The company has taken control of the ViPlus Dairy formula. As a result, Bellamy’s can now begin selling a conventional formula in off-line channels in China. The formula will be sold at a discount to existing super premium brands and targeted at tier 3 and 4 cities.
Read MoreMarch quarter production was weaker than Credit Suisse expected. Cost guidance has been lifted to $1225-1275/oz. The company has confirmed production of 850-900,000 ounces in FY19.
Read MoreMorgans updates research for the company’s farm-in to the Talos Energy Green Canyon project after the recent capital raising and redemption of convertible notes.
Read MoreMorgans understands the company’s marketing operations have been affected by the anti-dumping investigation into Australian barley exports by China. This has caused feed grain prices to weaken materially. Given the fall, the broker believes the company has had to sell grain at prices below what it purchased.
Read MoreThe Australian residential market appears to be stabilising and Macquarie believes Bunnings can continue to outperform as it expands its ranges, rolls out stores and increases the trade component.
Read MoreSales volumes were softer in the March quarter. Saleable production of 5mt was affected by rail availability in Queensland and poor mine conditions at Buchanan that affected yields.
Read MoreMarch quarter production was affected by the weather but remained strong. Guidance has been revised down slightly at the upper end of the range, to 165-170mt. Realised pricing was better than UBS expected, reflecting the closing of discounts across the quarter and revised pricing terms.
Read MoreThe bank has announced additional remediation charges of $525m after tax. This is expected to reduce first-half cash earnings by an estimated -$325m.
Read MoreMarch quarter production was -3% below Citi’s expectations because of unplanned outages in Western Australia. The company has indicated that Scarborough marketing is being slowed as prevailing prices have been too low.
Read MoreNippon Paint has proposed the acquisition of DuluxGroup, which Morgan Stanley notes comes despite the headwinds and a valuation that is already considered expensive. The broker recommends investors capitalise on the bid-driven share price strength.
Read MoreThe 2019 AGM update has indicated trading is in line with expectations. Occupancy has continued to build and management is confident in achieving the upper end of its target range.
Read MoreA recent survey of investors found margins are considered to be either the most or second most important driver of Brambles’ share price by 84% of respondents. The broker notes pallet rental prices are rising, new pallet prices have increased, timber and transport costs are now falling having risen 35% last year, and new contract wins suggest volume momentum.
Read MorePerseus Mining has, in the opinion of analysts at Citi, released a “solid” March quarter production report. Gold output was pretty stable, while costs (AISC) fell by no less than -19%. A financing agreement for the development of Yaoure further supports the analysts’ growing optimism.
Read MoreThe company has launched its new 3.0 Tesla MRI implant which allows users to undergo these MRIs without surgery. Credit Suisse expects the company will receive limited benefit from the new product in the second half.
Read MoreManagement has confirmed FY19 guidance for net profit of $790-840m. The company achieved 5% net profit growth in the first quarter, in line with the implied guidance range of 1-8%.
Read MoreMacquarie believes Automotive Holdings will be a strong strategic fit with AP Eagers ((APE)), which has announced an all-scrip merger for the remaining shares it does not hold.
Read MoreMorgan Stanley believes the business is on track for earnings and working capital targets. The broker believes the current share price is capitalising current seasonal challenges, although greater confidence in the balance sheet is required for any sustained re-rating.
Read MoreDeutsche Bank believes the business may be underperforming peers. The company’s competitive position is a bigger driver of profitability than the macro environment.
Read MoreDeutsche Bank analysts, already among the more bearish when it comes to assessing the outlook for Cochlear, have returned from the 2019 American Audiology Annual meeting with the message that, yes indeed, competition is heating up in the global market for hearing aids.
Read MoreFirst quarter copper production was in line with expectations and boosted by higher gold production and lower cash costs.
Read MoreCredit Suisse observes the first half result was affected by soft albumin and haemophilia product sales. The broker suspects, with no near-term product launches and potentially softer growth in key specialties, there are questions about the company’s ability to generate sustainable margins.
