Maca Limited

( ASX:MLD ) - Materials


MACA Slammed On Earnings Downgrade

It’s been an all too familiar for the mining services sector in the past few years. Tough times for clients means cost cuts, investment spending curtailed and job losses. Add to that a now equally familiar story of acquisitions underperforming, or going bad, and the result has been a shock downgrade and a pounding from worried investors who send the shares south.

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MACA Limited Well Positioned Despite Downturn

According to the Department of Industry, Innovation and Science, Australia’s earnings from resources and energy exports are forecasted to decline 7 percent from 2014–15 to $160 billion in 2015–16 and subsequently grow at an annual average rate of 3 per cent to $208 billion (in 2015–16 dollar terms) by 2020–2021. History has taught us that we should be careful with predictions, but given the cyclical nature of commodities, we believe there is scope for growth in the sector. However, not every company will do well, even if the resources sector turns around. If investors want transitional exposure to a turnaround in the sector, one such opportunity could be MACA Limited (ASX:MLD). The stock is up more than 50% year-to-date and also in positive territory over the past 12 months. Investors should pay close attention to companies that outperform in a bearish industry.

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Solid Earnings Outlook Keeps MACA Limited At Buy

MACA Limited (MLD) provides contract mining, civil earthworks, crushing, screening and material haulage solutions in the Western Australian market. While MACA has experienced some disruptions to operations in the June half, primarily due to wet weather, management last week guided to net profit for the year of $27-$30 million.

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Upside Earnings Risk For MACA

Mining and construction services group MACA Limited (MLD) reported in late February what DJ Carmichael viewed as a strong interim result. Net profit rose 121% on the previous corresponding period to $15.7 million, achieved on a 140% increase in revenue to $126 million.

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