Investment Specialist Michael Collins takes a look at the parlous state of the US debt ceiling, a game of political chicken in which the cost of retreating would be high for both parties.
Read MoreCould soaring mortgage payments trigger a bigger-than-expected downturn? CFS Investment Specialist Michael Collins looks at the prospects both for and against this eventuation.
Read MoreChina’s property sector seems of late to be suffering setback after setback, woes that could prove to be the global economy’s biggest blow, according to Magellan’s Michael Collins.
Read MoreAs Magellan Investment Specialist Michael Collins writes, an overreliance on vanishing Russian fossil fuels will continue to torment Europe for the foreseeable future.
Read MoreMagellan’s Michael Collins explains how a high US dollar exporting inflation, a shrinking US economy and struggles in emerging countries stand out among the challenges facing markets at the moment.
Read MoreIt’s easy to see why leaders are attracted to the self-sufficiency nuclear energy offers at a cheaper rate than all but the lowest-cost fossil fuels. But the eternal risk of catastrophe weighs heavily against it.
Read MoreMagellan Investment Specialist Michael Collins looks into why ‘geoeconomics’ is fanning an inward turn that produces some winners but mostly losers.
Read MoreDisplay ads are now part of the online experience. But, as Magellan’s Michael Collins writes, they also face privacy and regulatory challenges that reduce their effectiveness.
Read MoreMagellan’s Michael Collins looks at the current mess involving goods scarcity and explains why he believes the impediments to supply are likely to last and disrupt growth and provoke inflation.
Read MoreAs Magellan’s Michael Collins writes, any inflationary crunch in the Eurozone would centre on Italy, have no obvious solution and remind that the euro’s frailties are unaddressed.
Read MoreAs Magellan Investment Specialist Michael Collins explains, a market failure means pharmaceutical companies are failing to address the threat of increasingly drug-resistant “Superbugs”.
Read MoreFed Chair Jay Powell is looking for some sort of ‘immaculate disinflation’. His problem? Monetary policy is ill-suited to fight inflation arising from supply constraints.
Read MoreAs Magellan Investment Specialist Michael Collins argues, a loss of autonomy to fight inflation is just one of the dangers of the central banks’ current course of action.
Read MoreThe first era of quantitative tightening fizzled. Magellan Investment Specialist Michael Collins wonders if asset-selling – aka money destroying – can help fight inflation this time?
Read MoreRemote work is ensconced. A ‘Great Resignation’ is underway in the US. As Magellan Investment Specialist Michael Collins explains in this article, neither might last.
Read MoreSomewhere a ceiling exists. But, as Magellan Investment Specialist Michael Collins argues, trouble is brewing, especially in the eurozone and emerging countries.
Read MoreThe “Metaverse” has recently leapt to prominence. Magellan’s Michael Collins argues that this touted ‘embodied internet’ might take a while to arrive and underwhelm when it does.
Read MorePlenty of countries are hyping “Green” Hydrogen as a key pathway to net-zero emissions. But for that to happen, Magellan’s Michael Collins argues, a cost disadvantage needs to be overcome first.
Read MoreCovid and its associated consequences have forced many businesses to survive on debt, not economic viability. This, as Magellan’s Michael Collins argues, increases the risk of broader financial instability.
Read MoreMagellan Investment Specialist Michael Collins argues that cracking down on cryptocurrencies might ruin the risk-reward calculation for the criminals behind the proliferation of ransomware.
Read MoreThe commercialisation of space comes with unknown promise but known risks. Magellan Investment Specialist Michael Collins has a look at why those involved aren’t so easily deterred.
Read MoreMany think the internet giants are too big for society’s good. But even a rethink of competition policy along such lines is unlikely to curb the largest platforms. Magellan’s Michael Collins with more.
Read MoreMagellan’s Michael Collins writes that, among the many messages Covid has given us, is the notable one that competence matters during emergencies, but is hard to achieve.
Read MoreElectric Vehicles are the next revolution in automobiles, but Magellan’s Michael Collins believes problems need to be overcome to hasten the switch and cement the climate benefits.
Read MoreIs a watershed reengineering of money underway? Magellan Asset Management Investment Specialist Michael Collins shares his thoughts on the subject.
Read MoreDomestic production gets priority in a strategy that seeks to boost China’s ‘soft power’, writes Magellan Asset Management Investment Specialist Michael Collins.
Read MoreBut efforts to rein in the US-based CDA section 230 protections pose dilemmas that prevent watershed action. Magellan’s Michael Collins explains why.
Read MorePublic disgruntlement stops Berlin cementing a currency union that helps make the country an export dynamo, writes Magellan’s Michael Collins.
Read MoreThe campaign for dominance in semiconductors could hurt both countries.
Read MoreWill Japan under Suga try the reflationary option Abe didn’t?
Read MoreNo option removes the existential threats to the UK stirred by its EU departure.
Read MoreUltra-loose monetary policy could even be counterproductive for economies.
Read MoreAny quest to alter the constitutional order would be more proof of how primary contests are destabilising US politics.
Read MoreThe young will want to be compensated for protecting the elderly from COVID-19. But their quest will come with risks.
Read MoreTo earn that status, China must avoid a ‘trap’ among other challenges
Read MoreThis new, yet largely ignored, trend comes with underrated economic and social costs.
Read MoreEven though the platform attack is hobbled by poor economics, restaurants are under threat – especially during a pandemic.
Read MoreThese social, political, and economic changes can be grouped into four categories; new, accelerated, busted, and possible trends.
Read MoreSolutions to appease the crisis face political hurdles. A default or euro exit are possible.
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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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