Macquarie believes Automotive Holdings will be a strong strategic fit with AP Eagers ((APE)), which has announced an all-scrip merger for the remaining shares it does not hold.
Read MoreDeutsche Bank believes the business may be underperforming peers. The company’s competitive position is a bigger driver of profitability than the macro environment.
Read MoreDeutsche Bank analysts, already among the more bearish when it comes to assessing the outlook for Cochlear, have returned from the 2019 American Audiology Annual meeting with the message that, yes indeed, competition is heating up in the global market for hearing aids.
Read MoreFirst quarter copper production was in line with expectations and boosted by higher gold production and lower cash costs.
Read MoreCredit Suisse observes the first half result was affected by soft albumin and haemophilia product sales. The broker suspects, with no near-term product launches and potentially softer growth in key specialties, there are questions about the company’s ability to generate sustainable margins.
Read MoreThe company has downgraded production guidance, which has disappointed Morgans. Nevertheless, despite concerns about Narrabri’s complex issues, the broker is comfortable that these appear to be in hand.
Read MoreFollowing the first half result, Credit Suisse downgrades earnings by -3-8%, envisaging the bank will struggle to offset increased costs. The broker’s dividend profile is also lower, reflecting a more sustainable payout ratio.
Read MoreThe share price has appreciated 41% year-to-date, believe it or not, and Citi analysts counter it is time for a pause, hence why the downgrade to Neutral from Buy. The broker remains a supporter of the company and the chosen strategy.
Read MoreDeutsche Bank does not believe that Wynn Resorts will walk away from its Crown Resorts bid indefinitely. The broker remains of a view that Crown is in play with its major shareholder willing at an appropriate price.
Read MoreThe company has completed the sale of its Australian consumer tissue business. Macquarie estimates transaction costs, environmental indemnity and working capital variation of $30-40m.
Read MoreMichael Hill International has delivered a weaker trading update versus Credit Suisse expectations. Australia, among the company’s key markets, was the only one to report a sequential improvement in same-store sales trends for the nine months to March.
Read MoreThe company has lost its largest SMA platform client, ANZ Private, to a rival operator. Morgans observes the loss is further evidence of the intense competition throughout the investment platform industry. Praemium’s separately managed account technology is widely regarded as one of the best platforms available.
Read MoreCrown Resorts has received a takeover proposal from Wynn Resorts, from which Wynn Resorts has abruptly walked away. Ahead of this latest development, Credit Suisse believed the proposed price of $14.75 a share was good value, surpassing its valuation by 30%.
Read MoreDeutsche Bank attended the investor briefing in the US. The focus of the briefing was on addressing some of the issues raised in the second quarter results. More insights were provided into the Verily joint venture with an overview of the Propeller Health acquisition.
Read MoreThe company reported funds under management of $25.8bn as of March, up 6.9% in the quarter. Growth was driven by a positive investment performance. Given a weak fund performance, Credit Suisse does not expect the company’s formulaic bonus pools to operate in FY19 as performance hurdles have not yet been met.
Read MoreMacquarie believes the company is well-positioned for growth and on track to achieve its targets for five-year berry plantings of 240ha in China by 2020. The international business is a driver of the company’s target for net profit growth of 30% or more in 2019.
Read MoreIPH has revised its proposal to acquire listed competitor Xenith IP ((XIP)). Under the new proposal shareholders will receive $1.28 in cash and 0.1261 IPH shares for every Xenith share.
Read MoreThe Gediktepe pre-feasibility study was weaker than Macquarie expected, with softer production in the early years along with higher processing costs. Still, the broker notes the project is non-core.
Read MoreWoodside has secured a foundation customer for Scarborough. The deal is conditional on a final investment decision. Credit Suisse assumes Woodside has achieved the higher end of the 11.5-12% range for the LNG contract.
Read MoreDeutsche Bank attended an investor briefing in Tokyo. The main development was changes in menu, moving towards a similar ‘high volume mentality’ that has worked for the company in other territories.
