First-half results were ahead of estimates on the back of higher volumes and continued improvements in costs. Credit Suisse estimates the company could raise the dividend to $0.10 a share and keep gearing below 15% over the next five years.
Read MoreFirst-half net profit was weaker than expected. Finance and display segments weighed on the overall result although Macquarie notes, elsewhere, operating trends were good.
Read MoreFirst half results revealed solid margins and steady sales and Deutsche Bank observes the recently-acquired Macpac business produced a good result that reflects significant investment undertaken in the supply chain over the last 2-3 years.
Read MoreAmcor has received EU approval to proceed with the Bemis acquisition subject to the divestment of two packaging plants in the UK and one in Ireland, which represent around US$170m of sales.
Read MoreFirst-half results revealed a decline in earnings from continuing operations of -16%. Citi forecasts underlying EBIT for the non-network business towards the midpoint of management’s guidance range of $390-430m.
Read MoreAmcor’s result met the broker once adjusted for adverse currency moves. Flexibles delivered a reasonable result while Rigid Plastics returned to growth after a tough FY18, the broker notes. Emerging market earnings stood out in rising 9% after falling -9% the same period last year while developed market earnings were flat.
Read MoreNews Corp’s Q2 report was better-than-expected, on underlying assessment, with growth at REA Group ((REA)) expected to slow, but Citi analysts consider this a temporary revenue dip only. The Q2 result was heavily dominated by full consolidation of Foxtel, point out the analysts.
Read MoreUBS found the first half impressive, although believes the confirmation that growth is set to slow has probably driven underperformance in the share price. Moreover, this could suggest earnings risk in FY20.
Read MoreFirst half results were broadly in line with guidance. Macquarie notes two construction jobs underperformed but were contained within guidance, highlighting the benefits of scale and diversity.
Read MoreFirst half results were weaker than expected because of the timing of residential settlements. However, Deutsche Bank observes office and industrial compensated.
Read MoreThe company delivered first-half results that were ahead of expectations, largely because of a positive skew in trading profits.
Read MoreFirst-half results beat Credit Suisse estimates. The broker is cautious about whether the business will still hit the upper end of its guidance range for the full year.
Read MoreMacquarie considers the first half result commendable, with net profit up 8% and ahead of expectations.
Read MoreMorgans expects a strong result when the company reports its first half on February 15. The broker expects to see a large step up in new online accounts and also active customer numbers.
Read MoreUS flu dose distributions and early-season vaccination rates are up 10% and 6% respectively for the 2018-19 season. Macquarie expects a positive mix shift which will support the near-term outlook for Seqirus.
Read MoreMorgans expects the company to deliver 8% growth in revenue and 15% growth in operating earnings (EBITDA) when the first half result is reported on February 14.
Read MoreThe company is due to report its first-half result on February 21. UBS will be looking for potential strategic responses to weak operating trends.
Read MoreBoral has downgraded its guidance for FY19, while noting an earnings skew to the second half. The broker sticks with Outperform.
Read MoreAnsell has announced the acquisition of US industrial glove manufacturer, Ringers Gloves, for US$70m. UBS incorporates the acquisition into forecasts and updates for the share buyback, resulting in upgrades to earnings per share of 0.8% in FY19 and 1.6% in FY20.
Read MoreMorgans observes the stock has declined -25% over the last year, amid concerns about regulation in the electricity market and a volatile oil price.
Read MoreThe company has maintained FY19 guidance and the first half is only expected to contribute 45-47%.
Read MoreMorgans saw a strong result to finish off FY18 for Frontier Digital. Revenues were some 8.6% ahead of the broker’s expectations. Real estate portals Zameen (Pakistan) and Infocasas (Latin America) have been singled out as stand-out performers.
Read MoreThe company has sold its corporate & private clients business to Apex Group for GBP240m. UBS does not believe the transaction will have a material bearing on the outlook.
Read MoreThe company has reported a doubling of the Bellevue resource in the December quarter and grades have been boosted by the inclusion of the Viago high-grade discovery.
Read MoreThe company has provided guidance for 2019, which misses Deutsche Bank’s expectations on all fronts. First quarter production and full year production are below forecasts while cash costs are higher.
Read MoreProtests have affected APRR traffic in the December quarter and traffic is expected to slow as consumer confidence declines amid rising fuel costs. Greenway performance was also weak with traffic down -4.5% in 2018.
Read MoreNAB has confirmed the customer rebate charge of $314 flagged at the quarterly update and warned there could be further costs in FY19.
Read MoreThe ASX 200 is up a strong 1.2%, boosted by a rally on Wall Street overnight where the Dow closed at fresh record highs following Donald Trump’s State of the Union address.
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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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