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nipper
Posted on: Yesterday, 08:04 PM


Group: Member
Posts: 5,835

Pretty high-powered article
QUOTE
MYSTERY 'SATOSHI NAKAMOTO' CLAIMS HE'S HODLING $10 BILLION IN BITCOIN

- keep hodling, that's all I can say
  Forum: Investment Discussion

nipper
Posted on: Aug 17 2019, 03:19 PM


Group: Member
Posts: 5,835

.
QUOTE
• 4 strong operations delivering over 500koz p.a.
• Substantial organic growth and discovery pipeline
• Deliver up to 50% increase in annual production from our existing operations
• Delivering on targets and creating value for our stakeholders.

QUOTE
The Company expects to generate strong operating cash flows from its portfolio of assets in 2019 and reinvest most of these cash flows to advance its value accretive organic growth opportunities and targeted exploration programs.

The Haile operation demonstrated a significant improvement to production in the second quarter mainly as a result of improved weather conditions and access to higher grade ore zones combined with the implementation of mitigating strategies to boost mining productivity. The impact of these improvement actions should continue to be seen in coming quarters.

Haile production is expected to be stronger in the second half due to a continued trend of higher average grades, combined with improved recoveries and productivity. Costs are also expected to be lower with less pre-strip activity planned.

Didipio’s second half outlook was broadly consistent with the first half. However, this is now dependent on either (i) the completion of the FTAA renewal process, or (ii) the favourable resolution of the legal dispute (as described in further detail in the Didipio section of this document), whichever comes first. .

Currently the Company believes if the renewal can be completed or if a positive resolution to the legal dispute can be achieved in a timely manner, Didipio can still meet existing full year guidance. The Company will provide ongoing updates on the progress of this matter.

Waihi production is expected to remain broadly consistent in the second half. Following receipt of resource consents (permits) for the Martha Underground Project, the Company is advancing mine development and management plans and ongoing resource drilling in anticipation of a rapid development approach.

At Macraes, production is expected to increase in the third quarter with the fourth quarter expected to be even stronger consistent with the expected grade profile.

Subject to the above, the Company expects production in the second half of 2019 to be stronger than in the first half while costs are expected to reduce.


-think I prefer Cadia types of epithermals
  Forum: By Share Code

nipper
Posted on: Aug 17 2019, 12:16 PM


Group: Member
Posts: 5,835

Most excellent response. ....so true about the reserves and the production cost issues
. (I've been adding GDX { having been burnt with Gwalia type disasters a while ago} )

- have to get away from the 'gold solely as insurance' thinking. The other reality is that people such as Gave play to the advice market; making decisions at the individual level allows for a lot more flexibility and nimbleness.
  Forum: Macro Factors

nipper
Posted on: Aug 16 2019, 10:13 PM


Group: Member
Posts: 5,835

QUOTE
I[n these volatile times, i]s gold, then, a better hedge than bonds?

Gavekal Research co-founder Charles Gave, a veteran of financial markets, says his rule of thumb is to use gold to hedge his equity portfolio during inflationary periods, and long US bonds if the economy is in a "disinflationary interlude".

To work out whether inflation is the issue, Gave turns to the market. If bonds have outperformed gold over the past five years, he uses the fixed income market as his safe haven, and the same for gold. The ratio of total returns from Treasuries to gold turned negative in May, and this prompted Gave to recommend his clients switch from "overvalued" bonds to gold as the preferred hedge against a sharemarket rout.

Gold and bonds are usually negatively correlated – as one goes up, the other goes down. But in the past few months both have surged at the same time. Scratching his head, Gave turns to the history books for previous moments when gold and bonds have both been overbought, and what this might mean.

"The conclusion is striking: we are in a panic," Gave says.

There have been five previous instances since 2007 where bonds and gold have moved in tandem: the beginning of the GFC; the end of the GFC; the euro debt crisis that led to European Central Bank president Mario Draghi's "whatever it takes" pledge to save the euro in mid-2012; the slowdown in China which led to the G20 "Shanghai agreement"; and now.

"Acting in the middle of a panic is seldom a good idea. I would just continue selling bonds, and so raising cash," Gave says. "So what should investors do? My immediate advice would be to do very little right now."
  Forum: Macro Factors

nipper
Posted on: Aug 16 2019, 03:55 PM


Group: Member
Posts: 5,835

QUOTE
Outdoor advertising company oOh!media has flagged its financial year 2019 earnings will be about $27 million less than anticipated, blaming a weak second half that saw a "significant decline in overall media advertising spend".

oOh! previously told the market it anticipated earnings before income, tax, depreciation and amortisation of between $152 million and $162 million for the 2019 fiscal year.

However, in an announcement to the market on Friday morning, that was revised down to expected earnings of between $125 million and $135 million. A $27 million dollar difference between the two forecast boundaries.

Market reaction to the announcement was swift, with the share price plummeting 40 per cent in opening trade, down to $2.42 at 10:45am AEST.

"In line with the challenging market conditions being experienced by the wider media market, the Company’s advertising bookings for the third quarter of 2019 experienced a sharp decline compared to the bookings on-hand at the same time last year," the company said.
- Ooh dear
  Forum: By Share Code

nipper
Posted on: Aug 16 2019, 12:12 PM


Group: Member
Posts: 5,835

QUOTE
"So many manufacturers are moving out of China at breakneck speed. You don't see it in the China-reported GDP growth numbers yet. I suspect that sooner or later it will be visible”

Magnus Nicolin, CEO, Ansell Ltd
  Forum: Investment Discussion

nipper
Posted on: Aug 15 2019, 07:09 PM


Group: Member
Posts: 5,835

Inverted Yield Curve and does it matter?

https://beta-washingtonpost-com.cdn.ampproj...From%20%251%24s

QUOTE
The yield curve has inverted before every U.S. recession since 1955, although it sometimes happens months or years before the recession starts.

Because of that link, substantial and long-lasting inversions of the yield curve are largely viewed as a strong predictor that a downturn is on the way
- can go broke waiting. And is "several years" causal?
  Forum: Investment Discussion

nipper
Posted on: Aug 15 2019, 07:06 PM


Group: Member
Posts: 5,835

Paws for thought, though.
  Forum: By Share Code

nipper
Posted on: Aug 15 2019, 04:57 PM


Group: Member
Posts: 5,835

QUOTE
Evolution Mining executive chairman Jake Klein has some sage advice for investors wondering whether the meteoric rise in the Australian dollar gold price – up from $1800 an ounce at the end of May to a spot price of about $2250 – can continue.

“You can’t find a gold miner that doesn’t think the gold price is going up. We’re only right 50 per cent of the time – at a maximum,” Klein said on Thursday.

Klein is very sensibly not banking on a rising gold price, and he certainly won’t be rushing to do a big acquisition unless he’s sure it will strengthen the group and deliver value for shareholders.

But what he is determined to do is return excess cash to shareholders while the high gold price means he’s swimming in cash.

Evolution increased its final dividend by 50 per cent to six cents a share, and changed its payout policy from 50 per cent of net profit to 50 per cent of cashflow before debt repayments and M&A.

The company is spending a lot more on mine development and exploration, but Klein wants to do the right thing by investors at the right time.

“This is a time to be rewarding shareholders,” he says. “This is our shareholders’ money and we’re going to give it back to them.”
  Forum: By Share Code

nipper
Posted on: Aug 15 2019, 04:54 PM


Group: Member
Posts: 5,835

QUOTE
Finally, we’re once again dying like we should be.

Funeral home operator InvoCare reported a 1.9 per cent increase the number of deaths in Australia in the six months to June 30, with earthly departures back in line with historic norms across the group.

That trend, and a lift in market share, boosted Invocare’s operating profits by 8.6 per cent on an underlying basis, while net profit surged 97 per cent on thanks as healthy investment markets boosted returns on the capital the group holds in trust for pre-paid funerals.

The big swing factor in full-year earnings is winter flu season, which based on my highly scientific test of the number of colleagues sniffling around me, looks pretty good.

CEO Martin Earp will also be looking for growth from his new pet cremation business, called Patch & Purr. You can’t make this stuff up.
  Forum: By Share Code

nipper
Posted on: Aug 14 2019, 11:35 AM


Group: Member
Posts: 5,835

QUOTE
CSL’s chief executive Paul Perreault outlined that the company’s products, across the board, had contributed to its strong result. He said its largest franchise, the immunoglobulin portfolio, was performing exceptionally well, with Privigen sales growing 23 per cent and Hizentra sales up 22 per cent.

“In part, driving the growth in demand has been our new CIDP (Chronic Inflammatory Demyelinating Polyneuropathy — a debilitating neurological disorder) indication for Hizentra and the inclusion of this indication for Privigen in the US market,” Mr Perreault said.

CSL highlighted that global albumin sales grew 15 per cent when compared to the previous year, with albumin sales into China making a strong resurgence in the second half.

The results also showed that Haegarda sales grew by 61 per cent and Idelvion sales were up 40 per cent. “Haegarda, our therapy for patients with Hereditary Angioedema and Idelvion, our therapy for Haemophilia B patients, have been transformational products and the sales growth reflects this,” Mr Perreault said.

Mr Perreault added that demand for CSL’s plasma and recombinant products continued to be strong. “We expect to again outpace the market in growing plasma collections and plan to open around 40 new collection centres in fiscal 2020,” he said.
  Forum: By Share Code

nipper
Posted on: Aug 14 2019, 10:51 AM


Group: Member
Posts: 5,835

EB, the (unlisted) Aust Unity Healthcare REIT has been a wonderful performer for years, decades even. Nothing like a precinct in a growth sector, having a focus
  Forum: Investment Discussion

nipper
Posted on: Aug 14 2019, 09:53 AM


Group: Member
Posts: 5,835

QUOTE
A strong year for CSL with reported net profit after tax of $1,919 million, up 17% at CC and revenue up 11% at CC, reflecting;
- Continued strong growth in immunoglobulin and albumin therapies
- High patient demand for specialty products Haegarda & Kcentra
- Successful evolution of the haemophilia therapies portfolio
- Seqirus delivering on strategy, with strong profit growth

• Earnings per share $4.236, up 16% at CC

• Final dividend of US$1.00 per share (approximately A$1.48)
- Total full year dividend increased to US$1.85 per share, up 8%
- Converted to Australian currency, the total full year dividend is approximately A$2.68 per share, up 18%

• FY20 net profit after tax anticipated to be in the range of approximately $2,050million to $2,110 million at CC representing a growth over FY19 of approximately 7-10%. This growth takes into account the one-off financial headwind of transitioning to a new model of direct distribution in China
  Forum: By Share Code

nipper
Posted on: Aug 14 2019, 09:00 AM


Group: Member
Posts: 5,835

Trump blinked
QUOTE
US stocks surged higher after the Trump administration said it would delay 10% tariffs on some Chinese products, including laptops and cell phones, driving a 4.2% rally in shares of iPhone maker Apple.

The yield on the US 10-year note rose 5 basis points to 1.70%. Oil surged near 5%.
- ASX futures up 48
  Forum: Investment Discussion

nipper
Posted on: Aug 13 2019, 07:31 PM


Group: Member
Posts: 5,835

Am interested, just need to minimise my exposure to volatility (like what you experienced today)

Added more PMGOLD today 👍
  Forum: By Share Code

nipper
Posted on: Aug 13 2019, 09:16 AM


Group: Member
Posts: 5,835

QUOTE
Magellan Financial Group has hired Macquarie Capital to manage a capital raising. The Hamish Douglass-led manager is seeking to raise $275 million at $55.20 each to fund the next period of growth.

The shares were placed in a trading halt on Tuesday morning
- thought to be a "Retirement Product/ package"?

Results today
  Forum: By Share Code

nipper
Posted on: Aug 12 2019, 09:20 PM


Group: Member
Posts: 5,835

There's a lot of shouting from the rooftops
QUOTE
Brace yourself for a global downturn and stock market crash

You cannot solve the problems of debt with more debt. And central bankers, well-meaning and desperate as they might be to offset the damage caused by an erratic US president, can’t create real growth; they can only move money around. At some point, the markets and the real economy must converge.

https://www.afr.com/markets/equity-markets/...20190812-p52g4o
..... or
QUOTE
In the Alice in Wonderland world of relative return and negative yielding bonds, a zero yield is very attractive.

I can’t believe I just wrote that, but I did.

For a long time global institutional managers have not entertained the prospect of buying gold because it has a zero yield.

It has no coupon and offers no dividend.

Today, a zero yield is ravishingly attractive, relatively speaking!
it might even go up
  Forum: Investment Discussion

nipper
Posted on: Aug 12 2019, 09:16 PM


Group: Member
Posts: 5,835

So, Mick, you sold some, triggering CG. And then back in.

(and I picked up some PMGOLD and GDX today. Couldn't work out which was better, so I went in for both. )
  Forum: Investment Discussion

nipper
Posted on: Aug 12 2019, 09:07 PM


Group: Member
Posts: 5,835

KEY POINTS
Revenue ($m) 315 , up 31.5%
Pre-tax profit ($m) 307 , up 25%
Net profit ($m) 293 , flat 33.7%
Final dividend © 17, up 6.3%
Date dividend payable Sept 13

QUOTE
during the 12 months Argo topped up stakes in companies including Bega Cheese, Boral, Oil Search and Transurban.

It bought into fleet leasing group Eclipx, building products firm James Hardie, gaming company Star Entertainment, and Viva Energy for the first time.

MD Jason Beddow said Argo was concentrating on higher-quality companies with strong cash flow which had the capacity to lift dividends, knowing that the sharemarket was at high valuations.

.... and, Sold down ( ** complete disposal)
Asaleo Care**
BHP Group
Coca-Cola Amatil**
Incitec Pivot
Milton Corporation
Navitas**
Rio Tinto
Twenty-First Century Fox**
  Forum: By Share Code

nipper
Posted on: Aug 12 2019, 08:36 PM


Group: Member
Posts: 5,835

QUOTE
Defence Minister Linda Reynolds has stressed the importance of rare earths supply to Australia and its allies amid fears that China will use market domination to cripple technology companies and key military suppliers.

Senator Reynolds welcomed a move by emerging heavy rare earths supplier Northern Minerals to sign a 100 per cent off-take agreement with a non-Chinese customer in Thyssenkrupp, one of the biggest materials distributors to the Western world.

The off-take agreement was announced on Monday just days after WA-based Northern Minerals terminated an off-take agreement with China’s Lianyugang Zeyu New Materials Sales Company, or JFMAG.


Still listed? Still bouncing around 6c?
  Forum: By Share Code

nipper
Posted on: Aug 12 2019, 08:17 PM


Group: Member
Posts: 5,835

QUOTE
" Billions in SAS funding "

https://mobile.abc.net.au/news/2019-08-12/b...aining/11404148

well, $500 mill in first four years, for weapons, body armour, and other equipment, as well as training...

Didn't make any impact on XTE though the company should benefit, down the track
  Forum: By Share Code

nipper
Posted on: Aug 12 2019, 07:47 PM


Group: Member
Posts: 5,835

QUOTE
Consternation rippled through the global client list of the Swiss-based UBS private bank in recent days as the world’s biggest wealth manager ruefully explained that getting nothing in the way of interest was no longer the worst of it … the bank would now be charging its clients for storing their fortunes.

Bizarre, but eminently logical, the Swiss private banks are facing negative interest rates from their own central bank and under that scenario non-interest income is suddenly the only revenue earner in town.

Institutional investors such as insurance companies have been enduring the losing proposition of negative interest bonds for years now, but the Swiss development is the first time individual investors (admittedly at the top end) are grappling with the stark reality of zero rates.

“It’s remarkable, but it is the outcome of central bank settings and it is absolutely possible it will spread further through the banking system,” says Steve Mickenbecker, of Canstar. “Look at our own market, we have online cash rates among the major banks of 0.15 per cent: There is no more room there to cut again, yet the predictions are that more official cuts are coming down the line."

