It was a form of financial housekeeping, a tidying up, or an outstanding financial report that showed a lot of red ink for Alumina, the company about to be swallowed by its major shareholder, Alcoa, in an all-paper deal worth $A3.3 billion.
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Underperforming Alcoa aims to close one of its WA alumina refineries and purchase the 40% it doesn’t own in its global network held by the listed company Alumina (ASX:AWC).
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Alumina (ASX:AWC) shares went into a trading halt on Tuesday as Alcoa plans to announce production cutbacks at its Kwinana alumina refiner in Western Australia. Overseas reports said Alcoa is looking to cut costs because of weak demand and prices for aluminium.
Read MoreThe Outperform rating is retained and the target price decreases to $2.00 from $2.30.
Read MoreTarget price eases -5% to 1.90. Neutral rating retained.
Read MoreCredit Suisse does not recommend chasing the stock at the current price and downgrades to Neutral from Outperform. Target is $1.90.
Read MoreIf the coup in Guinea gives rise to material disruption in bauxite exports, the broker would review alumina price forecasts again. Neutral rating maintained. Target rises to $2.10 from $1.80.
Read MoreThe broker expects continued margin suppression as cost pressures remain evident in the second half. Underperform maintained. Target is reduced to $1.30 from $1.50.
Read MoreCredit Suisse retains its Outperform rating with a target of $2.
Read MoreCredit Suisse upgrades to Outperform from Neutral believing the positive indicators are exceeding the negatives. Assets are performing and unit costs are down in the June quarter.
Read MoreAlumina posted a solid March quarter result, Macquarie suggests, with production, sales and the share of AWAC earnings all in line with expectations. Distributions from the AWAC joint venture with Alcoa were 7% higher than forecast and AWAC is looking to cut capex to offset weaker alumina prices.
Read MoreMacquarie has marked to market for March quarter bulk commodity prices and incorporated provisional pricing adjustments.
Read MoreAlumina Ltd has been upgraded to Buy from Neutral as part of a sector stress-test undertaken by commodity analysts at Citi. Taking guidance from global interest rates, Citi’s view is that 2020 will be a disappointing year for the sector overall.
Read MoreCiti analysts comment Alumina Ltd’s bottom line performance missed expectations, and by quite the margin too. They also point out that with a weaker AUD, the company’s cash costs are potentially a lot lower in 2020, which should assist the bottom line.
Read MoreAlcoa reported an adjusted earnings loss for the December quarter of -US$0.31 per security. Net distributions to Alumina Ltd were US$74.4m.
Read MoreA glance through the latest expert views and predictions about commodities. Large cap resources; copper; base metals; iron ore; and coal.
Read MoreAlumina’s production numbers were largely in line with Macquarie’s expectations but realised prices surprised to the upside. AWAC JV partner Alcoa has announced a review into up to 4mtpa of alumina production and 1.5mtpa of aluminium production.
Read MoreAlumina (AWC), the listed Australian shareholder in Alcoa’s key alumina and bauxite business, AWAC, and selected aluminium smelters, is being further relegated by a move by Alcoa to split itself into two companies.
Read MoreI have been a long-term bull on aluminium and there is a secretly quiet boom that has been occurring for over a decade. Now before discussing this boom, it needs be stressed that this is a boom in usage and not in the aluminium price as we, as investors, are typically accustomed to focusing on. A price boom in aluminium will come with time but there are ways in which investors can profit from now while still being exposed to the future potential of the aluminium industry.
Read MoreAlcoa associate, Alumina, has reported a net loss for 2009, missing market expectations for a profit, thanks to a deeper impact from the global slump in aluminium demand last year.
Read MorePerennial takeover fancy, Alumina has duly reported downgraded earnings, as signalled late last year in its second or third revision for the year, and snuck in the first downgrade, of sorts, for 2008, by warning of the impact of higher costs on its earnings in the year ahead.
Read MoreAustralian alumina producer Alumina Ltd (AWC) reported a 15% fall in full year net profit on Thursday, due to higher operating costs and impact of a stronger Australian dollar.
Read MoreShares in aluminium producer, Alumina (AWC) fell on Thursday after the company said it cut its underlying earnings for financial year 2007 to $409 million from previously estimated $490 million, due to lower aluminium prices and higher Australian dollar.
Read MoreA week ago Alumina Ltd was warning about a downgrade in full-year earnings. Yesterday, it appeared to go against that lower guidance when it reported a 9% rise in first half net profit to $284 million.
Read MoreThe surging Australian dollar (or is it the plunging US dollar) has bitten another mining company.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q 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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DOWNLOAD RESEARCH REPORTSigns 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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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG 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 riseTwo 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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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite 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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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT 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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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn 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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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (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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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (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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