The third-quarter net interest margin (NIM) of 2.05% is softer than the broker had expected. The analyst notes the key drags on the margin in the quarter were a strong build-up of liquid asset balances, lower cash rate and higher term deposits.
Read MoreFirst-half net profit was ahead of estimates. Asaleo Care has upgraded guidance to the upper end of the $84-87m range for underlying EBITDA.
Read MoreFY20 results were in line with guidance provided in July. Credit Suisse believes, while sales growth is likely to be sustained by household income support, there is less certainty with respect to consumer expenditure after the JobKeeper payments step down in September.
Read MoreFY20 ended on a strong note for BlueScope Steel, observes UBS, but is not enough to alleviate the broker’s concerns regarding steel prices which are at a four-year low.
Read MoreHigher-than-expected costs growth in the second half, in addition to commentary regarding a difficult market, leads Credit Suisse to believe FY21 will also experience higher costs and the benefits of the cost reduction program are likely only in FY22.
Read MoreCredit Suisse expects the company’s retail market position and solid trading through the fourth quarter will support the FY20 results, due on August 20.
Read MoreNational Australia Bank’s third-quarter cash net profit was slightly better than expected due to higher trading income. Revenue grew by 10% on account of recovery in markets and treasury income, reports UBS.
Read MoreMorgans describes Newcrest Mining’s FY20 result as steady, but says Lihir’s outlook disappointed and questions whether Lihir will ever post a consistent performance. FY21 guidance for Lihir points to both an unexpected drop in grade and mill recoveries, explains the broker.
Read MoreFlight Centre anticipates a FY20 pre-tax loss in a range of -$475-525m. Citi downgrades to Neutral from Buy with a $13.50 target, given the uncertainty surrounding the resumption of global and domestic travel and the lack of catalysts outside of a successful vaccine.
Read MoreThe FY20 results for QBE Insurance Group had largely been pre-released and Morgans states that many of the factors leading to a disappointing profit (NPAT) loss of -US$712m obscured improving underlying profitability trends driven by the ‘Brilliant Basics’ program and an increasingly favourable global pricing environment.
Read MoreGoodman Group delivered on high expectations, UBS observes, with FY20 growth of 11.4%. The company is guiding to 9% growth in FY21.
Read MoreMagellan Financial Group delivered a strong FY20 result that was in-line with expectations, according to Morgans.
Read MoreComputershare’s FY20 management earnings were slightly above Credit Suisse estimate and in-line with its lowered guidance.
Read MoreWhitehaven Coal has received NSW Independent Planning Commission approval to expand the Vickery project to 10mtpa. A range of secondary approvals must now be obtained to progress the expansion and UBS expects these by the end of 2020.
Read MoreCredit Suisse was impressed with the FY22 result given the challenging market conditions. Free funds from operations per security were down -10.3% and broadly in line with expectations.
Read MoreUBS forecasts FY20 revenue of US$1,572, up 5% versus last year. The broker highlights the growth in the second half is driven by the healthcare division.
Read MoreAdairs FY20 result was circa 10% above Morgans forecast. The company also reported a strong start to 1H21, according to the broker, but no FY21 guidance was provided.
Read MoreCredit Suisse remains positive about the long-term growth prospects but the share price has appreciated over 160% since March. Therefore, this is considered a good opportunity to take a breather and the broker downgrades to Neutral from Outperform.
Read MoreMincor Resources has completed a $60m capital raising and share purchase plan which has boosted its cash reserves to over $100m. The company, once a debt facility is secured, will now have more than enough to cover the funding requirements for full production.
Read MoreA survey of pallet users in the US found Brambles’ CHEP satisfaction levels to be the lowest. The brand no longer has a strong advantage in cost. Price growth will moderate to 2% in FY21 from 4% in FY20, suggests the survey.
Read MoreUBS forecasts revenue growth of 10% for Sonic Healthcare in FY20, mostly driven by pathology in the second half. Earnings for the year are expected to be down -7% versus last year.
Read MoreAnsell will report its results on August 25. Credit Suisse forecasts EBIT of US$212m. A final dividend of US$0.30 per share is expected.
Read MoreFY20 results were ahead of Credit Suisse estimates mainly because of the broker’s overly conservative rent relief assumptions. The business remains well within debt covenants.
Read MoreAlliance Aviation Services posted a FY20 profit (NPBT) figure of $40.7m that was in-line with recent guidance and consensus. Morgans points to extremely strong trends in 2H20 for aircraft utilisation and company outlook comments for earnings growth in FY21 that were above the broker’s expectations.
Read MoreUBS thinks TPG Telecom’s share price has not fully adjusted for the special dividend payment.
Read MoreCredit Suisse observes Alliance Aviation enters FY21 with a fully utilised fleet and no indication that the trends from the fourth quarter are moderating. FIFO markets are strong and end commodity exposures favourable.
Read MoreCentral Petroleum posted its 4Q20 result, with cash receipts and production costs in-line with Morgans forecasts, while General & Administrative and finance costs were below its forecasts.
Read MoreThe company has raised around $90m to support the balance sheet by eliminating debt and two-position for growth. The unaudited result for FY20 is broadly in line with Macquarie’s forecasts.
Read MoreHealius provided a trading update, expecting to report FY20 underlying earnings (EBIT) of $102m-$104m and underlying profit (NPAT) of $54m-56m. Morgans states that covid-19 impacts were seen across all segments, with Imaging and Day Hospitals/IVF faring the worst, while Pathology did better as covid-19 testing helped buffer declines across base testing.
Read MoreMacquarie reviews impairment forecasts. With 10-15% of consumer and small-medium enterprise loans being deferred, along with a weak economic outlook, there is downside risk to bank earnings.
Read MoreCredit Suisse observes trends have been improving over the fourth quarter, with better listings at REA Group ((REA)) and data on the US advertising market.
Read MoreRegis Resources reported strong production to finish the financial year and achieve gold production at the midpoint of the company’s annual guidance, according to Morgans.
Read MoreMedibank Private will report its results on August 20. Credit Suisse expects the focus will be less around the profit outcome and more around the treatment of coronavirus claims and top-line trends.
Read MoreCredit Suisse assesses the fourth quarter produced a good result from LNG, with production in line with guidance despite Origin Energy curtailing production.
Read MoreFirstwave Cloud Technology reported 4QFY20 results and exceeded the expectations of Morgans.
Read MoreCiti retains a Buy rating of Bapcor as the end of JobKeeper is likely to have a limited impact on profitability, unlike other discretionary retailers eligible for the scheme.
Read MoreThe June quarter production result was positive, Credit Suisse observes. The project has demonstrated design recovery of 70-75% for extended periods. The main issue is with demand which is outside the company’s control.
Read MoreSeven West Media’s debt facilities have been extended and secured via a security deed, reports UBS.
Read MoreParadigm Biopharmaceuetical posted its 4Q20 cashflow report with the most significant item being an uptick in R&D expenses, according to Morgans.
Read MoreCiti highlights more opportunities in the US after naval shipbuilding has been proposed to be included in the latest covid-19 relief measures. This includes Expeditionary Medical Ships (EMS) and Expeditionary Fast Transport (EPF).
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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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