Third quarter traffic and revenue declined -2.7% and -1.9%, respectively, which was was 2% ahead of Morgans forecast. Traffic is considered to have benefited from the relaxation of covid-19 restrictions from May-July. Also the start of the summer holiday season assisted.
Read MoreSeptember quarter production was solid and in line with budget, Credit Suisse observes. FY21 forecasts for 370-410,000 ounces are unchanged.
Read MoreKalium Lakes is on schedule and budget at Beyondie, having completed the harvest ponds lining. This allows for a full summer of crystallisation to build a surface from which to harvest.
Read MoreCiti upgrades to Buy from Neutral, raising estimates for earnings per share by 5% for FY21 and 3.5% for FY22. This reflects a rational grocery market and earnings momentum as well as appealing relative valuations.
Read MoreThe August 2020 update of the definitive feasibility study (DFS) for Vimy Resources’ wholly-owned Mulga Rock uranium project in Western Australia enhanced value further, according to Morgans. This is despite the broker using a lower long term contract uranium price of US$55/lb U308, previously US$60/lb.
Read MoreThe development of Karlawinda is on schedule for first gold in the fourth quarter of FY21. Budget is on track for $165-170m.
Read MoreUBS observes 139m flu vaccine doses have been distributed for the US flu season till October 9, up 9% versus last year. CSL also reported having increased its supply of flu vaccine into the US to circa 60m doses for the 20-21 season, a 20% increase from last year.
Read MoreBetter grades pushed production up 43% in the September quarter for Aurelia Metals while costs were lower than Macquarie estimated. FY21 guidance has been maintained at 80-90,000 ounces.
Read MoreMacquarie suspects Qantas could experience a faster recovery domestically as borders continue to re-open and pent-up demand for movement around the country occurs.
Read MoreCredit Suisse observes Woodside Petroleum has been sold off because of a perceived lack of short-term catalysts. The broker also considers a potential equity raising to fund growth and the imminent decline in the North West Shelf are weighing on sentiment.
Read MoreUBS believes the market is not fully appreciating near-term earnings upside and long-term earnings optionality at Woolworths. This is based on the broker’s calculation that the current shares price is trading at an unwarranted discount.
Read MoreGUD Holdings’ (unscheduled) trading update for the first quarter shows automotive sales up 16% despite the headwinds from Victoria and New Zealand. Credit Suisse observes this reflects strong end markets and restocking by key customers.
Read MoreAt its 2020 Capital Markets Day, Ansell did not update on guidance but did revise medium to longer-term targets. Management believes a bulk of the virus-related surge in PPE demand will prove permanent, requiring increased capex in FY21-22 to support production capacity.
Read MoreAccording to UBS, Eagers Automotive delivered a strong trading update. Key drivers were considered to include supply constraints resulting in lower domestic inventory levels and continued execution of cost-out initiatives.
Read MoreWhile CSL is still some way with respect to plasma collection volumes seen last year, UBS believes there are a range of mitigation measures and positive drivers to underpin growth in FY21.
Read MoreThe September quarter update was largely in line with Credit Suisse forecasts. The sustainability of the refinery is a large issue that the broker believes is not sufficiently embedded in investor thinking.
Read MoreAustralian Finance Group reported September quarter lodgements of $18.2bn, to mark a record going back to 2013, with lodgements up 8% from the June quarter and 16% from last September. Home Loan lodgements were up 9% year on year and 43% quarter on quarter.
Read MoreCredit Suisse updates forecasts to account for its global oil outlook. The broker also increases FY21 forecasts for APLNG production by 1.7%.
Read MoreGeneration Development Group has completed a $35m capital raising to fund two strategic growth initiatives, explains Morgans.
Read MoreNew Zealand’s Commerce Commission (ComCom) released its final fibre input methodology (IM) report but UBS notes there were no material changes and the report will be valuation neutral for Chorus.
Read MoreWhile production and shipments were solid in the first quarter Pilbara Minerals has pointed out prices remain weak
Read MoreAware Super (formerly named First State Super) has made a formal off-market takeover offer for OptiComm at $6.50 per share (including a10cps fully franked dividend). The offer is 100% cash and is at an 8.2% premium to the implied value of Uniti Group’s ((UWL)) offer.
Read MoreOver The Wire Holdings will acquire Digital Sense which provides customisable and scalable cloud offerings to enterprise and government customers.
Read MoreCimic Group’s third-quarter sales, operating income and net profit figures were in-line with UBS’s estimate but the operating cash flow conversion, impacted by the slowdown of revenues and new work due to covid-19 and reduced debtor factoring, was weaker than expected.
Read MoreNewcrest Mining will move to the second stage at the Cadia expansion project. This US$175m expansion should be completed in late FY22.
Read MorePopulation growth forecasts were revised down over 2021-23 in the federal budget as a result of declining net overseas migration (border closures) and a declining fertility rate with families delaying having children amid the uncertainty associated with covid-19.
Read MoreTransurban Group released its first quarter traffic data. For the overall portfolio, average daily traffic (ADT) decreased -29% on the previous corresponding quarter, calculates Morgans. The broker notes the decline is -25% after factoring in the commencement of tolling on the WestConnex M8/M5E in Sydney.
Read MoreARB Corp’s first-quarter sales growth was strong, observes UBS.
Read MoreFirst quarter manufacturing (PMI) data has indicated the recovery continues. Separately, UBS notes an apparent trough in butadiene pricing and an increase in natural rubber latex pricing early in the second half buying period.
Read MoreMorgans note a strong start to the new year for Virtus Health that has resulted in lower debt and confirmation from the company that the deferred interim dividend from March 2020 will be paid in November 2020.
Read MoreMayne Pharma Group received a complete response letter (CRL) from the US FDA regarding the application for a generic version of NuvaRing. Management is confident the issues raised by the FDA will be addressed in a timely matter.
Read MoreThe Australian Energy Regulator’s draft decision adds to revenue in the next 2-3 years, Macquarie observes. The broker notes Ausnet Services has avoided ambitious expenditure claims, which has meant the majority of its expenditure is accepted.
Read MoreBunnings ((WES)) has leased 71% of the Growthpoint Properties Botanicca 3 asset for 10 years and seven months with rents and incentives in line with the market.
Read MoreCredit Suisse notes the independent food retail sector has been a significant beneficiary of increased expenditure and more local shopping.
Read MoreReliance Worldwide Corp’s September quarter sales growth was ahead of expectations. Management suggests a limited upside to margins in the near term with S&GA normalising and reversing of tailwinds of copper and FX.
Read MoreMicro-X has signed its first contract for the Rover worth $1.4m. This was facilitated by the World Health Organisation with units to be sent to a number of Pacific Island nations. The Rover is a more rugged version of the Nano (portable X-ray unit) and designed for extreme operational scenarios, explains Morgans.
Read MoreOceanaGold Corp completed a CAD$150m equity raising, the proceeds of which will be used to fund growth projects and exploration and for corporate and working capital purposes.
Read MoreNews Corp owns 61.6% of the separately listed REA Group ((REA)). Looking at REA’s last share price and News Corp’s B class last share price, UBS estimates REA makes up about 71-79% of News Corp’s market value (versus the peak of 88% on June 22).
Read MoreCredit Suisse has upgraded its outlook for thermal coal prices as the market has started to show signs of improvement. The bounce back to the high US$50/t potentially suggests the worst might be behind the market.
Read MoreIn its investor day briefing, Amcor announced it was on track for its products to be fully recyclable by 2025.
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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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