Daily Brief Australia: BrainChip Holdings, National Australia Bank, Respiri Ltd and more

• Originally, this was an analysis of tax-loss selling baskets over the years, and seasonal performance of baskets of stocks with certain attributes. On average, they fell vs index.
• Of course, on average, they also rose vs index after the selling was done.
• This insight puts a cap on the 2023 edition with results across the four baskets. The sell made 4.2% vs ASX200 in May, then is up

• We turn to granular Pillar 3 disclosure of NAB seeing divergent moves in PD buckets
• Its worst PD buckets are seeing sharp rise, while best buckets are falling, flat-ish
• LT credit cost data, PD buckets, timely CBA data, suggests higher provision costs

Following the proposed acquisition of Access Managed Services in May 2023, Respiri announced that it has raised the A$3m as planned as part of the share purchase plan (SPP), which we believe are the funds needed to close the acquisition (10 August scheduled closing date). The company has raised a total of A$4.35m (including a convertible note with Obsidian Global) to cover the upfront payment (US$1.25m) for the acquisition, working capital to accelerate US commercialisation and the US$0.25m acquisition purchase consideration due three months post-close. Also, in Q423 (ending June 2023), Respiri signed three new remote patient monitoring (RPM) agreements, increasing the total contracted healthcare customers to 13 (across eight US states), while also bolstering its sales pipeline. The acquisition of the Access platform is a key component of management’s commercialization strategy and we anticipate Respiri to be on track to reach break-even in mid-CY24.