Australian insurer Suncorp (ASX:SUN) has forecast a slowdown in premium income growth for the current financial year, a development that may disappoint some investors. However, to offset this, shareholders can anticipate a substantial payout in the March quarter of next year from the $4.9 billion proceeds of the company’s bank sale to ANZ.
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Like its rivals QBE and IAG, Suncorp, the owner of a slew of insurance brands led by AAMI, saw its December half-year results bolstered by a sharp rise in premiums and strong investment earnings.
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ANZ (ASX:ANZ) has been allowed to purchase Suncorp’s predominantly Queensland-based bank for $4.9 billion after the Australian Competition Tribunal overturned the ACCC’s block on the deal due to competition concerns.
Read MoreANZ’s $4.9 billion offer for Suncorp’s banking arm looks to be in trouble after comments from the ACCC that it worries about future competition and can’t see many benefits from the deal.
Read MoreHigher premiums, a timely release of $150 million in reserves and improved returns from investments saw Suncorp’s net profit jump 44% to $560 million for the six months to December.
Read MoreJust when the Australian insurance sector was looking at having escaped any major catastrophe over the holiday break, along comes Friday’s flooding event in Auckland.
Read MoreANZ has kicked off its Suncorp acquisition marketing campaign with an obviously well-briefed pro-deal commentary in some sections of the business media.
Read MoreFrom a mixed Thursday ASX trading session, insurance major Suncorp and shopping centre manager Scentre Group each brought an update to the market.
Read MoreSuncorp has slashed its payout to shareholders after reporting a sharp fall in earnings for FY2021-22, with investors returning serve by sending the company’s shares down 4.6% on Monday.
Read MoreANZ Bank has confirmed that it proposes to buy Suncorp’s banking business for $4.9 billion and will ask its shareholders to cough up $3.5 billion via a one for 15 fully underwritten renounceable issue.
Read MoreAs of the weekend, ANZ’s $4 billion purchase of MYOB from KKR looks like it is on hold while the company talks to Suncorp about buying its Brisbane-based regional bank for an even higher amount.
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Suncorp (ASX:SUN) has provided an update on the weather impacting NSW and parts of South-East Queensland, as well as confirming natural hazard costs in FY 2022.
Read MoreSuncorp confirmed on Monday that it was looking at the future of its banking business, but at the same time, it attempted to put a lid on speculation.
Read MoreAmong the domestic insurers, the broker continues to prefer Buy-rated Suncorp Group over Insurance Australia Group ((IAG)). The $14.40 target price is retained for the former.
Read MoreDespite the $2.4 billion cost of March’s flooding along the East Coast, Fitch Ratings believes Australian general insurers like QBE, IAG and Suncorp will be able to avoid financial disaster.
Read MoreThe target slips to $13.14 from $13.19. The Add rating is kept.
Read MoreShares in Suncorp did an about-face during trading yesterday after it provided an update on the cost of this summer’s natural disasters, especially the floods along the East Coast.
Read MoreThe Buy rating is retained and the target price increases to $14.00 from $13.85.
Read MoreSuncorp shares rose more than 5% on Tuesday despite December half earnings falling on the back of increased claims and the company cutting its interim dividend by more than 10%.
Read MoreSuncorp’s bill for the growing list of recent weather events has jumped sharply in the 8 days since it first revealed the large cost of a series of storms, as well as the Victorian earthquake in September.
Read MoreIn just four months, insurer Suncorp has already chewed up half its June 30 allowance for natural hazard claims, after a run of storms in October as well as the Victorian earthquake.
Read MoreThe broker retains an Outperform rating with a $13.91 target.
Read MoreThe broker retains an Outperform rating with a $13.91 target.
Read MoreThe Hold rating is unchanged and the target rises to $12.85 from $11.66.
Read MorePayoff time for shareholders in financial services group Suncorp with a special dividend, share buyback and a final dividend revealed in yesterday’s 2020-21 results.
Read MoreThe broker maintains an Outperform recommendation for Suncorp Group. The target price slips to $12.80 from $13.20.
Read MoreAs Victoria’s floods signal the end of FY21, Australia’s general insurers are having to grapple with price pressure on reinsurance as well as heightened competition in some segments.
Read MoreMorgans lowers the rating to Hold from Add after recent share price strength and the target falls to $11.39 from $11.80.
Read MoreCiti retains a Buy rating and $11.40 target.
Read MoreFloods not seen for decades have affected the northern coast of NSW and parts of Sydney. Suncorp can absorb a maximum large event, while two could result in FY21 earnings downgrades of -3-5%, the broker assesses. Buy rating and $11.15 target are unchanged.
Read MoreUBS has looked at the key drivers of the margin outlook for Suncorp Group and concludes that margins have likely bottomed in 1H and should recover over coming periods. The Buy rating and $11.15 target are unchanged.
Read MoreBrisbane-based Suncorp has left its interim dividend unchanged despite reporting profit growth in its core insurance and banking businesses.
Read MoreThe general insurance sector has been dealt a major blow with a NSW Court of Appeal decision that, if not overturned in the High Court, will see a surge in losses caused by payouts to policyholders who made claims due to the impact of the pandemic under business interruption policies held with insurers.
Read MoreBrisbane-based Suncorp has joined the dividend slashing club as the COVID-19 pandemic, lockdowns and bushfires saw earnings fall by a third in the year to June.
Read MoreSuncorp has signalled higher reinsurance costs have made it more economic to retain risk on the balance sheet. Brokers are wary of this, given the number of headwinds confronting insurers.
Read MoreThe third-quarter update was largely in line with expectations. Credit Suisse suggests a dividend is still a possibility in the second half. Nevertheless, the valuation appeal is not enough and the broker retains a Neutral rating.
Read MoreThe third-quarter update was largely in line with expectations. Credit Suisse suggests a dividend is still a possibility in the second half. Nevertheless, the valuation appeal is not enough and the broker retains a Neutral rating.
Read MoreRelief was also the emotion with Suncorp’s update yesterday, judging by the investor reaction yesterday to new losses.
Read MoreSuncorp saw a 6% drop in revenue fall following what it called an “unprecedented” storm and bushfire season that forced it to safeguard profit margins in its insurance businesses from massive payouts by boosting its reinsurance cover.
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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).
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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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