In a consolidating market, Credit Suisse foresees material upside in both a stand-alone and merger scenario for the company. The broker expects only modest improvement in growth in the second half relative to a weak first half but believes the issues are transient, such as bottlenecks in Victoria.
Read MoreThe company’s second-half guidance is reduced by around -10% to “approaching $500m”. Credit Suisse suggests the market is looking at just how low guidance can go for FY20.
Read MoreUBS found two positive surprises from the company’s strategy briefing. Fourth quarter like-for-like sales were ahead of expectations and $1bn of cumulative cost reductions by FY23 were announced.
Read MoreThe share price has rallied over 30% in the last month and Morgans downgrades to Hold from Add. Second half operating earnings (EBITDA) are forecast to be less than the first half so, potentially, some weakness is likely to follow when the company reports in late August.
Read MoreMacquarie takes a closer look at the US fresh milk opportunity, the largest consumer market in the world. A2 Milk is currently building its market share, experiencing a similar development profile to Australia, which the broker finds encouraging.
Read MoreAfterpay Touch is required to appoint an AUSTRAC-approved external auditor to look into its compliance with the anti-money laundering regulations. The company must provide AUSTRAC with a copy of the final audit report within 120 days of the external auditor being engaged.
Read MoreThe company has guided to May quarter operating earnings (EBIT) of US$28-29m from its auto and metals recycling segment.
Read MoreThe combination of Amcor and Bemis creates the largest plastic packaging company in the world, Morgans notes, with the deal significantly enhancing Amcor’s presence in North America.
Read MoreThe UK NHS has published hospital activity data for April. UBS estimates NHS e-referrals represent around 79% of Ramsay Health Care’s UK total admissions. April volumes for Ramsay decreased -2.9% while 12-month rolling growth moderated to 4.9% from 6.5% at the end of March.
Read MoreThe company has declared commercial production at the Copler sulphide plant. 2019 oxide production estimates have also been upgraded and costs lowered. Guidance has been increased to 125-145,000 ounces.
Read MoreCiti notes the stock has pulled back substantially and sector sentiment remains weak amid falling steel/scrap prices and minimal buying interest. Still, the broker suspects a market nadir may be close.
Read MoreThe company intends to exit its 50.1% interest in Stratton. UBS considers this a positive move as Stratton provided a minor financial contribution relative to the significant effort by management required to deal with the issues.
Read MoreCredit Suisse has concluded that ongoing weak sales is a more severe earnings headwind for the company, compared with annuity spreads. The company has also guided to FY20, which implies -7-12% downgrades to forecasts.
Read MoreUBS transfers coverage of Charter Hall to another analyst. The target is upgraded to $11.05 from $8.60 and earnings estimates are increased by 10-20%.
Read MoreAUB has downgraded FY19 profit growth guidance to 3-5% growth from a prior 7-12%, citing substantially lower NSW workers comp case volumes and an over-run in the cost of a new underwriting agency IT system
Read MoreMorgans revises forecasts following the release of ABARES’ 2019/20 winter crop forecast. Another below-average east coast grain crop is expected, although it should be better than last year.
Read MoreThe company has provided a trading update on the public cloud business, where the margin contribution has surpassed that of the private cloud. The business has exceeded 530,000 seats on O365 including around 100,000 academic seats.
Read MoreCredit Suisse observes specialty sales for CSL Behring have grown around 15% per annum since FY13, driven in part by Kcentra. The broker believes this product is increasingly used off label to reverse other anti-coagulants including NOAC and control bleeding in trauma situations.
Read MoreAGL had hinted at a desire to move into the telco space at Macquarie’s recent conference but rather than muck around, it has put in a bid for Vocus Group ((VOC)) below the bid that private equity recently withdrew.
Read MoreThe company has appointed Rizing as a distribution partner. Rizing will promote the company’s Talent Community sourcing system in return for a share of recurring licence income. The deal is non-exclusive.
Read MoreThe company has updated on June quarter production, downgrading guidance to 45-50,000t from 50-55,000t. The reason, UBS notes, is the delay to the production improvement plan.
