In today’s briefing:
- Newcrest/Newmont – More Selling on the NCM Means More Buying on NEM, And Settlement Logistics Matter
- What To Make Of Hollysys’ Latest Offer
- Ocean Power Technologies, Inc – Contract Award with WildAid and Caribbean Law Enforcement
- SHEN: On the Horizon
- NTGR: Recovery with Cash Flow
- HNI Corporation – 3Q Preview: Looking for Steady Demand in WF Segment
- Aspira Women’s Health, Inc. – Two Important Announcements from Aspira Women’s Health
Newcrest/Newmont – More Selling on the NCM Means More Buying on NEM, And Settlement Logistics Matter
- Today saw 65mm shares of Newcrest Mining (NCM AU) print at the close and 85+mm shares crossed in blocks post-close. There was another 15mm shares traded in additional excess volume.
- That suggests a certain lack of “risk taking” by passive managers, increasing today’s trade in NY.
- Furthermore, the settlement logistics appear to indicate an interesting trade to do 7 November (worth checking with your custodian/broker).
What To Make Of Hollysys’ Latest Offer
- Hollysys (HOLI US), a leading automation control system solutions provider in China, has been subject to at least six indicative Offers since December 2020, ranging from US$15.47/share to $US$25/share.
- Yue Xu and Lei Fang, the co-chief operating officers of Hollysys, who previously tabled a NBIO of US$23.00/share in August 2021, have now pitched a US$25/share proposal.
- What is different this time? >32% of the share registry has banded together to demand changes. That’s dramatically different vs previous Offers.
Ocean Power Technologies, Inc – Contract Award with WildAid and Caribbean Law Enforcement
- Ocean Power Technologies entered a contract with WildAid and Caribbean Law Enforcement to provide a WAM-V 16 Uncrewed Surface Vessel (USV) equipped with an integrated quadcopter aerial drone that should help in protecting vital marine species and combat illegal, unreported, and unregulated (IUU) fishing activities in critical habitats.
- OPT and WildAid and Caribbean Law Enforcement are teaming up to use unmanned surface and aerial vehicles to identify, track, and gather information on people who are harming marine life and ecosystems through illegal activities
- Additionally, the company also received an additional volume order from Sulmara worth $1.6 million, a prominent player in offshore services, of WAMV 16 uncrewed surface vehicles (USVs), making this the largest single order of WAM-Vs to date.
SHEN: On the Horizon
- SHEN is expanding its network footprint with the acquisition of Horizon Telecom for $385 million in cash and stock.
- SHEN is purchasing Horizon for the network footprint and the sales ability to capture commercial customers compared to the majority of SHEN’s customers being residential
- The valuation becomes financially reasonable to understand when considering SHEN is paying approximately $51 thousand per fiber miles
NTGR: Recovery with Cash Flow
- NTGR benefited from an increase in demand for premium wireless mesh systems and routers in the third quarter resulting in a non-GAAP profit
- The return of normalcy should allow NTGR to convert its on hand inventory to cash over the next two quarters. NTGR’s cash balance should continue to rise
- A softer environment for SMB products forces us to reassess our model with NTGR guiding gross margin down
HNI Corporation – 3Q Preview: Looking for Steady Demand in WF Segment
- HNI reports 3Q23 on Tuesday, October 31 before the market opens, with its earnings conference call scheduled for 11:00 am ET.
- We expect 3Q23 non-GAAP EPS of $0.64 on consolidated sales of $713 million. Consensus is $0.63 EPS on consolidated sales of $713 million.
- In 3Q22, HNI delivered $0.71 in non-GAAP EPS on consolidated sales of $598.8 million.
Aspira Women’s Health, Inc. – Two Important Announcements from Aspira Women’s Health
- On October 25, Aspira Women’s Health announced that a poster on its in-development miRNA-based ovarian cancer test was presented at the American Association for Cancer Research (AACR) Special Conference in Cancer Research: Ovarian Cancer.
- The poster, titled, “Improving the diagnostic accuracy of an ovarian cancer triage test using a joint miRNA-protein model,” highlighted data showing miRNA’s potential to improve the diagnostic accuracy of non-invasive diagnostic tests.
- The study showed that the addition of miRNA improved the detection of early-stage ovarian cancers and that diagnostic performance improved even further when using a combination of approaches, including miRNA, proteins, and metadata.
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