The final step in Solomon Lew’s slow campaign to regain control of Myer (ASX:MYR) – 35 years after his first attempt failed – has been set in motion with Myer issuing an offer to Lew’s Premier Investments to buy some of his retail chains.
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A snapshot of the stocks on the move, featuring Encounter Resources (ASX:ENR), Myer Holdings (ASX:MYR) and Cleanaway Waste Management (ASX:CWY).
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A statement to the ASX on Monday revealed major changes to the board, including a new chairperson and two board nominees for the annual general meeting (AGM) on November 9.
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Myer (ASX:MYR) met its early August guidance for its July 2022-23 financial year with solid earnings growth but experienced a weak start to 2023-24.
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In its latest trading update, Australian department store chain Myer (ASX:MYR) has raised its profit expectations by an impressive 15 to 21 per cent for the financial year 2023. The updated profit forecast now ranges between $69 million and $73 million, reflecting the company's robust performance in the current financial year.
Read MoreContrarily unexpected news in the boardrooms of Myer and Elders on Monday, with one losing and the other retaining its CEO.
Read MoreMyer delivered on Thursday what was arguably the best result from the retailing sector for the first half of the 2022-23 financial year, more than doubling net profit to $65 million.
Read MoreMyer has joined the list of retailers that did better than expected in the December half – surprising investors yesterday with its strongest sales figures for years.
Read MoreRetailer Myer Holdings met its full year 2022 guidance, paid its highest dividend to shareholders in six years, and says it has posted its best sales start to a new financial year since 2006.
Read MoreTwo notable retirements in the local business world yesterday with the chairmen of both APRA and Woolworths hanging up the gold pen, while Myer upgraded its earnings forecasts.
Read MoreDepartment store operator Myer will pay shareholders a dividend for the first time in five years despite the company’s profits falling by 25% through the first half of the financial year.
Read MoreMyer has become the latest retailer to warn of the damage done to earnings from last year’s lockdowns and the sudden advance of the omicron variant of Covid in December through January.
Read MoreMore signs of the renewal of department store group Myer Holdings (ASX: MYR), which on Monday revealed a major new refinancing of its debt with much easier terms.
Read MoreMyer shares closed at their highest level since September 2019 after riding a 28% surge in online business to report a $51 million profit for FY2021, its best result in the past four years.
Read MoreTraders on the ASX were served up a trio of upbeat reports on Thursday from retailer Myer Group, engineering and services contractor Downer EDI, and grain handler Grain Corp.
Read MoreSolomon Lew’s Premier Investments has confirmed that after doing nothing for four years, it has acquired more shares in struggling department store chain Myer.
Read MoreWithout the millions in JobKeeper subsidies and rent waivers from landlords, Myer would have been on the brink of something more damaging than just a loss for the six months to the end of January.
Read MoreWhile department store operator, Myer is re-opening most of its stores this week, and yet rival David Jones is looking to close many of its 48 outlets across the country. It’s not that Myer is a financial or sales success story, far from it but judging from the trading update yesterday in South Africa from parent, Woolworths Holdings, David Jones’s is slip-sliding its way deeper into trouble.
Read MoreMyer, the department store chain, has joined Premier Investments, its biggest shareholder, in delaying the re-opening of its stores until mid-May.
Read MoreMore retailers have closed their doors to limit the impact of the COVID-19 virus. Myer is standing down 10,000 staff straight away, Kathmandu is closing 170 outlets while South African controlled – David Jones is shutting 280 of its fashion brand stores including Country Road, Witchery, Mimco, and Politix.
Read MoreShares in troubled department store Myer plunged by more the 44% yesterday for no apparent reason.
Read MoreThe retailer reported a 37% slide in first-half profit, thanks to more restructuring costs, redundancies and the loss of two major branded product lines in Apple and Country Road. There’s again no dividend to encourage shareholders.
Read MoreA big day for struggling department store chain, Myer with the shares seeing their best day for months, jumping more than 10% at one stage after its 2018-19 results showed it had seemingly steadied a sinking ship.
Read MoreMyer has altered one of its planned store closures with the news yesterday says it will keep its department store in Canberra’s Belconnen region but in a smaller format.
Read MoreDeutsche Bank found some positive signs in the Myer first half result. Operating costs declined and sales trends improved.
Read MoreNo dividend from Myer, the struggling department store chain as it returned to the black in the six months to January, but the shares rose strongly yesterday.
Read MoreAnother Myer annual meeting, another bunfight between agitated investors led by Solomon Lew and his Premier Investments and a defiant board.
Read MoreMyer claims it has had a vote of confidence in its future from its lenders after the retailer announced it has completed the refinancing of its bank credit facility.
Read MoreThe June 30 annual meeting festival ends wraps up this week but the biggest event of the season – the shareholder meeting in Melbourne for embattled department store chain, Myer Holdings – will be for a July balancing retailer.
Read MoreThe market has finally caught up with department store chain Myer Holdings and given the shares a passing whack after last week’s confusion and obfuscation.
Read MoreEight months after getting publicity for requesting the share register of Myer Holdings, the struggling department store chain, Solomon Lew and his Premier Investments are at it again.
Read MoreMyer shares leapt 37% yesterday as investors digested the losses for the 2017-18 financial year.
Read MoreNo dividend, more write-downs, sales fell, earnings weakened. All in all the 2017-18 results from Myer seemed a case of situation normal.
Read MoreMyer was whacked by the big autumnal dry that wrecked its winter sales hopes in the three months to the end of April. But investors didn’t bother with the detail and hoisted the shares 16% higher to 43.5 cents.
Read MoreMyer, the struggling department store chain revealed the bad news to the market yesterday – lots and lots of red ink and no assurances that there won’t be more following later in the year.
Read MoreIs department store chain Myer entering its death throes?
Read MoreMyer shares took a pounding, falling to an all time low yesterday of 63.5 cents after it told the market sales had weakened noticeably at the start of the important Christmas season, and as a result first half profit will be weaker than previously forecast.
Read MoreSolomon Lew’s paper losses on his 10.8% stake in Myer grew with yesterday’s 4% plus drop in the retailer’s shares after CEO, Richard Umbers slashed sales growth and return targets under his New Myer strategy.
Read MoreFrom the fruitless defence of Spotless against Downer EDI, to another under performer in the Myer department store chain – businessman Garry Hounsell seems to be a bit of a sucker for the fruitless in corporate performance.
Read MoreThe stupidity of the Australian investment analyst and many investors knows no bounds – their combined capacity to ignore the blinding obvious and look for the faint or non existent positive when it suits them is legendary – and the latest results of Myer are another example.
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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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