Category

Australia

Jan 19
0

Daily Brief Australia: Nickel Industries Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Nickel Industries Placement – Deepening Ties, Rising Short Interest Likely to Support Deal Price

Nickel Industries Placement – Deepening Ties, Rising Short Interest Likely to Support Deal Price

By Clarence Chu

  • Nickel Industries Ltd (NIC AU) is looking to raise US$185m with the majority of proceeds used to acquire 10% interests in nickel producing assets within the Indonesia Morowali Industrial Park.
  • The Indonesia Morowali Industrial Park is part of its ongoing collaboration with Tsinghan Group, a private Chinese nickel and stainless steel producer.
  • In this note, we will talk about the firm’s track record and run the deal through our ECM framework.

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Jan 17
0

Daily Brief Australia: Aristocrat Leisure and more

By | Australia, Daily Briefs

In today’s briefing:

  • Aristocrat Leisure: Recent Dip in Last 90 Days Opens an Entry Point for This Uncut Gaming Tech Gem

Aristocrat Leisure: Recent Dip in Last 90 Days Opens an Entry Point for This Uncut Gaming Tech Gem

By Howard J Klein

  • We have been bullish on the prospects of the Aussie gaming tech maker’s real world valuation in the light of its outstanding performance.
  • The company’s relatively low institutional holding profile suggests its visibility is limited.
  • WE put a one year PT on the stock at AUD$45 vs its current trade at AU$33 because it outperforms industry peers in ROE among other reasons.

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Jan 11
0

Daily Brief Australia: Norwest Energy NL and more

By | Australia, Daily Briefs

In today’s briefing:

  • Norwest Energy Rejects MinRes’ Offer

Norwest Energy Rejects MinRes’ Offer

By David Blennerhassett

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Jan 10
0

Daily Brief Australia: Essential Metals, Yancoal Australia, Norwest Energy NL and more

By | Australia, Daily Briefs

In today’s briefing:

  • Essential Metals (ESS AU)’s Enters a SID at A$0.50 with a Tianqi/IGO JV
  • Quiddity Leaderboard-S&P/​​​​​​​​​ASX Mar 23: Multiple Names with Decent Impact
  • Norwest Energy (NWE AU): Valuation Read Across from Warrego’s Takeover Battle

Essential Metals (ESS AU)’s Enters a SID at A$0.50 with a Tianqi/IGO JV

By Arun George

  • Essential Metals (ESS AU) has entered a SID with a Tianqi Lithium (002466 CH)/IGO Ltd (IGO AU) JV at A$0.50, a 44.9% premium to the undisturbed price (6 January).
  • The scheme is subject to shareholder and FIRB approval. The FIRB should approve a 49% Aussie-owned offeror for a project to be processed in Australia.
  • There is a possibility of a competing bid as the offer is far from a knockout bid and ESS lacks substantial shareholders. The scheme meeting is in April. 

Quiddity Leaderboard-S&P/​​​​​​​​​ASX Mar 23: Multiple Names with Decent Impact

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for S&P ASX 20, 50, 100, 200, 300 in the run up to the March 2023 Rebalance.
  • I expect there to be one, two, and four changes, respectively, for the ASX 20, ASX 100, and ASX 200 indices in the March 2023 Rebalance. 
  • For ASX 300, there could be 14 ADDs and 12 DELs in the March 2023 Rebalance including some high impact names based on days-to-trade.

Norwest Energy (NWE AU): Valuation Read Across from Warrego’s Takeover Battle

By Arun George

  • Mineral Resources (MIN AU)‘s off-market takeover offer at 1 MIN share for every 1,367 NWE shares closes on 6 February. The target’s statement will be despatched by early to mid-January.
  • The Norwest Energy NL (NWE AU) Board recommends shareholders take no action. The timing is opportunistic and motivated by recent Perth Basin consolidation activity. 
  • Hancock’s latest bid for Warrego Energy (WGO AU) suggests that Norwest is worth at least 20% more than MinRes’ offer. Expect the Board to reject the offer.

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Jan 09
0

Daily Brief Australia: PEXA Group, Essential Metals and more

By | Australia, Daily Briefs

In today’s briefing:

  • PEXA (PXA) Replaces Pendal (PDL) In the S&P ASX 200, Getting into the Distro Mix
  • Essential Metals (ESS AU): Scheme With Tianqi/IGO

PEXA (PXA) Replaces Pendal (PDL) In the S&P ASX 200, Getting into the Distro Mix

By Travis Lundy

  • On Friday after the close, S&P DJI Indices announced that PEXA Group (PXA AU) would replace Pendal Group (PDL AU) in the S&P ASX 200 on 12 January at close.
  • This is unsurprising. Pendal was scheduled to exit in January due to takeover. PEXA was already an interim S&P ASX 200 member after the distribution by Link Administration (LNK AU).
  • The timing is conveniently in the timeframe for the LNK distribution of PXA shares to its shareholders implemented on the 10th. 

