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Tag: AMP

Markets / Shares

AMP Carrot Bigger than its Stick

August 11, 2022August 11, 2022 - by Glenn Dyer

AMP sweetened the news of a 24.5% slump in half-year profit by also announcing a $1.1 billion capital return to its patient but long-suffering shareholders including a $350 million share buyback.

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Markets / Shares

Market On Board with AMP Asset Sale Strategy

April 28, 2022April 28, 2022 - by Glenn Dyer

AMP shares enjoyed their best day for months yesterday after it sold the rest of its asset management business to a New York investment firm in a deal worth at least $462 million.

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Markets / Shares

AMP – Dexus Deal Consummated at Last

April 27, 2022April 27, 2022 - by Glenn Dyer

AMP has sold its real estate and domestic infrastructure equity business to Dexus FM in a deal valued at about $250 million, and is still looking to offload other parts of its shrunken empire.

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Markets / Shares

Intrigue Surrounds AMP Intentions for Collimate

April 19, 2022April 19, 2022 - by Glenn Dyer

If you read yesterday’s statement from AMP, you’d be excused for thinking that the sale of its Collimate assets is anything but a certainty, despite the many claims that Dexus has it in the bag.

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Markets / Shares

Stock Snippets: SGR, CVN, AMP

March 28, 2022March 28, 2022 - by Glenn Dyer

Lots going on around the traps to kick the week off, and here is the latest news from Star Entertainment Group, Carnarvon Energy and financial sector stalwart AMP Limited.

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Markets / Shares

No (Bad) News is Good News for AMP

February 10, 2022February 10, 2022 - by Glenn Dyer

Financial services firm AMP has reported a full-year loss of $252 million for 2021 but the company and its newish CEO, Alexis George wants the market to look elsewhere.

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Broker News

AMP – Citi rates the stock as Neutral

November 29, 2021 - by Broker News

Neutral (High Risk) and $1.25 target retained for now.

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Markets / Property / Shares

AMP to Retain Office Trust

November 22, 2021November 22, 2021 - by Glenn Dyer

AMP shares closed up 2.6% to $1.165 yesterday after the company confirmed that it is going to retain management of its $7 billion Capital Wholesale Office Fund (AWOF), after exploring options to sell.

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Markets / Shares

AMP Shares Jump on Life Insurance Sale

November 3, 2021November 3, 2021 - by Glenn Dyer

Shares in beleaguered financial group AMP jumped 9.3% to $1.175 Wednesday on news that it will sell its stake in its old AMP Life (now Resolution Life) for a small profit.

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Markets / Shares

AMP: Life in the old dog yet

August 12, 2021 - by Glenn Dyer

Signs of life after a near death experience for struggling Sydney based wealth manager AMP, as it revealed a 57% rise in interim profit on Thursday, helped by stronger AMP Bank earnings and investment income.

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Markets / Shares

AMP Flicks GEFI Assets to Macquarie

July 8, 2021July 8, 2021 - by Glenn Dyer

AMP continues to slim itself, announcing the sale of AMP Capital’s global equities and fixed income (GEFI) business to Macquarie Asset Management in a deal worth $185 million.

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Markets / Shares

Little Reaction to ASIC AMP Action

May 27, 2021May 27, 2021 - by Glenn Dyer

AMP shares shrugged off legal action from ASIC involving the most notorious part of the Hayne Royal Commission – the company charging fees to people after they had died.

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Markets / Shares

ASIC Proceeding with “Dead Fees” Case Against AMP

May 27, 2021May 27, 2021 - by Glenn Dyer

AMP will be quick to try and settle this ASIC case which involves the most notorious part of the Hayne Royal Commission two years ago – the company charging dead people fees.

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Markets / Shares

Relief Rally Sees AMP Bounce off Record Lows

April 23, 2021 - by Glenn Dyer

AMP shares bounced in early trading on Friday after investors took heart that the mooted deal with US investor group, Ares had finally fallen over.

