UBS maintains a Sell rating and NZ$7.00 target price and believes a lower than expected regulated asset base (RAB) and increasing wireless broadband competition pose a threat to medium-term dividends, which could be below 50cps.
Read MoreBrickworks’ result was driven by demand for industrial property driving valuations higher, Citi notes. Buy retained, target rises to $23.00 from $22.70.
Read MorePerseus Mining continues to impress Credit Suisse as the company executes its multi-year strategy. Outperform rating retained. Target falls to $1.40 from $1.45.
Read MoreMacquarie assesses any potential sale of Epuron would potentially be an attractive alternative to Tilt, to step change APA Group’s renewable strategy. The Outperform rating and $10.17 target are unchanged.
Read MoreMacquarie believes meaningful B4B booking volumes are in sight after the company released an update on Booking.com for business joint venture. Outperform retained, target rises to NZ$7.25 from NZ$5.91.
Read MoreCredit Suisse likes Evolution Mining for its peer low cost, strong free cash flow generation and positive production growth outlook. The Outperform rating remains intact with the target dropping to $4.60 from $5.10.
Read MoreANZ Bank has provided 12 months’ notice to terminate the current pooled cash deposit arrangements to both Netwealth Group and HUB24 ((HUB). Hold rating and target falls to $15.40 from $16.20.
Read MoreThe first half result was materially better than Morgans had feared due to stronger contributions from Property and Investments though building products north America (BNPA) was weaker than expected. Add rating and target price increases to $21.60 from $21.00.
Read MoreDespite having better sales momentum than Swisse in A&NZ, competition could increase for Blackmores over 2021 as Swisse plans to invest in marketing and branding and expand its practitioner brand Nutra+, explains Citi. The $59.20 target and the Sell rating are retained.
Read MoreFirst half earnings were ahead of Macquarie’s estimates. The broker notes the 30.3% margins were supported by online and rent/wages relief. The broker retains an Outperform rating. Target is raised to $31 from $28.
Read MoreMorgans assesses the acquisition of Wells Fargo’s Corporate Trust Services (WFCT) business positively as it makes strategic sense and appears highly accretive. Morgans raises the price target to $17.10 from $16.20. The Add rating is unchanged.
Read MoreMacquarie believes the regional banks are more leveraged to improving deposit pricing and following a period of underperformance upgrades Bendigo & Adelaide Bank to Outperform from Neutral. Target is raised to $11.00 from $10.25.
Read MoreDamage to a shiploader at Newcastle’s port amid floods in NSW has affected the company’s operations. The top end of guidance is now downgraded. Macquarie’s Neutral rating and $1.70 target retained.
Read MoreFirst half revenue and underlying earnings (EBITDA) were around $30-40m ahead of Morgans forecasts, driven by higher than expected realised prices and a cost reduction at Bengalla. Add rating and target increases to $1.70 from $1.60.
Read MoreCredit Suisse welcomes the recent Planday acquisition, believing the segment has attractive metrics which complement the existing business. Rating is upgraded to Outperform from Neutral and the target is raised to $136 from $119.
Read MoreThe commodities team at Morgans upgrades oil price forecasts for the sector for 2021-2023 following a surprise move from OPEC to maintain supply cuts in April and the ongoing recovery of oil market fundamentals. Hold rating and target increases to $4.40 from $4.20.
Read MoreRecent rainfall along most parts of the east coast has helped to improve agricultural conditions after years of drought, while flooding has been confined to coastal regions and not the main grain production areas of NSW. Buy rating retained. Target is $2.85.
Read MoreMacquarie expects the proceeds from the new US1.5bn senior unsecured note issue will be used to repay a -US$750m facility due in 2022. The Outperform rating and $25.50 target are unchanged.
Read MoreFloods not seen for decades have affected the northern coast of NSW and parts of Sydney. Suncorp can absorb a maximum large event, while two could result in FY21 earnings downgrades of -3-5%, the broker assesses. Buy rating and $11.15 target are unchanged.
