Materials
Alumina Ltd (AWC) Take-up entitlement offer (Corrected) 05/09/2008 23:51
AWC is seeking to raise $910m through a 5 for 19 entitlement offer of new ordinary shares at $3.00 per...
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AWC is seeking to raise $910m through a 5 for 19 entitlement offer of new ordinary shares at $3.00 per share. The issue price represents an 18% discount on the 5/09/08 closing share price of $3.68. We recommend shareholders take-up the entitlement offer. As with all entitlement decisions, we recommend shareholders delay their decision as late as possible before the closing date as the ordinary share price may fall below the entitlement price during the entitlement period.
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Gunns Limited (GNS) Corrected: GNS raises $336M via institutional entitlement offer 04/09/2008 19:41
GNS has successfully raised $336M in fresh equity, via a 7 for 10 entitlement offer at $1.50/share. A retail entitlement...
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GNS has successfully raised $336M in fresh equity, via a 7 for 10 entitlement offer at $1.50/share. A retail entitlement offer, which is seeking up to $91M at the same price, opens today, 4 September 2008. While this capital raising is good news for GNS, it is not a development that fundamentally changes our view on the stock. Until there is positive progress on Bell Bay, we will maintain our negative 12-month and long-term investment views on GNS.
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Newcrest Mining (NCM) FY08 Result - solid profit with reserves up, recommendation upgrade 04/09/2008 18:23
Driven by annual gold production and higher gold and copper prices, Newcrest Mining posted an underlying profit $493.9, up 158%...
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Driven by annual gold production and higher gold and copper prices, Newcrest Mining posted an underlying profit $493.9, up 158% on the pcp, and statutory profit was $134.3M, up 87% yoy. Cash flow from operations was a record $1.01B, up 163%, and the company announced that its gearing levels have now been significantly reduced, now at 46%. NCM paid down $907M in loan repayments and had $2.0B equity offering. NCM’s final dividend doubled to 10 cps (unfranked), compared with 5 cents in the pcp.
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Construction & Engineering FY08 Scorecard: Construction & Engineering and Commercial Services & Suppliers 05/09/2008 16:12
We provide an overview of the June-end results for companies operating in the Construction & Engineering and Commercial Services &...
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We provide an overview of the June-end results for companies operating in the Construction & Engineering and Commercial Services & Suppliers sectors. The FY08 reporting season for companies in this space delivered results that were broadly in line with our forecasts, with the exception of a few outliers. We made no change to our 12-month or long-term recommendations with the exception of MND which has been changed from Buy to HOLD subsequent to its result due to an increase in its share price.
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PMP Ltd (PMP) Book distribution acquisition 05/09/2008 16:00
PMP has announced the acquisition of book distributor Scribo for an initial consideration of A$21M with an earn-out arrangement in...
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PMP has announced the acquisition of book distributor Scribo for an initial consideration of A$21M with an earn-out arrangement in place payable in 2011, which is subject to performance criteria. Management expect the acquisition to be EPS accretive by 2009. Scribo currently generates A$50M in annual revenue and has over 40,000 titles in its stock list, from more than 500 publishers. Scribo also operates in Australia and New Zealand and has a customer network of over 2000 retail outlets.
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Futuris Corp (FCL) Divestments continue 01/09/2008 15:48
FCL announced that it has divested its 50% stake in Amcom (AMM) with 170M shares sold to institutional investors and...
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FCL announced that it has divested its 50% stake in Amcom (AMM) with 170M shares sold to institutional investors and the remaining 99M shares bought back and cancelled by AMM. The total proceeds from the sale amount to $48.5M. Under the terms of the buyback, $7M of the $19.6M buyback consideration will be deferred until 31 January 2009. This divestment represents a continuation of FCL’s rationalisation process with the proceeds to be applied to debt reduction.
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Health Care
Aust Pharmaceutical (API) Retail weakness prompts lower forecasts...no change to view 03/09/2008 20:45
In light of the continued deterioration in the retail environment, we have reviewed our earnings outlook for API. Ongoing retail...
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In light of the continued deterioration in the retail environment, we have reviewed our earnings outlook for API. Ongoing retail weakness remains cause for concern. We have reduced retail margins which has led to a 4% decline in forecast EPS in FY08, and an 8% drop in EPS in FY09 and FY10. Our 12 month target price has fallen by 10%. With the company trading on a forward PE of 9.2, we recommend shareholders retain their API stock, but API is only for investors with a high tolerance for risk.