... so, what're you going to do?
  Forum: Investment Discussion

nipper
Posted on: Aug 12 2019, 10:57 AM


Group: Member
Posts: 5,835

QUOTE
Audio Pixels is extremely pleased to inform its shareholders that the wafers recently received from the MEMS vendor have been validated to resolve the known fabrication and handling issues. Wafers tested consistently operated within the required electromechanical specifications. This critical milestone which is the culmination of years of
groundbreaking work in MEMS processing development, has for the first time enabled our engineers to conduct accurate and detailed acoustic characterization on multiples of working devices and wafers.

While the devices performed consistently including the playing of speech and music, the acoustic output was measured to be below our targeted specifications. The root cause for such deficiencies in performance has been traced to slight anomalies that exist between the perfect world of computer simulation, and the imperfect world of fabrication and material behavior, imperfections that were only identifiable once the fabrication process consistently met our electromechanical specifications.

- the gap twixt cup and lip remains measurable
  Forum: By Share Code

nipper
Posted on: Aug 12 2019, 09:58 AM


Group: Member
Posts: 5,835

the bear case
QUOTE
..an important corollary of this has been reduced returns on equity, at just 12.5 per cent today from a very profitable 22 per cent in 2007. It means growth now costs more capital and eats into the capacity to pay dividends.

Not that growth is an issue today. Indeed, with little growth to fund, Commonwealth Bank was actually able to increase its payout ratio – to 80 per cent on an underlying level – and thereby hold the dividend flat.

Credit growth was consistently in the double-digits in the halcyon days. CBA’s results show this is now stabilising down at around 3 per cent, mostly due to economic conditions and regulatory restrictions. Continuing pressure on net interest margins and other income is making it increasingly difficult to achieve any revenue growth at all.

  Forum: By Share Code

nipper
Posted on: Aug 12 2019, 08:05 AM


Group: Member
Posts: 5,835

QUOTE
“We have a currency war, there’s trade war action, there’s central bank action and of course we see what’s going on in the market. They’re all connected.”

To Jim Rickards, this convergence has been coming like a slow-motion train wreck.

The US investment adviser, central bank expert and best-selling author has rusted-on followers who hang off his every word and he is heading to Australia next month.

“Start with the currency war.” This has to be Rickards’ favourite subject. “Nobody wins, tit-for-tat devaluations and after a while it morphs into a trade war. We have been in this state of trade war since January 2018 and unfortunately the last episode of this, in the 1930s, went from currency war to a trade war to a shooting war, World War II in fact. Now we have seen the currency wars going on, we’re in the trade war, let’s hope this one doesn’t go any further, but there is certainly some danger of that.”

Rickards speaks without drawing breath, his passion for economic and political history spilling through the narrative.

“On the currency war, headline writers all over the world, when we saw China let the yuan go below that seven-to-one red line the other day — they said ‘oh there’s a currency war’. No. We’ve been in a currency war since January 2010, you can date it from Obama’s 2010 State of the Union address when he announced a policy that would only be interpreted as weakening the US dollar and indeed in August 2011 the US dollar hit all-time lows.”

In 2011, Rickards wrote his first book, Currency Wars: The Making of the Next Global Crisis, warning that such wars could run for 15, even 20 years.

And he reminds us this is not the first time China has done this. “August 2015, they did a 3 per cent devaluation over a couple of days — US stocks fell 11 per cent in the next four weeks. In December 2015, they did another devaluation and then between January 1 and February 10, 2016, US stocks fell over 11 per cent. So this is the third episode of a Chinese shock devaluation followed by a US sharemarket drawdown.

“The Chinese shock devaluations are nothing new, but of course this one comes in the middle of a trade war.”...

https://www.theaustralian.com.au/business/e...65de8c2472f4d63

...he backs Gold

QUOTE
Gold hit six-year highs last week at $US1500 and the rise will continue, says Rickards, because gold competes with US Treasuries and their attraction is diminishing.

“One of the main drivers of higher gold prices are lower real rates, and I had, straight from the horse’s mouth, three central bankers telling me that their job No 1 is lower real rates. When you take the real yield away, then gold looks more attractive.” Combine this with geopolitics and currency wars and good old supply and demand and Rickards sees a Goldilocks time for gold.
  Forum: Investment Discussion

nipper
Posted on: Aug 10 2019, 01:32 PM


Group: Member
Posts: 5,835

QUOTE
Perth Mint Gold (ASX CODE: PMGOLD) is a right to gold created by The Perth Mint, which gives investors the ability to purchase Government-backed gold via the Australian Securities Exchange (ASX).

PMGOLD suits investors who prefer to manage their gold investment within their stockbroking account along with their ASX-listed equities and other holdings.

About Perth Mint Gold
The ASX price of PMGOLD is intended to track the international spot price of gold in Australian dollars. PMGOLD has a number of features that make it attractive to investors, including:

Government guaranteed. PMGOLD is issued by Gold Corporation (trading as The Perth Mint), a statutory authority of the Government of Western Australia. The liabilities of Gold Corporation, including its obligations to PMGOLD investors, are guaranteed under section 22 of the Gold Corporation Act 1987, an Act of the Western Australian Parliament.

Physically redeemable. Unlike many gold exchange traded products, PMGOLD can be physically redeemed for any of The Perth Mint’s bullion coins and bars.

Fully backed. Holdings secured on behalf of investors in PMGOLD are fully underpinned by government-backed gold, which is safeguarded in The Perth Mint’s central bank grade vaults.

Low management fee. PMGOLD’s management fee is just 0.15%, one of the lowest fees worldwide for a gold exchange traded product.

Highly liquid. The Perth Mint, via its market making agents, ensures PMGOLD tracks the international spot price of gold by maintaining bid and offer prices and volume on the ASX at all times, in accordance with ASX rules.

- is there a catch?
  Forum: Investment Discussion

nipper
Posted on: Aug 9 2019, 08:17 PM


Group: Member
Posts: 5,835

QUOTE
Analyst Cooper Rogers travelled to Kalgoorlie, Western Australia to attend the annual Digger and Dealers mining forum this week. With over 2,450 registered delegates, the highest since 2011, the Digger and Dealers forum provides great insight into the outlook for resources and mining services companies.

Overall, the tone of the conference was positive and attendees' sentiment was buoyant, given record high gold and iron-ore prices. Currently, booming commodities are gold, nickel and iron ore, and declining commodities are lithium and uranium.

The conference also highlighted that labour rates are starting to increase in certain trades such as mechanics, fitters and boilermakers. Drilling and equipment hire rates are approaching full utilisation and are starting to see signs of improving rates.

Exploration is rising from the larger producers, however funding has not flowed to smaller explorers although anecdotal feedback suggests that this may change in the next six to 12 months. There is also an increasing focus on technology and automation by bulk commodity producers with examples being the ongoing conversion to autonomous trucks.
wam
  Forum: Off Topic Chat

nipper
Posted on: Aug 9 2019, 08:06 PM


Group: Member
Posts: 5,835

That's some gap !!
  Forum: By Share Code

nipper
Posted on: Aug 8 2019, 11:52 PM


Group: Member
Posts: 5,835

Headline....
QUOTE
AMP advisers shocked and furious
....byline:
QUOTE
AMP's Francesco De Ferrari may have had little choice but to drastically alter AMP's troubled business model but AMP's army of financial advisers are still shocked and angry.
- yes, possums, but you collectively were quite happy to take the trails and undisclosed benefits, to do bugger-all work and have the 'entitlements' to roll in.
What goes around, comes around
  Forum: By Share Code

nipper
Posted on: Aug 8 2019, 11:39 PM


Group: Member
Posts: 5,835

I suspect this is "fighting the last war". The Islamist tide form the North, exploiting weaknesses and societal divisions, yes, but beholden to a new and alarming agenda, will wipe any post-colonialist vestiges away. And when it happens, turning back is nigh impossible. Just another iteration of 'fighting for the spoils' behind the veneer of ideology.

(meantime, I wouldn't contemplate holding SYR)
  Forum: By Share Code

nipper
Posted on: Aug 8 2019, 05:28 PM


Group: Member
Posts: 5,835

QUOTE
Freedom Foods has lost support of a big shareholder. It is understood one institutional shareholder was responsible for a line of 12.15 million shares worth 4.5 per cent of the company that changed hands on Thursday afternoon.

The $50 million parcel of stock hit the market at 3.28pm Sydney time at $4.10 a share, or a 5¢ a share discount to Freedom Foods' last close.

- think I sold around $4.90 and watched it sail North. But now, what a good decision that was
  Forum: By Share Code

nipper
Posted on: Aug 7 2019, 05:25 PM


Group: Member
Posts: 5,835

rein it in?

Or, horse throws U, then get back on??
  Forum: Investment Discussion

nipper
Posted on: Aug 7 2019, 12:33 PM


Group: Member
Posts: 5,835

Enhanced Li-ion density... greater than solid state??

https://electrek-co.cdn.ampproject.org/v/s/...-solid-state%2F
  Forum: Investment Discussion

nipper
Posted on: Aug 7 2019, 11:27 AM


Group: Member
Posts: 5,835

Must say in previous unlisted iterations (RFF came out of a bunch of unlisted funds/ REITs; only one that came across my bow was Lachlan Farming) the reported numbers and what investors received never made much sense. Fees flowed profusely, though.

Was an AVOID then, and no reason to change that view subsequently.
  Forum: By Share Code

nipper
Posted on: Aug 7 2019, 11:04 AM


Group: Member
Posts: 5,835

Wow, just as well I only kept a Watchlist.....
.. - and might even delete that (although sometimes , now is the best time to buy)
  Forum: Macro Factors

nipper
Posted on: Aug 7 2019, 09:42 AM


Group: Member
Posts: 5,835

QUOTE
Commonwealth Bank of Australia has reported a bigger than expected decline in annual profit to $8.49 billion, as it flagged capital management initiatives were on the board’s agenda. The bank’s cash net profit fell 4.7 per cent to $8.49 billion, reflecting lower operating and net interest income, the bank said in an ASX statement.

The result was also marred by a 2.5 per cent increase in operating expenses, due to costs including higher customer remediation payments stemming from the Hayne royal commission and the addition of 600 compliance staff.

.....CBA chief executive Matt Comyn declared a final dividend of $2.31, leaving the full-year payment flat at $4.31. While not announcing any immediate new capital returns to shareholders, he said such measures were being actively reviewed by the board.

Mr Comyn also signalled that signs of life were returning the nation’s flailing housing market. “We are in a lower growth environment, but we are seeing improvement in the housing market, including improved clearance rates, stabilisation of prices in Sydney and Melbourne and slightly higher housing credit growth,” he said.

The ASX announcement said CBA’s board was considering potential capital management initiatives including an off-market share buyback. That would follow the $4 billion sale of the bank’s global asset management and the pending divestment of its life insurance arm.

CBA also told investors it was moving to close its Financial Wisdom planning business, but remained committed to an “orderly exit” of Colonial First State and mortgage broking interests Aussie Home Loans and a stake in Mortgage Choice.

The estimated pre-tax costs of closing Financial Wisdom are $26 million and CBA said it would stop providing licensee services by June 2020. The bank has already agreed to sell its other financial planning unit Count Financial.

The bank’s full-year statutory profit fell 8.1 per cent to $8.57 billion.
and, interestingly ....
QUOTE
CBA has also unveiled a big push into the global buy now pay later industry, which has potential to dramatically shake up the local market. The bank’s results announcement also revealed the bank has committed an investment of $US100 million in Swedish payments group Klarna Holding AB, as part of its $US460 million capital raising round.
The move foreshadows a move by CBA into the burgeoning buy now, pay later payments market. The move is likely to have implications for locally listed buy now pay later stocks including Afterpay Touch and Zip. “We will become Klarna’s exclusive partner in Australia and New Zealand and intend to further invest at the parent and local level to support this partnership,” CBA said.

Klarna has more than 60 million customers and 130,000 merchants and generated $US627 million in revenue in 2018....
  Forum: By Share Code

nipper
Posted on: Aug 6 2019, 04:49 PM


Group: Member
Posts: 5,835

neither can I !! For as long as my posts have been up, I've a friend who said he was going to buy in big, and either retire rich or die trying (or words to that effect).

Looking back, that's nearly three years. "Charty" loved it as a trader; my entreaties to friend to at least make a bit on the ups and downs fell on deaf ears. He's held on through thick and thin, feast and famine, bumper years and fallow. He is, in the currently popular heuristic, anchored to this stock. Meantime, and as with most cutting edge, innovative big ideas that could should revolutionise the marketplace/ become the next facebook uber, there are many other players out there with deeper pockets, more nimble R&D, better marketing, etc. ( I have never held it)
  Forum: By Share Code

nipper
Posted on: Aug 6 2019, 09:16 AM


Group: Member
Posts: 5,835

https://www.sharecafe.com.au/2019/08/02/sig...-strike-energy/
  Forum: By Share Code

nipper
Posted on: Aug 5 2019, 04:38 PM


Group: Member
Posts: 5,835

Two years later, and the mojo is a-building. The Darlot mine is operational, but not large or with a multi-year future. King of the Hills, on the other hand, is incrementally an exciting project, with 3 mill Resource and a recent 1.45mill Maiden Reserve announcement.
- Just got $20mill Working Capital facility through Macquarie
- and presenting at Diggers and Dealers

Most of the news has come out since May, and the Share Price has risen accordingly, from around 10c to nudging 30c today. A rising gold price does help!

(One of yr charts, praps, blacksheep?)
  Forum: By Share Code

nipper
Posted on: Aug 5 2019, 01:52 PM


Group: Member
Posts: 5,835

QUOTE
Wesfarmers has received a green light from the competition regulator to acquire one of Australia's oldest and largest online retailers, Catch Group, for $230 million.

Wesfarmers chief executive Rob Scott considered launching a multi-brand online retail platform similar to Catch Group to leverage the group's retail businesses, which include Kmart, Target, Officeworks and Bunnings, and better compete with Amazon and eBay.

However, the Perth-based conglomerate decided it would be faster and more cost effective to buy an established online retailer and approached Catch Group's founders, Gabby and Hezi Leibovich, earlier this year.

The $230 million deal, which was announced in June, will enable Wesfarmers to build Kmart and Target's online sales, which are currently less than 3 per cent of total sales, while tapping Catch Group's expertise in e-commerce, online fulfilment and digital marketing.
  Forum: By Share Code

nipper
Posted on: Aug 5 2019, 12:31 PM


Group: Member
Posts: 5,835

CNH through the 7.0 mark

wait for a Trump tweet? Start of the currency wars?
.......... one view
QUOTE
In order to take control of U.S monetary policy and force the recalcitrant Mr. Powell into cutting rates aggressively he will deliver lots of trade tensions.

Peter Navarro is going to be the happiest person in the White House.

This is not going to end well.

Any company that had not started reviewing its supply chains will most surely do so now.

Companies hate uncertainty, as do markets.

China will give up on trying to do a deal with Trump.

And if you were China what would you think of this statement from Trump on Thursday: “We’re going to tax the hell out of China until we make a deal.”

By the way, they’re still best friends...yeah, right!

We are about to see China retaliate and the currency will be the first signal.

Look for the Chinese currency to weaken through 7.0 versus the U.S dollar.

And then wait for the Trump tweet.

In the meantime Secretary of State, Mike Pompeo, is doing everything he can, at every public speaking opportunity, to annoy the Chinese.

Then there is Hong Kong, which is being drawn into the U.S-China conflict, with Chinese authorities accusing America of fanning the flames of civil unrest.
  Forum: Investment Discussion

nipper
Posted on: Aug 5 2019, 12:21 PM


Group: Member
Posts: 5,835

Dropping in a comment from elsewhere
QUOTE
Smith may have to spend some more time in the nets to overcome this nasty habit he's developed of getting out in the 140s.
🏏
  Forum: Off Topic Chat

nipper
Posted on: Aug 5 2019, 11:35 AM


Group: Member
Posts: 5,835

QUOTE
During the June quarter, global infrastructure stocks also delivered strong returns, increasing +5.6% in A$ terms and outpacing both broader global and local share markets for the third consecutive quarter. The best performing infrastructure subsectors were those which are more sensitive to economic conditions, such as railways and airports.