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Markets / Shares

AMP the Little Aussie Bleeder

April 22, 2021April 22, 2021 - by Glenn Dyer

Shares in AMP hit a new all-time low on Thursday after it reported more outflows in the March quarter from its shrinking wealth and asset management businesses.

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Markets / Shares

AMP Finally Confirms De Ferrari Exit

April 1, 2021 - by Glenn Dyer

It took a week but AMP finally confirmed what the market whispers had been saying – ACEO Francesco De Ferrari will retire from the role.

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Markets / Shares

AMP Ares Deadline Passes with No Deal Done

March 29, 2021March 29, 2021 - by Glenn Dyer

More problems for the AMP with one of its most recent deals now looking problematic and perhaps linked to the reports that the CEO, Francesco De Ferrari is on the way out.

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Markets / Shares

Turmoil at the Top for AMP, TPG

March 28, 2021March 28, 2021 - by Glenn Dyer

Instability at the pointy end of two major companies, with TPG executive chair (and founder) David Teoh gone and AMP CEO Francesco De Ferrari on the way out.

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Markets / Shares

AMP Playing Musical Chairs Again?

March 25, 2021March 25, 2021 - by Glenn Dyer

Drama yesterday about the CEO’s position at AMP Limited as a report on the AFR website claimed CEO Francesco De Ferrari has resigned after two and a half years in the position.

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Markets / Shares

Dexus Merger a Potential Fly in the Ares Ointment for AMP

March 16, 2021March 16, 2021 - by Glenn Dyer

Dexus yesterday finally revealed a proposal that could see AMP forced to alter or even abandon plans to sell a stake in AMP Capital to US investment group Ares.

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Markets / Shares

AMP Octopus Sheds another Tentacle

March 9, 2021March 9, 2021 - by Glenn Dyer

The dismemberment of the AMP asset base continues with AMP Capital announcing that it has sold its global fund management business to a Canadian asset manager called Fiera Capital. 

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Markets / Shares

AMP to Sell off Part of Capital Arm

February 26, 2021 - by Glenn Dyer

Struggling AMP has sold a stake in its key asset, AMP Capital to its one time US suitor, Ares in a $2.25 billion transaction.

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Broker News

AMP – Macquarie rates the stock as Upgrade to Neutral

February 12, 2021 - by Broker News

Having initially retained an Underperform rating after a first galance at AMP’s result yesterday, Macquaire has now decided to upgrade to Neutral. Target rises to $1.45 from $1.30.

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Markets / Shares

AMP Price Whacked on Ares Disappearing Act

February 11, 2021February 11, 2021 - by Glenn Dyer

AMP shares plunged yesterday by more than 10% after the company told the ASX that US firm Ares had withdrawn its takeover proposal.

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Shares

No Div, No Bid Leaves AMP Shareholders in Limbo

February 11, 2021 - by Glenn Dyer

No final dividend and no takeover offer from US investment firm Ares, so it’s back to the drawing board for AMP to see if management can improve the company’s performance.

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Broker News

AMP – Citi rates the stock as Neutral

January 8, 2021January 8, 2021 - by Broker News

Citi analysts remain of the view that the optimum strategy for the AMP board to release value for shareholders is through spinning off some of the divisions. Neutral/High risk rating remains in place while the price target has improved to $1.60 from $1.55.

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Shares

American Suitor Details Bid Price For AMP

November 3, 2020November 2, 2020 - by Glenn Dyer

If US private equity group, Ares follows through with a complete bid for all of AMP’s shares at $1.85 each, then the bid is done and dusted.

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Shares

Private Equity Kickstarts Bidding War For Battered AMP

October 30, 2020 - by Glenn Dyer

Struggling wealth giant AMP has confirmed that it has received a takeover proposal from an American private equity firm to acquire 100%, a move that will put the group into play.

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Shares

AMP Remains Under Pressure – Shares Slide

October 23, 2020October 23, 2020 - by Glenn Dyer

Shares in AMP fell more than 5% on Thursday after the wealth manager revealed another weak quarter with more than two billion dollars in investor outflows in the three months to September.

