contributor Matthew Donald has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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