Mineral Resources has acquired the Kumina iron ore project for $27m. This acquisition expands the company’s iron ore footprint in the Pilbara but, given the location, Macquarie finds it unclear if Mineral Resources will be able to incorporate the project into its infrastructure system.
Read MoreWorleyParsons has acquired the energy, chemicals & resources division from Jacob’s Engineering for US$3.3bn. The company plans to fund the acquisition via a non-renounceable entitlement offer, stock, and additional debt.
Read MoreAt the AGM management provided a weak trading update, in Deutsche Bank’s view. First half pre-tax profit is expected to be $140-150m. FY19 underlying pre-tax profit is forecast at $390-420m.
Read MoreThe company has acquired four office assets for $520.9m, funded by a capital raising and new debt. The assets are underpinned by 90% fixed rental reviews averaging 3.7% per annum.
Read MoreThe company’s investor briefing provided greater insight into the digital initiatives such as advertising, purchasing, rostering and food safety. The economics of store splits was also an area of focus.
Read MoreMagellan delivered 3% year on year funds under management inflows in the Sep Q, mostly in August, indicating improvement in retail flows. Market performance was strong, again with August the main driver.
Read MoreCiti analysts have re-assessed their investment view and forward modeling now that the share price has corrected noticeably in line with rising bond yields.
Read MoreSeptember quarter production was reassuring for Deutsche Bank, as steady operations are key to the broker’s positive outlook. Buy rating and $4.40 target maintained.
Read MoreSales volumes in the September quarter were ahead of UBS estimates.
Read MoreChallenger reported net book growth of 3.1% in the Sep Q, underpinned by annuity sales. An announced annuity partnership with Netwealth ((NWL)) should support growth, the broker notes.
Read MoreSeptember quarter production was slightly ahead of expectations. Management now expects 2018 to be at the upper end of the 100-110,000t guidance. Carrapateena is on schedule for first production in the fourth quarter of 2019.
Read MoreBoral will sell its US block business for US$156m. Morgan Stanley believes the sale comprises a healthy multiple relative to valuation. The transaction is only small but should help to de-leverage the balance sheet.
Read MoreAfter meeting equipment manufacturers and casino operators, Deutsche Bank estimates the company is still gaining share in gaming and the ‘for-sale’ segments of the market, and this should continue for the next two years with the release of new cabinets and content.
Read MoreClient losses and the effects of the Commonwealth budget have caused the stock to underperform over the past six months. However, UBS believes momentum is improving, as is gearing, and there is significant upside from capital redeployment.
Read MoreNAB has confirmed the customer rebate charge of $314 flagged at the quarterly update and warned there could be further costs in FY19.
Read MoreDacian Gold’s Sep Q production fell -14% short of expectation on lower grades, despite improvement in most metrics. The broker expects grades to improve as new underground mining fronts come on line.
Read MoreFletcher Building has withdrawn its proposal to acquire Steel and Tube following that company’s decision to reject the upgraded offer.
Read MoreMorgan Stanley considers the extra detail provided in the takeover documents by Nine Entertainment ((NEC)) is negative for Fairfax shares. The TV advertising market has softened as has Nine Entertainment’s growth. Furthermore, Domain ((DHG)), one of the company’s key assets, has sharply reduced guidance.
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The Dow Jones fell by 89 points or 0.4% after holding in a 238 point range. The S&P500 index fell by 0.6% and the Nasdaq index lost 66 points or 0.9%.
Read MoreCiti marks to market for the September quarter, making some allowance for the drop in equity markets since September 30. The latest industry data suggests net fund outflows have continued at similar levels and performance fees are expected to be seasonally weaker.
Read MoreMorgan Stanley notes documentation regarding the proposed takeover of Fairfax ((FXJ)) suggests the TV ad market has softened, as has Nine Entertainment’s growth.
Read MoreUBS incorporates the acquisition of four office assets in Brisbane, Sydney and Melbourne for $501m into its numbers. The price target is reduced to $2.58 from $2.60 to reflect dilution to financial metrics balanced against the benefits of the transaction.
Read MoreFortescue has announced a buyback of a maximum of $500m, which will commence after its production report on October 25, depending on the share price and market conditions. This may provide some support to sentiment but Morgan Stanley’s fundamental view of lower price realisation does not change.
Read MoreFunds under management ended FY18 in line with UBS estimates. The Australian division is well-positioned for positive net flows, as Westpac’s ((WBC)) MySuper-related outflows cease.
Read MoreWhile the price paid for a controlling stake in WestConnex was above Deutsche Bank’s expectations the project is strategically important and cements the company’s position in the Sydney market.
Read MoreNavitas has received a bid at $5.50 a share from a private equity-led consortium. Macquarie considers the transaction multiple to be fair. The proposal remains subject to further review.
Read MoreSales inflow was $52m in the September quarter, up 41% on the prior September quarter albeit down on the stellar June quarter. While execution by the new management team has impressed Morgans, a further leg up in sales growth remains key to a re-rating.
Read MoreThe board of Capio has unanimously recommended the RGdS offer of SEK58 per share. Capio has consequently cancelled the planned sale of the French division to a third party and RGdS has lowered the minimum acceptance condition to 75% from 90%.
Read MoreUBS assesses that investors are mostly in favour of a buyback, and predominantly an off-market buyback of ASX listed shares as this can be accomplished quickly.
Read MoreMorgans believes the investment case for Sundance Energy has gained momentum and the subsequent strength in the oil price has supported a view that the company has made a transforming acquisition at an ideal point in the cycle.
Read MoreMorgan Stanley expects a firm result in the third quarter, although concedes the challenges are growing for Janus Henderson as leading indicators regarding retail flows remain negative and performance is soft.
Read MoreThe business is experiencing sharp declines in case volumes, partly explained by closures for refurbishment. However, this highlights a concern for Deutsche Bank regarding the fall in volumes in Australasia as a result of a weaker market and share losses.
Read MoreMorgans does not expect the additional provisions stemming from the Royal Commission to hamper the ability of the major banks to achieve APRA’s unquestionably strong CET1 benchmark by January 2020.
Read MoreFollowing yesterday’s update from Wesfarmers, the broker declares itself incrementally negative on Coles post-demerger due to reduced cash flows.
Read MoreThe company has affirmed that 2018 production will be at the lower end of the guidance range of 160-230,000 ounces.
Read MoreMorgan Stanley observes broad softness in the US wine market and disruption from distribution changes mean risks are growing to margin forecasts for Treasury Wine in FY19.
Read MoreThe Cowal mine in NSW has been granted regulatory approval to increase the processing rate to 9.8mtpa from 7.5mtpa.
Read MoreCiti expects depth revenue growth to accelerate but not completely offset slower volume growth in the core business. The broker upgrades estimates for earnings per share by 3-5% in FY19-21.
Read MoreSeptember quarter account additions were somewhat soft, but largely expected given the delayed lodgements as a result of prior regulatory changes. UBS notes overall customer growth was solid and a strong December quarter is expected.
Read MoreBank of Queensland has announced FY18 cash earnings of $372m, ahead of Morgans’ forecasts. No special dividend was declared, contrary to expectations.
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