Macquarie notes foot traffic for around 100 of the US-based collection centres has eased in recent weeks and an increase in new coronavirus cases has been noted over the same period. Current foot traffic sits around -17% below average.
Read MoreUBS sees Downer EDI as a restructuring story that will position the company to deliver free cash flow of at least $300m.
Read MoreCredit Suisse includes the estimated impact of a $4.1bn hybrid issue. With an average coupon of around 4.94% this represents an estimated spread of around 400 basis points over the bank debt being repaid.
Read MoreReports of a board investigation into CEO Vik Bansal’s methods and the sale by the CEO of shares for the first time after five years with the company has triggered concerns, with the resultant shakedown in the share price, Credit Suisse observes.
Read MoreCiti initiates coverage with a Buy rating and $3 target. Australian Finance Group is the second-largest mortgage broker group by affiliated brokers.
Read MoreRetail earnings were ahead of Macquarie’s estimates in FY20. The broker likes the exposure to a diversified retailer with a balance sheet that is net cash and characterised by property-related debt and a $1bn investment in Breville Group ((BRG)).
Read MoreA bearing failure at the mill at Gruyere has affected production for a week and 2020 guidance has been reduced by -15,000 ounces to 250-270,000 ounces. All-in sustainable costs have been lifted to $100/oz.
Read MoreUBS has initiated coverage on SSR post its merger with Alacer ((AQG)).
Read MoreCredit Suisse observes, unlike sector peers which have sustained lower prices and strained balance sheets, Strike Energy has avoided adverse impacts from the pandemic. Growth remains on track with the stock up 50% since pre-pandemic levels in January.
Read MoreMorgans believes the focus of Acrow Formwork and Construction Services on the civil infrastructure market is the right strategy that provides opportunities for solid growth over the longer term.
Read MoreWestpac Banking Corp reached an agreement to settle the civil proceedings against it with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This includes a penalty of -$1.3bn and brings to an end a disappointing chapter for the bank, observes UBS.
Read MoreMacquarie is of the view as a long-duration asset, the key to Sydney Airport Holdings’ valuation is not the exact timing of re-opening in the next 12 months but stabilising passenger traffic.
Read MoreCredit Suisse suspects the NBN investment to upgrade 6.0m premises to speeds close to 1.0GB per second at a cost of $3.5bn while significant should have a limited impact on service providers and higher access costs are likely to be passed through to end-users.
Read MoreFY20 results were ahead of expectations, supported by cost controls and government assistance. Wholesale order books for Rip Curl and Oboz are improving for the second half and the Kathmandu brand will resume offshore expansion post the pandemic.
Read MoreIron ore prices have pulled back from US$130/t to circa US$120/t but Macquarie reassures the fundamentals for the commodity remain robust. Moreover, Australian shipments remain strong at around/above their guidance ranges while Vale shipments appear to lag.
Read MoreCredit Suisse expects FY21 to be “remarkable” with a shift to digital donations accelerating significantly and the platform becoming indispensable to clients.
Read MoreUBS assumes a less favourable cost leverage scenario than the market, and consequently values Cochlear -10% below the current share price.
Read MoreSenex Energy has been awarded preferred tenderer status on two new blocks in the Surat and Bowen Basins.
Read MoreUBS finds home high flow therapy (HFT) to be an exciting opportunity and a natural extension of Fisher and Paykel Healthcare Corp’s technology from hospital into the home. However, the broker also admits progress has been “painfully slow” when it comes to building clinical evidence and gaining insurance coverage.
Read MoreFonterra Shareholders Fund achieved the top end of guidance in FY20. Credit Suisse acknowledges the company still needs to make allowance for the pandemic-related uncertainty that is affecting the food services business.
Read MoreUBS assesses Scentre Group’s hybrid notes issuance will solidify its existing credit ratings and increase the buffer to debt covenants. The earnings forecast has been downgraded by circa -10% due to the hybrid issue.
Read MoreMacquarie has visited the Julimar site in WA, noting plans to accelerate the drilling. Land outside of the state forest has been largely secured and should enable a complete drill-out of the Gonneville intrusion over the next year.
Read MoreIcar Asia has updated on July to August trading. Malaysia and Indonesia are rebounding from pandemic lows in the second quarter, reports Morgans, however, Thailand is underperforming expectations.
Read MoreUBS downgrades Reliance Worldwide Corp to Neutral from Buy with the target price increased to $3.85 from $3.65.
Read MoreMacquarie is bullish on CSR’s building products segment led by a more resilient detached market and has raised FY21 building products operating income forecast by 23%.
Read MoreMorgans believes the company is at risk of disappointing the market expectations due to persistently low thermal coal prices. Additional disappointment may come from non-core asset write-downs, head office re-location costs, legal costs and staff redundancies.
Read MoreThe company’s presentations have reinforced the various options for long-term growth. Macquarie expects investment will mirror the revenue outlook.
Read MoreUniti Group ((UWL)) has revised its OptiComm offer to $5.85, which consists of $4.835 in cash (including the $0.10 dividend) plus 0.80537 Uniti Group shares per 1 OptiComm share. The Uniti Group share component was valued at $1.01 (using a $1.26 Uniti Group share price).
Read MoreCredit Suisse believes the pandemic will promote a sustained increase in flu vaccination rates over the next 2-3 years.
Read MoreMacquarie reviews the pathology margins, noting these have declined over time but expansion is now likely to FY23.
Read MoreCoronado Global Resources raised US$180m in new equity, thereby reducing gearing to around 23% from 41%. Additionally, banks have extended the debt covenant waivers to September 2021 from February 2021.
Read MoreCredit Suisse upgrades forecasts, expecting the boost to household goods expenditure will be longer than previously anticipated. Wesfarmers is also positioned to add value through strategic acquisitions in the industrials and home improvement sectors.
Read MoreMacquarie Group has announced, with two weeks remaining in the first half, it expects profit (NPAT) to be around $950m. This is around -25% lower than the second half of 2020.
Read MoreCredit Suisse is increasing its 2021 gold price forecasts to US$2500/oz and 2022 to US$2200/oz, amid a number of supportive macroeconomic factors.
Read MoreThe departure of certain executives is, in Macquarie’s view, a key step in regaining stakeholder trust after the Juukan Gorge incident. A search for a replacement to the outgoing CEO is the catalyst for the stock in the short term.
Read MoreCharter Hall Long WALE REIT has acquired a 50% stake in a Charter Hall Group ((CHC))-managed partnership holding 49% of 70 BP petrol station assets in New Zealand. The remaining stake in the fund will be held by Charter Hall Retail REIT ((CQR)).
Read MoreUBS believes processing Scarborough gas at the North West Shelf (NWS) is the most value accretive of the various approaches assessed. The broker believes if Woodside Petroleum acquires an additional 33% equity in the NWS, this may allow the company to pivot towards the higher value Scarborough concept.
Read MoreMorgans reviews Brickworks ahead of the company’s FY20 result for the July year-end on September 24.
Read MoreMorgans views Woodside Petroleum’s share price as trading at a discount to the value of its existing operations.
Read MoreCredit Suisse has become more balanced in its view of the stock and upgrades to Neutral from Underperform. The rating change is more about the share price than any fundamental difference.
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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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