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Shares

Ongoing Challenges: Moody’s Downbeat On AMP

October 2, 2020October 1, 2020 - by Glenn Dyer

AMP shares rose 3% yesterday in the wake of Moody’s cutting the company’s rating and pushing from the A level (high grade) into the top tier of the B level (more speculative).

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Shares

Under-Pressure AMP Eyes Breakup

September 3, 2020September 3, 2020 - by Glenn Dyer

The struggling AMP has admitted that its businesses are not performing under their current ownership and has responded to pressure from unsolicited buyers and will look at possible spin-offs, sales, or demergers.

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Shares

High Profile Trio To Exit Embattled AMP

August 25, 2020August 25, 2020 - by Glenn Dyer

AMP shares edged up yesterday in the wake of the shock exit of chairman David Murray and board room supporter, John Fraser, the former head of Federal Treasury.

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Shares

Capital Return Covers Over Messy AMP Result

August 14, 2020August 13, 2020 - by Glenn Dyer

Woohoo, investors loved the AMP’s loss-strewn June half-year report yesterday. The reason? The decision to return of capital to shareholders by way of a special dividend from the sale of AMP Life and a $200 million share buyback (subject to stability in the market).

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Shares

AMP Australia CEO Exit Raises More Questions Than Answers

August 7, 2020 - by Glenn Dyer

Leaving more questions unanswered, the AMP has undergone another major change in senior management. The embattled financial services group yesterday revealed in a short statement that AMP Australia chief executive Alex Wade has stepped down effective immediately.

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Markets / Shares

Local Reporting Picks Up Pace As AMP Warns, Super Retail Delivers

August 3, 2020August 2, 2020 - by Glenn Dyer

The pace of the Australian June 30 reporting season accelerates slightly this week. Among the handful of companies due to report including Resmed (Thursday), Insurance Australia Group (loss), News Corp (loss) and REA (Friday, a smaller profit).

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Broker News

AMP – Macquarie rates the stock as Neutral

June 24, 2020 - by Broker News

AMP has received final regulatory approval for the sale of the life business. Macquarie estimates this leaves AMP with around $950m in excess capital.

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Shares

AMP Life Sale Clears RBNZ Hurdle On Second Attempt

June 24, 2020June 23, 2020 - by Glenn Dyer

The sale of AMP Life is expected to be done after the market closes next Tuesday, June 30 after the deal was ticked off by the Reserve Bank of New Zealand on Tuesday.

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Broker News

AMP – Macquarie rates the stock as Neutral

March 27, 2020 - by Broker News

AMP has withdrawn 2020 guidance, but the sale of Life and NZ is progressing. The broker has marked to market for funds under management but also adjusted remediation assumptions (80% already paid) to remove some duplication of earlier numbers.

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Shares

Uncertainty Reigns As AMP, Northern Star Withdraw Guidance

March 27, 2020March 26, 2020 - by Glenn Dyer

AMP shares bounced and those of gold miner, North Star resources slid yesterday after both withdrew their 2020 guidance.

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Broker News

AMP – Citi rates the stock as Sell

February 14, 2020 - by Broker News

Citi analysts have been of the view that, at best, AMP is looking forward to a long road to recovery, and that view hasn’t changed. Hence why the rating remains Sell/High Risk. Estimates have been lowered post the release of FY19 financials.

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Paxalisib Misses AGILE Hurdle, but Very Significant Value Remains

Investors Over-React, Smart Ones Will Profit

Kazia Therapeutics (KZA) announced yesterday morning that paxalisib did not meet the threshold to move into stage 2 of the GBM AGILE clinical trial (NCT03970447). The study was an adaptive trial designed to assess the potential of new therapeutics to treat the highly aggressive brain cancer glioblastoma (GBM) in a cost-effective manner. Demonstrating efficacy in GBM is an extremely high hurdle as shown by the fact that there is only one approved drug for the disease, temozolomide, and it is only effective in 1/3 of patients.