Read MoreThe company has downgraded production guidance, which has disappointed Morgans. Nevertheless, despite concerns about Narrabri’s complex issues, the broker is comfortable that these appear to be in hand.
Read MoreFollowing the first half result, Credit Suisse downgrades earnings by -3-8%, envisaging the bank will struggle to offset increased costs. The broker’s dividend profile is also lower, reflecting a more sustainable payout ratio.
Read MoreThe share price has appreciated 41% year-to-date, believe it or not, and Citi analysts counter it is time for a pause, hence why the downgrade to Neutral from Buy. The broker remains a supporter of the company and the chosen strategy.
Read MoreDeutsche Bank does not believe that Wynn Resorts will walk away from its Crown Resorts bid indefinitely. The broker remains of a view that Crown is in play with its major shareholder willing at an appropriate price.
Read MoreThe company has completed the sale of its Australian consumer tissue business. Macquarie estimates transaction costs, environmental indemnity and working capital variation of $30-40m.
Read MoreMichael Hill International has delivered a weaker trading update versus Credit Suisse expectations. Australia, among the company’s key markets, was the only one to report a sequential improvement in same-store sales trends for the nine months to March.
Read MoreThe company has lost its largest SMA platform client, ANZ Private, to a rival operator. Morgans observes the loss is further evidence of the intense competition throughout the investment platform industry. Praemium’s separately managed account technology is widely regarded as one of the best platforms available.
Read MoreCrown Resorts has received a takeover proposal from Wynn Resorts, from which Wynn Resorts has abruptly walked away. Ahead of this latest development, Credit Suisse believed the proposed price of $14.75 a share was good value, surpassing its valuation by 30%.
Read MoreDeutsche Bank attended the investor briefing in the US. The focus of the briefing was on addressing some of the issues raised in the second quarter results. More insights were provided into the Verily joint venture with an overview of the Propeller Health acquisition.
Read MoreThe company reported funds under management of $25.8bn as of March, up 6.9% in the quarter. Growth was driven by a positive investment performance. Given a weak fund performance, Credit Suisse does not expect the company’s formulaic bonus pools to operate in FY19 as performance hurdles have not yet been met.
Read MoreMacquarie believes the company is well-positioned for growth and on track to achieve its targets for five-year berry plantings of 240ha in China by 2020. The international business is a driver of the company’s target for net profit growth of 30% or more in 2019.
Read MoreIPH has revised its proposal to acquire listed competitor Xenith IP ((XIP)). Under the new proposal shareholders will receive $1.28 in cash and 0.1261 IPH shares for every Xenith share.
Read MoreThe Gediktepe pre-feasibility study was weaker than Macquarie expected, with softer production in the early years along with higher processing costs. Still, the broker notes the project is non-core.
Read MoreWoodside has secured a foundation customer for Scarborough. The deal is conditional on a final investment decision. Credit Suisse assumes Woodside has achieved the higher end of the 11.5-12% range for the LNG contract.
Read MoreDeutsche Bank attended an investor briefing in Tokyo. The main development was changes in menu, moving towards a similar ‘high volume mentality’ that has worked for the company in other territories.
Read MoreMorgan Stanley continues to believe the valuation is too rich, given the earnings growth outlook. The broker adjusts its numbers to allow for the buyback and the petrol divestment and lifts FY20 estimates for earnings per share by 5%. Target is raised to $26 from $23.
Read MoreInghams has provided an update as part of a conference, with a key message of a fall in the wheat price and a recovery in New Zealand. Citi suspects there still could be downside to FY20 estimates for earnings, given the run rate over the second half. Moreover, retail prices for poultry continue to fluctuate.
Read MoreThe company reported March funds under management of $79.4bn, up 4.5% for the month and 12.2% for the quarter. Net flows have been strong.
Read MoreDeutsche Bank highlights the value in Whitehaven Coal. Now that coal and gas prices have re-set the broker believes contrarian, yield-seeking investors should be buying.
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