Essential Metals (ESS AU): Scheme With Tianqi/IGO

By David Blennerhassett

  • Small lithium player Essential Metals (ESS AU) has entered into a Scheme with the Tianqi Lithium JV, comprising Tianqi Lithium (9696 HK) (51%) and IGO Ltd (IGO AU) (49%). 
  • The Scheme Consideration of A$0.50/share is a 45% premium to last close, and a 36.3% premium to the 30-day VWAP. 
  • Standard Scheme conditions apply. FIRB required. The Scheme Booklet is due out in March, with a shareholder meeting expected in April 2023. Possible implementation in May 2023.

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Jan 08
0

Daily Brief Australia: PEXA Group and more

By | Australia, Daily Briefs

In today’s briefing:

  • ASX200 Index Rebalance: PEXA to Replace Pendal

ASX200 Index Rebalance: PEXA to Replace Pendal

By Brian Freitas

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Jan 06
0

Daily Brief Australia: Warrego Energy and more

By | Australia, Daily Briefs

In today’s briefing:

  • Warrego: Gina Bumps As MinRes (Potentially) Circles
  • Warrego (WGO AU): Hancock Ups Its Offer to A$0.36 as MinRes Looms Large

Warrego: Gina Bumps As MinRes (Potentially) Circles

By David Blennerhassett

  • Talk about a crowded register. Gina Rinehart’s Hancock has 25.91%, Strike Energy (STX AU) has 19.9%, and now a new player, possibly MinRes (MIN AU), has taken a ~15% stake.
  • 186mn shares in Warrego, or 15.2% were crossed in after market yesterday at HK$0.35/share. Regal Funds is understood to be one large seller. No shareholding disclosure has emerged. 
  • Not one to rest on its laurels, Hancock immediately bumped the Offer to A$0.36/share, up from A$0.28/share, provided it gets to 40%. We need more popcorn.

Warrego (WGO AU): Hancock Ups Its Offer to A$0.36 as MinRes Looms Large

By Arun George

  • Hancock increased its Warrego Energy (WGO AU) off-market takeover bid by 28.6% from A$0.28 to A$0.36 per share along with a 40% minimum acceptance condition.
  • Hancock’s latest move is an attempt to ward off a potential offer from a third suitor who has built up a 15% stake (rumoured to be Mineral Resources (MIN AU)). 
  • Strike Energy (STX AU)’s all-scrip offer remains the highest as it is the next takeover target. However, Gina Rinehart’s ego suggests that she will persist no matter the cost.

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Jan 05
0

Daily Brief Australia: Warrego Energy and more

By | Australia, Daily Briefs

In today’s briefing:

  • Warrego (WGO AU): Has MinRes Gatecrashed the Party?

Warrego (WGO AU): Has MinRes Gatecrashed the Party?

By Arun George

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Jan 01
0

Daily Brief Australia: Clinuvel Pharmaceuticals and more

By | Australia, Daily Briefs

In today’s briefing:

  • Clinuvel Pharmaceuticals (CUV AU): Strong Start of FY23; Pipeline Progress Enhances Conviction

Clinuvel Pharmaceuticals (CUV AU): Strong Start of FY23; Pipeline Progress Enhances Conviction

By Tina Banerjee

  • Clinuvel Pharmaceuticals (CUV AU) is recording consistent profitable revenue growth backed by Scenesse. 2023 will be marked by several clinical trial progress and data readouts from the company.
  • The first readouts of the DNA repair program on xeroderma pigmentosum patients treated with afamelanotide are expected to be available early in the new year.
  • Clinuvel has started FY23 on a strong note, with Q1 recording highest ever customer receipts. Current cash balance of A$138 million represents sufficient funding for nearly eight quarters.

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Dec 26
0

Daily Brief Australia: Temple & Webster Group Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • S&P/ASX All Technology Index: GICS Changes, Market Consultation & Potential Index Changes

S&P/ASX All Technology Index: GICS Changes, Market Consultation & Potential Index Changes

By Brian Freitas

  • Global Industry Classification Standard (GICS) structure updates will lead to changes to the S&P/ASX All Technology Index at the March rebalance.
  • To better reflect the GICS changes and reduce constituent turnover, S&P DJI has proposed changes to the index universe for constituent selection.
  • We expect there will be 4 deletions from the index in March, but that could increase to 10 if the changes are not adopted.

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