Quarterly updates from the likes of Yancoal (ASX:YAL) and Whitehaven (ASX:WHC) have already given a big hint about the likely slide in June 30 earnings for the coal mining sector, but the interim results from US and Australian miner, Coronado (ASX:CRN), confirmed that the reporting season for this sector won’t be pleasant.
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Billionaire Czech businessman Pavel Tykac's plan to buy a controlling stake in Australian-US coal miner Coronado Global Resources has collapsed. His family investment group, Seven Global Investments (SGI), failed to secure approval from the Foreign Investment Review Board (FIRB) for the deal.
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Australian-US coking coal miner and exporter, Coronado Global Resources (ASX:CRN), welcomes a new major shareholder as America's Energy and Minerals Group (EMG) sells its 51% stake to a Czech private equity group.
Read MoreCoronado and Peabody Energy – each of which owns coal mines in Australia and the US – have ended discussions that would have created a company worth about $US6bn.
Read MoreTalk aplenty but no joy yesterday for the enthusiasts wanting to see a marriage between US/Australian coal companies Coronado Global Resources and Peabody Energy.
Read MoreWord of possible takeover talks with Peabody Energy sent shares in coal miner Coronado charging Wednesday, while CSL also brought some good news to the market.
Read MoreAmid all the positivity of record earnings for Coronado Resources in the six months to June 30 were reminders about marketplace realities and how climate is now an increasing factor.
Read MoreThe broker lowers its target to $2.50 from $2.97 and the Add rating is maintained.
Read MoreThe broker trims its target to $ 3.00 from $3.40. Outperform maintained.
Read MoreThe target price rises to $2.97 from $2.73 and the Add rating is unchanged.
Read MoreThe broker trims the target to $2.00 from $2.20 and maintains an Outperform rating.
Read MoreThe broker lifts its target price to $1.63 from $1.21. Were debt funding terms not complicating the ability to pay dividends, Macquarie believes Coronado’s shares would be trading much higher. Add rating maintained.
Read MoreWith a buoyant price in Australia and the US, the broker is positive about the stock and envisages upside with the share price trending towards the target of $1.60. Outperform maintained.
Read MoreThe outlook for Coronado Global Resources has been stymied by a weak March quarter featuring poor price realisation and higher costs.
Read MoreCoronado Global Resources raised US$180m in new equity, thereby reducing gearing to around 23% from 41%. Additionally, banks have extended the debt covenant waivers to September 2021 from February 2021.
Read MoreJune quarter production was ahead of expectations. Sales volumes were slightly below UBS forecasts because of weaker sales from the US, offset by higher sales from Curragh.
Read MoreThe company has updated 2020 production guidance to 16.5-17mt. Sales volumes will be higher, given the draw on inventory in the US.
Read MoreWhile oil was in the hot seat in March-April, coal is now in focus, reeling from a slump in demand as prices fall to multi-year lows. What is a reasonable short-term floor?
Read MoreCredit Suisse assesses the March quarter update highlights weak demand amid capacity closures and depressed pricing. The pain for Coronado Global is reflected in the elevated net debt as working capital movements go against the company.
Read MoreSome constraints on coal sales to China which weighed on Coronado Global in the December quarter appear to have been alleviated with the initial US/China trade deal.
Read MoreA glance through the latest expert views and predictions about commodities. Large cap resources; copper; base metals; iron ore; and coal.
Read MoreThe company has indicated 2019 operating earnings (EBITDA) will now be below the guidance range of US$687-737m. Softer metallurgical coal prices in the fourth quarter are being blamed along with a -3% reduction in saleable production.
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 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 MoreMore bad news from US – Australian listed coal miner, Coronado Global Resources which has emerged as one of the biggest IPO flops in the past year.
Read MoreCredit Suisse suspects the subdued reaction to the larger-than-expected distribution in the first half likely reflected broader sentiment and softening coal prices. The broker notes there is a commitment to release 11% of the stock from voluntary escrow six months early.
Read MoreSales volumes were softer in the March quarter. Saleable production of 5mt was affected by rail availability in Queensland and poor mine conditions at Buchanan that affected yields.
Read MoreMorgans is forecasting a 25%-plus yield over 13 months for metallurgical coal company Coronado Global Resources.
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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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