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Tag: GNC

Markets / Shares

All Wheat and No Chaff for GrainCorp

August 10, 2022August 10, 2022 - by Glenn Dyer

Shares in GrainCorp jumped yesterday after the company again upgraded earnings guidance by nearly 10% for its year to September 2022 results and painted a very rosy picture indeed.

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Broker News

GNC – Macquarie rates the stock as Outperform

June 22, 2022 - by Broker News

Outperform rating and $11.10 target maintained.

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Broker News

GNC – Morgans rates the stock as Hold

May 12, 2022 - by Broker News

The target price increases to $10.40 from $9.36. Hold.

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Markets / Shares

Huge Profit, Dividend Tripled for GrainCorp

May 11, 2022May 11, 2022 - by Glenn Dyer

Thanks to a heady mixture of favourable weather and surging prices, GrainCorp confirmed a massive lift in earnings along with a threefold rise in its dividend payout.

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Markets / Shares

Elders Tops Up Guidance after Big Wet

March 14, 2022March 14, 2022 - by Glenn Dyer

Elders has joined GrainCorp in upgrading its 2022 financial outlook because of good growing conditions that saw many of its customers avoid the impact of the recent floods on the East Coast.

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Broker News

GNC – Credit Suisse rates the stock as Neutral

February 8, 2022 - by Broker News

The Neutral rating is retained and the target price increases to $7.17 from $6.78.

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Markets / Shares

Perfect Storm Boosts Graincorp Earnings

February 7, 2022February 7, 2022 - by Glenn Dyer

La Nina and the strong local growing season, helped by solid world grain prices, saw Graincorp surprise the market on Monday with a big lift for its FY2022 earnings guidance.

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Markets / Shares

Trading Tidbits: GUD, GNC, CGC

December 1, 2021December 1, 2021 - by Glenn Dyer

Some follow-up news from Wednesday’s ASX session involving various stocks we’ve been watching of late, namely GUD Holdings, GrainCorp and Costa Group.

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Markets / Shares

Buyback, Payout Boost as GrainCorp Prospers

November 11, 2021November 11, 2021 - by Glenn Dyer

GrainCorp will run a modest $50 million buyback and has boosted dividends after riding the second good season in a row for eastern Australian grain growers into a 50% revenue jump.

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Broker News

GNC – Credit Suisse rates the stock as Neutral

November 4, 2021 - by Broker News

Target is increased to $6.35 from $6.16. A Neutral rating is maintained on valuation although the broker acknowledges the upside risk.

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Broker News

GNC – Macquarie rates the stock as Outperform

September 8, 2021 - by Broker News

Macquarie retains an Outperform rating and raises the target to $7.32 from $7.27.

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Commodities / Markets / Shares

GrainCorp Follows Strong Result with Guidance Upgrade

August 13, 2021 - by Glenn Dyer

Swamped in the first significant day of the June 30 reporting season on Thursday was the second upgrade for grain handling group GrainCorp which for a long time was a major victim of the long drought.

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Markets / Shares

Good Tidings from Myer, Downer and GrainCorp

August 12, 2021August 12, 2021 - by Glenn Dyer

Traders on the ASX were served up a trio of upbeat reports on Thursday from retailer Myer Group, engineering and services contractor Downer EDI, and grain handler Grain Corp.

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Broker News

GNC – UBS rates the stock as Buy

June 9, 2021 - by Broker News

UBS retains a Buy rating based on increased crop assumptions for FY22 and the potential for capital management. Target is $6.70.

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Markets / Shares

Upgrade Cycle Continues For GrainCorp

May 18, 2021 - by Mark Story

While brokers have revised their forecasts in line with Graincorp’s updated guidance, they believe there still is further upside if seasonal conditions remain favourable.

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Broker News

GNC – Morgans rates the stock as Add

May 14, 2021 - by Broker News

Add rating and target increases to $6.28 from $6.17.

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Commodities / Markets / Shares

Bumper Harvest Pushes GrainCorp to 8-Year High

May 13, 2021May 13, 2021 - by Glenn Dyer

The end of the drought and a record grain harvest boosted first-half revenue and earnings for GrainCorp, which in turn saw the company’s shares hit their highest level in 8 years.

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Broker News

GNC – Credit Suisse rates the stock as Neutral

March 19, 2021 - by Broker News

In a preview of the March 24 investor day, Credit Suisse expects a greater focus on growth opportunities though investors may initially react adversely to increased capital requirements. The Neutral rating and $5.06 target are unchanged.

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Broker News

GNC – Morgans rates the stock as Add

February 12, 2021 - by Broker News

In what Morgans considers extremely strong FY21 guidance, GrainCorp is reaping the combined benefits of operational initiatives and the largest east coast winter grain crops on record. Add rating. The target increases to $5.52 from $4.71.

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Markets / Shares

GrainCorp Finally Sorts the Wheat from the Chaff

February 11, 2021 - by Glenn Dyer

The breaking of the drought and the good rains in late 2020 and early this have helped GrainCorp do a bit of ‘breaking’ itself by allowing it to well and truly escape the rut it found itself in.

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Shares

Graincorp Back In The Black, Breaks Dividend Drought

November 13, 2020November 12, 2020 - by Glenn Dyer

GrainCorp saw a $456 million turnaround from loss to profit in the year to September as the breaking of the drought and higher demand and prices for rural products boosted returns.

