Perpetual’s business update was “disappointing”. As a result, earnings have been downgraded by -4-6% across the forecast period. Outperform rating is maintained with the target falling to $37.50 from $39.
Read MoreBXB remains one of Morgans key picks in the large-cap space due to a global leading market position and strong defensive characteristics. The broker maintains its Add rating. The target price falls to $11.90 from $12.16.
Read MoreUBS incorporates a 10% share buyback into forecasts, after assuming no major increases in debt levels due to any significant near-term acquisitions. The Buy rating is unchanged. The target price is increased to $US241 from US$210.
Read MoreFertiliser prices are strengthening and even with a weaker USD, have created a stronger near-term outlook for Incitec Pivot, suggests Credit Suisse. Target rises to $2.73 from $2.70.
Read MoreDespite a second quarter result ahead of estimates, Morgans lowers South32’s rating to Hold from Add, due to a recent share price rally. The broker reduces the target price to $2.60 from $2.65.
Read MoreSSR Mining’s guidance for 2021 proved in-line with UBS’s forecasts, but costs are expected to be higher and more investments are on the agenda (some $100m more). New price target of $28 compares with $30 previously. Buy rating retained.
Read MoreMorgans describes the overall second quarter operational result as consistent. The analyst highlights the strength of iron ore spot prices is supplying a substantial earnings tailwind and an impressive dividend profile. Target price is $40.55.
Read MoreAnsell will report its first-half results on 16 February and expects to deliver organic growth above 20%, higher than Credit Suisse’s previous forecast of 14%. Outperform retained. Target is raised to $45.50 from $45.
Read MoreMorgans expects a strong result, forecasting around 16% earnings (EBIT) growth and believes a strong first half outcome could make FY21 guidance look conservative. The Add rating and $29.18 target are unchanged.
Read MoreAnsell released a trading update with higher growth guidance for the full financial year. UBS analysts, in response, have increased forecasts by 4% for FY21. Target price is $39.60. Neutral rating retained.
Read MoreMarking to markets for December quarter commodity prices causes Credit Suisse to lift its FY21 earnings 3%. All major catalysts except for commodity prices remain unchanged and the broker retains its $40 target. Outperform.
Read MoreRio Tinto finished 2020 in line with its guidance and ahead of UBS’s estimates with total iron ore shipments at 330.6mt. A final dividend of US$3.70 per share is forecast. The Neutral rating and target price of $115 are unchanged.
Read MoreHub24’s second-quarter funds under administration (FuA) at $22bn were up 16% on a quarterly basis and 3% ahead of Credit Suisse’s forecast. Rating is upgraded to Outperform from Neutral with the target price rising to $26 from $21.50.
Read MoreBingo Industries has received a takeover offer from CPE Capital. Morgans lifts the target price to $3.50 to align with the indicative offer price. The Hold rating is maintained.
Read MoreMorgans notes Home Consortium had an active end to 2020 after spinning off the HomeCo Daily Needs REIT ((HDN)), new acquisitions and a capital raising. The Add rating is unchanged and the target price increased to $4.27 from $3.60.
Read MoreCS believes Bingo Industries has the potential to generate $231m in operating income by FY23 and based on the FY23 forecast, the fundamental value of the stock could be over $4 per share. Rating is upgraded to Outperform from Neutral with the target rising to $3 from $2.40.
Read MoreCiti analysts point out the 2020/21 winter crop is set to beat expectations. The broker sees plenty of justification for its above-consensus forecasts, which are supporting the Buy rating and $13 price target.
Read MoreSuper Retail Group noted a net profit rise of 137% in the first half with sales revenue increasing by 23%. Credit Suisse has more confidence than the market in the company’s FY22 earnings prospects. Target price is $13.19.
Read MoreMorgans updates the Insurance/Diversified Financials sector earnings on a mark-to-market basis and a broad review of earnings assumptions, and believes Challenger is one of the best positioned of the large cap stocks to produce solid/stable results. Target price is $6.80.
Read MoreMacquarie has marked to market December quarter commodity prices and foreign exchange rates and remains positive on copper exposure going into 2021. for Rio Tinto, the major driver for the diversified miner remains buoyant iron ore prices. The Outperform rating and target of $127 are unchanged.
