Revenue was 6% of ahead of UBS estimates in the December quarter. The broker likes the company’s strategic position as the only producer of rare earths outside of China, for which demand is set to double by 2025.
Read MoreA new retailer co-operative appears designed to reduce buying costs and improve the availability of local and specialty lines that do not compete directly with the range offered by Metcash.
Read MoreThe strong ramp-up in gas production in the December quarter has been offset by softer prices. Credit Suisse suspects declining LNG netbacks stemming from weak LNG spot pricing will have limited impact on Senex Energy because of term contracting.
Read MoreNetwealth reported a record $2.9bn net inflows in the Dec Q, made up of $1.1bn from ANZ Private and a doubling of underlying flows from six months ago. Add in a strong market to kick off 2020 and the company has raised its funds under management outlook. Target rises to $7.65 from $7.50.
Read MoreUBS assesses customer engagement improved in Australia and Germany in the first half but softened in France.
Read MoreThe company has guided to a decline in underlying net profit in the first half because of challenging industry conditions that particularly affect the retail business. An improvement is expected in the second half.
Read MoreFollowing recent share price strength, amid expectations of a cyclical upswing, Morgans downgrades to Hold from Add.
Read MoreCredit Suisse observes recent travel data has been weak, consumer sentiment is poor and there is a strong second half skew to guidance.
Read MoreThe commodity price outlook is far more accommodative and Credit Suisse lifts the target to $11.00 from $7.50. Rating is upgraded to Neutral from Underperform.
Read MoreBell Potter has a positive take on Monadelphous due to the announcement of contract awards worth circa $350m, putting it on track to achieve its $1.5bn target in awards for FY20.
Read MoreWilsons notes the retailer’s revenues have been impacted by the bushfires, as well as broader difficult trading conditions.
Read MoreCredit Suisse considers it likely investors will look through the fire-related impact on stores in the first half. Nevertheless, more frequent and extreme events have the potential to affect retailer performance.
Read MoreCredit Suisse raises the target to $16.25 from $15.50, suspecting there could be more consensus upgrades. Falling raw materials prices could stimulate some new volume and underpin profit.
Read MoreThe company delivered on its 2019 guidance and has set forecasts for iron ore shipments in 2020 at 330-340mt.
Read MoreThe December quarter was soft, Credit Suisse observes, amid weak manganese prices. The main change to estimates is driven by an expected effective tax rate of 75-85% in the first half. There are no available tax benefits to use from South Africa Energy Coal.
Read MoreBuy rating maintained while the price target loses -1c to $0.80. Citi found the Q2 trading update serves as a signal that sales momentum is strong, supported by Black Friday and Christmas 2019.
Read MoreAlcoa reported an adjusted earnings loss for the December quarter of -US$0.31 per security. Net distributions to Alumina Ltd were US$74.4m.
Read MoreResolute Mining will sell Ravenswood gold mine for $50m cash, a $50m promissory note and up to $200m in contingent payments. Macquarie values the deal at $150m.
Read MoreUBS believes new listings are now on track to return to positive growth in the second half. FY20 earnings forecasts are unchanged but FY21-22 are increased by 11-12% on higher assumed listings growth.
Read MoreFunds under management totalled $26.3bn at the end of December, up 1% during the quarter. This was ahead of Credit Suisse estimates and the company has reported its first positive quarter of flows in nearly three years.
Read MoreThe company’s 2020 production guidance of 500,000 ounces is in line with Macquarie’s expectations while guidance for AISC of US$980/oz is -19% below forecasts.
Read MoreCiti expects a step up in growth in the second quarter as the company angles for a partner-based channel strategy. The broker is looking for a record second quarter after a weaker-than-expected first quarter.
Read MoreNielsen data from the US indicates the company’s December sales were weak, with volume sales down -3.5% in the month. Top brands fared better, up 0.2% year-on-year and an improvement vs November.
Read MoreCredit Suisse downgrades earnings estimates by -3-4%. The broker believes the company has one of the best products in the market and is able to gain market share through capturing an outsized share of flow.
Read MoreThe Sangomar project phase 1 has received final approval from the Senegalese government and will move to execution and development. This is a major step forward for the company’s growth strategy.
Read MoreARB Corp is considered well-placed to benefit from the shift in consumer preferences towards sports utility vehicles and four-wheel-drive cars. However, Citi finds the peer multiple demanding amid short-term headwinds stemming from a decline in first half Australian 4×4 sales.
Read MoreBoth production and costs were below guidance in the December quarter. The company has also flagged a potential downgrade to the resource at Mount Carlton and water security issues at Cowal.
Read MoreUBS observes the company has outperformed the market by 20% over the last month because of improved operating leverage, double-digit back book growth and the acquisition of Church Community Builder.
Read MoreLendlease has an agreement with Acciona for the purchase of its engineering business for $180m, less selling costs and working capital adjustments.
Read MoreUBS reinstates coverage with a Buy rating and $1.85 target. The broker assesses the company’s regulated electricity and gas networks face a reduction in the rates of return at the forthcoming regulatory re-sets.
Read MoreCredit Suisse initiates coverage on Strike Energy with an Outperform rating and $0.28 target. The main asset is the recent gas discovery, West Erregulla, in the Perth Basin which may enable up to 250TJ/d for domestic gas development.
Read MoreCredit Suisse believes the company has paid a fair price for 50% of the Super Pit based on the current reserves and the assumption that the current constrained production and elevated costs will improve.
Read MoreSouth Australia Power Network (49% owned by Spark Infrastructure) has asked for no material change in total revenue across 2020-25, even though it is targeting higher expenditure than the regulator assumes.
Read MoreAustralian Pharmaceutical has sold its 12.96% stake in Sigma Healthcare ((SIG)) for $0.60 a share. Credit Suisse calculates this represents a -$3.5m loss vs the price of the acquisition in December 2018.
Read MoreThe company has reduced FY20 net profit guidance to around $115-120m from $140m. This represents a -14-17% downgrade to prior UBS estimates.
Read MoreShareholders have voted in favour of the Endeavour Drinks restructure. This will allow for a reduction in ethical concerns, with the drinks business being separated, Macquarie assesses.
Read MoreSigma Healthcare has downgraded FY20 operating earnings (EBITDA) guidance to $46-47m. This comes as of result of reclaiming the FMCG portion of the Chemist Warehouse contract and given the necessity to reinvest in the business.
Read MoreMayne Pharma has completed its response to the US FDA regarding its generic NuvaRing application, although any approval is not anticipated before the second half of 2020.
Read MoreQantas has deferred a decision on Project Sunrise to March 2020 as it narrows down the type of aircraft, advising there would be no regulatory obstacles from the Civil Aviation Safety Authority regarding non-stop flights.
Read MoreUBS is increasingly convinced of Charter Hall’s ability to continue raising and deploying third-party equity/debt. The broker upgrades earnings estimates by 7-8% to reflect growth in assets under management and co-investments.
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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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