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Broker News

GNC – UBS rates the stock as Buy

September 9, 2020 - by Broker News

Official agricultural forecaster, ABARES, has upgraded the winter crop outlook for Australia’s east coast to 24.4mt. UBS highlights the earnings leverage that exists for crop that is over 24mt, given Graincorp’s derivative payment is maximised at around 24mt.

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Broker News

GNC – UBS rates the stock as Buy

May 19, 2020 - by Broker News

First-half results were ahead of expectations and show the benefits of recent cost reductions and improvement in operations.

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Shares

Upbeat Graincorp Swings Backs Into The Black

May 15, 2020May 14, 2020 - by Glenn Dyer

As expected GrainCorp has delivered a $388 million statutory interim net profit thanks to the $333 million sale of its bulk liquid terminals business.

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Broker News

GNC – UBS rates the stock as Buy

November 15, 2019 - by Broker News

The company has reported its worst-ever annual result, UBS notes, heavily affected by drought and onerous rail take-or-pay contracts. A large grain trading loss of -$65m was incurred. Meanwhile, there was another record performance in the malt business.

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Shares

GrainCorp Dividend Axed Amid Drought Ravaged Result

November 15, 2019November 14, 2019 - by Glenn Dyer

The drought savaged the 2018-19 result of GrainCorp, sending it to a loss of $113 million and forcing the company to axe its final dividend.

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Broker News

GNC – Morgans rates the stock as Hold

August 6, 2019 - by Broker News

The company has provided weaker FY19 guidance and expects to report an underlying net loss of $70-90m. Morgans is disappointed and concerned about the trading and risk management policies.

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Shares

Regulators Red Flag Graincorp Breakup

July 26, 2019July 25, 2019 - by Glenn Dyer

GrainCorp wants to sell its terminals business (which stores and handles vegetable oils and similar products) to ANZ Terminals, a competitor for $350 million, including debt. In a statement yesterday the ACCC revealed it had raised preliminary concerns about the deal.

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Broker News

GNC – UBS rates the stock as Buy

July 10, 2019 - by Broker News

UBS notes press speculation there is potential interest in the company’s malt division. The division is currently scheduled to be de-merged after the FY19 results in November.

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Broker News

GNC – Morgans rates the stock as Hold

June 13, 2019 - by Broker News

Morgans revises forecasts following the release of ABARES’ 2019/20 winter crop forecast. Another below-average east coast grain crop is expected, although it should be better than last year.

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Shares

GrainCorp Confirms Dividend Drought

May 10, 2019May 9, 2019 - by Glenn Dyer

No interim dividend for shareholders in East Coast grains handler and shipper, GrainCorp after it revealed a not unexpected loss for the six months to March 31, with the severe drought the culprit.

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Shares

GrainCorp Undeterred As LTAP Pulls Bid

May 8, 2019 - by Eva Brocklehurst

The outlook for GrainCorp is hazy, as the company proceeds with plans to divest and restructure businesses in the wake of LTAP pulling its acquisition proposal.

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Broker News

GNC – UBS rates the stock as Buy

May 8, 2019 - by Broker News

LTAP has walked away from its proposal to acquire the company for $10.42 a share. Graincorp will now divest the bulk liquid terminals and pursue a de-merger of the malt division.

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Shares

Graincorp Bid Falls Over

May 8, 2019May 7, 2019 - by Glenn Dyer

GrainCorp shares fell more than 11% at one stage yesterday after Long Term Asset Partners walked away from $2.4 billion offer to buy the company.

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Shares

Separating Malt Appeals To GrainCorp

April 8, 2019April 8, 2019 - by Eva Brocklehurst

Separating out GrainCorp’s malt business has its appeal, brokers acknowledge, but the devil is likely to be in the detail for the remaining integrated grains & edible oils.

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Shares

Drought Splits Graincorp As Malt Spin-Off Confirmed

April 5, 2019April 4, 2019 - by Glenn Dyer

Drought claims another corporate victim. Grain group, GrainCorp is to split itself in half as the company’s core business continues to be assaulted by the bitter drought across much of Eastern Australia.

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Commodities / Strategy

ABARES Cuts Crop Forecasts Again

December 5, 2018December 4, 2018 - by Glenn Dyer

The East Coast drought – now dipping into Victoria and the dry emerging parts of southern Western Australia – has seen Australia again cut its 2018-19 wheat harvest estimate to where it is now forecast to be the lowest since the GFC and the last big drought in 2008.

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Shares

Surprise Takeover Bid For GrainCorp

December 4, 2018December 3, 2018 - by Glenn Dyer

GrainCorp shares jumped 34% yesterday after it revealed it had received an unwanted pre-Christmas approach from a bottom finishing unknown private equity investor.

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Shares

Beer Boom Unable To Save GrainCorp From Drought

November 16, 2018November 15, 2018 - by Glenn Dyer

As forecast in September, GrainCorp saw a big fall in profit that was softened by a solid performance by its barley and malting businesses which continue to ride the global craft beer boom.

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Shares

Graincorp toasts craft beer boom

September 7, 2018September 7, 2018 - by Glenn Dyer

Americans are being driven to drink – more craft beer and spirits like bourbon whisky – and as a result GrainCorp says it is enough to more than offset the impact of the East Coast drought on its business.

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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.

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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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                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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