Read MoreCiti’s visit to Galaxy Resources’ Mt Cattlin site showed operations back at full capacity and with a quick turnaround. A Neutral rating is retained with the target rising to $3.10 from $3.
Read MoreIn a preview of the March 24 investor day, Credit Suisse expects a greater focus on growth opportunities though investors may initially react adversely to increased capital requirements. The Neutral rating and $5.06 target are unchanged.
Read MoreVia the recent CRA Health acquistion, Volpara Health Technologies has announced its largest contract to date worth over US$400,000 per annum. The Add rating is maintained and the target price is increased to $1.94 from $1.92.
Read MoreUBS has looked at the key drivers of the margin outlook for Suncorp Group and concludes that margins have likely bottomed in 1H and should recover over coming periods. The Buy rating and $11.15 target are unchanged.
Read MoreUBS cites Commonwealth Bank’s ((CBA)) foray into BNPL as evidence of competition in the space. It’s also considered to highlight risk around ‘no surcharge’ rules. Sell rating and $36 target retained.
Read MoreFirst half normalised net profit was up 43%. Macquarie retains an Underperform rating and raises the target to NZ$4.25 from NZ$3.74.
Read MoreStrandline Resources announced a successful US$60m bond issue which completes the debt funding for the Coburn Mineral Sands Project in WA. Morgans maintains an Add rating and increases the target price to $0.44 from $0.39.
Read MoreMacquarie puts the spotlight on the deteriorating trend in risk equalisation (RE) which illustrates that older persons are capturing more of the value from private health insurance versus the younger/healthier cohorts. Neutral retained with the target falling to $5.45 from $5.80.
Read MoreThe company’s capital expenditure intentions over the next three years are twice as much as Citi anticipated, which rules out a capital return in the near term. Citi retains a Buy rating and $4.10 target.
Read MoreUBS upgrades Clover Corp to Buy from Neutral rating with the target price dropping to $2 from $2.10.
Read MoreThe Australian government has announced an additional $1.1bn in funding for Australia’s health response to covid-19 and will extend pathology testing for a further nine months to December 31 2021. Credit Suisse’s Outperform retained. Target is $4.25.
Read MoreMorgans initiates coverage on the BikeExchange with a Speculative Buy and a target price of $0.34.
Read MoreCiti sees the third round of stimulus in the US as positive for the BNPL sector as it could support consumer spending. The Neutral rating and $11.35 target are unchanged.
Read MoreUBS assesses Stockland has benefited significantly from government policy aimed at strengthening the new residential sector as well is a structural shift from urban centres caused by the pandemic. The broker downgrades to Neutral from Buy. Target is steady at $4.50.
Read MoreThe company has made a -$3m acquisition in the mental health space, which will be funded from the company’s existing cash reserves. Morgans’ price target rises to $4.22 from $4.11 and the Add rating is unchanged.
Read MoreUBS lifts Brent oil price forecast for 2021 to US$65.50/bbl, from US$57/bbl, and 2022 to US$62/bbl from US$60/bbl. Santos remains the preferred exposure across the energy sector with short-term growth catalysts. Buy rating retained. Target is raised to $8.20 from $7.90.
Read MoreCredit Suisse assesses Ridley is generating a reliable record of delivery on its strategy. The broker upgrades to Outperform from Neutral and raises the target to $1.15 from 85c.
Read MoreThe company continues to progress with Coca-Cola European Partners (CCEP) takeover offer via a scheme of arrangement. The Hold rating is unchanged and the target price increases to $13.50 from $12.75.
Read MoreAfter reviewing the drivers of 14% per annum gross profit growth during FY2016-20, Macquarie assumes a recovery for Ig. The Neutral rating is maintained while the price target falls to $288 from $293.
Read MoreIn the short-term, UBS expects Japara Healthcare to benefit from the temporary funding in the second half and the increase in indexation in FY22 to 2-3%. Neutral rating maintained with the target price rising to $0.75 from $0.50.
Read MoreThe second half has started strongly with the company’s hire contract wins up 28% versus pcp in the first two months of 2021. Morgans lifts the target to $0.53 from $0.50 and retains the Add rating.
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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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