Woolworths (ASX:WOW) fell even further behind rival Coles in the third quarter, as sales growth in it revenue and profit centre – Australian food (its supermarkets) slowed to 1.5%, less than a third of the sales growth rival Coles reported from its supermarkets reported on Tuesday.
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Albemarle, the world's largest lithium producer, joined rivals in Australia and other countries in being heavily affected by the downturn in world prices for the key battery material.
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The US Federal Reserve sent a couple of signals to investors with its decision to leave rates steady at its latest meeting this week. The central bank and Chair, Jay Powell, ruled out – for the time being at least – a rate cut and a rate rise – which some excitable economists and analysts had been starting to push (the same here in Australia).
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Canadian miner Barrick Gold topped earnings estimates for the March quarter, bolstered by a rally in bullion prices during the period.
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Restaurant Brands New Zealand (ASX:RBD) withstood a slowdown in Australia and a downturn in its small Californian operation to report a 7.9% boost in sales to NZ$333 million for the three months ended March.
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No easy gains are left across the Tasman for the newish conservative National Party-led government, with a sharp rise in unemployment, an unwanted pay rise offered, and a surprise opinion poll showing a swing back to the Labour Party, seven months after it lost office.
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Ahead of its third-quarter sales update on Thursday, Woolworths (ASX:WOW) has sprung a surprise by revealing the sale of more than half of its retained holding in the grog, pubs, and pokies group, Endeavour, for $468 million.
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The chances rose Tuesday that the European Central Bank will be the first major central bank to cut interest rates, as early as June. This comes after euro area inflation remained unchanged in April at 2.4% (according to the first estimate), and the area returned to economic growth in the three months to March.
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Business media got all excited about the quarterly results from Amazon, which were much better than expected. However, the outlook was weaker than expected for another quarter.
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For markets, April was like a famous quote from Charles Dickens' A Tale of Two Cities – "it was the best of times, it was the worst of times" – starting with promise, running up, and then taking a crunching in the final days of the month.
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A newsy Tuesday for the global banking giant HSBC Holdings: it lost a CEO, who is retiring; revealed a dip in earnings for the three months to March 31; announced another $US3 billion in buybacks for the year; and a small rise in its first dividend for 2024.
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In an ominous sign, shares in the auto products group Bapcor (ASX:BAP) were halted on Tuesday ahead of a trading update, which is expected to outline sliding sales and profits.
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The March quarter saw a solid performance by Coles Group (ASX:COL), the country’s number 2 supermarket chain behind Woolworths.
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Unlike lithium rivals such as Pilbara Minerals and Core Lithium, as well as Albemarle and SQM, Perth-based IGO (ASX:IGO) has not only survived another significant hit from the slump in demand and prices for the key renewable mineral but also endured another miserable period for its other key metal, nickel.
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Australian retail sales growth vanished when Taylor Swift flew out of Australia at the end of her seven-concert, two-week tour in February. March data from the Australian Bureau of Statistics on Tuesday showed retail turnover fell 0.4% in March after a 0.2% rise in February and a 1% jump in January (which followed a slide the previous December, despite it being Christmas).
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As suspected by foreign economists, activity across the Chinese economy expanded in April, though at a slower rate than seen in March's rebound.
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Origin Energy’s (ASX:ORG) best investment isn’t in Australia – it's the 23% stake in Britain's Octopus Energy, which is going from strength to strength. In fact, Octopus has just become Britain's largest domestic electricity supplier by customer numbers, after the company added 1.3 million accounts following its takeover of Shell Energy late last year. The performance was a standout bright spot for Origin in its March quarterly report out Tuesday.
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Less than a week after revealing a near $US4 billion cash burn in the first three months of this year, embattled plane maker Boeing is raising $US10 billion in new debt.
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Growing financial pressures from the loss of its huge Panamanian copper mine have led Canada’s First Quantum Minerals to decide to close its Ravensthorpe nickel mine in southwestern WA.
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Chinese EV maker BYD posted higher profit in the three months to March despite the intensifying price war in China and a surge in investment in new technologies. The Warren Buffett-backed automaker's net profit rose 11% year-on-year to 4.57 billion yuan ($US630.7 million) in the first quarter, it announced Monday night.
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Will weak business earnings curb the results of the National Australia Bank (ASX:NAB) this week by adding to the existing pressure on its key measure, the net interest margin (NIM)?
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TPG Telecom (ASX:TPG) will pay Optus about $1.17 billion to use its rival's mobile infrastructure in regional Australia, turning to the Singapore Telecommunications-owned company after regulators blocked an earlier deal with Telstra.
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Embattled casino owner Star Entertainment (ASX:SGR) has again shuffled the deck chairs at the very top of the company, with under-fire executive chair David Foster exiting the position on Monday and existing director Anne Ward being named to replace him.
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Last week, JPMorgan Chase CEO Jamie Dimon said the American economy was booming and consumer spending continued to be resilient.
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Another big week ahead of us for US earnings (and for Australia, with two big banks on the list to reveal their profits and dividends).
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Meetings this week of shareholders in Anglo American in London and Rio Tinto (in Australia) will continue to focus on the fate of BHP $A60 billion all-share offer for the London-based miner.
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For all the volatility, angst about inflation, growth, geopolitical tensions and earnings, Wall Street ended very much on an up note on Friday, but will have to run the gauntlet once again this week.
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Brazilian iron ore and base metal giant Vale saw net earnings slip 9% in the three months to March 31.
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It's no wonder Gold Road Resources (ASX:GOR) bailed on a move to buy an interest in the Canadian gold miner Greenstone.
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Boeing lost hundreds of millions of dollars and used up $US3.9 billion in cash in the March quarter. Revenue fell nearly 8% from a year ago as the company continues to struggle to overcome ongoing problems in its core business – commercial aircraft.
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In the wake of the weaker-than-expected first estimate of US economic growth, it seems US interest rates aren’t going lower for a while longer—perhaps past November’s elections—unless there is a sudden slump in activity between now and then.
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Alphabet (Google) has transitioned into the sphere of mundane industrials, aligning itself with the likes of Apple and Meta by initiating dividend payments.
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The Mag Seven megatech story took a hit as a weak revenue forecast from Meta Platforms caused shares to plunge 16% in after-hours trading on Wednesday, dragging other shares down with them.
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Shares in BHP (ASX:BHP) will come under pressure on the ASX on Friday after it confirmed it had made an unsolicited all-paper takeover offer for Anglo American, with a value of around $60 billion.
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For the second time in as many years, Fortescue’s (ASX:FMG) third-quarter iron ore production and sales have been weaker than expected.
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No rate rise is expected from the Reserve Bank for most of this year after inflation picked up in the three months to March 31, thanks to another surge in housing costs and the usual start-of-year jump in education-related charges.
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Kogan.com (ASX:KGN) shares slumped 26% on Wednesday after it revealed a surprise 6% decline in gross sales to $178.3 million and a 2% drop in revenue to $105.9 million for the March quarter.
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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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