Read MoreBank of Queensland has appointed George Frazis as CEO, to take over September 5. Mr. Frazis was formally the chief executive of the consumer bank at Westpac ((WBC)). Citi expects investors will be optimistic about the appointment and believes Bank of Queensland is well-placed as a likely participant in any industry consolidation.
Read MoreThe company has reduced FY19 guidance, indicating net profit will now be at the lower end of $47-51m. New FY20 guidance, $105m in operating earnings (EBITDA) and $38m in net profit, is below UBS estimates.
Read MoreIluka has finalised a deal with the IFC whereby IFC will invest and aggregate US$60m and take a 10% stake in the Sierra Leone assets. This leads to a -1% decrease in the company’s annual earnings estimate and a slight downward revision in valuation, Citi calculates. Buy rating and $11 target maintained.
Read MoreThe company has provided key metrics in its Australasian business, along with an update on its expansion in the US and UK. The main positive, for Morgans, was US business, which was substantially higher in terms of sales, merchants, and customers in the second half.
Read MoreUBS observes strong equity markets and volatility in interest rates support stronger second half activity. Average daily cash equity turnover is now up 8.5% while futures volumes are running 14% higher.
Read MoreThe company’s investor briefing has shown how the combined business is positioning to capture more work as Jacobs ECR is integrated. Credit Suisse remains comfortable that, pending a smooth integration, leverage to the controlled cost base and new scale will provide unique exposure to the global energy mix.
Read MoreCiti only initiated coverage with a Buy/High-Risk rating and a $3 target in May, about three weeks ago, so there will be a number of unhappy faces at the office. The company management has downgraded production guidance in a significant manner.
Read MoreThe US government has tentatively approved Qantas’ proposed expanded alliance and revenue pooling agreement with American Airlines. The arrangement will mean the two carriers co-ordinate flight schedules, pricing and capacity and share revenue on international routes between the US, Australia and New Zealand.
Read MoreFletcher Building has completed the sale of Formica and disclosed the contribution to FY19 guidance, updating for timing and variations. New guidance range is NZ$620-650m, with a -1.6% downgrade at the midpoint from prior guidance.
Read MoreAbacus Property and Charter Hall ((CHC)) have acquired a 19.9% strategic interest in Australian Unity Office Fund ((AOF)) for $95.6m, equivalent to $2.95 per unit. Australian Unity Office has since released a notice to ASX stating it has received an unsolicited takeover proposal.
Read MoreThe company has announced the acquisition of Halcyon Knights, an IT recruitment company, for $13.5m. This will increase People Infrastructure’s exposure to the sector and Morgans estimates an increase to FY20 earnings per share of 16%.
Read MoreThe broker initiates coverage of Abacus Property with an Outperform rating, believing the investment fundamentals are becoming more attractive as the business transitions away from being a real estate trader towards acquiring assets offering recurring revenues, specifically self-storage, which the broker sees as continuing to grow strongly.
Read MoreThe company has acquired QuantHouse for EUR38.9m, to be funded by debt. The business is expected to incur a minor loss in 2019 but should be accretive to earnings in FY20.
Read MoreThe company has revised FY19 operating earnings guidance (EBITDA) to $350-360m and operating net profit to $195-205m. This is below Morgans’ estimates. Issues reflect the impact of Brexit on the asset services business and headwinds in funds administration from client migration, as well as elevated resourcing costs.
Read MoreCredit Suisse believes a strong positive reaction in the share price to the first half result stems mainly from evidence that the underlying fleet and novated lease business is holding a relatively flat trajectory.
Read MoreIt was a litany of disaster for Costa in May. Variable harvest conditions for Moroccan blueberries, not cold enough for mushroom demand, crumbly raspberries and a fruit fly-spotted in one of the companies seven citrus orchards.
Read MoreMelco will purchase 19.99% of Crown Resorts at $13 a share in two equal tranches. The stock is being purchased from the Packer holding.
Read MoreMacquarie has surveyed 40 travel agents, airlines and hotel operators to gauge recent travel trends. The consensus view is that conditions are subdued for both domestic and international travel. Global political uncertainty and corporates mandating travel freezes of varying degrees are having an impact.
Read MoreChannel checks of the auto market conducted by Credit Suisse suggest after-market growth is trending lower and competition is increasing among part suppliers
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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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