Bank shares had a second good day on the ASX yesterday after their post-election surge on Monday. Monday it was Prime Minister Morrison’s surprise win, yesterday it was APRA as the financial prudential regulator revealed plans to relax a key restriction on home loans.
Read MoreSome brokers have started to upgrade their recommendations to “BUY” on the banks and believe that they represent value in and around these levels. I still strongly disagree.
Read MoreIt was a messy result, the broker notes, due to accounting changes, but Westpac’s cash earnings and dividend met the broker’s expectation.
Read MoreWestpac has held interim dividend at 94 cents a share despite a 22% slump in cash earnings for the six months to March.
Read MoreAhead of the release next Monday of its 2018-19 interim profit Westpac has surprised the market with an after trading revelation of a $617 million earnings hit from customer compensation charges.
Read MoreWith three big banks reporting interim results in early May, it will pay investors to look at the first Financial Stability Review of 2019 from the Reserve Bank and remarks on the profits and earnings.
Read MoreWe got a sign of those pressures on the big banks again yesterday when Westpac joined the Commonwealth in cutting interest rates on some of its fixed-rate home mortgages – with some of the cuts aimed directly at the weak investor sector.
Read MoreThe bank has announced that first half cash earnings will be reduced by around -$260m amid further customer remediation. This remediation does not include aligned dealer group fee-for-no-service, which is still to come.
Read MoreWestpac has leaked some more red ink out into the market warning that H1 profit will take a $260 million hit from refunding customers in its financial advice, consumer and business banking arms.
Read MoreWestpac investors yawned yesterday at the news the bank was quitting the financial advice sector while overhauling its management structure that will two of its most senior executives leaving the bank.
Read MoreIt’s only been a month since Hayne’s final report has been released, but far from driving a stake through the financial hearts of the Big Four Banks – Commonwealth, Westpac, ANZ and NAB – their position is returning to being as dominant as ever.
Read MoreWestpac has slipped out a Q1 update revealing a 6.8% rise in cash earnings, BoQ however expects its earnings for the half-year to be down 6% to 9% when it releases them in April.
Read MoreMore than $20 billion was added to the value of listed financials – lead by the big four banks yesterday after investors concluded the outcome from the Hayne banking and finance royal commission would not damage their business models our futures.
Read MoreThe National Australia Bank is in the gun following the release of the final report from the royal commission which contained very sharp criticism of the bank’s chairman and CEO.
Read MoreThe long-awaited final report from the finance and banking Royal Commission will be released this afternoon at 4.10 pm (there is a media lock up this afternoon ahead of the release) and while there will be a lot of heat and light and promises from the Morrison government, there will be nothing concrete.
Read MoreAustralia’s big four banks, already reeling from a stagnant home loan market and revenues, the fallout from the Hayne Royal Commission and censure from upset shareholders, now face more financial problems in their most profitable offshore market – New Zealand.
Read MoreWestpac has suffered a stunning vote of no confidence in the bank board and management at a level we have seldom seen in Australia.
Read MoreASIC and Westpac now have to start a court case all over again after the Federal Court rejected the bank’s offer to pay a $35 million settlement for contravening responsible lending laws.
Read MoreMore hybrids and other issues to come from our slimming banks? That could be the outcome of a new move by APRA, the banking regulator to force banks to hold more loss-absorbing capital by 2023.
Read MoreAnother difficult year looms for Westpac and, while mortgage re-pricing should boost first half performance, slower wealth revenues and further customer remediation are likely to weigh.
Read MoreThe big four banks have survived a tough year financially unscathed, but with their reputations sullied what does 2019 look like?
Read MoreInvestors liked the flat annual result from Westpac yesterday and didn’t take too much notice of the mixed outlook (while many commentators and business media focused on it).
Read MoreWestpac has joined rivals ANZ and NAB in not inflicting direct financial pain on shareholders as a result of the impact from the banking and finance royal commission.
Read MoreAmerica’s third-quarter earnings season is nearing the end while in Australia, the September 30 results continue with Westpac revealing its full-year figures this morning, along with a first-quarter update from the Commonwealth Bank midweek.
Read MoreBanking analysts at Morgan Stanley have lifted their estimate for customer remediation costs for the banks to $3 billion over the next two years, up from an earlier forecast of just $500 million.
Read MoreThree days before the end of its 2017-18 financial year, Westpac has flagged a $235 million cut in full-year cash earnings.
Read MoreIn this video DNR Capital Portfolio Manager Scott Kelly examines the dividend outlook for the major banks.
Read MoreLike rivals NAB and ANZ, Westpac is leaving its interim dividend unchanged after a modest rise in earnings for the six months to March 31.
Read MoreInvestors will be hoping bank stocks steady today after a solid session on Wall Street on Thursday has our market poised to rise when ASX trading resumes shortly.
Read MoreWestpac has joined its peers in leaving dividends unchanged for the year to September 30 after reporting a 3% rise in cash earnings for the year to $8.062 billion.
Read MoreIt seems Westpac is now on its own to fight the corporate regulator over claims it rigged the key Australian money market interest rate. The news didn’t startle the market and Westpac shares rose 0.6%, Nab shares were also ip 0.6%, as well as ANZ shares while Commonwealth Bank shares eased by 0.15%.
Read MoreWestpac (WBC) has joined rivals NAB and ANZ in reporting a modest rise in cash earnings for the six months to March 31, and left interim dividend on hold as the bank assesses the need for more capital over the next year.
Read MoreWestpac Banking Corporation’s (WBC) full year result boosted the wider market yesterday, helping add to the FBI boost for Hillary Clinton’s campaign in tonight’s US Presidential elections.
Read MoreAn unimpressive full year result from Westpac (WBC) as it suffered a blow out in dud loans in the year to September 30.
Read MoreInvestors ignored the blow out in Tuesday’s ANZ’s impaired loans and tut tutted over the rise in the CBA’s figures on Wednesday, but then Westpac (WBC) reported yesterday a small rise in its bad debts and pointed to soft non-interest income (which the others had also experienced in some areas) and whooska, down went the bank sector and the wider market.
Read MoreInvestors were not fooled by Westpac’s improvement in yesterday’s half year report as it reported small rises in revenue, earnings and dividend.
Read MoreWestpac (WBC) has lifted interim dividend 1%, or one cent, to 94 cents after reporting a modest 3% rise in cash earnings for the half year to March 31.
Read MoreWestpac shares trailed the wider markets and its three peers – ANZ, NAB and Commonwealth – yesterday in the wake of the moves by ASIC to take the bank to court over claims it rigged a key money market interest rate from 2010 to 2012.
Read MoreWestpac (WBC) yesterday confirmed its 3% rise in full-year cash profit of $7.82 billion, first announced last month with the bank’s lift in mortgage rates and capital raising, but the news did nothing to end the slide in bank shares and therefore the wider market.
Read MoreWestpac (WBC) will sting its home loan customers by raising home mortgage rates to help build up its capital base, rather than forcing shareholders to accept no increase, or a reduction in their dividends to achieve the same end.
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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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