Mincor Resources has confirmed the existence of ore grade mineralisation at Cassini North, considered encouraging by Macquarie who believes both Cassini North and Cassini offer upside risk through exploration success which could imply mine life extensions.
Read MoreOptiComm has received a non-binding offer from First State Super. Morgans suggests investors Hold and states there is upside risk relating to the possibility of a higher bid eventuating.
Read MoreOfficial agricultural forecaster, ABARES, has upgraded the winter crop outlook for Australia’s east coast to 24.4mt. UBS highlights the earnings leverage that exists for crop that is over 24mt, given Graincorp’s derivative payment is maximised at around 24mt.
Read MoreAfter reviewing capital concerns, Macquarie concludes that Challenger is in a materially stronger capital position, compared with peers during the GFC, amid the now tighter regulatory oversight.
Read MoreMorgans reduces first half FY21 volume forecasts for Domain Holdings due to the extension of the Victorian lockdowns.
Read MoreWith Beach Energy’s share price down -15% since May, Macquarie notes the company has underperformed the energy sector on account of its reduced five-year free cash flow guidance.
Read MoreMorgans updates estimates to also reflect the strong run in the gold price since the last update. The company’s extra detail is considered conservative but overall the increased estimated production should leave room for a mine life extension.
Read MorePerseus Mining is confident in the development of Yaoure and first gold is timed for December. The company also intends to accelerate a valuation of resources acquired as a result of the takeover of Exore Resources ((ERX)).
Read MoreOperating earnings in FY20 were ahead of Credit Suisse estimates. The fourth quarter was supported by strong domestic gaming in Auckland and Hamilton.
Read MoreOn calculating the contribution of coronavirus testing to the company’s financial performance, UBS makes material upgrades over the short term.
Read MoreCredit Suisse points out Coca-Cola Amatil’s cost reduction programs over 2019-22 should reduce the cost base by -$120m. The broker assesses these will be directed towards discretionary spending.
Read MoreThe first half underlying net loss for Palla Pharma was below Morgans expectations. The result was impacted by a major UK customer manufacturing license loss and the early jettison of a non-opiate contract manufacturing organisation (CMO) contract. Additionally, the supply chain was affected by covid-19 disruptions, explains the broker.
Read MoreCiti remains concerned that the pandemic has accelerated the structural headwinds that face the company’s businesses, particularly in the case of cinemas.
Read MoreMorgans believes Cooper Energy’s in-line result was overshadowed by the market’s primary focus on progress at the Sole Gas Project.
Read MorePTB Group’s FY20 result hit Morgans expectations for net profit before tax, foreign exchange and extraordinary items (NPBTFX) of $8m.
Read MoreCredit Suisse refines forecasts, noting new disclosures in the annual report. Organic operating earnings growth for the flexibles division has been confirmed at 2-3%. This is lower than the broker was modelling and causes a slight downgrade to estimates.
Read MoreAGL Energy will be acquiring Amaysim’s Click Energy business for $115m. UBS estimates the transaction to be 1-3% earnings accretive and will help the company in scaling up its retail operations to 4.5m customers by FY24.
Read MoreCredit Suisse suggests the view on Costa Group being an agricultural stock is fading and the growth prospects are returning to favour. Earnings in the second half are expected to be driven by the rest of the citrus harvest, the main berry season in Australia, mushrooms and tomatoes.
Read MoreThe FY20 result for Reece was slightly above Morgans expectations, despite underlying earnings margins falling -70 basis points to 8.9%.
Read MoreFY20 adjusted pre-tax profit fell -21% amid disruptions from the pandemic compounded by weaker new vehicle demand. UBS notes new car orders are up strongly across May-July, with benefits from fiscal stimulus and substitution in consumer expenditure.
Read MoreCiti expects working capital will lift to 20% of sales in FY21 and remain at that level going forward.
Read MoreUBS notes Woolworths’ FY20 result was in-line driven by strong cash-flow.
Read MoreDespite a fall in occupancy and rate, National Storage REIT reported a solid FY20 result and has weathered the recent covid-19 challenges, observes Morgans.
Read MoreFY20 results were in line with the recent update and materially ahead of prospectus. Guidance is for revenue growth of 20% with 30% growth in subscription fees and Macquarie believes the company is positioned to deliver on its forecasts.
Read MoreFortescue Metals Group posted a bumper FY20 result, while surprising with a $1.00 per share dividend, which was 4% ahead of Morgans estimate.
Read MoreFY20 earnings were slightly below Citi’s forecast. FY21 guidance for earnings growth of 5-10% is in line with expectations. The company has guided to underlying EBITA of $235-245m and underlying net profit of $115-122m.
Read MoreAnsell’s FY20 result is considered strong by UBS with robust healthcare GBU performance. The Industrial GBU was impacted by covid-19 but still ahead of the broker’s estimate.
Read MoreProforma numbers for TPG Telecom were provided, which were in-line with Morgans forecasts.
Read MoreFY20 earnings were at the top of guidance although interest expenses were higher than Credit Suisse estimated because of the lease accounting.
Read MoreAventus Group’s funds from operations were smack on the broker’s forecast, albeit higher operating income was offset by higher interest costs. At 36%, gearing remains elevated, but the broker suggests this can be managed by retaining capital and reducing the dividend payout ratio.
Read MoreHotel Property Investments’ result was in-line with Morgans expectations. The FY20 distribution was 20cps and the broker forecasts FY21 DPS of 19cps.
Read Morea2 Milk has made an offer to acquire 75% interest in Mataura Valley Milk for $270m as part of its long-term strategy to participate in infant formula (IF) manufacturing.
Read MoreCredit Suisse acknowledges the pandemic has had a greater impact on the company’s operations than previously allowed for but the FY20 result still highlighted resilience in overall poultry demand.
Read MoreThe impact of the pandemic on first half earnings was less than Credit Suisse anticipated. The broker was surprised that Indonesian EBIT broke even despite a -19% drop in volumes and applauds the company’s efforts.
Read MoreSouth32 delivered an FY20 result that outpaced the consensus and was in line with UBS.
Read MoreBeacon Lighting’s FY20 result was in-line with recent guidance and benefited from the covid-19 in-home spending surge in the second half, says Morgans.
Read MoreFY20 results were below Citi’s estimates. The FY20 distribution was revised up to 50.3c to be in line with free cash flow.
Read MoreFY20 results were in line with expectations. The main positive was -$250m in cost reductions with a further -$250m expected in FY21.
Read MoreInvoCare’s first-half result was weaker than Morgans had expected, with operating earnings down -23% to $48.6m.
Read MoreCiti notes the increased risk from China’s anti-dumping investigation. Australian wine accounts for 25% of all imports and it’s not clear from the data there is dumping.
Read More|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Error: Contact form not found. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
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. |
|
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. |
|
|
|
|
|
|
|
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. |
|
|
|
|
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.
|
|
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. |
|
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. |
|
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. |
DOWNLOAD RESEARCH REPORT
|
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. |
|
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. |
|
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. |
|
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. |
|
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. |
|
