Credit Suisse eventually expects upside to the FY19 earnings base, primarily driven by the B2B division. However, with this division exposed to onerous travel restrictions in the northern hemisphere the broker tempers expectations and will look to get upbeat again once intra-regional leisure travel improves.
Read MoreThe company has announced a $420m placement to be used for repayment of the corporate debt facility, which UBS assesses removes some risk and simplifies the holding structure for the 31% stake in APRR.
Read MoreCredit Suisse believes the increase in PPE demand, and single-use examination gloves in particular, is structural and will remain a focus post the pandemic.
Read MoreWith the shares having underperformed the broader market by no less than -19% over the month past, including a noticeable drubbing in yesterday’s session, Citi analysts have upgraded CSL to Buy from Neutral.
Read MoreFY20 net profit was slightly ahead of UBS estimates. The company has reiterated recent commentary regarding trading and provided no formal FY21 guidance.
Read MoreAs a result of actions to cut expenditure, Air New Zealand expects its FY21 monthly cash burn to reduce a further -NZ$50-60m, excluding any benefit from passenger revenue.
Read MoreThe strong market backdrop and the outperformance of independent grocers as well as an improving outlook for hardware has caused the broker to upgrade to Buy from Neutral.
Read MoreFY20 earnings guidance has been upgraded by around 10% to $45-55m because of the narrowing of production guidance.
Read MoreSandfire has reinstated FY20 operating guidance. Guidance was withdrawn as a precaution at the March quarter result but there has been no discernible impact on operations from the pandemic to date.
Read MoreUBS suspects weakening electricity prices will affect forecast earnings. The broker reduces FY20-22 estimates for earnings per share by -3-16%.
Read MoreThe company’s balance sheet is the strongest in Citi’s coverage, courtesy of having negligible debt. The broker likes the combination of relative resilience in mining, coupled with optimism regarding the pace of recovery in energy from 2021.
Read MoreAfterpay has indicated there are now more than 5m active customers in the US. No update on other markets was provided.
Read MoreCredit Suisse suggests the restructuring of Target is unlikely to shift investor views regarding Wesfarmers. The company will spend $240-310m on the restructuring.
Read MoreTabcorp is facing a challenging year, cycling a fortunate run of lottery jackpots amid wagering retail venue closures and an uncertain outlook for sports betting.
Read MoreFirst-half net profit was down -13% to $368m but Macquarie envisages a path for net profit to exceed $1bn in FY22, supported by gains in market share, both in land-based games and digital.
Read MoreUBS assesses the third quarter result was “respectable”, underpinned by higher margins across all divisions and lower operating costs.
Read MoreThe company has indicated the outlook is difficult and plans to cut 1500 jobs. The prospect of breaking even on earnings (EBIT) in the fourth quarter, which usually represents 40-45% of annual EBIT, highlights the downside associated with any return to more restrictive lockdown measures, Credit Suisse asserts.
Read MoreUBS expects a softening in residential and commercial construction will negatively affect waste volumes across Australia. Still, Bingo Industries should be resilient and could even benefit from increased infrastructure projects.
Read MoreComputershare has re-affirmed its FY20 guidance after a number of pandemic-led earnings downgrades with margin income guidance at US$180m.
Read MoreWhile the acquisition of Matt Blatt and the acceleration in online penetration is supportive, UBS remains cautious. As stores re-open and competitive offerings emerge the broker expects the benefits for online business from the pandemic will partially reverse.
Read MoreAt current levels, Credit Suisse suggests an upgrade is required to support the share price appreciation and this may be challenging in the current environment.
Read MoreShare price of Nanosonics has been relatively stable during this period of pandemic-generated volatility, observes Morgans.
Read MoreCredit Suisse describes the drop in profitability in the latest update as “stunning”, with margins down -7-10%, and despite little apparent impact from the pandemic on revenue.
Read MoreFirst-half results were ahead of expectations and show the benefits of recent cost reductions and improvement in operations.
Read MoreCiti assesses the potential value of the US market for pandemic testing at US$6bn the six months ending December 2020.
Read MoreImproving fund flows in April indicates to Credit Suisse that assumptions were too conservative. The broker now upgrades FY20 estimates by 2% and FY21-22 Buy 9-12%.
Read MoreMacquarie considers Breville an attractive long-term portfolio holding, given the extended growth potential for the business, but downgrades to Neutral from Outperform, given the strong re-rating of the stock.
Read MoreOptiComm boasts a strong development pipeline that continues to perform well, hence the broker still expects a small beat of prospectus forecasts in FY20. For FY21, the broker forecasts a -20% decline in new dwelling construction.
Read MoreBreville Group’s equity raising provides flexibility and also enables the company to invest in international expansion and new product development, Credit Suisse notes.
Read MoreFirst half net profit was lower than Macquarie expected. The company has announced a $140m equity raising to strengthen the balance sheet.
Read MoreFalling market rents have caused Citi to lower office income forecasts. While Sydney and Melbourne entered the pandemic restrictions in a strong position, with rents near historical highs and vacancies at their lows, economic conditions have deteriorated.
Read MoreMacquarie believes a $700m capital raising provides the company with the ability to deal with the travel restrictions. While total transaction value in April was down -95%, an improvement is expected as travel restrictions gradually ease.
Read MoreUnderlying net profit in FY20 beat UBS estimates. The broker estimates the current pandemic relief package reduces FY21 revenue by around -1.5%.
Read MoreReports that the Chinese government is seeking to imposed tariffs on Australian beef, barley and other exports signals to Credit Suisse there may be a hit to container volumes.
Read MoreAlacer Gold and SSR Mining have announced a merger, whereby Alacer Gold shareholders will receive 43% of the equity in the combined business.
Read MoreFollowing a short restriction (from just ahead of the pandemic outbreak), Credit Suisse resumes coverage, upgrading to Outperform from Neutral, and reducing the target to NZ$1.40 from NZ$3.65.
Read MoreThe third-quarter update was largely in line with expectations. Credit Suisse suggests a dividend is still a possibility in the second half. Nevertheless, the valuation appeal is not enough and the broker retains a Neutral rating.
Read MoreCimic reported a weak March quarter, down -8% year on year. Based on the broker’s run-rate to achieve FY20 forecasts, underpinned by 1-6% profit growth guidance, Cimic has fallen behind on the run-rate and the June quarter will bring the real impact.
Read MoreUBS points out recent market concerns are focused on the company’s ability to manage credit risk and funding and the performance in April should alleviate some of the concerns.
Read MoreThe third-quarter update was largely in line with expectations. Credit Suisse suggests a dividend is still a possibility in the second half. Nevertheless, the valuation appeal is not enough and the broker retains a Neutral rating.
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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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