With iron ore prices falling to near two-year lows on Thursday, the National Australia Bank (ASX:NAB) has updated its forecasts for commodity prices for the next year and beyond. Apart from gold, the outlook is particularly bleak, especially for iron ore and coking coal companies.
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The National Australia Bank (ASX:NAB) says its monthly survey of business has picked up the first improvement in conditions in five months in July, while confidence eased from June’s uptick.
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Fund Manager Chris Pedersen discusses National Australia Bank, Westpac Banking Corporation and Lyft.
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As forecast by most analysts, it was a "steady as she goes" outcome for the National Australia Bank's (ASX:NAB) 2023-24 half-year, with shareholders to receive a small lift in their interim payout and a larger buyback, despite a well-anticipated dip in earnings.
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Will weak business earnings curb the results of the National Australia Bank (ASX:NAB) this week by adding to the existing pressure on its key measure, the net interest margin (NIM)?
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The National Australia Bank (ASX:NAB) is bracing for a less profitable departure for its CEO, Ross McEwan, as the bank experiences an unexpected 17% decline in cash earnings during the three months leading up to December.
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In a recent report by the National Australia Bank (ASX:NAB), a noticeable shift in business conditions signals a softer beginning to 2024 for many sectors. The latest monthly business survey reveals a dip in conditions, marking a departure from two years of above-average performance and raising concerns about the economic landscape moving forward.
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The National Australia Bank (ASX:NAB) has selected Andrew Irvine to succeed the current CEO, Ross McEwan. The bank announced on Wednesday morning that Andrew Irvine will assume the role of Group Chief Executive Officer and Managing Director, starting from April 2nd this year. Mr. Irvine has been serving as the NAB's Group Executive in charge of Business and Private Banking since 2020.
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In September, the Australian economy exhibited increased resilience, with the quarter ending despite signs of weakening price and labor cost pressures, as reported in the latest national business survey by the National Australia Bank (ASX:NAB).
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The National Australia Bank (ASX:NAB) revealed a $1.5 billion share buyback on Tuesday morning following news of a modest 5.8% increase in third-quarter cash earnings to $1.90 billion.
Read MoreWestpac’s interim results yesterday capped the half way point of the Big Four’s FY2022-23, with some clear signs of loan stress already emerging.
Read MoreShares in the NAB sold off yesterday after analysts were unimpressed with higher loan interest rates being converted into a boost for net interest margin.
Read MoreThursday’s ASX session saw investors seeming to prefer the results announced by NAB and Telstra to that of fallen financial giant AMP, whose shares fell more than 13% on the day.
Read MoreThe big four banks have all now reported, with the group lifting its combined earnings 7% to a total of $28.5 billion for 2021-22 – with the rising rate environment helping.
Read MoreMacquarie, the Commonwealth, the NAB and the ANZ have followed Westpac in announcing they would pass on the full 50 basis point RBA rate increase to their customers.
Read MoreThe Commonwealth Bank seems to be slowly but surely drawing away from the NAB, Westpac and the ANZ – each of which seems powerless to close the inexorably widening gap.
Read MoreThe broker’s rating falls to Neutral from Buy, after a strong recent share price rally. The target price rises to $35 from $33.
Read MoreNational Australia Bank has lifted cash earnings 4.1% in the six months to March 31 to $3.48 billion and boosted dividend to 73 cents a share from 67 cents a year ago.
Read MoreAfter being battered by the 2018 banking royal commission and losing numerous board members as sacrifices, the NAB seems to have forged a new path under new CEO Ross McEwan.
Read MoreNAB said on Monday that it had entered into an Enforceable Undertaking with AUSTRAC after an investigation confirmed flaws in the bank’s compliance with money laundering laws.
Read MoreNational Australia Bank is now Morgans preferred big four bank exposure and the target price rises to $34 from $30.50. Hold.
Read MorePlenty of positive news from the Thursday ASX trading session, including these announcements from JB Hi-Fi, National Australia Bank and Southern Cross Media Group.
Read MoreThere were rumours around late last week that the National Australia Bank was planning to extend its current multi-billion-dollar buyback and Thursday it did just that. Kind of.
Read MoreThe Outperform rating and $32.50 target for National Australia Bank are maintained.
Read MoreThe broker likes National Australia with its potential for strong volume growth. The Buy rating and $30.50 target are unchanged.
Read MoreInvestors gave a big thumbs up to the National Australia Bank’s first quarter trading update, even though the bank, like its peers, saw its net interest margin crimped.
Read MoreFrom the ASX on Thursday: Adairs has surprised with an $80 million plunge into the furniture market, while NAB’s acquisition of Citi’s Australian consumer banking businesses has met with ACCC approval.
Read MoreTuesday’s solid full year result from the National Australia Bank concluded the strong recovery the big four have made from the pandemic damaged 2020 financial year.
Read MoreFor the year to September 30, the NAB says earnings bounced back strongly from 2020’s pandemic hit performance as lower bad and doubtful debt charges boosted returns.
Read MoreCredit Suisse downgrades to Neutral from Outperform, noting the stock has rallied 5% over the reporting season and is up 64% on a rolling year basis. Target is steady at $28.50.
Read MoreMorgans retains its Hold rating and $27.50 target price after third quarter unaudited cash earnings of $1.70bn was announced.
Read MoreNational Australia Bank has reported a 10.3% rise in unaudited cash earnings to $1.70 billion for the three months to June – its first quarter.
Read MoreDue to recent share price strength the broker lowers its rating to Hold from Add and the $27.50 target price is unchanged.
Read MoreOpposite tacks for Westpac and NAB on Monday, with the former offloading its Australian life insurance business and the latter buying Citibank’s domestic consumer arm.
Read MoreMorgans upgrades its rating to Add from Hold in light of recent share price weakness, and retains its $27.50 target price.
Read MoreMelbourne’s two Big Four banks – ANZ and now NAB – have beaten the Sydney-based Commonwealth and Westpac to the buyback club, with NAB’s $2.5 bn action trumping ANZ’s by $1 bn.
Read MoreIt was a very busy Monday for AUSTRAC, the country’s main financial intelligence group, which has launched separate investigations into four ASX-listed companies.
Read MoreGiven the risk suggests limited upside, the broker retains Neutral and a $26.25 target.
Read MoreLike the way they greeted the solid result from ANZ, investors gave NAB shares a good whack yesterday despite a higher interim profit and dividend.
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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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