Over the 12-month period to 30 June 2019, global infrastructure stocks displayed their resilience amid volatility and outperformed broader equities, posting a +21.6% gain. The performance of the asset class during volatile market conditions demonstrates that in a falling market, global listed infrastructure shares tend to fall by less than broader equities (downside protection) and, in a rising market, can increase with broader equity markets (upside capture).
  Forum: By Share Code

nipper
Posted on: Aug 5 2019, 09:33 AM


Group: Member
Posts: 5,835

QUOTE
VGI Partners Limited (VGI) is a wealth manager specializing in global equities. VGI manages capital for high net worth individuals, family offices and VGI Partners Global Investments Limited.

VGI Partners has a team of 14 investment professionals based in Sydney, New York and Tokyo. The Company's clients invest with VGI Partners through the VGI Funds which mainly consists of VGI Managed Funds and Individually Managed Accounts.

- and, surprise, another iteration...
QUOTE
Hot on the heels of a barnstorming initial public offering, the Sydney-based hedge fund manager is set to launch a raising for a new Asian equities listed investment company.

The new company, dubbed VGI Partners Asian Investments Limited or VG8, will be pitched at VGI Partners’s existing supporters, many of who also bought shares in the recent VGI Partners IPO and would’ve more than doubled their money.

Taylor Collison is lined up to run the new raising – according to broker sources – while there is a large syndicate of joint lead managers that’ll also be charged with selling the new deal, including Commsec and Crestone.

VGI Partners unveiled the new raising in a letter to investors, which was first reported by Street Talk, on Sunday afternoon. The new Asian LIC was pitched as “Australia’s most shareholder-friendly listed investment company” with VGI preparing to pay the offer costs and offer bonus shares in the manager.

Existing VGI Partners investors – including those in the VG1 listed investment company – will receive about $6660 worth of stock in VGI the manager for every $100,000 they put into VG8. New investors would receive about $4000 in free manager shares. It’s a big carrot and shows how keen VGI Partners is to get its Asian strategy off the ground.

VGI Partners is best known as a global equities manager. The team’s biggest holdings are typically US-listed and Australian stocks, including the likes of CME Group, Amazon.com, MasterCard and Medibank Private, but it is keen to spread its wings into Asia and recently opened up an office in Tokyo.

Its latest pitch is about making the most of valuations in Asia, where VGI Partners reckons there are plenty of high-quality businesses trading at a significant discount to comparable companies in other developed economies.

VGI Partners told investors it would stay true to its high conviction philosophy and the new fund would own a concentrated portfolio of what it thinks are the highest quality companies in the region. It’s the same approach that has helped VGI’s flagship global fund deliver 15 per cent a year for investors since it started 11-years ago.

VGI Partners is expected to target stocks in countries with robust and reliable legal systems for VG8, and focus on strong corporate governance and developed capital markets. It means the portfolio is likely to be weighted towards investments in Japan, South Korea, Singapore, Hong Kong, Taiwan and Australia, at least initially, with no intention to invest in India, mainland China, Thailand or the Philippines.

The raising is expected to be capped at $1 billion. If successful, it would be one of the biggest raisings for an ASX-listed LIC in Australian history
  Forum: By Share Code

nipper
Posted on: Aug 5 2019, 08:23 AM


Group: Member
Posts: 5,835

QUOTE
Sezzle was this week’s ASX success story but CEO Charlie Youakim was so preoccupied with work that he had scheduled investor meetings for 7am the morning after his company made its blockbuster stockmarket debut.

In the end he had to cancel them, such was the success of the buy now, pay later’s market debut, with the company’s share price nearly doubling on its first day. A long dinner followed by drinks in Sydney was warranted.

“Ringing the bell was pretty cool,” Mr Youakim said. “But then I had to make a speech, and all I wanted to do was turn around and watch the ticker.”

Mr Youakim told The Australian that Sezzle’s strong start as a public company was validation of the unusual decision for a US outfit to list on the Australian Stock Exchange.


The company picked Australia given its status as a “cluster” for buy-now, pay-later providers, and local investors clearly still have a strong appetite for the sector.

Sezzle closed last Tuesday more than 80 per cent above its $1.22 IPO price, after the company released strong operating results.

“Building our company, I always say there are three things you need: a great idea, great people and capital,” Mr Youakim said.

“And this week has shown has we have the investors behind us to go after whatever we want to go after.”

The executive said rather than looking at Australia, Sezzle would be focused on the US market where there are a number of existing players, including Australia’s Afterpay. He is confident the pie there is big enough for everyone to have their share.

“We’re following a megatrend that is becoming a major way of payment across the world,” Mr Youakim said.

“It’s only just getting started here in North America. Once you think about that, if say 25 per cent of payments are made with instalments, there is absolutely room for another player.”

Mr Youakim added that Sezzle is better positioned to take on Afterpay in the US market simply because it was founded by US citizens.

“We understand a life cycle a US citizen goes through with credit and consumer finance. We’re being as consumer-friendly as possible with our product,” he said. “Over the long term we want to get young twenty-somethings into this product, help them today but then help them tomorrow with add-ons to help get them to the next stage.

“Our fundamental philosophy is quite different than some of our competition in the North American market. Some clients have said we’re a social impact product. We don’t charge interest and we’ve avoided consumer fees.”

Afterpay and its rivals have faced stinging criticism in Australia — and the threat of extra regulation — over fears that millennials have in some cases taken on more debt than they can afford.

Mr Youakim said he didn’t understand why the attention on Afterpay, in particular, had been so intense.

“What attracted us to our business model is that we thought it was so positive from the get-go,” he said. “The alternative for young consumers who have never touched credit is they get a credit card and get into lots of trouble after the bank gives them a big balance and they have no way to service it.

“I remember at college campuses the credit card companies sit at lunch tables and offer free T-shirts — all you have to do is a fill out a form. "We do so much research on both our customers and our merchants.”

The CEO, who grew up in Minnesota, said while he was encouraged by the company’s first week on the ASX his vision was more about the next decade.

He said he always told his team to think seven to 10 years ahead. “Our viewpoint is that while it feels really good that we’re strong out of the gate and investors like what we’re doing, we’re going to keep growing the company and not try to stock-watch too much. We’ll just keep trucking ahead,” he said.

“Our goal is to be a household name, at least here in North America, with communities who care about us, who know us, and feel positively about us. “We want to be a great company and one that’s doing a really good job — that’s the goal."

https://www.theaustralian.com.au/business/t...9da4b307e443d0f
  Forum: By Share Code

nipper
Posted on: Aug 3 2019, 03:19 PM


Group: Member
Posts: 5,835

.... Barnard writes in the book’s introduction,
QUOTE
“The language of the convicts endures. Words such as seedy, serve, snitch, snooze, square and stash are now commonplace. Slang contributed to the shaping of an Australian identity: danna, meaning human excrement, gave way to dunny. Togs became ‘swimming costume’. Ridge — gold—became ridgy didge — ‘genuine, good’. Larking probably became ‘larrikin’. Swag is the origin of ‘swagman’. And grog still means grog.’’

The dictionary offers insights into the rich idiom and lives of Australia-bound convicts. Under the entry for “bashed”, we learn that while a convict wife could ask to be removed from an abusive husband, a free married woman was denied such protection.

That officials and magistrates could not understand convicts’ slang reflected the colonies’ rigid class divisions. “The irony,’’ says Barnard, “is the slang is highly imaginative. It’s not indicative of a lower intelligence. It’s painfully funny and clever.’’

But it’s not all irreverent half-puns and sly banter. Some entries allude to the penal system’s undeniable brutalities. “Twisted’’, for example, is a reference to hanged prisoners who slowly twisted to death when the noose caught them under the chin.

This horrific scenario was “quite common’’ in Australia during the transportation era, says Barnard. The longest-serving British executioner was a Tasmanian convict who “hanged all of his victims at the same length, regardless of their weight. So botched executions were pretty common. Really awful. Painful, terrifying. But the black humour takes hold."


Does Barnard have favourite “flash” terms?
QUOTE
“There are lots of terms I like,’’ he replies. “One that comes to mind is ‘to star the glaze’ for breaking a shop window. Other terms like ‘hopperdockers’ for shoes, is really fun — barefoot people hopped to dock their feet.’’


QUOTE
James Hardy Vaux was hardly a typical convict, forced to live on the breadline during the grimmest days of the industrial revolution, and stealing to survive.

Born in 1782 in Surrey, England, Vaux was the son of a London butler and grandson of a lawyer. He was relatively well-educated, [but] ......by Vaux’s “own admission, he was guilty of ‘buzzing, dragging, sneaking, hoisting, pinching, smashing, jumping, spanking and starring’,” — convict slang for different forms of theft, forgery and issuing counterfeit money. With a weakness for gambling, drinking and whoring, Vaux also boasted he was involved in illegal activities such as “the letter-racket, the order-racket and the snuff-racket”.

However, his most startling pursuits were literary: in 1812, while at Newcastle’s Penal Station, he compiled an extensive dictionary of convict slang — the cant or “flash” language which transported felons used to describe and disguise their crimes.
  Forum: Off Topic Chat

nipper
Posted on: Aug 3 2019, 02:34 PM


Group: Member
Posts: 5,835

QUOTE
SLANG TERMS USED BY TRANSPORTED CONVICTS

Boned: Taken into custody; apprehended.

Breaking up of the spell: Pickpockets of “the lower order” would descend on theatres at the end of a performance, in order to prey on departing patrons.

Bum trap: Bailiffs who walked behind sheriffs and “caught” their farts.

Cardinal: A lady’s silk cloak.

Kid-rig: To use deception to steal from young errand and delivery boys.

Bunce, blunt or lour: Money.

Under the arm pits: To commit crimes, such as petty larceny, that would attract a maximum sentence of seven years’ transportation. By following this system, thieves avoided the halter, or noose, “which certainly is applied above the armpits”, for bigger thefts.

Flesh-bag: A shirt.

High-Toby: Highway robbery conducted exclusively on horseback.

Lushy-cove: A drunk man or woman.

Lush-crib or lush-ken: Gin shops or pubs. Convicts were banned from pubs, so some dressed as sailors or soldiers “to get around the rules’’. If caught, they could be flogged or sentenced to hard labour.

Mott or blowen: A prostitute. “Blowen may derive from the German word bluhen, meaning bloom or blossom, or from beluni, Romani for ‘a sister in debauchery’. Prostitutes may have also been called blowens because their reputation had been ‘blown’.”

Blow the gaff: To reveal another’s secrets or crimes out of revenge or another motive.

Beaks: Magistrates. “May have originated in the 17th century when magistrates wore beak-shaped masks stuffed with herbs and spices to prevent them contracting the bubonic plague from prisoners”.

Rump’d: Flogged or scourged.

Ruggins’s: To go to bed.

Oliver is in town: “The moon was nicknamed Oliver because of the likeness it bears to the letter O.’’ Bright, moonlit nights were considered “unfavourable to depredation’’.

Adapted from the new edition of James Hardy Vaux’s 1819 Dictionary of Criminal Slang, featuring additions by Simon Barnard.

https://www.theaustralian.com.au/arts/revie...b1b44a8c50c0da9

James Hardy Vaux’s 1819 Dictionary of Criminal Slang and other Impolite Terms as used by the Convicts of the British Colonies of Australia, by Simon Barnard, Text Publishing, $29.99, is out on August 20
  Forum: Off Topic Chat

nipper
Posted on: Aug 3 2019, 01:09 PM


Group: Member
Posts: 5,835

QUOTE
In the wash up of quarterly season the ASX inquires of companies it thinks will go bust unless it changes course. The first to be investigated was Cellmid (ASX: CDY). It had cash reserves of $3 million and anticipated $2.56 million outflows next quarter.

The company said its cash outflow would be at a reduced rate and revenues would stem the affect. It explicitly told the ASX: “The 4C does not have an appropriate section allocated to provide for cash inflows.” It anticipated operational profitability this financial year.
- Stockhead
  Forum: By Share Code

nipper
Posted on: Aug 2 2019, 09:14 PM


Group: Member
Posts: 5,835

QUOTE
.... in May, chief executive Andrew Mackenzie said [nickel] was back in favour because it afforded extra exposure to the battery boom.

BHP Nickel West asset president Eddy Haegel revealed on Friday that the boss's backing for nickel came after the company had considered cobalt and lithium options and opted to pass on them.

"We did a review of all the battery materials, nickel, cobalt, lithium," he said.

Mr Haegel said it was no great surprise BHP was not attracted to cobalt, given the lion's share of global supply came out of the Democratic Republic of the Congo, where the company was "not in a hurry" to invest.

In the case of lithium, Mr Haegel said BHP felt there was a lot of it in the world and it would struggle over time to attract the same price premiums as nickel.

"It is a very widely available mineral," he said. "There will be periods of times when supply and demand don’t naturally match but we anticipate that there will be no sustainable premium in lithium. That is our view.

"That is not the case with nickel. We think in the medium to longer term the margin will be sticky for nickel and it is an attractive commodity."

https://www.afr.com/companies/mining/born-a...20190802-p52d62

QUOTE
...As recently as 2015, BHP Nickel West was selling none of the nickel metal it produces in briquette and powder form at its Kwinana refinery south of Perth to the battery sector, with the market dominated by stainless steel makers. Now, more than 80 per cent of its annual 75,000 tonnes production at Kwinana goes to battery-sector customers in Japan, South Korea and China.

Mr Haegel said some off-take contracts were in place for nickel sulphate once the plant started production, but did not give details.

However, he said BHP did not expect to have any trouble finding buyers for nickel sulphate as the new plant ramped up to first-stage capacity of 100,000 tonnes a year.

"The rate of growth is profound – we are going to be talking about millions of tonnes of sulphate in the not too distant future," he said....
  Forum: By Share Code

nipper
Posted on: Aug 2 2019, 07:06 PM


Group: Member
Posts: 5,835

QUOTE
Spotlight on Orica

Orica (ASX: ORI) is the world’s largest provider of commercial explosives and innovative blasting systems for the resources and construction industries, a leading supplier of sodium cyanide for gold extraction, and a specialist provider of ground support services in mining and tunnelling. The business employs 11,500 people, servicing customers across more than 100 countries.

This week, ORI shares rose to a 52-week high and closed up 8.9% for the week following its investor day on Tuesday. The day highlighted the fact that ORI’s investments in technology and automation have started to produce efficiency benefits. ORI said its ability to utilise digitally-enabled blasting has allowed ORI to reduce drill costs, improve productivity and increase margin growth. The day further highlighted the continuingly improving business conditions globally.
  Forum: By Share Code

nipper
Posted on: Aug 2 2019, 06:10 PM


Group: Member
Posts: 5,835

QUOTE
Spotlight on Sezzle

Sezzle (ASX: SZL) is a 'buy now, pay later' provider headquartered in Minneapolis, US. The business made a sizzling debut at its oversubscribed initial public offering (IPO) on Tuesday and SZL shares are up 96.0% for the week on its $1.22 IPO price.

The IPO has given SZL growth-capital to invest into accelerating merchant and customer sign-ons that will lead to an increase in transaction turnover. Our catalyst to invest in SZL was due to our view on its ability to capitalise on the growth in the American market.

Our view is that consumer behaviour regarding payments is similar across most developed countries, and that the 'buy now, pay later' success in Australia with APT is likely to occur in other economies with similar companies. We hold SZL as a market-driven investment in WAM Microcap (ASX: WMI) and WAM Capital (ASX: WAM).
  Forum: By Share Code

nipper
Posted on: Aug 2 2019, 04:17 PM


Group: Member
Posts: 5,835

A bit of "disclosure omission" happening by posters, to my careless eyes
QUOTE
Transaction Solutions International proposes name change to Vortiv Limited
• Evolution from payments heritage to new focus on cloud and cyber security
• Continued improvement in financial performance expected in September quarter
• Cloudten achieves Federal Government Security Clearance

New Name
Transaction Solutions International Limited (ASX: TSN) is proposing to change its name to Vortiv Limited. The Company’s subsidiaries, DecipherWorks (DWX) and Cloudten Industries (Cloudten) will continue to operate under their current brands given their established strong identities within the market. The name change is subject to shareholder approval at the Annual General Meeting to be held on 28 August 2019.

