First-half results were pre-released and the main new item in the financials was the growth guidance from the PnP acquisition. This contributes to a lift in Morgans’ FY20-22 operating earnings estimates of 3-10%.
Read MoreUnderlying profit was in line with forecasts and the highlight for UBS was the increased price realisation of 3% in response to cost inflation incurred over the past two years.
Read MoreBendigo & Adelaide Bank’s result was overshadowed by a large software expense impairment, a dividend cut and an announced capital raising.
Read MoreFirst half earnings (EBIT) were in line with expectations. Sales were below Credit Suisse estimates, stemming from further deterioration in the market and customer de-stocking.
Read MoreCredit Suisse observes the market appears to be doubting or fearing the FY20 capital expenditure guidance, after the stock slumped -11% versus its peers.
Read MoreThe Federal Court has ruled that the proposed merger with Vodafone Australia can go ahead. The merger is expected to be completed in mid 2020. UBS considers the development broadly neutral for the sector.
Read MoreNational Bank’s quarterly update highlighted some positive themes, the broker notes, continuing on from Commonwealth Bank’s ((CBA)) result earlier in the week. Net interest margin increased slightly on mortgage repricing, although the broker sees offsetting actions required ahead to counter a lower cash rate. Asset quality is sound and capital has increased.
Read MoreCiti analysts have been of the view that, at best, AMP is looking forward to a long road to recovery, and that view hasn’t changed. Hence why the rating remains Sell/High Risk. Estimates have been lowered post the release of FY19 financials.
Read MoreWesfarmers is scheduled to report on February 19, and Credit Suisse anticipates a “solid” performance despite some industrials issues. Sales growth at Bunnings is believed to be accelerating and Kmart, despite overall tough conditions for retail, should come out well, assisted by logistics problems in the past.
Read MoreThe broker has responded to the Commonwealth bank result with a series of charts. It is unclear how the result stacked up against forecasts.
Read MoreFirst half results were better than Morgans expected. Immunoglobulin growth continues to impress and Seqirus sales were robust.
Read MoreFirst-half net profit beat Credit Suisse estimates because of toll treatment contributions that were not discernible from the quarterly reports.
Read MoreFY20 profit guidance is downgraded by up to -7% because of the impact of coronavirus in greater China. Management has not witnessed any impact outside of greater China and is not making any changes to the cost base.
Read MoreAventus Group posted a solid result, the broker suggests, in line with expectations and ahead of retail peers. The REIT is making incremental steps towards gearing reduction which the broker sees as positive.
Read MoreCredit Suisse upgrades to Neutral from Underperform and assesses the market is now more realistic about diversification outcomes.
Read More2020 guidance is slightly better than UBS forecast. Production ex Didipio is expected to be 360-380,000 ounces at an all-in sustainable cost of $1025-1075/oz.
Read MoreAurizon’s result was solid, the broker suggests, as network earnings normalised and the bulk division posted a beat. Strong cash generation has led to an expansion of the buyback, given meaningful growth opportunities are hard to find.
Read MoreUBS believes there is an increasing likelihood that Qantas will pursue direct flights to New York and London. An increase in capital expenditure is expected as a result.
Read MoreGoing into the first half result, due February 19, Credit Suisse envisages low risk to FY20 guidance.
Read MoreAustal’s inclusion in the US Navy’s Umanned Surface Vessel program is a major win for the company, the broker suggests, ensuring Austal remains a relevant shipbuilder for the US Navy as it pivots towards unmanned vessels.
Read MoreThe company has marginally upgraded guidance at the first half result, which was broadly in line with expectations.
Read MoreFirst half results were in line with expectations. The main growth driver in the future is the commercial development pipeline, in Credit Suisse’s view.
Read MoreFirst half leasing activity was equal to around 9.5% of the portfolio’s leasing assets. The portfolio is now valued at $2.1bn across 23 assets.
Read MoreThe interim result was solid, in Credit Suisse’s view, although an accelerated maintenance schedule prevented a meaningful improvement.
Read More2019 underlying net profit was in line with guidance and expectations. This includes the previously-announced loss related to the exit of the BICC business in the Middle East.
Read MoreFirst-half results were in line with estimates. UBS observes investors in BWP Trust have an elevated level of risk relative to history.
Read MoreShopping Centres’ result slightly beat the broker and FY20 guidance was in lone with expectation. An upgrade to funds from operations expectations is a positive, the broker notes, along with improvement in sales growth.
Read MoreUBS observes wholesale trends continue to improve through January and mushroom pricing was particularly pleasing.
Read MoreAn agreement on fiscal terms for the P’nyang project has not been forthcoming. Papua LNG is now the sole focus. Citi notes Papua LNG will need to renegotiate its commercial terms with PNG LNG and re-engineer the downstream.
Read MoreActivity levels have been materially reduced over the December quarter to conserve cash in the current market, with mining down -78%. March quarter sales are guided at 35-50,000t and operating expenditure at $19.8m.
Read MoreGroup production of 108,000 ounces at an all-in sustainable cost of US$980/oz were in line with forecasts. Didipio remains in limbo, pending the outcome of the mining licence renewal process.
Read MoreGoogle reviews suggest both Main Event and Dreamworld are seeing improved customer momentum, leading the broker to reiterate its Buy rating on Ardent Leisure.
Read MoreGold production in the December quarter was well below UBS estimates. Costs were ahead. Weaker production is mainly because of lower output at Lihir and Telfer.
Read MoreCredit Suisse observes the company is making progress on what it can control. Production in the December quarter was marginally ahead of the FY20 budget.
Read MoreFirst half production was below estimates but this was more than offset by higher pricing and sales revenue. Credit Suisse is encouraged by the successful Bauer appraisal well which may support an upgrade to reserves.
Read MoreAhead of the first half result on February 24 the company has disclosed Pro-forma financials. These are in line with UBS estimates, with aggregated revenue of $10.5bn.
Read MoreThe company has guided to around 8.4mtpa in 2020 because of turbine maintenance on one LNG train. Similar maintenance will be undertaken on the second train in 2021.
Read MoreMacquarie has long maintained the mantra that ResMed’s valuation, now 36.8x forward earnings and a 38% premium to medical device peers, ascribes limited medium-term risk in relation to reimbursement changes or the longer-term impact of competing technologies. Underperform retained.
Read MoreCiti notes Sydney Airport amassed 16.9m international passengers 2019 of which 1.2m were going to or from China.
Read MoreThe broker has reviewed Dec Q performance across 47,000 slot machines in Australia and found Aristocrat Leisure continues to have the most popular titles, with new game performance 1.3x the floor average. Ainsworth Game Technology continues to underperform at 0.8x, while for other competitors the numbers are hit and miss.
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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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