Citi analysts highlight, 2Q19 marked Perpetual’s seventh consecutive quarter of net funds outflows. A potential positive sign is that the decline moderated in the quarter, they add, against what was admittedly a tough environment overall.
Read MoreThe company has received a revised non-binding proposal from BGH Consortium. The offer is $5.825 per share, representing an increase of 32.5c per share on the prior proposal.
Read MoreProduction at both Nifty and Rennison was slightly below Macquarie’s estimates. Nevertheless, the broker is encouraged by the fact the company has opened up mining stopes outside the central zone at Nifty, which has resulted in an improvement in the grade.
Read MoreThe company has launched rebates, cash cards and furnishing packages across its residential projects. Home builders are also providing a range of upgrades/inclusions to complement these incentives.
Read MoreThe company has indicated an extra shipment in December and volumes have exceeded Macquarie’s expectations. The flotation plant remains the main challenge with downtime in the December quarter attributed to ball mill and tailings performance.
Read MoreMorgan Stanley estimates that Transurban could earn around 25% of proportional revenue from commercial vehicles by FY23, up from less than 15% in FY14.
Read MoreWhile asset managers are cheap Morgan Stanley suspects ongoing outflows will mean a re-rating in the near term is unlikely.
Read MoreDecember quarter sales were solid, Morgans observes. The company has now cycled its higher cost base associated with Project Clearwater.
Read MoreMacquarie finds macroeconomic data is broadly supportive of organic revenue growth, while further moderation in raw material prices offers the potential for gains in margin.
Read MoreAnalysts at Citi have adopted the view the changing regulatory environment for infant formula produce in China is starting to benefit local producers versus international brands. The projection is now that local producers in China will increase market share to 53% by FY22 from 40% in 2015.
Read MorePost profit warning, Macquarie analysts stick with the view this company remains solidly positioned with (still) a solid track record, though the latest market update must have come as an unwelcome surprise.
Read MoreMorgan Stanley thought Nearmap’s market update, well-received by investors yesterday, was definitely yet another positive.
Read MoreFollowing on from the release of the latest industry statistics in the USA, Credit Suisse analysts point out US IG volume growth appears to be running ahead still of the upper level that most plasma participants have indicated as reflecting underlying demand.
Read MoreCiti analysts highlight this morning major competitor Constellation Brands disappointed with its market update in the US overnight. It appears the read-through for Treasury Wine is “mixed”.
Read MoreThe market update showed just how difficult navigating global turmoil has been for Navigator, suggest the analysts. Funds inflows disappointed and negative investment returns added to the disappointing performance.
Read MoreCiti has upgraded to Neutral from Sell post significant de-rating of the share price since November last year. The analysts declare they don’t see any near-term upside earnings risks, but they retain the view this company has “significant” earnings growth prospects in Europe.
Read MoreMacquarie analysts have scaled back total shipment projections for the final quarter of 2018, but the analysts also see how buoyant iron ore prices continue to drive positive earnings momentum for producers in Australia.
Read MoreThe latest trading update showed Magellan is still seeing inflows, on top of stronger performance fees. Morgan Stanley analysts highlight the key global equities fund performed circa 6% better than its benchmark over 6mths and circa 8.5% over 12mths.
Read MoreYellow vest protests in France will impact Dec Q traffic growth, likely turning it negative year on year when the broker had previously forecast 1% growth.
Read MoreBega’s updated earnings guidance is modestly below the broker but materially below consensus
Read MoreInfigen has announced financial close on the Cherry Tree wind farm on a “capital lite” basis with John Laing Group, which will acquire 100% of the project. The company also took an impairment on its development book due to higher costs and delays.
Read MoreYellow vest protests in France will impact Dec Q traffic growth, likely turning it negative year on year when the broker had previously forecast 1% growth. The wider implication is for a slower 2019. The broker also notes the Eiffage acquisition of 5% of Getlink delays the restructure of the MAF2/Eiffage relationship.
Read MoreDespite the improvement in the global commodity cycle, UBS believes the Australian ammonium nitrate market is not in balance.
Read MoreFollowing confirmation from the Foreign Investment Review Board that the CKI bid will not proceed, Credit Suisse downgrades to Underperform from Outperform.
Read MoreDespite the improvement in the global commodity cycle, UBS believes the Australian ammonium nitrate market is not in balance.
Read MoreFollowing confirmation from the Foreign Investment Review Board that the CKI bid will not proceed, Credit Suisse downgrades to Underperform from Outperform.
Read MoreThe company has executed a US$200m funding package for Sanbrado and completed a $43.2m share placement. First gold is still expected in the third quarter of 2020 and an updated mine plan in the first quarter of 2019.
Read MoreDexus has reported revaluation gains of $405m, or a 3.1% increase to its June 2018 book value. Deutsche Bank believes office cap rates will continue to compress over the next 12 months and retail cap rates should start softening.
Read MoreMacquarie reinstates coverage with an Outperform rating and 70c target. The company is in the process of re-starting production at Savannah. First concentrate shipments are expected in January.
Read MoreAustralian Pharma Industries ((API)) has increased its stake in Sigma to 12.95% and made a non-binding indicative acquisition proposal. API would own 63% of the combined entity and Sigma would receive 0.31 API shares and 23c cash for each share.
Read MoreSuncorp will sell its life business to Dai-Ichi for $725m. This results in a $880m loss on sale of which $145m will be booked in the first half as a goodwill write-down and the remainder on completion. Deutsche Bank has already factored this into numbers.
Read MoreThe company has made two acquisitions which extend its security control software. The deal will be funded via scrip, although an additional $4m in fresh equity was also raised to fund working capital.
Read MoreOn balance, UBS had expected the merger with Vodafone would proceed, although acknowledges the ACCC has raised concerns that it would substantially lessen competition in the market for retail mobile services.
Read MoreThe company has acquired Aurora Diagnostics, a US-based pathology business with pro forma revenue of US$310m and EBITDA of US$59m.
Read MoreMacquarie observes Beyondie continues to advance rapidly. Early works and FEED are progressing and the company will install camp facilities early in 2019. Financing discussions are continuing.
Read MoreUBS estimates $600m will be spent at Moorebank in the next three years and the company has sufficient balance sheet capacity, supported by a more positive outlook for Patrick.
Read MoreDeutsche Bank observes Bendigo & Adelaide is overweight mortgages, at 71% of its loan book. The broker is now factoring in a significant increase in impairments.
Read MoreMorgan Stanley suspects the reaction to the company’s update is overdone. Business momentum remains strong and QBE appears confident a sustainable return on equity of over 10% can be obtained.
Read MoreCharter Hall has announced a reduction in its distribution pay-out policy to 70-95% of operating earnings per share from 85-95%. At the lower end, Macquarie calculates this implies a -10% decline versus FY18.
Read MoreThe 3.6GHz auction was in line with expectations although UBS observes regional prices were higher. Telstra won the most, with 143 lots for $386m. Dense Air was a surprise bidder, winning 29 lots. NBNCo was unable to bid except in regional WA.
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