Rationale:
The last 24 months has seen TSN implement a successful strategy focussed on cloud and cybersecurity. The Company’s operating focus is the continued growth of this strategy and businesses. TSN was historically a holding company for Transaction Solutions International (India) Pvt Ltd, a payments managed services provider based in India. TSI India was founded in 2006 and TSN held a 100% interest until 2013 when its stake was reduced to 24.89%.

In 2017, the Company adopted a new strategy to focus on cybersecurity and acquired 100% of DWX, a Sydney-based cyber security specialist.

During February 2019, the Company acquired 100% of Cloudten, a cloud security specialist based in Sydney.

The name change signifies the evolution of the Company from its payments services heritage to its new core focus of cloud and cyber security services.

- so, the India payments foray was a fizzer? To follow, biotech, or gold?
  Forum: By Share Code

nipper
Posted on: Aug 2 2019, 12:26 PM


Group: Member
Posts: 5,835

QUOTE
markets have good chance of a big pull back, judging last two days candles.....

- some sustained sectoral selloff savagery continuing!! Financials just holding, resources out with the dishwater, here's to healthcare (esp CSL)
  Forum: Macro Factors

nipper
Posted on: Aug 2 2019, 12:07 PM


Group: Member
Posts: 5,835

Had my finger on the trigger, but missed. Too fast turnaround!!
  Forum: Investment Discussion

nipper
Posted on: Aug 1 2019, 08:51 PM


Group: Member
Posts: 5,835

25 mins in ... inauspicious start. 2/17.
  Forum: Off Topic Chat

nipper
Posted on: Aug 1 2019, 08:26 PM


Group: Member
Posts: 5,835

QUOTE
INDIGO subsea cable now carrying live traffic and Australian national backbone network complete

• Infrastructure in place to further leverage Superloop's technology platforms for bandwidth-intensive in-building and on-campus demands in Australia, Singapore and Hong Kong
... with AARNET a co-investor, would you want to be investing in Aussie student hostels??


... and SLC came out with : " Updated FY20 underlying guidance doubling year-on-year to $14-$16m, excluding infrastructure transactions that are anticipated " but the SP didn't really "pop"
  Forum: By Share Code

nipper
Posted on: Aug 1 2019, 08:17 PM


Group: Member
Posts: 5,835

Mick, the entire current situation seems a "little odd". All assumptions are out the window.

"Manage the risk and the returns will look after themselves."
  Forum: Investment Discussion

nipper
Posted on: Aug 1 2019, 07:09 PM


Group: Member
Posts: 5,835

QUOTE
Booming iron ore prices have delivered Rio Tinto's best half year revenue and profit result since 2014, and allowed it to splash $US1 billion ($1.45 billion) on a surprise special dividend. The $US4.93 billion underlying profit was better than analysts had expected and 12 per cent higher than the 2018 half year result.

But the strong profit result was marred by an $US800 million impairment on the value of the Oyu Tolgoi copper and gold mine in Mongolia.

Rio's dividend policy states that returns will tend to be bigger at the full year results each February, and many analysts had therefore expected Rio to pay nothing more than an interim dividend on Thursday. But the $US1.51 interim dividend will be complemented by a 61c special dividend
  Forum: By Share Code

nipper
Posted on: Aug 1 2019, 04:39 PM


Group: Member
Posts: 5,835

Am still trying to figure this (and everything else, for that matter) out. The Fin Review had a good take, which I'll copy in:

Powell in knots trying to explain the inexplicable
by Jacob Greber
https://www.afr.com/world/north-america/pow...20190801-p52cps
QUOTE
Well, that didn't really go according plan.

When Jerome Powell took over as Fed chairman early last year, he was lauded for bringing a refreshing style to the central bank's communications. It was noted for its openness and clarity.

The US Federal Reserve delivers its first rate cut in over a decade, but Fed Chief Jerome Powell declined whether to say the cut is one and done or if there are more cuts to come.

After Wednesday's press conference, some of that gloss has worn off.

The reason? Powell had to justify a rate cut that by its very nature defies open and clear explanation.

Not only is the decision heavily coloured by the image of a Fed crumbling in the face of months of White House pressure, the argument that it's "insurance" seems spurious at best.

No wonder some on Wall Street are now hankering for a return to old-fashioned Alan Greenspan-style constructive ambiguity. At least that would have helped obscure the rickety rationale underpinning this rate cut.

That this was a hard sell was soon evident at Powell's post-meeting press conference, which was something of a mess.

The problems started when Powell portrayed the reduction as a "mid-cycle adjustment" that would help support the economy and stoke inflation. There was nothing to be overly concerned by, in other words; just a mere tweaking of the levers, he appeared to be suggesting.

But when pressed on what that meant, Powell went further, strongly implying that Wednesday's cut shouldn't be seen as flagging a series of cuts. This is unusual for the Fed, which rarely lowers rates as a one-off.

"I'm contrasting it there with the beginning of a lengthy cutting cycle," he said. "That is not what we're seeing now, that's not our perspective now."

Investors (and President Donald Trump) were not happy. The Dow Jones Industrial Average tanked, falling at one point by as much as 1.8 per cent. The dollar rose. Trump hit Twitter.

The damage done, Powell then back-tracked by suggesting that didn't mean he wouldn't cut rates again, pushing stocks back up from their lows.

If Wednesday's press conference was designed to clarify and soothe, it was an abject failure.

Part of Powell's problem is that he just doesn't sound all that convincing when arguing in favour of rate cuts. Whenever he lays out the arguments, he always talks about how strong the US economy is.

And it was only seven months ago that he was running a hawkish line about the need to get policy back to "neutral". But since January, Powell has become trapped in a difficult dynamic, forced by political pressure to play the go-to saviour whenever Trump's erratic trade policy adventurism upends markets. The more Trump disrupts, the more pressure falls on Powell to cut rates and keep markets humming.

So now we have the strange scenario unfolding in which the Fed cut its benchmark rate for the first time since 2008 despite a US economy still expanding faster than 2 per cent; with unemployment at a half-century low and inflation showing signs of picking up as wages begin to awaken from a decade-long slumber.

Sure, the bond market implies that's not happening, that inflation is dead, and that there's no immediate downside risk in easing rates.

But can investors really be sure they're getting a clean signal from the bond market in a world of aging yield zombies and bloated central bank balance sheets?

It's significant that Powell spent much of his press conference rationalising the rate cut by pointing to weakness abroad, particularly in Europe.

But how cutting Fed rates will offset that is not entirely clear. For one thing, there's a risk Europe's policy makers respond to ensure the euro stays soft against the US dollar, countering any benefits that might accrue to US exporters.

As the world's strongest economy, it doesn't make much sense for the US to join a race to the bottom, despite what the President wants for his short-term re-election prospects.

Another inconsistency is that Powell has had to burn a lot of oxygen explaining why this cut isn't politically motivated. "This action is to protect from downside risks . . . we never take into account political considerations," he claimed.

And nobody serious actually believes this.

Powell has reportedly been wearing out the carpets on Capitol Hill explaining the Fed's role to members of Congress.

You know, just in case the president carries out his threat to fire the chairman.

So Powell is probably right to call this an insurance cut.
!!

((Trump is becoming a serial pest))
  Forum: Investment Discussion

nipper
Posted on: Aug 1 2019, 11:54 AM


Group: Member
Posts: 5,835

yes, there are a few articles about ("Construction Boom is Over"), saying this is the precursor for BOR, CSR and Fletcher, plus others (Brickworks, even Reliance?) dependent on the recently extinguished residential boom. Infrastructure /civil doesn't deliver as well, and rising input costs for materials is adding to the squeeze.

ABC did revise 30%: I doubt the others will to such an extent.
  Forum: By Share Code

nipper
Posted on: Aug 1 2019, 11:40 AM


Group: Member
Posts: 5,835

• Significant conventional gas discovery in the Wagina Sandstone
• Wagina reservoir characteristics appear good quality with a gross section of 74m
• WE-2 still to drill through to Basal Wagina and yet to encounter wet gas sands
• Wagina porosity development is additional evidence of Strike subsurface model accurately predicting hydrocarbons and porosity
  Forum: By Share Code

nipper
Posted on: Jul 31 2019, 03:55 PM


Group: Member
Posts: 5,835

Must admit it's a secret pleasure when doing a straw poll, subtly but with a purpose, to find how many others have emitted a collective sigh of relief, recently.
  Forum: Off Topic Chat

nipper
Posted on: Jul 31 2019, 09:56 AM


Group: Member
Posts: 5,835

QUOTE
Due to new home settlements achieved in FY19 and a 0.5% reduction in the capitalisation rate used by the independent valuers (from 7.5% to 7.0%), there has been a material uplift in the value of the Company’s property portfolio, and this will impact the statutory profit result for FY19.

Subject to the finalisation of the year end audit, the Company expects to report:
- Underlying net profit after tax attributable to shareholders of $40.5 - $41.5 million; and
- Statutory net profit after tax attributable to shareholders of $54.5 – $55.5 million.

New home settlements for FY19 were 337.
👍
  Forum: By Share Code

nipper
Posted on: Jul 30 2019, 09:46 PM


Group: Member
Posts: 5,835

QUOTE
....the July IFO Survey of German Business Expectations .... fell to 92.2, a level even lower than that seen during the European sovereign debt crisis. This led Clemens Fuest, president of the IFO Institute to say, “In manufacturing, the business climate indicator is in freefall.”

...We won’t know German Q2 GDP until 14 August, however, I suspect it will be weak, if not negative. As we all know Germany is a global export champion and with just one quarter of America’s population, they produce roughly the same share of total world exports. The OECD estimates that more than 25% of German jobs rely on exports; in America the equivalent figure is less than 10%.

All of this tells us that Trump’s trade war with China is having a very significant impact upon the locomotive of Europe as it is on the export champions in the east.

Given all of the above it is little wonder that the president of the ECB said, in his press conference last Thursday, that the economic situation was getting “worse and worse.”

Which means that Mario Draghi will need to do “whatever, and whatever, it takes” when he unleashes his monetary bazookas in his final ECB meeting in September, as he retires in October.
  Forum: Off Topic Chat

nipper
Posted on: Jul 30 2019, 07:32 PM


Group: Member
Posts: 5,835

QUOTE
KordaMentha said a review had been completed and would result in a restructure of Blue Sky. First would be a transfer of Blue Sky’s “real assets” business – water and agriculture funds – to a subsidiary of funds managed by Oaktree.

This subsidiary was then expected to work with a new entity called Argyle Capital Partners, which would be “majority owned by Kim Morison”, KordaMentha said in a sharemarket announcement to Blue Sky investors. Mr Morison and his team would oversee investment management operations of the real assets business.

“Subsequent phases of the restructuring will involve the transition of certain assets and subsidiaries from Blue Sky to [Oaktree’s subsidiary], and, in some cases, will involve partnerships with key existing management,” it said. “Other assets will remain in Blue Sky and be realised over time."

The final restructuring could take months or even years, KordaMentha said. While shares would remain suspended, “a return to shareholders is not anticipated based on current expectations”.
https://www.afr.com/companies/financial-ser...20190730-p52c9d
  Forum: By Share Code

nipper
Posted on: Jul 30 2019, 12:48 PM


Group: Member
Posts: 5,835

QUOTE
Botanix Pharmaceuticals is seeking a $40 million equity injection on Tuesday. The company tapped brokers Bell Potter Securities and Argonaut to arrange the deal, which would see it place 190.5 million new shares to raise $40 million.

The offer was priced at 21¢ a share which was a 19 per cent discount to the last close, according to terms sent to investors on Tuesday morning. The brokers were calling for bids by 4pm on Tuesday. The deal is expected to be announced on Thursday.

Botanix had a $201 million market capitalisation prior to the raising. Botanix is a clinical stage cannabinoid company based in Perth.

- get a good price run, and the CR follows close behind, for minnows!
  Forum: By Share Code

nipper
Posted on: Jul 30 2019, 10:11 AM


Group: Member
Posts: 5,835

what are we going to do with (in) this booming market?
With the SPI up 33 and physical market looking to follow, those 2007 "peaks" are likely to be surpassed. Doubtless the journals of record will be all over it by days end.
  Forum: Macro Factors

nipper
Posted on: Jul 29 2019, 04:17 PM


Group: Member
Posts: 5,835

Ecofibre’s approach to developing the industrial hemp market

QUOTE
Strong purpose:! we only enter markets where we believe our product can improve the lives and well-being of people and the sustainability of our planet

• Clear focus: we target customers and segments that our capabilities and values are aligned to
- Quality, safety and transparency
- Education
- Sustainability

• Design to last: our business models must be profitable, sustainable and provide flexibility as we operate in a highly fluid industry

• Execute with conviction: patience to properly invest in infrastructure and brand. Conviction that our products improve the lives of people and our planet means we take a long-term view on these businesses


Outlook

QUOTE
Ecofibre is undergoing rapid growth in developing industries and any financial guidance at this time may be inaccurate and therefore potentially misleading. Accordingly, we will not provide detailed financial guidance at this time, however, the Company will keep the market fully informed via quarterly reports until our results become more predictable. For FY20 we can advise:

Ananda Health should continue to experience strong quality growth as we do not expect any market share or size limitations for the foreseeable future. We have existing capacity to supply product to achieve multiples of our FY19 sales and expect further scale benefits.
The regulatory environment is favourable and is expected to remain stable as the hemp industry enjoys bi-partisan US support.

Ananda Food will have steady sales growth underpinned by quality clients. The business will deliver its maiden profit as the awareness of hemp as a high-quality food grows. The business’ infrastructure can support much higher growth and scale benefits.

Hemp Black will begin early commercialisation as we complete the build of our core infrastructure. We have strong confidence in this significant long-term opportunity.
  Forum: By Share Code

nipper
Posted on: Jul 29 2019, 03:37 PM


Group: Member
Posts: 5,835

QUOTE
Lynas Corp says it is stockpiling two rare earth metals and limiting sales to its strategic partners because of price volatility amid the US-China trade war and a slowing global economy.

Lynas (LYC) says as of June 30 it had 323 tonnes of the rare earth metals neodymium and praseodymium (NdPr), having produced 1,505 tonnes of NdPr in the three months to June 30.

“Following an extended period of softness in the published NdPr price, there was a strong price uplift later in the quarter,” with prices rising about 50 per cent, Lynas said.

“However the market remains volatile with the price settling back to lower levels by mid July. “In these volatile conditions, we remain committed to our strategy of reserving NdPr for our strategic customers. “Demand is growing strongly within this key customer base and Lynas will continue this strategy of reserving production to meet the current and future needs of these strategic customers in the current quarter.”

Even following that strategy, Lynas had $87.5 million in sales revenue on cash receipts of $106m, the company said.

While magnet-buyers are seeking long term security with multiple supply chains, the weak Chinese economy and slow growth of the automotive market means demand is low, Lynas said.

As of June 30, it had a cash balance of $89.7m, up from $67.1m at the start of the quarter.
  Forum: By Share Code

nipper
Posted on: Jul 29 2019, 11:38 AM


Group: Member
Posts: 5,835

ResMed raised to Buy, price target raised 15pc to US$140 — UBS..
...... must be the CDI, cos RMD locally has moved through $A18 a share. Not shabby, and seems to have moved upward for the last decade without too much fuss, keeping above 200dma all the time. Declining volume, though

Resmed is a tech success story (almost). The exploration of COPD is a second string to their bow
  Forum: By Share Code

nipper
Posted on: Jul 29 2019, 11:30 AM


Group: Member
Posts: 5,835

What’s impressing analysts, what’s not

- GUD Holdings price target cut 14pc to $10.30 — Credit Suisse
GUD Holdings cut to Neutral, price target cut 28pc to $10.50 — Macquarie
GUD Holdings cut to Sell, price target cut 23pc to $9.50 — UBS

- Karoon Energy raised to Outperform — Macquarie
- Mineral Resources cut to Hold — Morningstar
- NIB Holdings cut to Underweight, price target raised 13pc to $6 — MS
- ResMed raised to Buy, price target raised 15pc to US$140 — UBS
- Spark Infrastructure raised to Neutral, price target raised 9.5pc to $2.30 — Credit Suisse
- Zip price target raised 12pc to $3.70 — Ord Minnett
  Forum: Investment Discussion

nipper
Posted on: Jul 28 2019, 09:41 PM


Group: Member
Posts: 5,835

QUOTE
"On the [oil] supply side, we continue to see U.S. shale oil as the only near to medium-term source of global production growth."