Read MoreEnergy analysts at Citi have increased price expectations for cude oil and LNG. The 2021 Brent oil price forecast moved to US$59/bbl from US$52/bbl. The team sees oil peaking at US$61/bbl in 1Q22. The new price target for Santos is $7.58. Rating has been downgraded to Neutral from Buy.
Read MoreBacked by lower crude premiums, Ampol’s Lytton refinery saw its December quarter operating loss go down to -$4m, a far cry from the -$82m loss seen in the third quarter. Outperform retained with a target price of $34.65.
Read MoreUBS highlights Pro Medicus’s radiology pipeline conversion over 6 years is significantly above UBS’s estimate and suggests continuing momentum into the second half. Neutral rating is reaffirmed with a target of $32.
Read MoreMorgans suggest now is an opportune time to invest in the oil and gas sector after gaining further conviction both oil and LNG markets have moved off their lows. The Add rating and target price of $0.43 are unchanged for Cooper Energy.
Read MoreMacquarie’s Commodities Strategy team has upgraded its short term nickel price forecasts by 7-8%, medium-term by 10-13% and long-term by 3%. WSA’s rating remains Outperform with a price target of $3.30, up from $2.80.
Read MorePremier Investments’ first half guidance of 75-85% retail earnings (EBIT) growth was well ahead of Citi’s expectations and was driven by gross margin expansion and operating leverage. Citi maintains a Neutral rating and lifts the target price to $25 from $20.60.
Read MoreIn the wake of a first half trading update from Universal Store Holdings, Morgans makes 12-20% EPS upgrades across the forecast years and raises the price target to $6.93 from $6.05.
Read MoreEarnings estimates have been reduced and the analysts conclude their initiation of coverage with an Outperform rating and $42 price target has proved to be “a half too early”.
Read MoreMacquarie finds the immediate outlook for ARB remains positive, carried by a strong orderbook, but also believes visibility into FY22 is rather low. Neutral rating retained. Price target improves to $33.50.
Read MoreCredit Suisse found the ASX’s December trading activity update (slightly) weaker-than-projected, and therefore the current share price is considered too expensive. Target price is $71.00.
Read MoreMacquarie has updated its thoughts and modeling for QBE Insurance Group. Macquarie analysts do not expect FY21 guidance and forecast only a 4c dividend in 2H20. The broker cuts its price target to $7.70 from $8 on further reduction in forecasts.
Read MoreAnalysts at Morgans have updated their modeling and assumptions for SYD. They remain confident a sustained recovery lays ahead on the back of vaccine roll-outs internationally. Add rating retained. Target price is $6.95.
Read MoreStockbroker Morgans has initiated coverage of Antisense Therapeutics with a Speculative Buy rating and a maiden price target of 37.7c.
Read MoreCiti does not believe AusNet will be able to grow dividends faster than inflation for years to come and thus prefers APA Group ((APA)) instead. Target price is $1.81.
Read MoreOutperform rating retained for Steadfast Group as the broker concludes premium rate increases continue to support the investment
case. Target price is $4.30.
Citi analysts remain of the view that the optimum strategy for the AMP board to release value for shareholders is through spinning off some of the divisions. Neutral/High risk rating remains in place while the price target has improved to $1.60 from $1.55.
Read MoreFollowing the ASX’s second quarter update, Macquarie analysts have updated their modelling ahead of the upcoming half-yearly report, scheduled for release in February. Target price is $70.50.Current Price is $71.84.
Read MoreThe company’s latest trading update has revealed the order book remains at record levels and Citi analysts point out this bodes well for 2H21. Target price is $11.65. Current Price is $10.84.
Read MoreFollowing Pinnacle Investment Management’s market update on performance fees and funds under management, Macquarie has retained its Outperform rating. Target price is $7.96. Current Price is $7.19.
Read MoreEOS has withdrawn 2020 earnings (EBIT) guidance which, as Citi notes, highlights the uncertainty surrounding the timing of RWS deliveries to foreign customers because of the pandemic. Target is reduced to $7.75 from $7.80.
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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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