Energy
Energy Resources of Aust (ERA) FY11 Cash Flow Improves but Dividends are Cut 02/02/2012 05:57
Our estimate of adjusted FY11 earnings fell 55% to $24m, short of our most recent $69m forecast. The discrepancy can...
+ more
Our estimate of adjusted FY11 earnings fell 55% to $24m, short of our most recent $69m forecast. The discrepancy can be explained by increased depreciation (non-cash) a function of the revised Ranger ore reserves position. Increased non-cash financing costs also rose in response to the upwardly revised Ranger rehabilitation provision. The provision increased from $315m to $565m in August.
- less
AWE Limited (AWE) Revitalised Cliff Head Keeps AWE on Track 01/02/2012 11:23
Group 2Q12 volumes fell 18% to 1.3mmboe, marginally better than expected. Curtailment of production at BassGas to allow construction on...
+ more
Group 2Q12 volumes fell 18% to 1.3mmboe, marginally better than expected. Curtailment of production at BassGas to allow construction on the offshore component of the Mid Life Extension (MLE) project featured. Unfavourable timing of shipments from Tui in NZ was also a key cause. Offshore MLE construction will continue to May 2012 - AWE's share of development expenditure was $34m in 2Q12.
- less
more Energy reports Materials
Kingsgate Consolidated (KCN) Chatree 2Q12 Grade Goes Missing but all Other Cylinders Fire 03/02/2012 05:21
Group 2Q12 gold production increased 62% to 53.3koz courtesy of a 92% increase in Chatree throughput to above-nameplate "expanded" capacity,...
+ more
Group 2Q12 gold production increased 62% to 53.3koz courtesy of a 92% increase in Chatree throughput to above-nameplate "expanded" capacity, and a 23% and 15% jump in Challenger head grade and throughput to 5.4g/t and 166kt respectively. These all but offset the disappointment of Chatree grades remaining at a leaden 0.8g/t. They were supposed to be nearly double that with rich Chatree North ore contributing. Instead heavy Thai rain and flooding again restricted access to high grade northern ore.
- less
Boral (BLD) Out of Indonesia and soft 1H12 guidance 01/02/2012 17:17
The divestment of non-core operations continues with the sale of the Indonesian Construction Materials business to Siam Cement Group for...
+ more
The divestment of non-core operations continues with the sale of the Indonesian Construction Materials business to Siam Cement Group for an enterprise value of US$135m. In FY11 this business generated revenue of US$150m and EBITDA of US$14m. The sale will generate a one-off pre tax profit of about US$35m. Management also provided guidance for the 28 February 1H12 results with an NPAT range $65-$70m, before significant items. This is below our recently revised figure of $82m.
- less
more Materials reports Industrials
Transurban (TCL) CEO resigns 31/01/2012 16:57
CEO and Director Chris Lynch intends to resign effective July 2012. TCL is seeking both internal and external candidates as...
+ more
CEO and Director Chris Lynch intends to resign effective July 2012. TCL is seeking both internal and external candidates as replacement.
- less
Air New Zealand (AIZ) Initial Impressions: Resignation of CEO 31/01/2012 16:55
AIR announced that CEO Rob Fyfe will be stepping down at the end of 2012. He has been with the...
+ more
AIR announced that CEO Rob Fyfe will be stepping down at the end of 2012. He has been with the company for nearly a decade and was made the CEO in 2005. The company said “there is no fixed time for when the decision will be made on the appointment of AIR’s next CEO but a normal period would be roughly six months. The company would be looking at both internal as well as external candidates to fill the position.
- less
more Industrials reports Consumer Discretionary
Echo Entertainment Group (EGP) New MD at the Star 03/02/2012 13:22
EGP announced the departure of Managing Director (MD) of The Star, Sid Vaikunta, on his ‘behaviour in a social work...
+ more
EGP announced the departure of Managing Director (MD) of The Star, Sid Vaikunta, on his ‘behaviour in a social work setting’. He is replaced by current MD of Jupiters Gold Coast, Frederic Luvisutto. Frederic’s previous experience includes senior positions at Monte Carlo Resort & Casino and MGM Grand in Las Vegas. EGP will seek a permanent replacement to lead Jupiters Gold Coast with current General Manager of Finance at the casino acting as interim Managing Director.
- less
Ten Network (TEN) Free TV content is a compelling offer 01/02/2012 17:50
Recent press speculation suggests Kerry Stokes, who purchased a 2% stake two months ago, has decided to sell out. With...
+ more
Recent press speculation suggests Kerry Stokes, who purchased a 2% stake two months ago, has decided to sell out. With the stock price resting close to its 52-week low, we take a closer look at value and compare a sum-of-the-parts calculation to our discounted cashflow analysis which values TEN at $1.09.
