Sims’ September quarter update disclosed all assets delivered a strong operating income and the company was cash flow positive. UBS believes the end markets are improving for Sims with both ferrous and nonferrous scrap prices rising.
Read MoreThe update at the AGM provided a materially improved trading outlook. Credit Suisse notes all metal divisions obtained solid earnings in the September quarter.
Read MoreFor the 4 months ended October, operating income is up 55% versus last year led by revenue growth and margin expansion. Resilient activity levels in both New Zealand and Australia have helped the case, remarks UBS.
Read MoreAs a result of recent vaccine developments, Morgans lowers multiples (while largely leaving earnings unchanged) for those stocks likely to suffer from a return to some sense of normality (redirection of spend).
Read MoreFoot traffic at around 100 of the company’s US-based collection centres has eased in recent weeks. New coronavirus cases in the US have increased and the current seven-day rolling average is ahead of the previous peak.
Read MoreMetro Mining mined and shipped 2.48m wet metric tonnes (WMt) of bauxite in 2020 (to September), mainly into its Xinfa contract. Other sales contracts didn’t complete and production was suspended well before the planned wet season shutdown.
Read MoreCredit Suisse upgrades estimates by 4%, projecting FY21 earnings above Amcor’s new growth guidance of 7-12%.
Read MoreREA Group’s quarterly result has seen a -3.3% revenue decline translate into a 7.7% earnings (EBITDA) increase on the previous corresponding period, enthuses Morgans.
Read MoreUBS notes media speculation suggesting multiple offers for Tabcorp Holdings with one of the consortiums interested in the entire business while the other is interested in the wagering business.
Read MoreIn an initial assessment of Flight Centre’s first quarter, Citi assesses the company’s revenues are gradually improving led by corporate travel revenue and limited liquidity drawdown during the quarter.
Read MoreCredit Corp’s first-quarter result was strong overall, according to Morgans, with strong cash collection and a rebound in lending demand.
Read MoreInfomedia has signed a pan-European contract with Ford Europe to provide the Next Gen Microcat EPC solution.
Read MoreCredit Suisse has decided to downgrade to Neutral from Outperform, reflecting the political risk and uncertainty associated with the China export market.
Read MoreUBS observes a strong first half for Pushpay Holdings with beats on revenue, gross margins and operating income. With no growth in the total number of churches, the slowdown in the front book was greater than the broker expected.
Read MoreCredit Suisse updates forecasts to allow for changes in parameters associated with the weighted average cost of capital (WACC) which reflects the low-interest-rate environment. This has little impact on valuation
Read MoreCiti assesses Nufarm is currently emerging from a tough three years for the agricultural industry. At 5x enterprise value/EBITDA estimates for FY21 the broker considers the stock is good value.
Read MoreSenex Energy has announced the sale of its Cooper Basin assets to Beach Energy ((BPT)) for $87.5m, which sits at a premium to Morgans $54m valuation.
Read MoreResmed’s first quarter was above Morgans expectations, underpinned by high single digit revenue growth and expanding gross margins, with lower operating expenses driving ongoing operating leverage.
Read MoreRevenue growth of 4.2% was recorded in the September quarter and, being lower than the growth in national benefits, Macquarie assesses this reflects a higher relative exposure to Victoria.
Read MoreMorgans sees significant upside for patient investors in Origin Energy. However, in the short term the broker finds it hard to identify a catalyst that may close the gap between the current share price and the analyst’s valuation.
Read MoreCredit Suisse observes, since the last update in August, housing turnover and price indicators for GWA Group’s core alterations & additions market have improved. Hence, the latest commentary on FY21 is disappointing.
Read MoreALS’s first-quarter revenues were down -10% versus the June quarter due to covid-19 restrictions.
Read MoreMacquarie has provided an update on Fineos Corp’s September quarter activities.
Read MoreKaroon Energy released quarterly results showing production from Bauna of 15.6kbopd, which was around 5% ahead of Morgans estimate.
Read MoreFortescue Metals has made a strong start to FY21 with record shipments in the September quarter. The miner achieved 89% revenue realisation and finished the quarter in a solid cah position, the broker notes.
Read MoreColes is set for a significant first half, Credit Suisse observes. Sales momentum has been strong and gross margins appear to benefit from lower promotional intensity. Pandemic-related costs have been lower relative to expectations.
Read MoreMorgans believe that Hub24 is acquiring scale and some capability, after the company announced three acquisitions and the divestment of Paragem.
Read MoreREA Group will be reporting its first-quarter result on November 6. UBS expects the first-quarter revenue to be $182m and materially better listings performance. Cost-outs are expected to be at the higher-end or exceed the group’s previous guidance for -5-10% reductions.
Read MoreMorgans reduces the target price for Berkeley Energia to $0.483 from $1.09, to reflect an increased discount from -25% to -75% to the net present value of the Salamanca project based on the company’s feasibility study valuation.
Read MorePanoramic Resources has restarted underground development work at the Savannah project that will enable the company to restart production. Macquarie believes the Panton sale will close the funding gap for ramping back to full production.
Read MoreUBS lifts long-term (FY24) estimates for US primary demand growth to 6% from 4%, assessing the way the company interacts with channel partners and end users is driving a step up in demand.
Read MoreFirst-quarter revenue rose 13% (quarter-on-quarter), while total production was relatively flat, explains Morgans.
Read MoreResMed will report its first-quarter results on 30 October. UBS forecasts revenue growth for US/Canada/Latin America to be 3%. Europe and Asia are expected to show a revenue growth of 5%. Gross margin is expected to be flat versus the fourth quarter and net profit is forecast to be up 12% versus last year.
Read MoreThe bank has announced second half cash earnings will be affected by $1.22bn in “notable items”. Credit Suisse believes this will clean up a range of items around specialist buisness which should mean “cleaner” results going forward.
Read MoreMorgans has resumed coverage of Corporate Travel Management. To avoid confusion for our readers, prior to a blackout period of coverage the broker rated the company as a Hold with a $14.20 price target. Given the hiatus in coverage, FNArena will consider this update as a pseudo initiation of coverage, with an Add rating and target price of $20.50.
Read MoreCredit Suisse observes the projected volume decline has disappeared and multi-residential units are now the only segment showing material weakness.
Read MoreUBS notes larger private hospitals and not standalone day hospitals dominate when it comes to day stay services. The broker highlights according to data from 2019, of the circa $10bn paid by private health insurers to private hospitals, about 21% went to fund day stays out of which the share of day admissions within private hospitals was about 16%.
Read MoreIress has been successful in acquiring Onevue Holdings ((OVH)) for $115m – subject to court approval on October 28.
Read MoreCrown Resorts’ AGM update noted Perth gaming was up 16% year on year in the September quarter and non-gaming down -21%. Melbourne is closed, and a Sydney launch is up in the air. The broker is assuming January 1 for now.
Read MoreMacquarie notes pressure building around the dividend over the last 24 months reflecting the low-interest rate environment. The broker believes Spark Infrastructure Group is at the bottom of its dividend cutting cycle.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q reveals more focus on profit and cash flow• LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
• Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.
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DOWNLOAD RESEARCH REPORTSigns MOU with Ford Company – Kachi is now sold out!Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded. |
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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics. We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d. |
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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand. |
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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti). This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia. |
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