@reecevan Thanks for the additional companies. I have looked at the ivf providers, but again on the quality side I have decided to leave them out. The good quality companies you are referring like CSL, RMD, COH, ASX, ANN, COL, WOW etc have hardly fallen at all, perhaps because they are 'safe'. Now the market is starting to appear sanguine about the whole COVID-19 6 month shutdown. Perhaps the market is right, but my feeling is some more companies are going to need capital to get through this period.
Obvious candidates would be companies with similaritities to those who have just raised. Since AIA has raised capital, you would have to say it is likely SYD will raise capital. One ratio that is useful is market cap to debt and SYD is more indebted than AIA by this measure. Also since REH has just raised, it might be woth looking at RWC, ABC, BLD and JHX. Both of these industries will be under pressure for the forseable future.
Apart from debt to market cap, looking for companies that can't cover short term liabilities (WEB, FLT, OMH) may mean a capital raising is on the cards. Personally I will be avoiding these as they often don't offer SPPs and capital losses seem more likely.
Many of the other candidates on the list in health and gaming are going to have cashflow shortages due to the shutdown and debt. Even if the debt isn't due some might have covenants that will be breached such as Debt/EBITDA.
Lastly I can't see how banks won't need to raise capital if the economy wide shutdown occurs over a period of a few months or longer. Their capital ratios will become inadequate and bad debts will rise. The current arrangement where tenants stay, even if they can't pay and landlords ask for a temporary loan reprieve.... well it just seems that could get ugly for the banks.
So if everything goes back to normal in the next two months a number of the companies listed won't need capital. However, Australia probably doesn't have the stomach for 0.5% - 1% of the population to die over the next year due to COVID-19 and these restrictions will proably continue for a while in some form or other. The US may recover faster as the virus will sweep through and herd immunity will develop.
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