Leaving more questions unanswered, the AMP has undergone another major change in senior management. The embattled financial services group yesterday revealed in a short statement that AMP Australia chief executive Alex Wade has stepped down effective immediately.
Read MoreThe pace of the Australian June 30 reporting season accelerates slightly this week. Among the handful of companies due to report including Resmed (Thursday), Insurance Australia Group (loss), News Corp (loss) and REA (Friday, a smaller profit).
Read MoreAMP has received final regulatory approval for the sale of the life business. Macquarie estimates this leaves AMP with around $950m in excess capital.
Read MoreThe sale of AMP Life is expected to be done after the market closes next Tuesday, June 30 after the deal was ticked off by the Reserve Bank of New Zealand on Tuesday.
Read MoreAMP has withdrawn 2020 guidance, but the sale of Life and NZ is progressing. The broker has marked to market for funds under management but also adjusted remediation assumptions (80% already paid) to remove some duplication of earlier numbers.
Read MoreAMP shares bounced and those of gold miner, North Star resources slid yesterday after both withdrew their 2020 guidance.
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 MoreThe fallen wealth management giant has posted a $2.5 billion full-year loss and scrapped its final dividend after a rough year that saw clients abandon its troubled wealth management arm.
Read MoreA surprisingly upbeat reaction from investors to the news that embattled wealth manager AMP continued to see retail investors move cash out of its funds in the three months to September 30.
Read MoreAMP will merge its bank and Australian wealth unit as part of another shake-up of its structure ahead of the deal to spin off its life insurance arm. The market, however, appears unconvinced.
Read MoreShares in wealth manager AMP fell to new lows yesterday for the embattled wealth manager. The latest selling came on news that one of Australia’s largest investment houses, the Australian Foundation Investment Company (AFIC), has sold its stake in the company.
Read MoreEarly signs show AMP has promise. One of the best in the past two years. It’s possibly time to nibble but not gobble – just yet.
Read MoreThe broker calls AMP’s earnings result “fairly sound” with strong performances in other businesses offsetting pressures in wealth management. The focus was on the probable sale of Life at a rebased price, a $650m equity raise that will be some -15% dilutive and $300m of targeted cost-cuts by FY22.
Read MoreThe once-mighty but now very troubled wealth manager AMP has gone on bended knee to the investment community to ask for $650 million to help it remain afloat.
Read MoreThe sale of the company’s life business is unlikely to proceed on current terms because of the challenges in meeting the Reserve Bank of New Zealand’s criteria. Credit Suisse notes this allows the buyer the opportunity to review its offer and potentially lower the purchase price by over -$1bn.
Read MoreAMP shares are at a new all-time low as several analysts mull a big capital raising to offset the losses incurred by the company in being forced to keep its underperforming life insurance business.
Read MoreWealth management group AMP’s future has taken a major hit with the news yesterday that it is “highly unlikely” to finalise a $3.3 billion deal to sell off its life insurance business because of opposition from New Zealand’s central bank, and it will not pay an interim dividend for the June 30 half year.
Read MoreFirst quarter update revealed Australian wealth net outflows of -$1.8bn. While AMP had indicated weak flows were likely to continue in 2019 the numbers were softer than Morgans expected.
Read MoreNot before time: embattled wealth manager, AMP has scrapped short-term cash bonuses and cut directors’ fees for a second time in less than a year in an effort to avoid a second shareholder strike on remuneration and possible board spill at the annual meeting in May.
Read MoreAMP shares hardly moved yesterday in the wake of Standard & Poor’s cutting the credit rating of the wealth manager for the second time since last August and warned there is a further cut to come that will see the embattled giant lose its A rating.
Read MoreAMP pre-reported so the focus of the 2018 results was on the composition of earnings and what the business might look like going forward.
Read MoreAMP has slashed its final dividend to 4 cents a share in the wake of the worst year in its financial history for more than a decade as the toll of the disclosures from the Hayne Royal Commission hit home.
Read MoreMore than $20 billion was added to the value of listed financials – lead by the big four banks yesterday after investors concluded the outcome from the Hayne banking and finance royal commission would not damage their business models our futures.
Read MoreThe long-awaited final report from the finance and banking Royal Commission will be released this afternoon at 4.10 pm (there is a media lock up this afternoon ahead of the release) and while there will be a lot of heat and light and promises from the Morrison government, there will be nothing concrete.
Read MoreMore pain for suffering AMP shareholders with the company confirming a 96% slide in earnings in 2018 and as a result, the board has slashed the final dividend.
Read MoreMacquarie Group management will come under pressure this morning to confirm whether or not it is interested in bidding for the struggling AMP.
Read MoreAMP has been forced to strongly defend the valuation and $3.3 billion sale of its life insurance arm to UK group Resolution Life after a Sydney-based fund manager was revealed as leading a group of shareholders critical of the deal and threatening to push for a special shareholder meeting to get rid of the board.
Read MoreAMP shares have lost more than $2.3 billion in value after investors abandoned the company in the wake of news that it was to split itself up.
Read MoreIn a separate announcement, yesterday AMP warned its latest quarter had been challenging, thanks to a surge in the outflow of cash from its Australian wealth management arm, in part due to the royal commission disclosures
Read MoreThe AMP has provided another reminder that there appears to be a long list of problems in financial services just waiting to be uncovered by the royal commission.
Read MoreMore weakness for AMP shares yesterday after ratings group, S&P Global downgraded its rating on AMP Life, one notch to A+, in the latest fallout from the banking royal commission.
Read MoreAMP shares dipped yesterday after the troubled wealth manager revealed it had named long-term Credit Suisse banker Francesco De Ferrari as its new CEO.
Read MoreUnlike the Commonwealth bank, the AMP showed considerable damage from its time being pulled apart by the Hayne Royal Commission.
Read MoreStruggling wealth manager AMP has provided a mixed half year update as it attempts to get on the front foot after several bruising months of poor publicity and weak share price.
Read MoreAMP shares fell to a fresh 15-year low yesterday after ASIC launched Federal Court action against the wealth manager on Wednesday afternoon over allegations its advisers churned customers into less suitable insurance policies purely to win commissions.
Read MoreCorporate regulator, ASIC has started Federal Court proceedings against AMP claiming the company and its financial planners who “churned” clients into similar, new insurance policies so they could claim inflated commissions.
Read MoreApologies just don’t cut it any more, judging by the outcome of the AMP board meeting yesterday.
Read MoreAMP shares rose 0.5% or two cents yesterday to $4.014 after the chairmen, Catherine Brenner departed, along with the company’s chief legal counsel, Brian Salter.
Read MoreThe AMP announced this morning (Monday) the departure of chair Maxine Brenner after an emergency board meeting in Sydney on Sunday considered the recommendation of the Royal Commission’s Counsel assisting that Commissioner Kenneth Hayne could recommend criminal proceedings against the company.
Read MoreAMP shares fell 4.4% yesterday on top of Monday’s more modest 0.4% fall as investors finally awoke to the growing dangers for the company from the disclosures at the financial services and banking royal commission.
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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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