First-half results have cleared any doubts about the company’s operating leverage, Citi acknowledges. Strong growth was driven by higher volumes, improved product mix, and better manufacturing. Market conditions are improving and price/cost headwinds fading.
Read MoreMacquarie considers impairment levels in the March quarter are unsustainable. The broker continues to expect margin pressure and believes the company needs to lower its margin guidance range by -5-10 basis points in FY20.
Read MoreDeutsche Bank does not believe that there are any major stumbling blocks to the approval of the Vickery expansion project.
Read MoreLTAP has walked away from its proposal to acquire the company for $10.42 a share. Graincorp will now divest the bulk liquid terminals and pursue a de-merger of the malt division.
Read MoreCredit Suisse expects an increase in operating earnings (EBITDA) when third quarter results are released on May 10. This will be driven by the consolidation of Foxtel.
Read MoreMarch quarter was softer for investment bonds sales, down -14%. More positively, funds under management rose 8% and benefited from positive net flows and market movements.
Read MoreThe board has approved the Yaoure development in Côte d’Ivoire. Funding is in place for a US$265m development from credit facilities, warrant proceeds, cash and bullion. Yaoure currently contributes $0.20 to valuation of $0.58.
Read MoreMacquarie assesses the outlook for News Corp ahead of the third quarter result on May 9. A weaker Australian housing market, Brexit and the launch of Kayo by Foxtel are likely to have a negative impact.
Read MoreIt was a messy result, the broker notes, due to accounting changes, but Westpac’s cash earnings and dividend met the broker’s expectation.
Read MoreAurizon has announced a new 10-year commercial agreement with its coal mine customers for pricing its Queensland network. If agreed to by the regulator, this will replace some parts of the four-year UT5 regulatory decision.
Read MoreFY19 results were strong and net profit up 17%. FY20 guidance was softer than expected, with Macquarie Group suggesting net profit may be slightly down on FY19. Morgans reduces estimates for earnings per share by -5-7%.
Read MoreMarch quarter results alleviated concerns that growth was slowing in the core sleep business. The company is achieving a benefit from fixed cost leverage, with Deutsche Bank noting EBITDA margin expansion of 106 basis points.
Read MoreFirst quarter update revealed Australian wealth net outflows of -$1.8bn. While AMP had indicated weak flows were likely to continue in 2019 the numbers were softer than Morgans expected.
Read MoreDeutsche Bank estimates 13.5mtpa of LNG contracts have been signed this year, up 67%.
Read MoreThe highlight of Woolworths’ quarterly sales numbers was a 4.2% increase in food sales, Easter adjusted, versus Coles ((COL)) at 2.4%.
Read MoreThe company’s trading update was slightly weaker than Morgans expected. Orora has noted a slower start in 2019, primarily in North America. Challenging conditions are ongoing and the company is reviewing cost structures as appropriate.
Read MoreThe company’s re-set plan for Nifty provides a path to profitability and is split into two phases over three years. Production and costs are below Macquarie’s forecasts, which drives a weaker earnings outlook.
Read MoreIn what was expected to be a low production March Q for Alacer due to maintenance, production rose 100% to be 26% above the FY guidance run-rate. Oxide costs were below guidance due to higher grades.
Read MoreThe dispute with Boral ((BLD)) has now been escalated to the Queensland Supreme Court with volumes to Boral still suspended. Wagners has downgraded FY19 earnings guidance by -$10m at the midpoint to $25-28m, -20% below Credit Suisse’s prior forecasts.
Read MoreAPLNG continues to increase cash distributions and the company has now guided to around $850m in FY19, ahead of UBS estimates. APLNG achieved the highest realised LNG price this quarter relative to other Australian E&P’s.
Read MoreAt Macquarie’s conference, AGL reiterated FY19 guidance but warned of headwinds in FY20. Recent forward movements are not leading to pricing strength, the broker notes, while LREC benefits are fading.
Read MoreA very weak production outcome for Haile in the March quarter was offset by strong outcomes for Didipio and Macraes. 2019 guidance is unchanged.
Read MoreThe company reported an improved gross refining margin in March of US$6.50 a barrel. Crude intake was also higher in March. Morgans notes the rise in oil prices has hurt retail fuel margins.
Read MoreThe company has made a -$155m write-down to Burrup. Deutsche Bank considers the non-cash adjustments of -$191m to be a minor negative as these highlight the ongoing earnings risk associated with the commissioning of the plant.
Read MoreThe company has downgraded guidance by -12% to $335-360m for pre-tax profit in FY19. Credit Suisse notes the Australian leisure business continues to be challenged and total transaction value appears to have declined in the first months of 2019.
Read MoreMorgans is not convinced the investment in the Bomen solar farm is attractive. It adds additional risk and the broker finds it difficult to envisage how economic returns will be generated without strong wholesale prices.
Read MoreAurelia Metals sustained a soft performance in the March quarter, with gold production well below Macquarie’s estimates. This was because of an underperforming high-grade Chronos ore body.
Read MoreMarch quarter production was weaker than Credit Suisse expected. Cost guidance has been lifted to $1225-1275/oz. The company has confirmed production of 850-900,000 ounces in FY19.
Read MoreMorgans updates research for the company’s farm-in to the Talos Energy Green Canyon project after the recent capital raising and redemption of convertible notes.
Read MoreMorgans understands the company’s marketing operations have been affected by the anti-dumping investigation into Australian barley exports by China. This has caused feed grain prices to weaken materially. Given the fall, the broker believes the company has had to sell grain at prices below what it purchased.
Read MoreThe Australian residential market appears to be stabilising and Macquarie believes Bunnings can continue to outperform as it expands its ranges, rolls out stores and increases the trade component.
Read MoreSales volumes were softer in the March quarter. Saleable production of 5mt was affected by rail availability in Queensland and poor mine conditions at Buchanan that affected yields.
Read MoreMarch quarter production was affected by the weather but remained strong. Guidance has been revised down slightly at the upper end of the range, to 165-170mt. Realised pricing was better than UBS expected, reflecting the closing of discounts across the quarter and revised pricing terms.
Read MoreThe bank has announced additional remediation charges of $525m after tax. This is expected to reduce first-half cash earnings by an estimated -$325m.
Read MoreMarch quarter production was -3% below Citi’s expectations because of unplanned outages in Western Australia. The company has indicated that Scarborough marketing is being slowed as prevailing prices have been too low.
Read MoreThe 2019 AGM update has indicated trading is in line with expectations. Occupancy has continued to build and management is confident in achieving the upper end of its target range.
Read MoreA recent survey of investors found margins are considered to be either the most or second most important driver of Brambles’ share price by 84% of respondents. The broker notes pallet rental prices are rising, new pallet prices have increased, timber and transport costs are now falling having risen 35% last year, and new contract wins suggest volume momentum.
Read MorePerseus Mining has, in the opinion of analysts at Citi, released a “solid” March quarter production report. Gold output was pretty stable, while costs (AISC) fell by no less than -19%. A financing agreement for the development of Yaoure further supports the analysts’ growing optimism.
Read MoreThe company has launched its new 3.0 Tesla MRI implant which allows users to undergo these MRIs without surgery. Credit Suisse expects the company will receive limited benefit from the new product in the second half.
Read MoreManagement has confirmed FY19 guidance for net profit of $790-840m. The company achieved 5% net profit growth in the first quarter, in line with the implied guidance range of 1-8%.
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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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