Paal Kibsgaard, CEO, Schlumberger Ltd [world’s largest oilfield services company]
  Forum: Macro Factors

nipper
Posted on: Jul 28 2019, 01:43 PM


Group: Member
Posts: 5,835

QUOTE
The week ahead

US Federal Reserve interest rate decision: Wednesday, 31 July

The Federal Reserve kept the target range for the federal funds rate at 2.25% to 2.5% during its June meeting. Markets have priced in a 100.0% chance that the Fed will reduce the cash rate by 25 basis-points and the forward market rate sits at 1.4% by the end of 2020.


- as per usual, this seems to be transfixing markets. Either "misplaced macro pessimism" or "equities v the bush" .
Quite a lot of talk about slowing, or underachieving, growth/ targets not being met/ usual wall of worry stuff.
  Forum: Investment Discussion

nipper
Posted on: Jul 28 2019, 10:57 AM


Group: Member
Posts: 5,835

Actually, this is only the first if several target zones. Still 1000m from TD, and another casing run (after logs)

If successful, quite probably a call on capital soonish
  Forum: By Share Code

nipper
Posted on: Jul 28 2019, 10:30 AM


Group: Member
Posts: 5,835

QUOTE
West Erregulla-2 is being drilled in EP 469 which is adjacent to and targeting analogous Permian gas sands of a similar size and nature as the Waitsia gas discovery. The well will be drilled to a planned total depth of 5,200m and penetrate two additional independent reservoir targets. These include a conventional gas target in the basal Wagina sandstone and the primary gas sand sequence in the Kingia High Cliff.


Strike Energy Limited (Strike - ASX: STX) is the operator and the holder of a 50% joint venture interest in EP469, and Warrego Energy (ASX: WGO) the holder of the other 50% joint venture interest.
only 8m in to target formation, needing to "weight up"

Nice kick.
  Forum: By Share Code

nipper
Posted on: Jul 28 2019, 10:16 AM


Group: Member
Posts: 5,835

QUOTE
On borrowed time, IMHO
another example of interim technology.

(Or, "sell Billabong when dad starts wearing it" )
  Forum: By Share Code

nipper
Posted on: Jul 27 2019, 10:45 AM


Group: Member
Posts: 5,835

Markets still going up..... Cash is real

What negative interest rates really mean.
QUOTE
I am totally in the camp that there is a debt crisis coming, because negative yields is madness. No economic textbook in history talks of negative interest rates. A day of reckoning will come. It’s a bit like a rotting tree, you know its going to collapse and hurt someone. You can see it weltering, you can see the cracks but while its still producing fruit, people are going to hang around the tree enjoying those fruits. That’s what we have now. But what are those fruits?

That’s the assets producing positive yields across the world and what we end up with is a yield crunch. ...this yield crunch; ....with each new central banker speaking it only cements that thematic. The ECB and RBA both said they are ready to step in with more liquidity if the economy shows additional signs of weakness.

So as more and more bonds – Government, corporate and junk – have negative rates, the appeal of other assets producing positive yields becomes more and more attractive. And its not just low risk infrastructure and property assets that investors flock to, but anything that has sustainable and reliable earnings.

As more and more bond yields continue to head to zero and below around the world, the more it will drag every other yield as well. ....
"
https://www.sharecafe.com.au/2019/07/26/wha...es-mean-to-you/
  Forum: Investment Discussion

nipper
Posted on: Jul 26 2019, 11:14 AM


Group: Member
Posts: 5,835

Technology

QUOTE
"In a world where every company is a software company, developers will play an increasingly vital role in value creation across every organization."
Satya Nadella, CEO, Microsoft Corp

QUOTE
"When I look at the kinds of private interactions we can make easier, payments may be the most important for the long term."

"So even if it [virtual reality] has taken longer than we expected to deliver this at scale, I continue to believe that this will be one of the most important contributions we make to the way we all use technology over the long term."
Mark Zuckerberg, CEO, Facebook Inc

QUOTE
"I believe this WiFi 6 [next generation WiFi] upgrade is significantly more appealing than the previous upgrades. This is akin to replacing a 2-lane freeway with an 8-lane freeway."
Patrick Lo, CEO, Netgear Inc [multinational manufacturer of network hardware]
  Forum: Off Topic Chat

nipper
Posted on: Jul 26 2019, 11:08 AM


Group: Member
Posts: 5,835

QUOTE
"Our view of the demand fundamentals remains robust. We are highly confident in our industry outlook which now forecasts the demand for approximately 44,000 new airplanes over the next 20 years. That's up from approximately 43,000 in our previous forecast, doubling the size of the global fleet."
Dennis Muilenburg, CEO, The Boeing Company
  Forum: By Share Code

nipper
Posted on: Jul 26 2019, 10:15 AM


Group: Member
Posts: 5,835

another Fin Review spread on Hot Copper and it's revenue model
QUOTE
how ASX-listed sharemarket forum HotCopper was often used by "dark ops investor relations advisers and pump-and-dump operators" to promote stocks the posters had no intention of holding for long to unwary punters at the best possible price

HotCopper's investments to 1H19 were down 30 per cent. Perhaps it should have been going short ...
  Forum: By Share Code

nipper
Posted on: Jul 26 2019, 10:12 AM


Group: Member
Posts: 5,835

yeah, that was an interesting read
  Forum: Investment Discussion

nipper
Posted on: Jul 25 2019, 08:21 PM


Group: Member
Posts: 5,835

QUOTE
ETF Securities has teamed with Reliance Nippon Life Asset Management, one of India’s largest asset managers, for the launch of its NDIA ETF. Reliance has a 23 year track record in India and has some $USD 61 billion under management.

NDIA will invest in a basket of stocks based on the Nifty50 Index – which comprises the 50 biggest listed companies listed on the National Stock Exchange (NSE), including HDFC Bank, Reliance Industries, Housing Development Finance Corporation, Infosys, ITC, ICICI Bank and Hindustan Unilever. It accounts for 13 sectors representing about 66.8% of the free float market capitalisation of the stocks listed on the NSE. The Nifty50 is up 13.6% over the past year and 16.3% over five years.

Until now, India has been difficult for offshore investors to access due to the country’s strict foreign investment rules.

Although there are a few unlisted “active” funds that invest in India, ETF Securities’ NDIA is the first vehicle for passive investment available to Australian investors.
  Forum: Investment Discussion

nipper
Posted on: Jul 25 2019, 04:53 PM


Group: Member
Posts: 5,835

You've done well, Mick.

Golden Opportunitiespportunities on the ASX
https://www.sharecafe.com.au/2019/07/25/sni...ies-on-the-asx/ ..... Tim Boreham has a walkthrough:

QUOTE
In $A terms gold has increased 11 per cent since January and almost 20 per cent over the last year. According RBC Capital Markets, the average share price for the producers (both small and large) gained 20 per cent in the June quarter. That’s despite producers Gascoyne Resources and Coolgardie Minerals falling into administration and other production whoopsies elsewhere.

For investors, the purest proxy to having a gold bar under the bed is an established producer such as Newcrest Mining (NCM, $33.77), the biggest ASX-listed gold stock with a masculine $24 billion valuation.

Newcrest should have produced just over 2.4 million ounces in 2018-19, with broker Morgans forecasting an $US564m ($805m) profit on $US3.719 billion of revenue. But two if Newcrest’s key mines (Telfer and Gosowong) look tired and it will be a while before its offshore growth projects (Wafi-Golpu in Indonesia and Red Chris in Canada) are advanced.

The other sectoral big bananas Northern Star Resources (NST, $13.97) and Evolution Mining (EVN, $5.01) are enjoying robust production, but their shares have run hard and arguably they are fully valued (if not are overvalued).

What about the emerging producers and the up and comers?

Gold Road (GOR, $1.40) recently cracked the $1 billion market cap barrier and an entrée into the ASX300 index after pouring the first three gold bars (1138 ounces worth a handy $2.27m) from its $620m Gruyere project near Kalgoorlie.A joint venture with South African giant Gold Fields Ltd, the open-cut mine is slated for substantive output of 300,000 ounces over a 12-year mine life. With a 3.92 million ounce resource, Gruyere is one of the country’s biggest mines. Yet the deposit – unearthed only six years ago – remained undeveloped for decades because it was buried under a thick overlay of sand.

Prudently, Gold Road has hedged (forward sold) 130,000 ounces – 30 percent of output attributable to the company for the next three years – but CEO Duncan Gibbs isn’t making any rash predictions about the gold price. “What’s to say gold won’t go to $2500 an ounce or back to $1500 an ounce,” he says. “I just don’t know”.

In the mid-tier, the market has re-rated WA producer Ramelius Resources (RMS, 84c) since the company fended off a rival bidder to acquire listed counterpart Explaurum Ltd in a scrip offer. But arguably Ramelius is still undervalued relative to its peers. The Explauram takeover added the 485,000 ounce Tampia Hill project to the Ramelius portfolio, which includes the producing Mt Magnet and Edna May mines and the Marda project (picked up from the administrators of Black Oak Minerals for $10m).

Ramelius produced 196,000 ounces in the 2018-19 year at an all-in cost of $1175-1225 an ounce, with forecast output of 205,000 to 225,000 ounces in the current year. The company is currently valued at $460m, including $104m of cash and gold inventories.

Another mid level play with an interesting valuation is Dacian Gold (DCN, 64c), which lost three quarters of its value after slashing June quarter production guidance and increasing its per-ounce cost estimates. The shares have strongly recovered since after the company released a revised mine plan for the next eight years.

Dacian’s mainstay Mt Morgan operation is slated to produce an average 170,000 ounces a year over the first five years of the plan, with 150,000-170,000 ounces forecast for the current year.

Broker Citi forecasts a small loss for the 2019-20 year, rebounding to a $63m profit for the current year. On these numbers the stock is trading on an earnings multiple of a little over two times.

To capitalise on the buoyant gold price, Dacian has hedged 147,000 ounces – 13 per cent of its expected life-of-mine output, at an average $1810 an ounce. Dacian’s current valuation stands at $246m with its cash kitty of $45m comfortably servicing $105 million of debt.

At the exploration end of the market, Chalice Gold Mines (CHN, 16c) is the talk around the saloons because of its capacious cash that’s being put to good use at its Pyramid Hill prospect in Victoria. Chalice has also executed what looks like a handy deal to sell its tenements in Quebec to O3 Mining, an offshoot of Osisko Mining. The deal saw Chalice receive 3.092m shares in O3 and is also entitled to a one per cent net smelter royalty.

While giving Chalice holders an ongoing exposure to the ground, the Canadian deal allows Chalice to focus on Pyramid Hill, where it is seeking to find out how far the historically fecund Bendigo Zone extends below Murray Basin sediments. On July 8 the company said a 39,000 metre phase one aircore drilling program had identified three “strike-extensive mineralised trends” for further perusal.

Broker Patersons reckon Chalice has more than a “more than a fair chance of success” at Pyramid Hill, with the prospect (excuse the pun) of catching up with the more advanced Catalyst Metals (CYL) and Navarre Minerals (NML).

Valued at $170m, Catalyst is 14 percent owned by St Barbara Ltd and 11 percent by Gina Rinehart’s Hancock Prospecting.

Chalice has also acquired nickel prospects in WA’s Kimberley region. Yes, the ground is remote and hasn’t been worked, but isn’t the best chance of finding something to go where no one has looked?

Chalice’s cash of $21.7m compares with a miserly mark cap of $37m (14c a share). And don’t forget the O3 shares were worth around $11m last time we looked....
  Forum: Investment Discussion

nipper
Posted on: Jul 25 2019, 01:49 PM


Group: Member
Posts: 5,835

QUOTE
BTC Health Ltd (BTC, formerly Biotech Capital Limited) is a Pooled Development Fund, registered under the Pooled Development Funds Act 1992. The Company continues to actively seek new investment opportunities in entities operating in the biotechnology / life-science sectors.

BTC Capital's investee companies Biointelect and Bio101 are providing a range of professional services to high-growth BTC, medtech and pharmaceutical companies.

Naos NCC still holding, mentioning BTC in dispatches
- BTC announced acquisition of a healthcare distribution business, we believe this will be a transformative deal for the company.
• The deal provides significant growth potential both through increased marketpenetration, and also the opportunity for BTC to source further exclusive distribution agreements from global partners.
  Forum: By Share Code

nipper
Posted on: Jul 25 2019, 11:45 AM


Group: Member
Posts: 5,835

Boris, backstops and Brexit: is the U.K.’s FTSE-100 a value opportunity?

By DAVID BASSANESE

QUOTE
The election of Boris Johnson as the U.K.’s new Prime Minister has heightened Brexit concerns. As this note will demonstrate, however, these concerns have already been at least partly priced into the U.K.’s FTSE-100 Index – and perhaps unduly so given the global orientation of its most highly-weighted companies. Exposure to the FTSE-100 Index – as available through the newly-launched F100 ETF – also offers attractive dividend income and diversification opportunities for Australian investors.

There’s potential value in FTSE-100 stocks
The FTSE-100 Index, which the BetaShares FTSE 100 ETF (ASX Code: F100) aims to track, includes the top 100 blue-chip companies listed on the London Stock Exchange.

Although the FTSE-100 Index has broadly matched global equity performance over the past decade or so, it has tended to under-perform in more recent years due to both global oil price weakness (which has hurt energy stocks represented in the Index) and the U.K.’s lingering Brexit uncertainty.
https://go.betashares.com.au/index.php/email/emailWebview
  Forum: Macro Factors

nipper
Posted on: Jul 25 2019, 09:19 AM


Group: Member
Posts: 5,835

QUOTE
Carnarvon Petroleum is expected to extend its equity raising efforts in the days ahead to fund the Dorado oil project that it owns with Santos, as market observers continue to suggest that the company could be a takeover target — potentially by Beach Energy.

The oil and gas producer tapped the market for $84 million yesterday to fund its share of the costs for the highly lucrative Dorado off the northwest coast of Australia, of which it owns 20 per cent, with Santos holding the remainder.

Working on the raise have been JPMorgan and Euroz Securities, which involved Carnarvon raising $79m through an institutional placement and $5m through a share purchase plan.

The shares were sold at 39c, an 8.2 per cent discount to its closing price on Tuesday.
  Forum: By Share Code

nipper
Posted on: Jul 24 2019, 09:30 PM


Group: Member
Posts: 5,835

Well, MP1 continues to surprise, on the upside. Since breaking away from $4 in March this year, it has had six (6) higher highs, and any "higher low" retracements have been short-lived.

Closed around $7.60 today after a good market update ahead of reporting season.
  Forum: By Share Code

nipper
Posted on: Jul 24 2019, 05:12 PM


Group: Member
Posts: 5,835

QUOTE
Beach Energy has beaten expectations on full-year oil and gas production and cash flows after a June quarter that was deemed "very strong" by analysts and has revived expectations that it is eyeing further acquisitions.

The oil and gas producer ended 2018-19 in a net cash position, some two years ahead of expectations when it sealed the $1.585 billion acquisition of Origin Energy's conventional oil and gas operations less than 18 months ago.

Cash flow for the year to June 30 was $557 million, and Beach is now sitting on $172 million of net cash, which managing director Matt Kay described as "a strong performance" since completing the Lattice Energy purchase in March 2018.

