ANZ Bank has announced additional remediation charges of $559m. Unlike National Australia Bank’s ((NAB)) recent additional charges, this does not relate to financial advice but rather to product reviews and fee & interest calculations.
Read MoreSydney Airport has started to re-negotiate access agreements. Macquarie assesses the company is facing a more challenging slot environment, as competitors, such as Western Sydney, Melbourne and Brisbane, are adding runway capacity.
Read MoreContinuing operations at Gwalia and Simberi were weaker in the September quarter, Credit Suisse notes. However, the company’s recently-acquired Atlantic Gold has performed in line with expectations and offset the weaker contribution from Gwalia and Simberi.
Read MoreUBS believes the company simplification and strategy update is well articulated, with a renewed focus on the core fleet and novated business. The cost base is expected to reduce materially by FY22.
Read MoreFirst-quarter activity trends were marginally stronger than Credit Suisse expected. Strength is predominantly in equity post-trade services and trading, offsetting slightly weaker-than-expected derivative and OTC activity.
Read MoreUBS downgrades to Neutral from Buy, believing risks are now more balanced. The broker assesses the market is pricing in a solid outcome for the sale of the engineering & services business.
Read MoreThe company has received Therapeutic Goods Administration approval for its paediatric cough diagnostic. This follows CE Mark approval for both children and adults which allows the company to market the device across Europe.
Read MoreThe company has signed an exclusive licence and supply agreement to commercialise a combined oral contraceptive in the US for total consideration of US$295m. The product is to be launched in the second half of FY21, subject to FDA approval.
Read MoreThe bank will take $1.19bn in additional remediation charges in the second half in its results. This top-up is driven by the inclusion of provisions for customer refunds for self-employed advisers.
Read MoreAllowing for a small reduction in profit as a result of the sale of Capital SMART and ACM Parts to AMA Group ((AMA)), Citi reduces estimates for earnings per share in FY20 by -1%.
Read MoreThe company continues to widen distribution channels and has added three new partners in the September quarter. Morgans points out new partners do not increase revenue immediately but increase the odds of meeting revenue forecasts over time.
Read MoreAfter reviewing the outlook for plastic pallets, UBS suspects new capital will likely be deterred by the risks involved and the long-dated return profile.
Read MoreCredit Suisse has reviewed forecasts for bulk commodities, reducing near-term metallurgical coal price estimates by -27% for the fourth quarter of 2019 and by -15% for 2020.
Read MoreNo surprises from the Nufarm FY19 result given the company kept the market well-informed. The surprise came with the sale of the LatAm business, which had been soaking up 33% of working capital while representing 28% of earnings, suffering negative cash flow for the last five years and exposed currency risk, at what Macquarie describes as a “good price”.
Read MoreCredit Suisse is concerned about the worrying trend of earnings downgrades. The Thomas Cook receivables exposure is two-thirds of B2B FY19 earnings and a reminder of the credit risk in B2B.
Read MoreMorgans is not surprised at the downgrades to the earnings outlook given the deterioration in the metallurgical coal market. The broker downgrades 2020-21 estimates for earnings per share by -8-22%.
Read MoreCiti assesses expectations are low leading into the FY19 results on September 30. The shares are down -27% in the year to date, sharply underperforming the broader market.
Read MoreMorgans assesses the investor briefing showcased the quality of management as well as the world-class viticultural assets. Vintages 2016-2019 are expected to underpin strong earnings growth out to FY22.
Read MoreMacquarie reviews the prospectus for the company’s proposed Singaporean REIT, which is expected to diversify funding options. Macquarie would expect Lendlease to vend in stakes from assets in the urban regeneration pipeline as they are developed.
Read MoreManagement has indicated there is increasing demand for the warehouse space at Moorebank Logistics Park but the capital expenditure required is higher than previously expected
Read MoreThe company has sold Banksmeadow to a private equity group for $50m. The sale price was at the lower end of expectations, hence Macquarie suggests lower buyback capacity.
Read MoreFollowing the recent underperformance of the share price, UBS upgrades to Buy from Neutral. The broker expects Monadelphous to return to sales growth in FY20 as it transitions into iron ore replacement and sustaining capital projects from LNG construction.
Read MoreMacquarie notes the Virginia Department of Transportation has signed off on a corridor study to address bottlenecks on the ramps to the Greenway/DTR interchange as has the Metropolitan Washington Airports Authority.
Read MoreThe company’s strategy update has revealed a level of detail and scope for cost reductions that are ahead of UBS estimates. No formal FY19 guidance was provided.
Read MoreWebjet expects the collapse of Thomas Cook will reduce FY20 operating earnings (EBITDA) by up to -$7m. Thomas Cook also owes Webjet EUR27m in unpaid receivables.
Read MoreCredit Suisse observes management is genuinely impressed with the exploration opportunity at Pogo and confident it will be its best mine within three years.
Read MoreProfit improved in FY19 on minimal incremental investment, Credit Suisse observes. Invested capital was flat and earnings (EBIT) increased 11%.
Read MoreCiti has initiated coverage of Afterpay Touch with a Neutral rating and $33.70 price target. The analysts hold the view the market might be underestimating the growth levers embedded inside this business model.
Read MoreCiti notes Brickworks’ FY19 performance beat the company’s own guidance (4% growth versus flat guidance), broadly showing off the inherent resilience that stems from a diversified set of operations. Record earnings from the Property business helped, of course.
Read MoreThe company has acquired two assets for $380.5m, funded with a $273m equity raising. UBS increases the valuation, raising the target to $2.82 from $2.74, after incorporating the transaction but downgrades to Neutral from Buy on valuation grounds.
Read MoreMorgans believes Infigen Energy’s approach to delivering energy to customers is the future of the National Electricity Market and remains confident the company can grow retail volumes and earnings in the face of declining carbon prices.
Read MoreUBS assesses Regis Healthcare continues to generate the best returns in the aged care sector, with the highest quality portfolio of assets.
Read MoreFY19 net profit was at the top end of guidance and above forecasts. Credit Suisse found the results solid, reflecting the full year impact of the Oboz acquisition as well as operating efficiencies.
Read MoreCiti analysts attended a2 Milk’s Shanghai Investor Day with the take-away message that growth potential remains significant, but from here onwards the company will have to spend more to achieve it.
Read MoreThe FY19 result revealed materially softer coal prices in the second half. Delays at Acland continue. The project still requires the mining and water licence to proceed and no further insight was provided.
Read MoreThe company expects the first half result to be “materially lower” than the prior corresponding first half. This earnings warning comes soon after the FY19 results where, Credit Suisse points out, management had highlighted macro headwinds stemming from the US/China trade war, low Turkish steel demand and soft automotive demand.
Read MoreThe company has entered the scheme of arrangement with one of China’s dairy product manufacturers, China Mengniu Dairy.
Read MoreThe company has announced the divestment of its commercial equipment finance business. As the core fleet & novated leasing has returned to a dominant position, and with just two further divestments in the pipeline (Right2Drive and consumer), Citi upgrades to Buy from Neutral.
Read MoreThe outlook for private hospital volumes and prices remains the key driver of Ramsay Health Care, UBS assesses. Australia represents around 78% of the FY20 earnings (EBIT) forecast.
Read MoreCredit Suisse was impressed with the visit to the Torquoy mine and processing facility. The broker now appreciates why management was willing to pay a premium to acquire Atlantic Gold although still believes exploration success is necessary to bridge the premium.
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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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