Seek’s announcement in early November on phasing out job ad templates will help the company lift depth penetration, suggests UBS, and reminds the broker of the strategy followed by REA Group ((REA)) and Domain Holdings Australia ((DHG)).
Read MoreWith plans for several projects underway, Morgans considers Santos has an attractive combination of growth and solid underlying fundamentals.
Read MoreAUB Group’s acquisition of 360 Underwriting Solutions is another step in addressing the shortcomings of AUB’s underwriting division, comments Credit Suisse.
Read MoreAt the AGM, Monash IVF noted a strong rebound from July to October. This was indicated by stimulated cycles growing by 23.1%, international up 16.2% and the Ultrasound business up 10.7%.
Read MoreUBS observes Fletcher Building’s share price is now sitting in line with pre-covid-19 levels, post some significant earnings upgrades with construction activity in New Zealand noting a rebound post-lockdown along with cost-saving initiatives by the company.
Read MoreLovisa has announced the acquisition of 30 beeline stores in France as part of its existing agreement. This increases the estimated FY21 store count by 5%.
Read MoreGiven GPT Group’s relatively high exposure to Victoria, Credit Suisse suspects part of its recent rally could be on the back of the re-opening.
Read MoreMorgans revises target prices for gold stocks after a review of the sector.
Read MoreCleanaway Waste Management presented some key aspects of its Western Sydney energy from waste facility, expected to cost circa $700m and processing 500kt of waste. The facility will generate 55MW in power and reduce 390kpta of carbon emissions.
Read MoreMotorcycle Holdings’ first-half guidance indicates to Morgans strong margins are the key driver of earnings strength along with strong volume. Also, new brands and dealerships are considered contributors to earnings strength.
Read MoreOrigin Energy has upgraded production guidance driven by global LNG supply outages, China demand recovery and higher Korean demand due to nuclear generation outages. Additionally, there is increased northern hemisphere winter demand.
Read MoreCredit Suisse updates estimates to account for the establishment of the HomeCo Daily Needs REIT ((HDN)). Earnings dilution is expected, given Home Consortium has only a 27% interest in the REIT.
Read MoreIn the first quarter same-store sales growth for Rip Curl was 26.8%, with Kathmandu down -26.8%, wholesale down -14.4% and online up 37.0%.
Read MoreInvestor sentiment in the oil market has eroded after two once-in-a-decade downturns in the last five years, explains Morgans. Nonetheless, recent events have combined to leave the broker bullish on stocks within the oil and gas coverage.
Read MoreMonadelphous has guided to sales being up around 10% in the first half versus the prior half, better than UBS anticipated. The stronger resumption in activity is reflected in improved staffing levels which have increased by around 20% since June.
Read MoreCiti notes increasing competition does not appear to have affected customer usage or margins in the company’s October trading update. Yet the broker continues to envisage downside risk to medium-term growth forecasts and margins from competition.
Read MoreWhile the size ($750m) of the raising after the adverse ruling in the Business Interruption (BI) case surprised Morgans, the post-tax provision of -$865m appears conservative to the broker.
Read MoreGiven the weighting to non-discretionary retail, Credit Suisse expects the business will be well supported by the market. The recent market update highlighted positive trends in rent collection and retail sales.
Read MoreAutosports Group provided a strong trading update at the AGM, UBS assesses. Management now expects a first half pre-tax profit of $20m.
Read MoreRecent AGM commentary pointing to difficult conditions in the last quarter, leads Morgans to lower FY21 forecasts on lower occupancy estimates.
Read MoreGUD Holdings will acquire AMA Group’s ((AMA)) automotive components and accessories division (ACAD) for $70m, to be funded by an institutional placement and share purchase plan.
Read MoreCiti assesses the company is now conservatively provisioned after its capital raising. The perception that Insurance Australia is a quality play in the sector is somewhat dented, in the broker’s view.
Read MoreThe NSW court of appeal has found in favour of policyholders and against General Insurers, in relation to the test case examining business interruption (BI) policy exclusions that reference the Quarantine Act.
Read MoreNufarm’s latest trading update on its performance during August and September shows better seasonal conditions and reduced costs that lifted Nufarm’s crop protection profitability in all regions, observes Credit Suisse.
Read MoreThe market had been discounting its valuation of Vocus Group, UBS suggests, based on pessimism over the company’s ability to deliver on earnings forecasts and on under-valuation of its portfolio of assets. The August result and contract wins have countered the first point.
Read MoreFY21 earnings (EBITDA) guidance by Superloop was in-line with Morgans expectations, when “new investment for growth” is excluded.
Read MoreFY20 maiden net profit beat expectations significantly. The final dividend of 3.9c was also a surprise for Macquarie.
Read Morea2 Milk has kept its guidance intact for revenue in the first-half to be $725-$77m along with an FY21 revenue of $1.80-$1.90bn.
Read MoreCatapult Group International recently provided an update on trading conditions. This showed the net cash balance had improved by US$10.1m from 30 June. A loan drawn at the beginning of the pandemic has been repaid, which shows increased confidence in the outlook, in the view of Morgans.
Read MoreThe pandemic has severely hit Dyno Nobel Americas’ ammonium nitrate volumes with the impact most pronounced in coal/metals markets.
Read MoreTesting rates for coronavirus have rapidly expanded in the US and Europe. Sonic Healthcare has around 70% earnings exposure to the northern hemisphere, Credit Suisse points out.
Read MoreAfter a trading update by Ramsay Health Care, Morgans believes the near-term outlook is increasingly challenged as the pandemic makes forecasting difficult.
Read MoreThe NSW energy roadmap released last week provides some opportunities for AGL Energy, but these are far outweighed by the structural impact, Macquarie notes. The policy will shift the markets to being in structural oversupply. At risk is 24% of NSW-Vic FY24 earnings.
Read MoreChampion Iron has approved the Bloom Lake Phase 2 expansion. This will double the miner’s production capacity to circa 15mtpa from circa 7.5mtpa.
Read MoreThe third quarter dividend surprised UBS and more capital returns are flagged. The results are not indicative that the underlying strength, the broker suggests, because the acquisition of Alacer Gold has meant Copler only contributed two weeks of financials.
Read MoreMach7 Technologies has been awarded a $5.3m contract over seven years with Trinity Health in the US for its eUnity enterprise viewer platform.
Read MoreCharter Hall Group acquired $3bn worth of assets over the first four months of FY21, leading to a 7% increase in the group’s assets under management (AUM) since June to $43.3bn. This beats Macquarie’s previous full-year forecast of $42.3bn.
Read MoreFollowing a trading update, Morgans downgrades earnings forecasts for Commonwealth Bank and lowers the rating to Reduce from Hold.
Read MoreThe broker suggests Telstra’s share price has languished below $3 due to bearishness around dividends, infrastructure valuation and mobile competition. The dividend payout has since been confirmed, and yesterday’s announced tower spin-off will crystalise value.
Read MoreStrong earnings growth in the core business was delivered in the second half, with Credit Suisse noting a combination of a lower interest burden through debt reduction and increased end-of-lease income.
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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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