"We will reinvest strongly in our base business because we have the opportunity set here to continue to grow," Mr Kay told The Australian Financial Review, describing Beach as "well positioned from a balance sheet perspective". "We are always on the lookout for new ventures and other opportunities as well, so we'll keep our eye out, but I don’t think there’s any desperation for us on the acquisition front."
  Forum: By Share Code

nipper
Posted on: Jul 23 2019, 10:08 PM


Group: Member
Posts: 5,835

Not sure "suddenly" is the right word. Has been for a long time.
  Forum: By Share Code

nipper
Posted on: Jul 23 2019, 09:29 AM


Group: Member
Posts: 5,835

MDR, formerly Exalt Resources Limited; been around for 3+ years,
QUOTE
MedAdvisor Limited (MDR) is Australian software systems developer focused on addressing gaps in personal medication adherence.

MedAdvisor's free app connects to pharmacy dispensing systems to automatically retrieve medication records and drive an intelligent training, information and reminder system to ensure correct and reliable medication use.

MedAdvisor delivers a connected health system that empowers patients. MedAdvisor's free app connects to pharmacy dispensing systems to automatically retrieve medication records and drive an intelligent training, information and reminder system to ensure correct and reliable medication use
- is this "just another App"?

- a 'global opportunity with a high margin, recurring revenue SaaS business"

- in Australia, it has +1.1m connected users and +55% of the Australian pharmacy market as customers. (most chains except Chemist Warehouse?!)

- in the past weeks MedAdvisor has announced its international expansion with Co-Marketing and Licence Agreements. US and in Asia.... obviously the holy grail, but there would most likely be other similar competitors out there.
  Forum: By Share Code

nipper
Posted on: Jul 22 2019, 06:51 PM


Group: Member
Posts: 5,835

QUOTE
Afterpay hype is rubbing off on consumer credit company Flexigroup, which has relaunched two legacy financing products to create a new buy now pay later (BNPL) platform which gives shoppers more spending power.

Flexigroup shares jumped as much as 12 per cent on Monday after the company signed up another 12 major retail customers to the new platform, known as Humm. Retailers Temple & Webster, Bing Lee, Betta Electrical, Williams Sonoma, Pottery Barn, Jaycar, Sunboost and dental chain 1300 SMILES have joined original signatories including Myer, IKEA, Premier Investments, JB Hi-Fi New Zealand, Solomon's Carpets, Strandbags and City Fertility, taking the number of Humm partners to 15,000.

Humm, a combination of Flexigroup's legacy platforms, CertegyEziPay and OxiPay, differs from Afterpay and Zip by enabling shoppers to spend from between $1 and $30,000 interest free. Purchases under $2000 are repaid over 2.5 or five months and purchases over $2000 are repaid over six to 60 months.

Flexigroup pioneered BNPL 20 years ago but its products generally flew under the radar. Since Humm was launched earlier this year, total transactions have risen 22 per cent and transaction volumes are up 16 per cent. Flexigroup says Humm now accounts for more than 17 per cent of buy now pay later transaction volumes and 40 per cent of receivables in Australia and has more than one million customers.

Flexigroup chief executive Rebecca James said retailers were gravitating towards Humm's broader demographic and spending power to drive higher sales values and shoppers were embracing the ability to make larger purchases easier by paying in interest-free instalments.

"Our BNPL offering was the first of our suite of products to undergo simplification – merging two little known brands into one compelling proposition," said Ms James. "Humm's differentiated offering, enabling transactions up to $30,000 completely interest free, is not only resonating with both retailers and consumers, but is also displacing competitors in key categories," she said.

While Afterpay and Zip are targeting generations Y and Z, Humm is aimed at bigger spending consumers aged 35 to 55
https://www.afr.com/business/retail/flexigr...20190722-p529jr

.... hmmm?!
  Forum: By Share Code

nipper
Posted on: Jul 22 2019, 04:13 PM


Group: Member
Posts: 5,835

QUOTE
“The Australian equity market is facing an interesting dilemma: Very low interest rates are reinforcing the move by many investors to buy equities at a time when the Reserve Bank of Australia is concerned about the outlook for the economy,” AFIC told shareholders today. "If the economy does weaken, then this is likely to have implications for the earnings outlook for a number of companies,” it said.

Against this backdrop, the $7 billion LIC reduced the number of holdings in its portfolio during the year, from 91 to 76. It dumped nearly half its holding in Rio Tinto and also cut its stake in AGL Energy due to the structural issues the energy industry is facing, it said. But it boosted its holding in National Australia Bank due to the “attractive dividend yield on offer at the time” and added to its holdings in Reliance Worldwide, James Hardie Industries and Transurban...

Companies that contributed to the returns included BHP, Commonwealth Bank, Transurban, Telstra, Brambles and CSL, it said. In contrast, Clydesdale Bank and Challenger, both of which were sold during the second half of the financial year, significantly underperformed.

While the LIC said it was close to fully invested, it still has some cash available “to add to selected holdings should there be any short-term disappointments during the upcoming reporting season,” it said.
- dividend 10c ff, return for period 11.4% vs market 13.4%
  Forum: By Share Code

nipper
Posted on: Jul 22 2019, 03:48 PM


Group: Member
Posts: 5,835

QUOTE
Penfolds owner Treasury Wine Estates would not give any extra details to the market on Monday on the implications for its own business of the latest industry-wide export figures that showed the value of Australian wine sales to China rose 7 per cent to $1.2 billion in the year ended June 30.

Industry body Wine Australia announced on Monday that while the value of Australian wine sold to China by hundreds of local players had reached a financial year record, volumes in financial 2019 dropped substantially by 16 per cent. The decline stemmed largely from a slide in low-end commercial wines.

A Treasury Wines spokeswoman said the company was now in blackout ahead of the results and the one-off update last time had been a deliberate move to ''reinforce caution on using the Wine Australia data as a direct read-out of Treasury Wine Estate performance''. That point had been made clear, and there was no need to do it again.
(being)
QUOTE
Treasury Wine Estates has reinforced the message its China business is delivering solid growth even though an industry body’s official export figures show a broad decline in volumes to China from Australian wine producers overall. Treasury took the unusual step [last] Wednesday of making an announcement to the ASX saying it had “continued positive momentum in Asia with record depletions delivered for the nine months ended March 2019”. The company also said there had been strong sales across the important Chinese New Year festive period.

It said investors should not use the Wine Australia export data released every three months as a proxy for Treasury Wine’s trading performance
  Forum: By Share Code

nipper
Posted on: Jul 22 2019, 10:25 AM


Group: Member
Posts: 5,835

Sadly, the Belt and Road initiative is locking African nations into new and unsustainable debt

https://www.msn.com/en-au/news/world/china-...enya/ar-AAEA94x
QUOTE
China is now the single largest financier for infrastructure in Africa, funding one-in-five projects and constructing every third one, according to a Deloitte report. With infrastructure needs that the African Development Bank estimates at $130 billion to $170 billion yearly, governments are only too willing to take out Chinese loans to plug the funding gap....

The downside is that Kenya was one of three African countries identified in a March 2018 report by the Washington-based Center for Global Development as at risk of debt distress as a result of its Belt and Road participation. The others were Egypt and Ethiopia.

“China has its own issues it’s dealing with, including perceptions that it is ‘trapping’ many of its Belt and Road partners by drowning them in debt,” said Jacques Nel, an economist at NKC African Economics. China’s government has “put the brakes on its external expansion plans, or has at least become more focused on the viability of projects due to its own corporate debt concerns,” he said.

- neocolonialism
  Forum: By Share Code

nipper
Posted on: Jul 21 2019, 01:57 PM


Group: Member
Posts: 5,835

Debt... The bigger monster

https://www.msn.com/en-au/news/world/china-...enya/ar-AAEA94x
  Forum: Investment Discussion

nipper
Posted on: Jul 21 2019, 11:40 AM


Group: Member
Posts: 5,835

QUOTE
A small but tantalising $8 million equity raising by uranium play Hylea Metals has become one of the most sought-after in town, and the firm running the raising is taking full advantage of its new-found leverage. Hylea announced last month it would raise $8m at 2c a share as part of its deal to buy the mothballed Kayelekera uranium mine in Malawi from Paladin Energy. Those subscribing to the equity raise will also collect one free option for every two shares purchased, with those options having an exercise price of 4c.

The raising looked pretty attractive when Hylea shares spiked on the back of the Kayelekera deal. But their desirability went up another notch altogether this week thanks to US President Donald Trump, who decided against introducing new tariffs and restrictions on uranium imports into the US. The stock touched a fresh high of 7.3c this week, meaning those lucky enough to get a slice of the equity raising face a handsome immediate profit, not just on the new shares but also the options.

Melbourne boutique BW Equities, which is running the placement, and its executive director Ben Kay are telling interested parties they will only get a sniff of the raising if they’re willing to go substantial with a stake of 5 per cent of the company or more, meaning a commitment of at least $600,000. Those parties will also be expected to immediately exercise those free in-the-money options. The requirement to go substantial should hopefully discourage those new investors from dumping the stock, given any further trades will need to be announced to the market.

https://www.theaustralian.com.au/business/d...fe4e664247de767

(- still sounds like a pump!!)
  Forum: By Share Code

nipper
Posted on: Jul 21 2019, 11:07 AM


Group: Member
Posts: 5,835

QUOTE
Eric Wang remembers clearly when he decided he wanted to pursue a business career .... Wang is suddenly at the helm of the one of the hottest stocks on the ASX, hemp industrial company Ecofibre.

Wang’s company has made a big mark on the ASX in only four months, with shareholders particularly intrigued with it growing hemp in the US state of Kentucky, where the plant is booming after moves to allow it to be grown as an agricultural product. Ecofibre products are being supplied as a “superfood” in thousands of US pharmacies and Hemp Black — its hi-tech fibre textile brand — could be used in clothes and other textiles.

Wang was pursued and convinced to take the chief executive role by Ecofibre’s biggest shareholder, Barry Lambert, a member of The List — Australia’s Richest 250, who is at the forefront of the push to legalise medicinal cannabis and hemp.

Ecofibre shares have tripled in value for shareholders — including Sydney investor and The List member Will Vicars — since its late March float, and this week the company’s market capitalisation burst past the $1 billion mark.

So invested is Wang now in Ecofibre’s future that he’s even got a tattoo of the company’s brand on his chest — and convinced at least one supplier to the company and also won a bet with a fund manager after the IPO to do likewise.

“We have a wonderful business partner in North Carolina with our Hemp Black business and we were having dinner one night and she said ‘well, how committed are to it are you really,” Wang explains to The Weekend Australian. “We talked about tattoos and said ‘well if you get one I’ll get one’. So I went back to Philadelphia, the tattoo guy is marking me up, I changed my mind but then thought, okay I’ll do it. So I did, and sure enough she got one a week later.”

The enthusiasm to get inked has extended to its backers. Ecofibre issued shares at $1.00 each, and Shane Coster, an investment adviser at Wilsons Advisory in Brisbane, told Wang he would get a tattoo if the share price hit $1.50 by Christmas. The shares would close at $1.70 on their first day of trading, March 29, and Coster has since got a tattoo on his leg. Ecofibre shares have traded as high as $3.60 earlier in July and were higher than $3 this week.

Ecofibre is set to announce its maiden financial results as a listed company on June 29, having last week announced a full-year revenue of $35.6 million in a June 2019 quarterly update to the market and also gave guidance of an expected net profit of about $4.5m.

Wang jokes he’s started getting more friends now he’s running a hemp company worth about $1bn, but it has been quite a ride from that night in Bosnia next to a fire in a kerosene drum to a stint as a management consultant, an executive in the finance sector to the boss of a fledgling hemp business with a freshly inked tattoo.

With a chuckle, Wang blames Lambert for where he has ended up. Wang served eight years in the US as a captain and Apache helicopter pilot, including serving on active duty in the US, Germany and Bosnia before completing an MBA at Dartmouth University in 2000.

He says he learnt all the obvious lessons about leadership in the Army but also “that you have to make sure to be very fair to everyone and treat things on their merit, give credit to everybody else and not just take it all yourself”.

He was headhunted from Dartmouth by consultancy Bain — Wang says A2 Milk chief executive Jayne Hrdlicka led the recruiting — and offered role with the global company in Sydney, which he was convinced to take after being put up in a hotel with a view of the Harbour Bridge for a week.

Wang would specialise in the financial services sector and later go on to be chief operating officer at Perpetual and then AMP, by which time he had come across Lambert, then chairman of Count Financial.

Lambert says in 2009 he had suggested Wang as a potential CEO of Count, only for the nominations committee to select another candidate. “While that was embarrassing personally I had never promised Eric the job. Nevertheless I always felt that I ‘owed’ Eric. So when I financially rescued Ecofibre with a large investment I needed someone to make the investment work.”

But it was with some surprise, Wang says, that he got an unsolicited email from Lambert one day with an investment suggestion. “This was classic Barry — he sent me something with one line in the email, ‘this has your name written all over it’. I had a quick look and replied, ‘I think you have sent this to the wrong email address, Barry’,” Wang says.

It was information about a fledgling hemp company called Ecofibre, and for Lambert it was an investment with a personal touch, having been convinced of its medicinal merits after hemp helped stop the seizures being suffered by granddaughter Katelyn, who has a rare form of epilepsy called Dravet Syndrome. Lambert was determined for hemp to become a mainstream product and put $10m of his own money in and after some due diligence was able to convince Wang to make a leap of faith and jump on board to run the company in November 2015.

Wang travelled back to the US — he now spends about eight months there and four in Australia, where just about all of Ecofibre’s investors are — and started to put in foundations to a company that is growing hemp mostly in Kentucky and has a joint venture with Philadelphia’s Jefferson University regarding potential Hemp Black applications. Hemp Black could end up helping embed technology in clothing in the athleisure wear category and may also be used for military and healthcare applications, and is one that excites management and investors — hence the tattoo spree.

After the recent share price rise, Lambert’s stake in the business is worth more than $90m and Vicars, the chief investment officer of funds management firm Caledonia Investments, has a parcel worth at least $60m. Ecofibre is using the proceeds of its $20m float to commercialise Hemp Black and expand its operations in Kentucky with the construction of premises as well as general working capital.

Wang says now the company is listed it is about achieving solid financial results for its investors, rather than chasing growth for the sake of it. “We are very optimistic about all of our businesses. I’m very proud of our team, the infrastructure we have and our customers. The focus now is on profit and not just chasing revenue. Both are important, but you need to go after that revenue that you consider is good for you.”


https://www.theaustralian.com.au/business/l...73f7b20c023324c
  Forum: By Share Code

nipper
Posted on: Jul 20 2019, 01:31 PM


Group: Member
Posts: 5,835

QUOTE
new $2.1 billion Moorebank freight hub near Sydney's Port Botany will benefit from rising demand for automated warehouses by online retailers that want to be close to both ports and consumers, a new survey from UBS has found.

Qube plans to have its Moorebank freight hub, which will start operating later this year and will have a rail link to Port Botany, fully automated by 2022. The hub will contain some 850,000 square metres of warehousing. Retailer Target is already building one warehouse at Moorebank, while Qube is currently building two more. One of the Qube warehouses will be operated by the logistics company on behalf of several tenants, while the other will be leased to third-party tenants, including a third-party logistics group.

US online retailer Amazon has occupied a warehouse in Moorebank near the freight hub, but is not a tenant of Qube.

UBS, which has surveyed 130 warehouse managers to assess their needs, found that companies increasingly want access to automated equipment and that some 60 per cent believe being close to a port is a key factor in choosing warehouse locations. "Tenants are choosing to locate themselves in close proximity to urban locations driven by changing purchasing behaviour of consumers and e-commerce," UBS said. "The result is that demand is outstripping supply."

