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MND - MONADELPHOUS GROUP LIMITED


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Some technical analysis from Fairmont Equities

 

MND has had a great run in the last couple of years. We are seeing signs that it might just take a breather though. Last week was a negative week, forming a candlestick pattern known as a "dark cloud cover" (circled). Last week's volume on the sell-off was also twice the average for the last year. This leads us to believe that MND should weaken from here. There is some trendline support just under $18, which isn't too far away, hence the neutral stance. But if that breaks, then we are looking at a slide towards to low $16's.

https://www.shortman.com.au/stock?q=mnd

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This deal has finally come to an end - back in September Ernst & Young raised concerns about ANQ's ability to continue as a going concern in the 2017 Annual Reports.

 

Today XEPTC terminated the "binding" agreement and administrators appointed to ANQ, although MND suggest this " will not have a material consequential impact on the overall earnings of Monadelphous" Maybe not, but it may have a short term impact on MND's SP

AnaeCo

Monadelphous Group Limited (Monadelphous) today announced that a binding agreement entered

into with Xiaoqing Environmental Protection Technology Co. Ltd (XEPTC) had been terminated.

Under the agreement, XEPTC was to purchase part of a convertible loan owed by AnaeCo Limited

(AnaeCo) to Monadelphous. Despite Monadelphous being ready, willing and able to complete the

transaction, and after having afforded XEPTC multiple extensions to the transaction sunset date,

XEPTC has not fulfilled its completion obligations under the agreement. Monadelphous intends to

pursue XEPTC for damages resulting from non-performance under the agreement.

With no financial means available to support its continued operation, administrators have been

appointed to undertake a financial and operational assessment of AnaeCo.

The loan to AnaeCo has been fully provided for in MonadelphousÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢ financial accounts. The

appointment of administrators to AnaeCo will not have a material consequential impact on the overall

earnings of Monadelphous.

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....first-half profit rose by 32 per cent, reflecting a recovery in the global resources industry. MND reported a net profit of $37.6 million for the six months through December, up from $28.6 million in the same period a year earlier.

 

"The strong performance reflects solid revenue increases in the company's core resources and energy markets in Australia and was impacted by the high volume of contracts secured over the past 18 months, an increase in demand for maintenance services and growth from diversification into overseas and infrastructure markets," said Monadelphous.

 

"Increased construction activity levels, particularly in oil and gas, water and renewable energy, and a record sales performance from our maintenance services business contributed to the result."

 

The company was upbeat on the outlook, forecasting a 30 per cent rise in annual revenue over the fiscal year. Half-year revenue increased by 35 per cent to $849.7 million.

It will pay an interim dividend of 30c a share, up from 24 cents a year ago.

 

 

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Announcement in after the market close......

 

Monadelphous Contracts Update

Engineering company Monadelphous Group Limited (ASX:MND) (ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“MonadelphousÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ or ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ)

today announced it has secured new contracts in the resources and infrastructure sectors with a

combined value of approximately $100 million.

 

The CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s renewable energy business, Zenviron, has secured a contract for balance of plant

works associated with the 150MW Moorabool North Wind Farm Project for Goldwind Australia. The

project is located 5km south of Ballan, Victoria and is expected to be completed in December 2019.

 

In addition, the Company has been awarded various structural, mechanical, piping, electrical and

instrumentation integrated packages of work under an existing panel contract with BHP for its iron ore

operations. The work will be performed at a number of BHP sites in the Pilbara region of Western

Australia and is expected to be completed in 2018.

 

Lastly, the Company has received an order from Australia Pacific LNG, under an existing agreement,

for the supply of additional wellhead skids.

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FWIW - Deutsche Bank rates MND as Downgrade to Sell from Hold

Deutsche Bank was disappointed with the FY18 results, noting a severe earnings hole is emerging in FY19. While the company exceeded FY18 revenue guidance, the broker believes the expectation for construction revenue to decline in FY19 implies double-digit declines in earnings.

 

The broker believes the stock is expensive and downgrades to Sell from Hold. Target is $11.60.

https://www.shortman.com.au/stock?q=mnd

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Monadelphous says it expects 1H19 revenue to be ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“around 10 per cent lessÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ than the prior corresponding period. This is the first explicit revenue guidance for the period, but it seems to have already been anticipated by the market.

 

As previously detailed in its results on August 21, it says ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“project timing and Ichthys run off forecast to result in lower construction revenues in 2018/19.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ But it reiterates that the ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“outlook for resources and energy sectors is positiveÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ, with ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“maintenance activity forecast to growÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ and it says its strong balance sheet ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“provides capacity for investment.

 

With the share price down about 9 per cent since the August guidance and more than 7pc of the company sold short, shares have recovered to $14.04 on this news.a

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Mondium (60% MND) is an engineering, procurement and construction (âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“EPCâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ) service provider targeting and delivering EPC projects in the minerals processing sector.

 

Mondium has been awarded its largest contract to date, valued at approximately $100 million, with Talison Lithium for the design and construction of a new tailing retreatment processing plant at its Greenbushes mine site in the south west of Western Australia.

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Revenue $1.608 billion, in line with guidance provided

- Record revenue in Maintenance and Industrial Services

- Strengthened position in water and renewable energy

 

Underlying net profit after tax $57.4 million

 

Final dividend 23c, full year dividend 48 cps, ff

 

Secured $1.35 bill of new contracts and extensions

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Mining & Resources

 

"The resources and energy sector in Australia is expected to provide a solid pipeline of opportunities over coming years as more favourable market conditions return. Project development activity has been increasing with a number of resources construction opportunities coming to market, particularly in the iron ore and lithium sectors. Prospects from further development in LNG production are also expected to be positive in the years to come."

Monadelphous ASX Announcement

"Drilling activity moderated early in calendar 2019, principally due to concerns regarding the global macro environment, which had a short-term impact on capital expenditure and exploration plans."

Bernie Ridgeway, CEO, Imdex Ltd

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