TWE has entered into a long-term licensing agreement with The Wine Group under which the latter can source and sell selected Beringer brands in the Americas for circa $100m. UBS retains a Neutral rating, which remains under review with a target of $10.60.
Read MoreAhead of the investor briefing on March 16, Credit Suisse notes a very supportive industry backdrop. Outperform retained. Target rises to $4.08 from $3.97.
Read MoreWith underperformance in the shares, no structural concerns and technicals being supportive, Morgans believes the risk/reward is more attractive for CSL and upgrades the rating to Add from Hold. No changes to forecasts or the price target of $301.1.
Read MoreMacquarie upgrades its rating to Outperform from Neutral with the target rising to $9.50 from $8.70.
Read MoreVocus Communications has entered a scheme implementation deed for 100% of the stock with MIRA/Aware at $5.50 cash a share. UBS suggests there is a possibility of another bidder and a break fee of $35m has been disclosed. Neutral rating and $5.50 target retained.
Read MoreIrongate Group acquired 153 Main Beach Road, Pinkenba in Queensland for circa $24.8m. Income exposure is attractive, notes Macquarie. Outperform rating with the target rising slightly to $1.38 from $1.37.
Read MoreMainstream Group has entered into a Scheme Implementation Deed (SID) with Vistra, allowing Vistra to acquire 100% of the company’s shares for $1.20 by way of a scheme of arrangement. Morgans lowers the target price to the current bid price of $1.20 and retains the Add rating.
Read MoreAustralasian customer growth surpassed rival Afterpay ((APT)) in the first half and UBS expects cash operating earnings to be at breakeven in FY21. UBS downgrades to Sell from Neutral and raises the target to $6.40 from $5.70.
Read MoreThe company announced a $100m capital raising at a minimum price of $2.15, exceeding Morgans expectation of $50m and at a weaker price. The broker lowers the rating to Hold from Add and decreases the target to $2.57 from $2.91.
Read MoreALS Ltd will acquire Investiga, a pharmaceutical testing company based in the Americas. UBS retains a Neutral rating and $9.90 target and believes the stock adequately prices in the global improvement.
Read MoreA recent site visit to operations at the Beyondie Sulphate of Potash (SOP) project has given Morgans confidence to move to an Add rating from Speculative Buy and raise the target price to $0.27 from $0.229.
Read MoreCiti asserts scale is important in wine and Treasury Wine may need to spend more in order to sustain above-market growth in the US. The key event is the strategy briefing on May 13. Sell/High Risk rating and $9.30 target.
Read MoreMacquarie reviews estimates after making comparisons with and concludes the offering from Fineos, supported by ongoing R&D, should position the business appropriately to win new clients and upgrade existing clients to the cloud. Outperform rating and $4.63 target retained.
Read MoreUBS expects MIN’s mining services business to grow to circa 860mt contract tonnes by end of 2022 from 429mt in 2019 led by growth in internal and external business. The broker retains a Buy rating with the target rising to $44.50 from $44.
Read MoreAfter incorporating the development of the Kami Project into forecasts (which underpins tripling of production by 2026), Macquarie raises the price target to $6.80 from $6. The Outperform rating is retained.
Read MoreUBS thinks IGO has made a “shrewd” acquisition of an interest in Tianqi’s lithium assets. Buy retained. Target rises to $8 from $7.50.
Read MoreIn the wake of half year results, Morgans increases the rating to Add from Hold after updating commodity and FX assumptions and taking into account sale proceeds from the Panton PGM project. The target price is increased to $0.16 from $0.15
Read MoreASX’s February activity report shows cash equity turnover declined -13% versus last year yet was above the levels seen in the first half. UBS retains Neutral rating with a target of $68.
Read MoreMorgans makes material forecast downgrades, lowers the rating to Reduce from Hold and the target price is decreased to $2.78 from $4.18.
Read MoreAfter a recent site visit to the Beyondie sulphate of potash (SOP) development project, Macquarie came away impressed with progress. No changes to forecasts.Target $0.40. Rating Outperform.
Read MoreCredit Suisse adjusts forecasts to allow for a more favourable working capital position in FY22. The broker maintains an Underperform rating and raises the target to $4.15 from $3.90.
Read MoreAnsarada Group delivered a first half result better than Morgans had expected as subscriptions customers rose 12% year-on-year. The Add rating and $1.55 target are maintained.
Read MorePerformance fees are increasing as a component of the Pinnacle Investment earnings, to 33% from 17% in FY16. Macquarie suggests the earnings capacity and outlook are under appreciated. Outperform retained. Target rises to $10.11 from $9.48.
Read MoreMorgans conducts a review of the retail sector and assesses there continues to be several consumption tailwinds in place. The Add rating and $4.50 target are retained.
Read MoreMacquarie believes the group’s second-half earnings could exceed US$6bn with a final dividend of more than $2 per share, translating to a yield of 15%. Outperform rating with the target dropping to $25.50 from $26.50.
Read MoreHuon Aquaculture Group delivered a very weak first half, observes Credit Suisse, in line with the group’s latest update. Neutral rating retained with the target dropping to $2.70 from $2.90.
Read MoreMosaic Brands’ first half result was in-line with the recent trading update. The Hold rating is maintained as Morgans awaits further evidence of the turnaround. The target falls to $0.99 from $1.19.
Read MoreAfterpay’s first half revenues grew 89% year on year, but that was sequentially below growth of 97% and 96% in the prior two halves and short of expectation. Neutral and $140 target retained.
Read MoreThe first half result revealed the group’s underlying Investment Bond profit (NPAT) was around 11% above Morgans estimates. The target is increased to $0.90 from $0.871 and the Add rating is unchanged.
Read MoreFirst half results were ahead of expectations. UBS continues to envisage capital management as a catalyst on a 6-12 month view. UBS retains a Buy rating. Target is reduced to $5.60 from $5.80.
Read MoreThe pre-released 1H21 earnings (EBITDA) rise of 168% was driven by strong demand, cost-out and new products and businesses, explains Morgans. The Hold rating is retained and the target is decreased to $2.70 from $2.86.
Read MoreThe first half result was in-line with Morgans expectations given the recent quarterly update and IPO, as B2C strength offset slightly lower B2B sales. Add rating and $1.59 target are maintained.
Read MoreAtlax Arteria’s 2020 proportional revenue was $1,233m, in line with Credit Suisse’s forecast but 2% ahead of consensus. Target drops to $7.20 from $7.90 with an Outperform rating.
Read MorePointsbet Holdings’ FY2021 first-half result appears to have met Credit Suisse’ expectations and the broker retains its long-term optimism on the stock. Neutral rating and $16 target price retained.
Read MoreThe first half loss of -$1.03bn was slightly better than UBS expected. UBS retains a Buy rating and $6.20 target.
Read MoreThe FY20 earnings (EBITDA) margins were close to Morgans expectations as traffic remains materially below pre-covid levels. Add rating is retained while the target is decreased to $6.14 from $6.51.
Read MoreThe broker highlights material cost-outs and success in SE Asian markets as driving Blackmores’ result, but retains Sell. Target falls to $59.20 from $50.60.
Read MoreBNPL earnings were a little lower than Credit Suisse expected in the first half and no interim dividend was declared. Neutral. Target is reduced to $1.20 from $1.40.
Read MoreWoolworths’ first-half numbers were solid, observes UBS, with earnings circa 3% ahead and strong cash-flow. The Buy rating is unchanged with a target price of $44.
Read MoreFirst half results were in line with Credit Suisse’s expectations, with completed developments the main driver of growth. Neutral maintained. Target is raised to $3.90 from $3.87.
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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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