- after trading rangebound in low to mid 2's for a few years, QUB has been on the up since April,... now $3.11
  Forum: By Share Code

nipper
Posted on: Jul 20 2019, 12:54 PM


Group: Member
Posts: 5,835

this could go in Technology or Semantic Shift ir A Big Wank, but I'll plonk it here. (and gain bonus relevance for the appositeness, what with the 50th Anniversary of the 20th C defining moment about to happen)

Silicon Valley has hijacked the language of space by Thomas Haigh
QUOTE
On the radio recently, I heard a TED lecture by the implausibly named Astro Teller who, according to his website, enjoys an equally idiosyncratic list of accomplishments: novelist, entrepreneur, scientist, inventor, speaker, business leader, and IT expert. That talk concerned his day job: "Captain of Moonshots" at X (formerly Google X, now a separate subsidiary of its parent company Alphabet).

Teller briefly paid homage to President Kennedy and the huge scope of the real moonshot achieved by the Apollo program of the 1960s. He promotes X as a "moonshot factory," able to regularly deliver Apollo-style triumphs at the intersection of "huge problems, breakthrough technologies, and radical solutions."

Teller stressed the classic Silicon Valley ideal of failing fast and taking this as a learning opportunity. His most dramatic example of an X moonshot that failed admirably was that staple technology of alternate worlds, an airship "with the potential to lower the cost, time, and carbon footprint of shipping".

According to Teller, X achieved the "clever set of breakthroughs" needed to mass produce robust, affordable blimps, but gave up after estimating a cost of "$US200 million ($287 million) to design and build the first one" which was "way too expensive". X relies on "tight feedback loops of making mistakes and learning and new designs". Spending that much "to get the first data point" was not remotely possible.

“This guy doesn't know what the moonshot was," I thought.

Teller's pragmatic, iterative, product-driven approach to innovation may be more ambitious than anything underway at Facebook or Twitter but is nevertheless the exact opposite of what the US did after Kennedy charged it to "commit itself to achieving the goal, before this decade is out, of landing a man on the moon and returning him safely to the earth".

The effects of the moon landings still resonate 50 years later. Letting Silicon Valley steal the term "moonshot" for projects with quite different management styles, success criteria, scales, and styles of innovation hurts our collective ability to understand just what NASA achieved 50 years ago and why nothing remotely comparable is actually under way today at Google, or anywhere else.

The moonshot was a triumph of management as much as engineering. Meeting a fixed launch deadline meant working backward to identify the points by which thousands of sub-systems had to be ready for testing and integration, and further back to the dates by which they had to be designed and ordered. Teller stressed the need to prototype rapidly and cheaply and to be ready to kill any "moonshot" in its early stages, but NASA agreed to non-negotiable goals for time (by the end of 1969) and scope (landing and returning a man) without building testable prototypes.

When Kennedy announced those objectives in 1961, NASA had achieved just 15 minutes of manned flight in space and its managers had not even decided whether to launch a single integrated spacecraft or send up modules to assemble in Earth orbit. One cannot plan out a schedule that depends on fundamental scientific breakthroughs, since those do not occur on a fixed timescale.

A project of that kind is about spending money to mitigate risk, by pushing existing technologies to levels of performance, reliability, or miniaturisation that would not otherwise be economically practical. Given a choice of two technologically workable ways to do something, NASA would take the better-proven and more expensive way.
https://www.afr.com/technology/technology-c...20190711-p526fb ....- full article behind paywall; originally at ... https://cacm.acm.org/

other bits
QUOTE
Nothing economically viable or practical deserves to be called a moonshot. Scaled up for the size of the US economy, a similarly impressive investment today would be approximately $US600 billion. Apollo was a monumental accomplishment, like the construction of the Pyramids.
QUOTE
I am having a hard time imagining Kennedy's famous speech working as a .... pitch to "make the world a better place by spending billions dollars to harvest 381 kilos of rocks".
and ...
QUOTE
Alphabet has the money to fund something close to a real moonshot, if its investors allowed it. In 2015 its total spending on non-core business, not just the "moonshot factory" but potentially vast emerging business areas like fibre-optic Internet service, life sciences, home automation, venture capital, and self-driving cars, accounted for only approximately 5 per cent of its revenues.
  Forum: Off Topic Chat

nipper
Posted on: Jul 20 2019, 11:34 AM


Group: Member
Posts: 5,835

This guy is a real gold bug. Maybe even right (so far)

https://www.sharecafe.com.au/2019/07/19/gol...recasts-raised/
QUOTE
I know this is the fifth time I am writing about gold but with the precious metal surging to fresh new multi-year highs I need to stress to readers the enormous opportunity that is being presented to investors....
  Forum: Macro Factors

nipper
Posted on: Jul 19 2019, 06:24 PM


Group: Member
Posts: 5,835

But then again, a canary ??
QUOTE
Signs of a decelerating US economy are showing up on the nation’s railways, as the carriers of bulk goods from coal to steel report falling freight volumes.

An index of the biggest US railway stocks fell more than 7 per cent on Wednesday after a gloomy business prognosis from CSX, whose 21,000-mile network runs east of the Mississippi river.

The company predicted a 1-2 per cent decline in revenue this year, abandoning a previous forecast for growth, as its boss outlined a “slow, lazy, malaise-type drift down”.

“The present economic backdrop is one of the most puzzling I have experienced in my career,” said Jim Foote, CSX chief executive, during a call to discuss second-quarter results.

His comments came amid mounting uncertainty about the direction of the US economy. Despite strong domestic employment, growth is expected to slow this year. The lengthening trade war with China has added to businesses’ anxiety.

In the year to early July, US rail traffic has declined by 3.2 per cent compared with the same period last year, according to the Association of American Railroads.
Financial Times

https://amp-ft-com.cdn.ampproject.org/v/s/a...ee-3cdf3174eb89
  Forum: Investment Discussion

nipper
Posted on: Jul 19 2019, 03:50 PM


Group: Member
Posts: 5,835

Structurally, Passive ETFs and Active ETFs are similar, but they also have some differences that are important for investors to understand.

What are the similarities?

Structure

In Australia, both Passive and Active ETFs are generally registered managed investment schemes, a type of ‘unit trust’, that trades on the ASX in the same way that a share in a company trades on ASX. Like any share or unit traded on the ASX, investors can buy or sell units in the ETF from each other on the ASX.

Liquidity

To ensure there is efficient trading in the secondary market of ETF units and with the objective of having the trading price track the underlying net asset value, ETF issuers put in place additional liquidity arrangements. As ETFs are open-ended funds and can continuously issue and redeem units, they are able to facilitate these liquidity arrangements.

Passive ETFs issuers largely outsource the provision of liquidity to third-party market makers such as investment banks. Market makers trade an inventory of units on ASX and are able to apply or redeem with the ETF to settle their net trading position. These market makers form their own view of the net asset value of the ETF and provide bids and offers in the market around that value, within the bounds of their own balance sheet risk appetite for providing this liquidity.

Active ETF issuers either follow the same market making model as Passive ETFs or opt to have the ETF provide the liquidity. This means that the ETF might, at any time, be providing bids and offers in the market around the issuer’s assessed value of the units at that time.

Transparency

Investors have transparency as to the value of the underlying fund and the composition of its portfolio through regular disclosure provided on the ASX and the ETF issuer’s website. The value of the ETF’s underlying investments is generally provided in the form of the net asset value per unit and an indicative intraday net asset value (iNAV) per unit, which generally updates throughout the ASX trading day. The level of portfolio disclosure will generally depend on whether the ETF is a Passive ETF or an Active ETF and, in the case of the latter, what has been agreed with the ASX. Passive ETFs will either provide an iNAV per unit and/or the full portfolio comprising names and weights of the investments as well as monthly fund fact sheets. Active ETFs will generally provide daily net asset value and iNAV per unit, monthly fund fact sheets and a full portfolio comprising names and weights of the investments on either a monthly or quarterly basis.

Taxation

Being unit trusts, both Passive and Active ETFs allow a full pass-through of income such as dividends, franking credits, capital gains and discounted capital gains income, and provide investors with the ability to manage their own tax affairs.

What are the differences?

Types of Investments

With an Active ETF, a portfolio manager will undertake stock research to determine which underlying securities or stocks to hold and in what percentages. They will then actively manage weightings of the stocks depending on stock valuations, industry trends and views on macroeconomics. They can also hold cash to manage the overall risk of the portfolio and also to take advantage of opportunities when markets move.

A Passive ETF tracks an index. This can be over a broad-based stock market index, a sector index, custom-built indices or indices comprising fixed income, credit, commodities and currency. They can either fully replicate an index by buying all the securities that make up the index or they can be optimised by buying the securities in an index that provides the most representative sample of the index based on correlations, exposure and risk. Physical ETFs attempt to track their target indices by holding all, or a representative sample, of the underlying securities that make up the index whereas Synthetic ETFs rely on derivatives such as swaps to execute their investment strategy instead of physically holding each of the securities in an index.



How many ETFs are available on the ASX?

As at the end of January 2019, there were 185 Active and Passive ETFs available on the ASX with over $41 billion in assets under management

https://www.sharecafe.com.au/2019/06/26/active-exchange-traded-funds-and-passive-exchange-traded-funds-whats-the-difference/
  Forum: Investment Discussion

nipper
Posted on: Jul 19 2019, 01:11 PM


Group: Member
Posts: 5,835

USA sentiment ...... It's the 400kg gorilla
QUOTE
The relationship between the slack in the economy or unemployment and inflation was a strong one 50 years ago ... and has now gone away. [The relationship] has become weaker and weaker and weaker.”
Jerome Powell, Chairman, US Federal Reserve

"I think right now the challenges - and maybe it's the opportunity - in that we're clearly pivoting from an environment where we had predicted or thought or had been built-in rising rates to at this point rates going lower. And I think from our perspective, we don't believe that the market has made that full adjustment."
Mike Corbat, CEO, Citigroup Inc

"We continue to see positive momentum with the US consumer; healthy confidence levels, solid job creation and rising wages."
Jamie Dimon, CEO JP Morgan Chase

"We see solid consumer activity across the board."
Brian Moynihan, CEO, Bank of America Inc

"In speaking to many of our clients, each industry has particular concerns; but if I had to sum it up, everybody - most people believe that the U.S. economy continues to perform well. At the same time, they recognize that the U.S. economy has never performed this well for this long at any point in the past, and so at some point you can expect some dips or some changes."
John Wren, CEO, Omnicom Media Group [global media conglomerate]
  Forum: Investment Discussion

nipper
Posted on: Jul 19 2019, 10:35 AM


Group: Member
Posts: 5,835

QUOTE
In 2019, Milton increased investments in infrastructure, resource and technology companies whilst continuing to remain cautious on banks and retail exposed stocks. Milton’s $3.1Bn Australian listed equity portfolio is currently comprised of 85 companies.

Positions in 24 companies and trusts increased by a total of $96.6m over the year. Investments were increased in Macquarie Group, BHP, AGL and Transurban with new investments in Cleanaway and Altium.

Disposals amounted to $43.4m in 2019 and included complete sales of Milton’s holdings in Vicinity Centres, Unibail-Rodamco and Challenger Limited. Valuations in the Australian market are elevated, compared to historical averages, as declining interest rates encourage investors to chase equity yield.
Company earnings growth has been strong in 2019, particularly in the resources sector, due to high commodity prices. Milton forecasts company earnings growth to slow in 2020, providing a more challenging environment for dividend growth in our portfolio. We are particularly cautious about bank earnings and dividends with pressure on margins due to lower rates and higher compliance costs.

Milton’s equity portfolio is not aligned with any stock market index, rather it reflects Milton’s investment philosophy to invest in quality companies that are expected to grow earnings and dividends over the long term.
Milton’s total portfolio return (TPR) for the last 12 months was 8.81% which is net of all operational expenses and tax. TPR for 1 yr: 8.81% ... 5 years: 6.99%pa .... 10 years: 9.62%pa .... 15 years 8.46% pa .. 20 years:9.49%pa Milton’s returns do not include the impact of franking credits which may be of benefit to certain shareholders.

Milton’s annualised MER as at 30 June 2019 was 0.14%
- dividend 10.4c ff

  Forum: By Share Code

nipper
Posted on: Jul 19 2019, 08:41 AM


Group: Member
Posts: 5,835

QUOTE
If you want to know what financial markets absurdity looks like, here is a screenshot from a Bloomberg terminal for a bond priced last week. It shows:
Issuer: Bundesrepublik Deutschland (Federal Republic of Germany)
Maturity: 15 August 2029 (10 years)
Coupon: 0.000000% fixed (zero, zip, zilch, nada ... any way you cut it)
Issue Price: 102.64 (yes, pay 102.64 now and receive 100 in 10 years)

Don't bother checking your bank account on each interest date.
The yield-to-maturity on this bond is minus 0.26% for 10 years, and you're worried about term deposit rates of 2%!


It brings back memories of when I did the first-ever zero coupon Australian dollar Eurobond issue for the Commonwealth Bank back in December 1989 (the three Number 1 hits of that month were by Phil Collins, Billy Joel and the infamous Milli Vanilli). However, there is one massive difference over 30 years. The issue price of our bond was $55, with $100 repaid in five years. No wonder it quickly sold out to tax-avoiding 'Belgian dentists'. Yield-to-maturity, 12.7% pa. Those were fun days, traveling the world with a AAA borrower in my pocket.

Many investors think of the listed market to buy company shares, but in recent years, the ASX has introduced a wide range of ETFs, LICs, LITs, notes and hybrids to meet fixed interest demand. While these do not have the security of a government-guaranteed term deposit, we review some listed investments that can meet income needs without equity risk

https://cuffelinks.com.au/generate-income-w...ut-equity-risk/
  Forum: Investment Discussion

nipper
Posted on: Jul 18 2019, 11:41 PM


Group: Member
Posts: 5,835

QUOTE
LiveTiles is an Australian IT company that specialises in the development of intranet portals and online working environments for corporate clients. It aims to deliver intelligent, cloud-based software solutions that optimise user experience, increasing employee engagement and productivity in the workplace.

According to its own website, LiveTiles has already worked with some big name international clients including food and beverage giant PepsiCo, German conglomerate thyssenkrupp and the United States Department of State. LiveTiles has also continued to cosy up to Microsoft in the United States (US), partnering with the global computing giant in the release of a new SharePoint product in May.

In its most recent quarterly activity report, released to the market last week, LiveTiles announced that annualised recurring revenues had reached record high levels of $40.1 million by 30 June 2019. That’s up from $34.5 million as at the end of March, and an increase of more than 10 times in just two years.

The LiveTiles share price has been bouncing around all over the place so far this year, but overall it’s still up almost 60% since January. However, with a price hovering around 50 cents per share, and a market cap of just $350 million, it’s an up and coming tech stock that’s not yet made it onto many investors’ radars.
Motley Fool
  Forum: By Share Code

nipper
Posted on: Jul 18 2019, 03:04 PM


Group: Member
Posts: 5,835

QUOTE
Nufarm stock screens as materially undervalued. Australian drought and integration issues with the recent AUD 575 million of European acquisitions are fuelling fears of an equity raising. Lawsuits against glyphosate manufacturer Bayer haven't helped sentiment. But we think working capital fears are overdone and expect issues to substantially unwind in the second half of fiscal 2019 in the main planting season. Our AUD 7 fair value estimate assumes Nufarm will eke out a respectable 4.7% five-year revenue compound annual growth rate to fiscal 2023.

We think Nufarm can continue to achieve considerably better-than-market-average returns, including from its seeds business with innovative omega-3 canola, in addition to capturing first real revenue accretion from fortuitous European acquisitions. The market is underestimating the top-line growth rate of Nufarm, providing an opportunity to invest in a cyclical but solid business at a margin of safety
Morningstar - Best stock ideas July
  Forum: By Share Code

nipper
Posted on: Jul 18 2019, 03:02 PM


Group: Member
Posts: 5,835

QUOTE
Link’s share price was affected by the Australian federal budget in May 2018, which included changes to rules that will hurt the company's superannuation business. However, this business constitutes around one third of group EBITDA, and we believe the market has overreacted to the changes, which we expect to reduce divisional EBITDA by around 10%. Also, we expect the Australian superannuation sector to increasingly depend upon Link's relatively low-cost administration services, and the likely consolidation of superannuation funds will benefit the company.