Read MoreInghams has provided an update as part of a conference, with a key message of a fall in the wheat price and a recovery in New Zealand. Citi suspects there still could be downside to FY20 estimates for earnings, given the run rate over the second half. Moreover, retail prices for poultry continue to fluctuate.
Read MoreThe company reported March funds under management of $79.4bn, up 4.5% for the month and 12.2% for the quarter. Net flows have been strong.
Read MoreDeutsche Bank highlights the value in Whitehaven Coal. Now that coal and gas prices have re-set the broker believes contrarian, yield-seeking investors should be buying.
Read MoreCredit Suisse upgrades forecasts by 1-2% for FY19-21 to reflect the better activity trends in the March quarter. Upgrades are driven by stronger than expected derivatives activity. Meanwhile, corporate actions were down -40% with only $7bn in equity being raised.
Read MoreThe company reported a “reasonable” March quarter, UBS suggests, with 2,000 net Class Super accounts added. The rate of net additions was above the December quarter but well below prior periods. The company continues to highlight regulatory and political uncertainty.
Read MoreThe company has provided more clarity regarding the financial impact of outages from the Mount Isa rail line flooding and manufacturing issues in Louisiana. Additionally, distribution volumes are lower in Australian fertiliser because of the drought.
Read MoreThe pre-feasibility study on the nickel sulphate option has been extended to the December quarter in order to “optimise the study”. Credit Suisse suspects the company is likely buying time for nickel sulphide concentrate offtake agreements to be negotiated and replace expiring contracts.
Read MoreAlong with its partners, Fortescue Metals has approved the US$2.6bn Iron Bridge magnetite project. The company will fund its share through a combination of project debt and operating cash flow.
Read MoreThe company has raised $125m via a placement and launched a share purchase plan to raise a further $10m. The debt facility has increased to $350m, providing $250m of funding capacity.
Read MoreWoolworths has announced the closure of 30 Big W stores and two distribution centres after the completion of its petrol sale. The company will also undertake a $1.7bn off-market share buyback.
Read MoreThe company will acquire Rockdale Plaza for $142m on a 6.25% capitalisation rate. This is a high-quality metro asset, UBS observes, with strong operating metrics.
Read MoreThe share price has fallen more than -40% in 2019, which Macquarie attributes to a number of operating issues and production downgrades at Nifty.
Read MoreUBS resumes coverage after a period of restriction. The company has announced net profit for the first five months of FY19 was down -42.4% and has removed its FY19 guidance. The main drivers of the underperformance are Grays and Right2Drive.
Read MoreThe company has updated its reserves and resources statement, to account for mining depletion, drilling and the improved understanding of the orebody. There is a 14% increase in contained graphite at a reduced 10% TGC grade.
Read MoreCiti has initiated coverage of Australian shipbuilder Austal with a maiden Buy rating and a $2.76 price target. Fully admitting this type of business is highly cyclical and volatile, the analysts nevertheless suggest now seems like a good time to get on board.
Read MoreUpgrades to commodity price estimates have driven a 5% upgrade to the valuation of Sandfire Resources. UBS observes the valuation is very sensitive to near-term commodity assumptions because of the 3-4 years of remaining mine life at DeGrussa.
Read MoreIndependence Group and AngloGold Ashanti will proceed with the development of the Boston Shaker underground project at Tropicana, despite the feasibility study falling short of forecasts.
Read MoreCredit Suisse assesses the scoping study is further supportive of a stage 3 expansion of processing rates at Pilgangoora to 7.5mtpa in production to 1.2mtpa of spodumene concentrate.
Read MoreUBS has surveyed institutional investors and finds the market is bullish on a2 Milk, which signals that earnings upgrades and/or positive news on geographic or category expansion is needed for further outperformance.
Read MoreMacquarie expects earnings growth will prove to be robust when the company reports its FY19 result on May 21. Life Sciences produced strong sequential improvement in the first half and the broker expects a margin expansion of 130 basis points in the second half.
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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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