Credit Suisse continues to believe Macquarie Group is a quality business but there are multiple headwinds over the short-term around transaction volumes, asset realisations and the potential for further impairments.
Read MoreUBS found the third-quarter update positive as the company will reduce costs by -20% and the slump in listings appears to be better than some bear case scenarios.
Read MoreDacian Gold has completed its recapitalisation via a $98m raising, and the broker has returned from restriction to set an Outperform rating, given the company’s credit risk, which previously had the broker on Underperform, has been materially reduced. Target 45c on dilution (previously 70c).
Read MoreCredit Suisse suspects a V-shaped recovery is unlikely without a 2009-type stimulus from China to underpin commodity markets. Base metal forecasts have been reduced out to 2022.
Read MoreThe virus impact on Cleanaway Waste Management’s operations has largely netted out to flat, given falls in demand for collections in Commercial & Industrial, other than supermarkets, have been offset by increased residential collections. The company says it’s still on track to meet prior FY20 guidance but has withdrawn guidance nonetheless.
Read MoreThe company has indicated that operating initiatives and JobKeeper will reduce the 2020 cost base by -18%.
Read MoreMedibank Private has signalled no change to its FY20 health earnings outlook and no change to dividend forecasts.
Read MoreUBS is concerned about the ongoing focus on test pricing and growth in outlays and what this means for healthcare budgets.
Read MoreWestpac has announced the formation of a specialist business division, which includes wealth, superannuation, investments & automotive, general & life insurance. The bank is taking a strategic review to assess the most appropriate ownership structure.
Read MoreAustralian Finance Group’s residential lodgements increased 33% year on year in the March quarter and 34% in April, although the broker notes last April was benign given the bank Royal Commission and a pending election. Home loan lodgements were down -34% in April due to bank competition. Mezzanine funding has been secured to provide covenant relief.
Read MoreIncremental news from the trading update has related to residential listings in April, which were better than some of the feedback Credit Suisse has received from agents.
Read MoreWestpac has announced the formation of a specialist business division, which includes wealth, superannuation, investments & automotive, general & life insurance. The bank is taking a strategic review to assess the most appropriate ownership structure.
Read MoreUBS rates the stock as NeutralInghams has observed more uncertainty around the final weeks of FY20 in terms of changing volume and channel mix.
Read MoreCredit Suisse downgrades estimates by -1-5% following the first half result, to incorporate lower revenue and higher expenses. The broker observes greater confidence around Westpac’s provisioning compared with its peer group.
Read MorePilbara Minerals has shipped 33,700t of spodumene concentrate in the March quarter, a flat outcome on the prior quarter.
Read MoreCredit Suisse assesses the company’s update is, on the whole, a “good result”. The broker suspects it underestimated a spike in DIY sales and omitted the boost from promotional activities.
Read MoreThe March quarter was challenging and production from Hera was below expectations because of lower grades. Macquarie expects an improvement in the fourth quarter as Peak normalises.
Read MoreMarch quarter production and financial metrics were either ahead or in line with UBS forecasts.
Read MoreNewcrest is raising $1-1.1bn in equity with the placement issue price at a -7.0% discount to the last traded price. Proceeds of $704m will be used to acquire the gold streaming and financing of Fruta del Norte, the Ecuadorian gold mine in which the company has 32% equity share.
Read MoreUBS notes TPG Telecom will not be allocated 3.5GHz spectrum in Singapore. However TPG Telecom and others will be allowed access to the spectrum in order to offer 5G services through a wholesale arrangement.
Read MoreAP Eagers has reduced its workforce, applied for JobKeeper, been granted rental relief and has deferred all non-essential capex, Morgans notes. Importantly, the company has secured additional working capital facilities, taking its liquidity to $392m, greater than the broker previously assumed.
Read MoreCredit Suisse downgrades to Neutral from Outperform. The share price has rallied 45% since the trough and is now approaching the broker’s target. Target is $3.20.
Read MoreLendlease has raised up to $1.15bn. UBS assesses the proceeds will be used to strengthen the balance sheet and also allow the company to take a larger share in development pipeline/profits and acquire opportunistically.
Read MoreUS sales of cosmetics were down -40-62% in the four weeks to April 18, the broker notes, with weakness extending to suncream and shampoo, reflecting no one going out to shop. The US represents 49% of BWX sales.
Read MoreThe first half-credit impairment charge is slightly lower than Morgans expected. The broker believes the announcement aligns with its base case that Westpac will not raise capital.
Read MoreCredit Suisse assesses the March quarter update highlights weak demand amid capacity closures and depressed pricing. The pain for Coronado Global is reflected in the elevated net debt as working capital movements go against the company.
Read MoreUBS believes the company is well-positioned to withstand the disruptions from the pandemic over the course of 2020.
Read MoreBellevue Gold has an increase in its inferred resource of 23%, to 6.1mt at 11.3g/t for 2.2m ounces of gold following a maiden resource from the Deacon lode.
Read MoreThe broker has initiated coverage of Graincorp ((GNC)) spin-off United Malt Group, the world’s fourth-largest commercial malster, with a Hold rating and $4.65 target. While there is much to like about the company the broker does not believe virus downside risk is being fully priced in.
Read MoreCredit Suisse believes the company’s $275m capital raising should address any market concerns about gearing. The issue is dilutive to earnings by around -20% but pro forma gearing reduces to 22.6% from 32.1%.
Read MoreThe $85m capital raising, including a $75m institutional placement and $15m share purchase plan, may be considered opportunistic but UBS assesses it provides scope for potential acquisitions.
Read MoreResMed reports its March quarter results on May 1. Credit Suisse expects third-quarter revenue growth of 6%.
Read MoreAt this stage the broker is forecasting a -70% drop in car and -45% in truck traffic on the APRR for another three months but notes as lockdowns begin to be eased from mid-May, activity should improve. This would reduce the risk around debt covenants.
Read MoreThe surge in demand that occurred in March and April may be underwriting a strong result but Credit Suisse notes significant uncertainty in the outlook as household income and business cash flow declines.
Read MoreUBS anticipates new renewable projects in Victoria along with the company’s success in securing the western Victoria transmission upgrade could mean there are a number of catalysts to be outlined at the FY20 results on May 12.
Read MoreAlumina posted a solid March quarter result, Macquarie suggests, with production, sales and the share of AWAC earnings all in line with expectations. Distributions from the AWAC joint venture with Alcoa were 7% higher than forecast and AWAC is looking to cut capex to offset weaker alumina prices.
Read MoreThe broker has cut its Australian Finance Group earnings forecasts by -3% out to FY25 following a review of credit, hardship and investment risk. The broker notes the company has no debt and $50m in cash.
Read MoreMarch quarter production and revenue were below expectations, mainly because of a delay at Sole and also lower gas at Casino and lower oil at Cooper Basin.
Read MoreMarch quarter revenue was weaker than Macquarie expected, driven by a lower realised oil price and lower-than-forecast production.
Read MoreCredit Suisse expects Amcor’s rigid plastics will be affected, envisaging a -5% drop in volume in the second half, given The Coca-Cola Co reported global volumes during April are down -25%.
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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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