The Federal Court of Australia has ruled in favour of the Australian Securities and Investments Commission (ASIC), finding that Harvey Norman and Latitude Finance Australia engaged in misleading and deceptive advertising practices.
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The final day of the June 30 reporting period revealed a mixed bag of financial results, with some of Australia's major companies, including Harvey Norman, TPG, Ramsay Health Care, and Downer EDI, delivering varied outcomes amidst a challenging economic environment.
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A slide in sales and profits was always on the cards after the retailer provided updates in recent months about the sales performance in what was a tough six months to the end of December.
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Fund Manager Chris Pedersen discusses ETFs vs unlisted funds, Japan outperforming China, Harvey Norman and IAG.
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Signs of a small pickup in sales boosted Harvey Norman (ASX:HVN) shares by 3% on the ASX Wednesday morning as the consumer electronics and white goods group held its annual meeting for 2022-23.
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Harvey Norman (ASX:HVN) has unveiled a surprising plan for a 10% share buyback worth $442 million over the next year. This move comes in response to dismal September quarter sales and a grim outlook for the future.
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Harvey Norman (ASX:HVN) saw a 2.6% increase in its shares on Thursday as investors breathed a sigh of relief that the 2022-23 financial results were not as dire as anticipated by the market.
Read More28 Jun 2023 – Retailer Harvey Norman has issued a warning, stating that it expects a significant decline in earnings for 2023. The company's chairman, billionaire Gerry Harvey, attributes this forecasted drop to the series of interest rate hikes implemented by the Reserve Bank, which has negatively impacted business and consumer sales.
Read MoreThe post-pandemic slump ensnared Harvey Norman in the December half and the weakness has deepened in the early part of 2023, with double digit falls across its Australian stores.
Read MoreRetail chain Harvey Norman has revealed plans to radically expand its Malaysian operation over the next six years by boosting store numbers almost threefold.
Read MoreASIC has launched legal action against Latitude Finance Australia and major consumer goods retailer Harvey Norman over the promotion of interest free payment methods.
Read MoreUnlike rival JB Hi-Fi earlier this month, Harvey Norman revealed on the final day of the reporting season that it had suffered a small dip in sales and earnings for the year to June 30.
Read MoreThe Buy rating and $7 target price are retained.
Read MoreNeutral rating and target eases to $5.61 from $5.65.
Read MoreThe big slide in sales and profits reported by Harvey Norman yesterday is a ‘tell’ for investors thinking about how the retail sector will fare in next February’s interim reporting season.
Read MoreThe broker retains a Neutral rating and raises the target to $5.80 from $5.68.
Read MoreConsumer products retailer Harvey Norman says it has repaid $6 million in JobKeeper subsidies to the federal government following months of criticism and pressure.
Read MoreAs demand for home-based goods continues apace Harvey Norman is in a purple patch. How long will such buoyant times prevail?
Read MoreFirst half results were ahead of expectations. UBS continues to envisage capital management as a catalyst on a 6-12 month view. UBS retains a Buy rating. Target is reduced to $5.60 from $5.80.
Read MoreAs expected Gerry Harvey’s Harvey Norman earned a motza in the six months to December and he will take a motza in a higher dividend for the half as a result.
Read MoreThe early months of 2020-21 have seen earnings for Harvey Norman continue their strength from the final quarters of 2019-20 as the ripples of the surge in consumer spending in the COVID-lockdowns continues.
Read MoreAnother very strong sales and profit update from retailer Harvey Norman with the company revealing double-digit growth through the first quarter of 2020-21 as consumers continue to spend heavily.
Read MoreConsumers shopped in larger quantities, less frequently and increasingly online during the height of the nationwide lockdowns. The question now is: which trends will persist and which stocks will benefit as restrictions ease?
Read MoreIncreased Australian franchisee sales have generated exceptional profit growth for Harvey Norman in the latter stages of FY20 but will this heightened state endure?
Read MoreHarvey Norman shares rose nearly 5% in yesterday’s weak market after it surprised with a very rare profit estimate before the end of the financial year. The shares ended up 4.9% to $3.62 after the company announced a measure of earnings would be up around 20%.
Read MoreHarvey Norman (HVN) shares jumped sharply yesterday after the electronics, whitegoods and furniture retailer revealed a special dividend for shareholders after reporting five months of booming sales during the coronavirus lockdown.
Read MoreFirst-half results were largely in line with expectations. However, Credit Suisse notes comparisons are unfavourable with The Good Guys ((JBH)) and Nick Scali ((NCK)), as Harvey Norman’s Australian franchisee performance weakened in the second quarter relative to the other two.
Read MoreOn the last day of the 2019-20 interim reporting season, the retailer reported a fall in pre-tax profits due to weaker local sales and higher support payments to its almost 200 franchisees. Weak as that was, the outlook for the current year is even more alarming.
Read MoreFY19 results missed forecasts. The company has announced an equity raising of $173m. Credit Suisse suspects this will exacerbate investor debates regarding gearing. The franchisee segment was affected by weaker profitability and also increased expenditure on compliance.
Read MoreAfter a tour of the Malaysian and Singaporean operations, UBS is more positive, increasingly confident in both store targets and margin upside. The broker lifts estimates for earnings per share by 1-2% for the group and Asian operating earnings forecasts (EBITDA) by 1-9%.
Read MoreFurniture, white goods, and electronics retailer Harvey Norman will pay a steady interim dividend of 12 cents a share after an indifferent performance in the six months to December.
Read MoreShareholders in retailer, Harvey Norman have delivered a first strike against the company’s board during a tense annual general meeting at which chair Gerry Harvey claimed critics of the retailer “totally friggen mad”.
Read MoreAt least $50 million gone at Harvey Norman with no real explanation after its dairy investment, Coomboona Holdings went into receivership.
Read MoreHarvey Norman confirmed yesterday that the fastest way to see shares fall on the ASX is to surprise the market with unexpected losses, write downs and talk of legal disputes.
Read MoreShares in Harvey Norman were given a whacking by investors yesterday who didn’t like the surprise news of a cut in dividend, the weak explanation for the decision, and the backdrop of record earnings.
Read MoreSome media reports, such as the Australian Financial Review describe the situation as a ‘farce’, others reported the story more prosaically.
Read MoreHarvey Norman (HVN) shares fell out of bed yesterday, losing more than 8% to end a rough day’s trading at nine month lows.
Read MoreGerry Harvey’s Harvey Norman (HVN) group “punished’ investors and analysts yesterday by not holding a results briefing because he is upset with the increasing scrutiny of the company and its accounting.
Read MoreLike JB Hi-Fi (JBH), Harvey Norman (HVN) is riding the collapse of smaller rival, Dick Smith, very nicely.
Read MoreHarvey Norman’s (HVN) big institutional shareholders appear to be very happy and very contented, judging by the lack of action at the top of the share register.
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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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