The company has announced its capital position at the end of March amid a de-risking of its investment portfolio. Credit Suisse calculates investment experience losses, not disclosed, represent around 6.5% of the investment assets.
Read MoreUBS suggests the market is discounting the longer-term outlook for Crown Resorts. The broker estimates cash burn of -$40m per month during the period the casinos are shut down.
Read MoreCredit Suisse increases estimates for earnings per share by 7% and 27% in FY20 and FY21 respectively, implementing higher gold and lower FX estimates.
Read MoreWoodside has reduced expenditure by -US$2.4bn. Credit Suisse notes the balance sheet is robust and there is little risk to debt covenants under current conditions.
Read MoreFirst-half results were softer than UBS expected. The miss was attributed to Australasia and Asia sales growth. The broker believes the medium-term growth story is intact and upgrades to Buy from Neutral.
Read MoreSouth32 has announced interruptions to its South African operations after the government called a 21-day lock-down.
Read MoreSouth32 has announced interruptions to its South African operations after the government called a 21-day lock-down.
Read MoreAMP has withdrawn 2020 guidance, but the sale of Life and NZ is progressing. The broker has marked to market for funds under management but also adjusted remediation assumptions (80% already paid) to remove some duplication of earlier numbers.
Read MoreUBS is not surprised by the company’s decision to raise up to $850m, considering the sudden deterioration in the operating environment and the likelihood of paying out $380m in penalties following the lost patent infringement case.
Read MoreTraffic levels are likely to be severely impacted by travel bans, lock-downs and other measures to slow the spread of coronavirus. Credit Suisse expects a reduction in the dividend of -23% in FY21 because of lower free cash flow.
Read MoreGovernment action in South Africa has led to Rio Tinto shutting down operations and developments there for three weeks. Quebec has called mining and smelting essential, but only at minimum rates. The broker has adjusted accordingly and also adjusted for commodity price and forex movements.
Read MoreHealius has withdrawn FY20 guidance. The company is currently completing around 2500 tests for coronavirus per day but this is not enough to offset the volume drop from fewer GP attendances and the deferral of elective pathology & radiology work.
Read MoreWoolworths has declared it cannot accurately forecast the impact of the virus on its full-year result. A trading update revealed strong recent sales growth on consumer hoarding, nonetheless leading to strain on supply chains to keep up with demand. Management noted, however, mayhem seemed to be easing last weekend.
Read MoreFY20 guidance has been withdrawn. Morgans believes it appropriate to revise forecasts and adjust dividend expectations, as cash conservation is paramount.
Read MoreCiti upgrades the banking sector to Buy. Even in a severe bad debt scenario the current crisis is not likely to de-stabilise the sector such as what occurred in the GFC.
Read MoreBased on the latest data, the broker estimates Aristocrat Leisure’s social gaming and casino app revenue has grown by 10-15% year to date. Total social gaming revenue is estimated to be up 90% year on year in February and 50% year to date.
Read MoreFirst-half results were characterised by good cost control and brand management, UBS observes. However, the broker reduces near-term forecasts by -15-20% to reflect the impact of coronavirus.
Read MoreThe company has withdrawn guidance because of the unknown impact on scrap demand and activity. Credit Suisse notes the positives include a strong balance sheet, with limited draw on working capital under the current trading conditions.
Read MoreNetwealth has announced it will absorb the impact of the cut to the official cash rate, equivalent to a cut of around -10%to pre-tax profit on a full-year basis. This is in line with UBS forecasts.
Read MoreThe company has won a new account which will transition around $1bn of funds under administration. Credit Suisse upgrades flow forecasts in the outer years to capture the benefit.
Read MoreThe outbreak of coronavirus has shifted the economic outlook and funding markets in a negative direction, UBS notes. The broker calculates Lendlease requires $150-200m in transaction earnings to reach FY20 consensus forecasts.
Read MoreThe company has reduced earnings expectations for FY20, abandoning the likelihood of a strong rebound in premium ad volumes in the current half. An automatic price rise of around 8% has also been postponed.
Read MoreWith earnings already under pressure from ultra-low rates, the likelihood of further unconventional measures implies another step down. Macquarie notes that while the jury is out on the effectiveness of QE, consensus suggests it hurts bank profitability.
Read MoreUBS upgrades to Buy from Neutral as the valuation appears highly attractive for the long-term growth trajectory. A commercialisation of the relationship with Dassault is a material near-term catalyst.
Read MoreWhile the company has experienced a stable operating environment in the year to date the coronavirus outbreak implies some risk going forward.
Read MoreCoca-Cola Amatil as withdrawn FY20 guidance. On the one hand the company is benefitting from consumer stockpiling but on the other it is losing sales due to cancelled events, crowdless sport and a general stay-at-home trend.
Read MoreThe company has suspended guidance. Costs are being managed, which includes staff leave, shorter working weeks and reductions in discretionary expenditure.
Read MoreVirgin Australia will reduce group capacity by -6% in the June half and -8% in the December half. This could be adjusted further to reflect changes in demand, either through tactical cancellations or further scheduling cuts.
Read MoreThe company has reverted back to its original guidance, expecting a pre-tax profit range of $500-550m as opposed to the top end of the range.
Read MoreVirgin Australia will reduce group capacity by -6% in the June half and -8% in the December half. This could be adjusted further to reflect changes in demand, either through tactical cancellations or further scheduling cuts.
Read MoreThe company has suspended guidance. Costs are being managed, which includes staff leave, shorter working weeks and reductions in discretionary expenditure.
Read MoreFlight Centre has withdrawn FY20 guidance. The broker has revised down forecasts with the caveat of best guess under the circumstances. The broker’s travel sector view is one of depressed conditions throughout the first half FY21 before normalising in FY22.
Read MoreA brave team of healthcare analysts at Citi has upgraded CSL to Buy from Neutral if only because the share price continues to weaken. Citi has kept the $332 price target intact, while forecasting double-digit percentages growth in EPS for each of the following three years.
Read MoreCredit Suisse cuts oil price forecasts substantially, lowering Brent in 2020 to US$37-42/bbl from US$55-63/bbl. 2021 forecasts are also reduced, to US$45-50/bbl from US$55-65/bbl.
Read MoreWith respect to the virus, Macquarie sees limited risk to Consumer Staples particularly supermarkets, Coca-Cola Amatil and Domino’s Pizza.
Read MoreDue to plunging interest rates, Computershare has downgraded FY20 management earnings guidance to “down around -15%” from a previous “down around -5%” but more importantly, the broker notes, downgraded FY21 margin income guidance by -47% on the basis that negative knock-on effects could manifest for US mortgage servicing and corporate actions through FY21.
Read MoreTravel demand has slumped sharply and there are high levels of uncertainty over the next 6-12 months. Hence Webjet has withdrawn FY20 guidance.
Read MoreQantas has announced a -23% cut to international capacity and a -5% cut to domestic. Guidance has been withdrawn because of the unknowns surrounding coronavirus.
Read MoreSeaLink Travel’s acquisition of Transit Systems transforms the company, the broker suggests, providing exposure to metro bus services in Australia, Singapore, and London. Transit Systems’ advantage is its ability to manage margins against contract terms, the broker notes, with revenue not exposed to passenger and fare risk.
Read MoreQantas will seek to reduce international capacity by -23% until September 2020, or at least until the operating environment is clearer. To ensure the balance sheet can withstand the challenges, the company is cancelling the $150m off-market buyback.
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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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