- less
more Consumer Discretionary reports Consumer Staple
Wesfarmers Ltd (WES) A solid half with no demons and more customers 02/02/2012 17:15
In the face of well publicised challenging retail conditions WES retail performed well in the December half. Total retail sales...
+ more
In the face of well publicised challenging retail conditions WES retail performed well in the December half. Total retail sales for both 2Q12 and 1H12 of $14.43bn and $26.38bn respectively are close to consensus and our expectations. Interestingly 1H sales growth excluding Convenience (predominantly Petrol) of 3.7% is exactly the same as Woolworths’ ex-Petrol sales growth. As expected discretionary (Target and Kmart) reported modest falls in both headline and comparable sales (comps) growth but no disaster.
- less
Australian Agricultural Co. (AAC) FY11 benefits from good seasonal conditions 01/02/2012 17:02
FY11 reported EBITDA of $58.1m was up 41% on FY10 and at the upper end of guidance of $50-60m. Adjusted...
+ more
FY11 reported EBITDA of $58.1m was up 41% on FY10 and at the upper end of guidance of $50-60m. Adjusted NPAT of $11.8m was a little below our $13m forecast but a welcome turnaround from the FY10 $2.1m loss. Sales increased significantly due to greater trading activity, herd improvements, very good seasonal conditions and higher beef cattle prices. The ban on live exports to Indonesia reduced EBITDA by $5-8m.
- less
more Consumer Staple reports Australian Equity Strategy
There are no new Australian Equity Strategy reports within the last week. more Australian Equity Strategy reports |
Health Care
ResMed (RMD) Initial Impressions: Underlying strength evident 30/01/2012 11:43
RMD delivered a stronger than expected result for the December 2011 Quarter. Revenue grew 9% to $333m, while net income...
+ more
RMD delivered a stronger than expected result for the December 2011 Quarter. Revenue grew 9% to $333m, while net income increased 8% to $62.9m. Due to the ongoing share buy-back program, EPS growth was stronger at 14%. The company spent $104.1m buying back shares. As usual it did not declare a dividend. At the end of the quarter net cash was almost US$500m. The bottom line benefited from a lower tax rate, but higher intangible amortisation reduced profit.
- less
more Health Care reports Financials
Abacus Property Group (ABP) Marriage blessing not forthcoming 03/02/2012 14:53
ABP is proposing a merger with Abacus Storage Fund (ASF) increase its current ASF stake from 20% to 100% via...
+ more
ABP is proposing a merger with Abacus Storage Fund (ASF) increase its current ASF stake from 20% to 100% via the issuance of ABP scrip at pro forma NTA, plus $10.9m in cash. If approved, ABP security holders will hold 91.1% of the merged group. ASF owns $332m of self storage assets with a 9.2% cap rate Merging with ASF will increase group gearing by 6% to 32.7%, and covenant gearing increases from 31.6% to 37.6%. The securityholder meeting to vote on the merger occurs on 24 February 2012, with proxy forms to be lodged by 22 February.
- less
Perpetual Limited (PPT) FUM follows John Sevior out the door 01/02/2012 16:46
Net outflows from Perpetual Investments in the December quarter were $900m, with $800m from the equities asset class. Some $400m...
+ more
Net outflows from Perpetual Investments in the December quarter were $900m, with $800m from the equities asset class. Some $400m of this was institutional outflows from the Concentrated Equity Fund John Sevior used to manage. PPT announced on 14 December John Sevior would not return.
- less
more Financials reports Information Technology
Computershare (CPU) Soft market conditions weigh on near-term earnings 01/02/2012 17:23
Growth in earnings is expected to suffer from soft global equity markets, particularly in M&A, IPOs and capital raisings. Earnings...
+ more
Growth in earnings is expected to suffer from soft global equity markets, particularly in M&A, IPOs and capital raisings. Earnings guidance points to underlying EPS for the six months to 31 December about 15% lower than 1H11, with EBITDA margins also lower. We expect 1H12 adjusted NPAT at US$135m.
- less
Customers (CUS) Disappointing 1H12 update 31/01/2012 17:42
A 1H12 trading update suggests more than growing pains are hurting earnings. While revenues increased around 2% to $64m, EBITDA...
+ more
A 1H12 trading update suggests more than growing pains are hurting earnings. While revenues increased around 2% to $64m, EBITDA of $17.8m-$18.4m is well down on last year’s $23.7m. Earnings from the convenience ATM business continued to deteriorate, while targeted areas of growth - NZ ATMs and financial institution outsourcing - continued to be a drain.
- less
more Information Technology reports Telecommunication Services
There are no new Telecommunication Services reports within the last week. more Telecommunication Services reports Utilities
There are no new Utilities reports within the last week. more Utilities reports Hybrids
There are no new Hybrids reports within the last week. more Hybrids reports |