Property and retailing group Mirvac (ASX:MGR) has recorded statutory losses totaling $366 million for the 18 months ending December 31, with an additional $201 million loss for the six months leading up to that date. The company experienced a significant downturn, transitioning from a $215 million profit in December 2022 to a loss of $201 million in December 2023.
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Fund Manager Chris Pedersen discusses bank reporting, Telstra, News Corp and Mirvac Group.
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The year 2023-24 is turning out to be quite challenging for property developer and investor Mirvac, as the company faced a loss for the period ending on June 30.
Read MoreMirvac ran out of puff in the December half, as rising rates, falling property prices and a weakening in the value of some of its property holdings combined to send earnings lower.
Read MoreGlad tidings from another wobbly ASX trading session Tuesday with Viva Leisure continuing its strong turnaround, while Mirvac announced some changes in its boardroom.
Read MoreSecurities in property manager and investment group Mirvac jumped nearly 4% on Thursday after it revealed a better-than-expected net result of $906m for the year to June 30.
Read MoreThe pandemic and lockdowns continue to buffet companies such as Downer, EDI, CIMIC and Mirvac, as their December half or full year reports showed on Thursday.
Read MoreThe analyst sees enough upside to retain the Outperform rating. The target price increases to $3.13 from $3.06.
Read MoreRising global property valuations helped the annual results of majors Goodman Group and Mirvac in the year to June 30, although the news helped neither’s share price on Thursday.
Read MoreThe target price is increased to $3.06 from $2.63, a function of earnings changes as well as the removal of discounts for the office and retail portfolios.
Read MoreUBS retains a Buy rating and raises the target to $3.15 from $2.84.
Read MoreUpgrades keep flowing, this time from protective equipment maker Ansell and property and retail group Mirvac, both of whom indicated stronger second quarters.
Read MoreThe timing of residential developments and re-leasing of office space are uncertainties confronting Mirvac Group. Is this why guidance was underwhelming?
Read More2020 will always be remembered as the year of COVID-19 and lockdowns: a rollercoaster ride for anyone monitoring their investments, a nightmare scenario for anyone relying on dividend income.
Read MoreWith a sense of raw panic descending on global stock markets, the question is whether there are any truly safe havens in terms of remaining exposed to equities?
Read MoreFirst half results were in line with expectations. The main growth driver in the future is the commercial development pipeline, in Credit Suisse’s view.
Read MoreSecurities in property group, Mirvac fell more than 3% yesterday after investors gave the interim result a thumbs down.
Read MoreFirst-quarter update was mixed, UBS observes, with highlights being the ongoing strength in the commercial & industrial portfolio as retail sales growth slows marginally. Residential releases were slightly disappointing.
Read MoreCredit Suisse reiterates a positive view on the quality of the company’s office portfolio, expecting that operating income growth will be healthy and derived from rent reviews and the rolling out/completion of the commercial development pipeline.
Read MoreFY19 results were in line with UBS expectations. FY20 guidance has been updated to reflect the Tuckerbox transaction not proceeding. Distribution growth guidance is maintained at 5%.
Read MoreMirvac’s securities enjoyed a very good day out yesterday in the wake of the property and retailing groups solid 2018-19 result.
Read MoreNot a bad outcome for Mirvac – on a day when the wider market sold off, its shares only lost just over 2% in value after the property group closed its $750 million capital raising.
Read MoreMirvac is raising $750 million through an institutional issue placement at $2.97 a share. The company will offer shareholders the right to take up a total of $75 million in new securities in addition to the larger raising.
Read MoreThe outlook for the A-REIT sector is relatively benign, as brokers note portfolio fundamentals are healthy and gearing is generally low.
Read MoreA subdued reception from the market to yesterday’s 2017-18 annual results from property group Mirvac which revealed its third billion dollar result in as many years – thanks to some nice revaluations.
Read MoreIt wasn’t housing (although that did very well), but the office and industrial property assets of Mirvac (MGR) were the drivers in the company’s earnings topping the $1 billion mark for the first time in 2015-16.
Read MoreLike Stockland, AV Jennings (AVJ) and Boral (BLD), Mirvac (MGR) has confirmed it rode the housing boom very nicely and very profitably in the six months to December 31.
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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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