Given the high nature of the hurdle, in our original initiating coverage report on KZA, we only gave paxalisib a small chance of returning a positive result from the overall study. That is the nature of drug development with one group estimating only 6% to 7% of new chemical entities that commence clinical trials reach launch (Dowden & Munro (2019) Nat Rev Drug Discov). The small percentage that do make it to launch, however, more than make up for the cash spent on those that don’t.

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    The Cash keeps coming

    Terracom will report their FY2022 results in September 2022. In the last two months there have been a number of company announcements that have given us improved visibility on our earnings forecasts and valuation metrics so we have taken this opportunity to update our numbers.

    With the combination of geopolitical factors in the northern hemisphere as well as disruption from other supply regions, we believe the visibility on export coal prices over the next 12 months has also improved since our March note.

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      Acquisitions underpin strong near term growth opportunities not reflected in share price

      Stealth Global Holdings (SGI) provides direct exposure to the growing industrial consumables market, driven by favourable conditions across key industries, expanding industrialisation and improving workplace safety regulations. Around 95% of revenue is attributable to non-discretionary items.

      Based on our current forecasts, we derive a DCF equity value for SGI of $0.33 per share, with potential upside if full synergies can be extracted. We note SGI is currently trading on very undemanding forward multiples.

        SMSFBrokerFinancial Adviser

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        4Q reveals more focus on profit and cash flow

        • LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
        • Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.

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          Signs MOU with Ford Company – Kachi is now sold out!

          Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded.

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            Strategic Vanadium-battery growth with Titanium & Iron earnings resiliency

            TNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines.

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              Promising exploration and development update while SOP prices continue to rise

              Two recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell.

              TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade.

              Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn.

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                SMSFBrokerFinancial Adviser

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                Biopharmas Hit, but Buying Opportunities Created

                The news being reported about the performance of biotechnology has been dour, to say the least, for some time now. Those dour articles have been deserved with the iShares Biotechnology Exchange-Traded Fund down 25% and the SPDR® S&P® Biotech ETF is down 45% from their highs. However, those articles are backward-looking, and successful investors need to be looking forward.

                Recently, however, an article in Nature Reviews Drug Discovery caught our eye which we believe should point the way forward for the vast majority of Australian biotechnology investors. This article indicates that, at least, two companies, Antisense Therapeutics (ANP) and Kazia Therapeutics (KZA), are right in the sweet spot in terms of the future of drug development.

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                  Hitting goals – Making four material announcements

                  We initiated on Magnis Energy Technologies (MNS.ASX) in December 2021 and since then, MNS has made four material announcements. Firstly; a conditional offtake contract for 600,000t of graphite concentrate from the Tanzanian Nachu Project (net 100%) was signed with Traxys, a global
                  commodities merchant with annual revenue of ~US$6Bn; secondly; semi autonomous production has started at battery gigafactory iM3NY, thirdly;
                  exciting Extra Fast Charge battery tests were reported and most recently, the game changing launch of the Lithium Slim Energy Reserve battery platform, which supports C4V’s growing EFC capability.

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                    Increasing our Target

                    Despite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics.

                    We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d.

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                      Emerging Financial Wealth Advisory Group

                      WT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand.

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                        Immutep Taking the Fight to Cancer

                        In May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti).

                        This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20.

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                          Phillips 66 to acquire 16% in NVX – 12-month target price rises 7% through project de-risking

                          Phillips 66 (PSX) has entered into an agreement with NVX to acquire 77.9m new shares for US$150m (A$203m). PSX is the worlds largest producer of speciality petroleum coke a precursor for battery grade synthetic graphite anode materials found with an Enterprise Value of US$47.5Bn and assets of US$57Bn.

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                            Market leading lifelong learning platform technology company in Australia and SE Asia

                            PayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion.

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                              Market leading lifelong learning platform technology company in Australia and SE Asia

                              OpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia.

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