Bargains For The Brave In The Mining Services Sector
The New Criterion’s Tim Boreham highlights several mining services contractors, large and small, and their potential at this time.
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The New Criterion’s Tim Boreham highlights several mining services contractors, large and small, and their potential at this time.
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Investors took the long handle to a couple of stocks yesterday - vitamins group Blackmore’s was one; heavy equipment hirer, Emeco Holdings was another despite producing a $12 million profit for the six months to December.
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Emeco Holdings shares rose nicely yesterday after the company’s notice of annual meeting revealed a plan for a one for 10 consolidation of shares to improve their marketability.
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A bit of a thumbs down from investors for Emeco Holdings, the heavy equipment rental group, despite the update showing a rise in earnings.
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Shares in mining equipment supplier Emeco Holdings were dumped yesterday afternoon after it rejected suggestions it might be sitting on an unknown bid.
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The latest updates from the Australian mining services sector indicate production-related activities domestically have seen little virus impact while internationally is mixed, the broker notes.
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The latest updates from the Australian mining services sector indicate production-related activities domestically have seen little virus impact while internationally is mixed, the broker notes. Exploration and non-essential activities are nonetheless more likely to be curtailed. But in particular, iron ore and gold operations in WA are noted as being very strong.
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First-half results were pre-released and the main new item in the financials was the growth guidance from the PnP acquisition. This contributes to a lift in Morgans' FY20-22 operating earnings estimates of 3-10%.
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The company has announced it will acquire Matilda Equipment for $80m. Matilda is a niche rental supplier of ancillary mining equipment, comprising mostly new model dozers and civil/services vehicles.
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Morgans observes the completion of contract mining operations (lower margin) was the driver for increased profitability in the second quarter. Operating earnings were up 15%, at a margin of 43% versus a margin of 35% in the first quarter.
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