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Centro Retail Trust (CER) Risk reassessed following FY08 result 04/09/2008 16:32
Following the release of our report on 29 August we have reassessed CER’s risk profile, taking particular account of the...
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Following the release of our report on 29 August we have reassessed CER’s risk profile, taking particular account of the increased risk levels across the Centro group. We believe CER is now exposed to higher levels of risk and consequently we have increased the beta incorporated in our valuation from 1.5 to 2.2 to more appropriately reflect the risk. Our valuation declines from $0.42 per share to $0.18 per share. Our 12-month price target is $0.20, and we maintain our Sell recommendation.
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ING Real Estate Entertainment Fund (IEF) Disposal of two hotels in Queensland 04/09/2008 16:32
IEF has disposed of its GPO ($4.7M) and O'Dowd's ($3M) Hotels in Queensland for a combined $7.7M. The transaction was...
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IEF has disposed of its GPO ($4.7M) and O'Dowd's ($3M) Hotels in Queensland for a combined $7.7M. The transaction was done at book value for both properties and reflected a 26% premium to the Fund's initial acquisition price. The surplus funds have been earmarked to reduce gearing levels. No expected settlement date has been advised. Our valuation remains largely unchanged.
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Mariner American Property Income Trust (MRA) FY08 Result: Rental income up 4% 05/09/2008 14:28
MRA reported a FY08 NPAT loss of $8.195M, down from a net gain of $18.1M in FY07. After adjusting for...
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MRA reported a FY08 NPAT loss of $8.195M, down from a net gain of $18.1M in FY07. After adjusting for tax, hedging and revaluation losses, MRA achieved a NPAT of $8.284M for FY08. Rental income was $26M, up 4% on FY07. DPS for FY08 was 9.31cpu, in line with forecasts. NTA is $0.68cpu, down 24% from $0.90 in FY07. While management did not provide a detailed outlook it advised the forecast distribution for FY09 is expected to be 7.26cpu. Our valuation now stands at $0.60.
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Hillcrest Litigation Services (HLS) FY08 Result: Further resolutions probable 02/09/2008 11:48
HLS reported an FY08 NPAT of $1.03M versus a loss of $1.18M in FY07. The FY08 profit reflected the settlement...
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HLS reported an FY08 NPAT of $1.03M versus a loss of $1.18M in FY07. The FY08 profit reflected the settlement of two litigation cases during the year, compared to no settlements in FY07. Operating expenses declined 6% on FY07. As expected, no dividend was declared
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BluGlass (BLG) FY08 Result: BLG looks set to bring its technology to market 01/09/2008 15:56
BLG reported FY08 revenue of $3.2M, more than trebling its FY07 performance. Revenue consisted of $2.6M in grants and $600K...
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BLG reported FY08 revenue of $3.2M, more than trebling its FY07 performance. Revenue consisted of $2.6M in grants and $600K in interest income. Employee expenses increased sharply during the period as the company readied itself for the commissioning of the pilot manufacturing facility in Sydney. A $2.7M net loss was reported for FY08. So far in FY09 we have seen the successful commissioning of the pilot facility and should see the first sales or licensing agreements from the company.
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DUET (DUE) FY08 Result: Outlook for stable earnings growth 01/09/2008 22:33
On a proportionately consolidated basis, DUE's FY08 EBITDA increased by 29.4% on pcp to $579M. We are forecasting most of...
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On a proportionately consolidated basis, DUE's FY08 EBITDA increased by 29.4% on pcp to $579M. We are forecasting most of DUE's future earnings growth to come from the increased capacity at the Dampier to Bunbury Pipeline. We have adjusted our forecasts to take into account the FY08 operating margins and FY09 capital works program, consequently our 12-month price target has decreased 2% to $3.10. We have a neutral view on DUE on a 12-month outlook, and maintain our positive long-term view
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Australian Power and Gas Company (APK) FY08 Result: Powering up momentum 01/09/2008 16:05
APK announced its FY08 results. Sales revenue was $34.5M, in line with the company's target and up from $0.9M in...
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APK announced its FY08 results. Sales revenue was $34.5M, in line with the company's target and up from $0.9M in prior year. Operating cashflow, as flagged in its latest cashflow statement, was negative $18.2M. On a statutory basis, APK booked a net loss of $10.8M. This is a good result from APK and is tracking in line with our expectations. APK's FY09 EBITDA forecast is around $1.4M, targeting around 100,000 customer accounts transferred and revenue of circa $80M. Our valuation of APK is $0.34.
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