The impact of superannuation sector uncertainty has been amplified by Link's acquisition of U.K.-based Capita Asset Services in late 2017, which leveraged the balance sheet and created integration risk in the short to medium term. However, we believe the market is being overly cautious in this regard also, as Link bought CAS from a distressed seller, has expertise in the sector, and has an excellent record of integrating acquisitions. The CAS integration appears to be progressing well, and further good news in this regard is likely to be a catalyst to close the share price discount to our fair value estimate.

Link also owns a 20% stake in electronic conveyancing platform PEXA, which has a first-mover advantage and looks likely to build a network effect in the large Australian real estate conveyancing market. Although many of Link's businesses are likely to deliver only low-single-digit organic revenue growth, PEXA will add a strong top-line growth element to the stock, and we expect synergies from CAS and other previous acquisitions to boost EPS growth in the short to medium term. We believe Link’s low teens fiscal 2019 price/earnings ratio fails to reflect its earnings growth outlook and the quality of its highly experienced executive team.
Morningstar - Best stock ideas July
  Forum: By Share Code

nipper
Posted on: Jul 18 2019, 12:27 PM


Group: Member
Posts: 5,835

FGR has a new website, www.firstgraphene.net, which is
QUOTE
an opportunity for visitors to develop a deeper understanding of the potential of graphene and its applications.

With a clean design and vibrant imagery, the content reflects not only the First Graphene brand but provides insight into the real potential for graphene with their range of high-quality PureGRAPH® products....
First Graphene is making ... advances with a ... manufacturing platform and an established 100 tonne per year graphene production capacity. Furthermore, it is the only company in the world with regulatory approval to sell tonnes of graphene in both Europe and Australia.
  Forum: By Share Code

nipper
Posted on: Jul 18 2019, 12:24 PM


Group: Member
Posts: 5,835

duty of care.
  Forum: By Share Code

nipper
Posted on: Jul 18 2019, 10:11 AM


Group: Member
Posts: 5,835

rising share price on rising volume for PKS over the last few days

(now 23c, and above IPO price of 20c a share ... seems to have escaped the 'early investor selling wobbles')
  Forum: By Share Code

nipper
Posted on: Jul 18 2019, 07:49 AM


Group: Member
Posts: 5,835

QUOTE
Elders revealed on Monday that it had acquired Australian Independent Rural Retailers in a cash-and-scrip deal. The company said it would fund the deal through a $137m raising, with the institutional component, which raised $100m, completed yesterday.

With the shares out of a trading halt post completion of the placement, the company’s shares closed 14.3 per cent higher yesterday at $7.01.

Elders told its investors that the transaction would offer it an entry into the wholesale rural services market, which enabled a new growth channel and was consistent with the corporate acquisition principles of Elders.

Established in 2006, AIRR is a member-based buying and marketing group for independent rural merchandise and pet and produce stores. The business is a national wholesale platform supported by a network of eight warehouses servicing more than 1500 customers.

AIRR has about 240 independent member stores and an additional 100 Tuckers Pet & Produce stores across Australia. It also owns and operates five retail locations in Victoria and is listed on the Primary Markets Exchange.
https://www.theaustralian.com.au/business/d...76d24264e8bcb5a
  Forum: By Share Code

nipper
Posted on: Jul 18 2019, 07:34 AM


Group: Member
Posts: 5,835

QUOTE
The spotlight has fallen on perennial underperformer Praemium, which has been left behind by rival platform owners Netwealth and HUB24 in the race to win clients and funds off the big banks and AMP.

Praemium specialises in managed accounts. Its platform can be white labelled by advisers and its unified managed accounts offering - which allows clients to combine model portfolios with their own stock picks and non-custodial holdings - appears to be where the wealth management industry is headed.

Its clients include a couple of big brokers in Morgan Stanley Wealth Management Australia and Shaw and Partners, and the technology is recognised by fund managers and analysts to be pretty good. Recently-listed Powerwrap would also agree - it is fuelled by Praemium's technology. But the company has not been able to capitalise in terms of revenue and earnings.

And that performance hasn't been helped by some corporate hiccups over the years, including a board spill led by some of its bigger investor to re-instate sacked CEO Michael Ohanessian in 2017. So Praemium's shares have been nowhere near as strong as its bigger platform rivals. The stock has halved since this time last year and closed at 44¢ on Wednesday.

If there is a silver lining in the poor performance, it may be that Praemium has fallen on to the radar of at least one potential suitor. Sources said the tyrekicker had been in the market talking to rivals and brokers about Praemium, to see whether its managed accounts offering really was that good. It remains to be seen whether the preliminary interest comes to anything firmer, but the tyrekicking continues.

The other question is at what price the company's shareholders and directors would be willing to cede control. It's a polarising stock - and while the wider market may have put a $200 million-odd equity value and 44¢ share price on the stock, there are the believers who reckon Praemium is on the cusp of cracking the big time
https://www.afr.com/street-talk/unloved-pra...20190717-p527xy
  Forum: By Share Code

nipper
Posted on: Jul 18 2019, 07:31 AM


Group: Member
Posts: 5,835

QUOTE
GBST was quietly going about business until Bravura Solutions formally put it in play in April. Since then, GBST has had seven interested parties pop out of the woodwork and received indicative offers from three of them.
  Forum: By Share Code

nipper
Posted on: Jul 18 2019, 07:13 AM


Group: Member
Posts: 5,835

QUOTE
Hedge fund kingpin Ray Dalio is seeing a case for gold as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.

Dalio, founder of the world's largest hedge fund, wrote in a LinkedIn post that investors have been pushed into stocks and other assets that have equity-like returns. As a result, too many people are holding these types of securities and likely to face diminishing returns.

"I think these are unlikely to be good real returning investments and that those that will most likely do best will be those that do well when the value of money is being depreciated and domestic and international conflicts are significant, such as gold," the Bridgewater Associates leader said....
https://www-cnbc-com.cdn.ampproject.org/v/s...al-markets.html
  Forum: Macro Factors

nipper
Posted on: Jul 17 2019, 03:48 PM


Group: Member
Posts: 5,835

QUOTE
uploading a chart. Not sure it loaded.
...its there if you click on the thread (hidden when general topics/ Last 25 us up)
  Forum: By Share Code

nipper
Posted on: Jul 17 2019, 02:51 PM


Group: Member
Posts: 5,835

QUOTE
BHP Group could be on track to finally capture Rio Tinto’s prized place at the bottom of the Pilbara iron ore cost curve, as the company flags a big lift in output at its own operations and finally begins to push the boundaries of its 290 million tonne a year annual capacity.

The mining giant won’t release its cost guidance for the current financial year until its annual financial statements are released in August, but said in its quarterly production report, released on Wednesday, its 2018-19 costs were in line with earlier predictions of less than $US15 a tonne.

And a big lift in volumes is coming, with BHP planning to ship up to 286 million tonnes in the current fiscal year, up from 270.5 million tonnes last year, suggesting unit costs will fall further....
  Forum: By Share Code

nipper
Posted on: Jul 17 2019, 01:55 PM


Group: Member
Posts: 5,835

QUOTE
• XTEK to acquire HighCom, a successful and profitable provider of body armour and personal protective equipment in the US market

• HighCom generated CY2018 revenue of A$10.5m, gross margin of ~40% and EBITDA of A$1.4m and the acquisition is expected to be immediately earnings accretive in FY20 (before synergies)

• Purchase consideration comprise of 4.0m XTEK shares, A$1.8m cash consideration, and future earnout based on HighCom’s performance in CY2019

• This strategic acquisition enhances XTEK’s focus on proprietary products by accelerating XTclaveTM commercialisation and expands distribution network into the largest defence market globally

• XTEK has successfully raised A$2.7m via an oversubscribed placement at A$0.45 per share. SPP to raise up to A$1.0m will follow the placement, with eligible shareholders offered the opportunity to acquire additional new shares
  Forum: By Share Code

nipper
Posted on: Jul 17 2019, 12:09 PM


Group: Member
Posts: 5,835

QUOTE
• New data has shown that a new drug candidate from Botanix’s cannabidiol antimicrobial platform has potent activity against hypervirulent strains of the bacteria Clostridium difficile

Clostridium difficile is the most commonly acquired hospital infection worldwide and is responsible for over 30,000 deaths each year in the US alone

• Data for AB 2367, Botanix’s new development program, shows that cannabidiol is effective against the super hypervirulent 027 strain, which has been responsible for numerous recent severe outbreaks and deaths

• Studies were conducted in collaboration with world-leading Clostridium difficile researcher Prof. Dena Lyras at Monash Biomedicine Discovery Institute, Department of Microbiology

• This new data adds to the recently announced BTX 1801 study results that MRSA does not develop resistance to cannabidiol, and underpins Botanix’s growing antimicrobial platform
- BOT coming along quite nicely, on vol and market pricing
  Forum: By Share Code

nipper
Posted on: Jul 17 2019, 11:22 AM


Group: Member
Posts: 5,835

Geoff Wilson's funds weather worst year in decade

QUOTE
Geoff Wilson, the fund manager who helped kill Bill Shorten’s election prospects with a grass roots “retirement tax” campaign, has ruled off his toughest year in equity markets in more than a decade. Four of the six listed investment companies managed by Wilson Asset Management failed to beat their benchmarks in the year ended June 30. The six funds have $3.3 billion in assets under management.

Wilson Asset Management’s flagship $1.3 billion WAM Capital underperformed the S&P ASX All Ordinaries Accumulation Index by 9 per cent in financial 2019. It was only the third time in 20 years that WAM Capital had not beaten its benchmark. The other underperforming years were financial 2005 and 2007-08. WAM Capital has an annual performance since inception of 16.7 per cent (before expenses, fees and taxes). WAM Active, WAM Leaders and WAM Research also failed to beat their benchmarks for the year to June.

There are three ways to measure the performance of a listed investment company (LIC). Its share price performance, which can be influenced by external factors, its investment performance, which is determined by the decisions of portfolio managers, and the dividend growth.

Bill Shorten's revenge?
In 2019, several funds in the Wilson family of funds only managed to get one out of three measures right because of cautious decisions about the deployment of cash and a sell-off in the listed investment company sector. Dividend growth has been consistent, with gross yields running at between 7 and 9 per cent.

The LIC sell-off could be seen as Shorten’s revenge against Wilson for his campaign to preserve the concessional treatment of franking credits for retirees who receive cash back from Treasury.

Wilson says the fall in the share prices of listed investment companies was caused by retirees selling stock because of fears Shorten would be elected. “To me the interesting thing is the whole LIC sector has, in the last six months, been under selling pressure,” Wilson says. “We do a survey when shareholders sell our shares and it shows that a third to a half of the shareholders who sold in the six months before the election did so because of their concerns about franking credits.” Wilson says the LIC share price falls were exacerbated by a buyer’s strike caused by the expectation Shorten would win the election as predicted by opinion polls.

Caught out by Fed U-turn
Separate to the decline in the price of the Wilson LICs was the underperformance of several WAM investment portfolios.

Wilson says WAM Capital underperformed because it was caught out by the US Federal Reserve doing a U-turn on monetary policyfrom tightening to easing. “Towards the latter part of last year I was nervous about the quantitative tightening and its impact on the US economy and the flow on effect to price earnings ratios,” he says. “The Fed was taking $US50 billion ($71 billion) to $US60 billion a month out of the market through quantitative tightening and we have seen what happens to markets when liquidity is removed.”

The flagship WAM Capital lifted its cash level last December to 53 per cent of the gross assets, or about $650 million in cash and fixed interest. Wilson says he was ready to take advantage of an expected end to the US bull market in equities.

The Wilson philosophy puts a priority on the preservation of capital. Within that framework it invests in companies that will deliver growth because of a catalyst. Also, Wilson takes advantage of trading opportunities. “This is the longest bull market in the US ever and it will come to an end at some point,” he says. “In December last year I expected the market to be 30 to 40 per cent lower by December this year.”

Risk we end up with Japan's economy
After the Fed’s U-turn WAM Capital rapidly deployed its capital to ride the very strong rally in share prices. By April it had cut its cash balance to about 19 per cent of assets. The fund has since built up its cash to 25 per cent of assets. The cash position in each WAM fund varied over the past year depending on the views of portfolio managers. The WAM Global fund had 11 per cent cash in December.

Wilson says all six WAM funds have performed strongly over the past six months with performances ranging from positive 10.8 per cent for WAM Active to positive 19.4 per cent for WAM Leaders.

Wilson is cautious about the outlook for equity markets. “We are getting the benefit of lower interest rates,” he says. “To me the big risk going forward is we end up with a lower growth economy similar to Japan and that over time price earnings multiples contract.”
The AFR
Wilson Asset Management will earn about $35 million in management fees this year including a $1 million performance fee from WAM Microcap.
  Forum: By Share Code

nipper
Posted on: Jul 17 2019, 10:44 AM


Group: Member
Posts: 5,835

Last post 2012 (when it was $6+)
QUOTE
Lycopodium, ASX code: LYL

Share price: $5.30; Forecast 2020 distribution: 34c a share.

With [interest] rates once again hitting ultra-low levels, there has been a renewed interest in anything and everything related to gold .. given the opportunity cost of holding the commodity is reduced the lower rates go. Unfortunately, gold will not pay you a regular income, so to play the gold thematic while also receiving a meaningful income we look to a small engineering firm out of Perth that is one of the pre-eminent gold mine engineers across the globe.

Lycopodium was founded in 1992 and has operations across Australia, with it expanding to Africa, Canada and The Philippines in later years. The company offers a wide range of civil engineering services but is focused on mining engineering, procurement and construction management.

What attracts us is Lycopodium’s reputation in the gold-mining industry, its sound balance sheet and steady flow of contract wins to support the dividend payouts in the near to mid term. In its most recent update, the company noted that it had a healthy pipeline and high levels of work contracted, while guiding to $16.3 million of profit after tax. With a market cap of $211m and net cash of about $61m, Lycopodium trades on an undemanding single digit profit to enterprise value multiple.

Another pleasing point is its recent contract win from its Mondium joint venture with Monadelphous (MND). The consortium was awarded its largest contract to date, a $100m retreatment processing plant for a lithium miner in Western Australia ... notable as it was also its second contract with the company, Talison Lithium.

Lycopodium would be more appropriate for an income-seeking investor with a little more appetite for risk, given it is not immune to the swings of the mining cycle. With a fully franked, forecast yield of just over 6.4 per cent, potential capital growth and a sound balance sheet, we believe Lycopodium presents compelling value.

Gareth Abernethy is an analyst for Clime Asset Management.
  Forum: By Share Code

nipper
Posted on: Jul 17 2019, 10:29 AM


Group: Member
Posts: 5,835

Challenges in Lithium Land
QUOTE
Mineral Resources has been blocked from starting the commissioning of the next stage of its $600 million Wodgina lithium mine in Western Australia after regulators found that a tailings dam at the project was seeping into groundwater.

WA’s Department of Water and Environmental Regulation has refused to approve the commissioning of a second train at Wodgina until MinRes can demonstrate it has reduced seepage from the tailings dam and improved the performance of the existing operation. The regulator warned there were “possibly major” risks associated with the commissioning of the tailings facility and beneficiation plant at Wodgina, and flagged its concerns over how fast the groundwater level beneath the tailing facility was rising.

It also described what it said was “the poor housekeeping” around the first train and spodumene concentrate shed at Wodgina, and said that more than three quarters of the process water generated at the project had been lost through seepage.

QUOTE
The sales process for Pilbara Minerals’ Pilgangoora mining project could be on the go-slow, according to sources, and some are wondering whether it will live up to the success of the lithium asset deal struck earlier this year by rival Mineral Resources.

The company said in a market update on June 17 that it would offer an update on the process in the September quarter, as parties continue to carry out due diligence. But some say final bids were due at the end of last month and it has been radio silence ever since.

Investment bank Macquarie Capital helped Mineral Resources to secure an eye-watering $1.6bn for a 50 per cent interest in its Wodgina lithium project this year. However, the thinking on Pilgangoora is that the level of interest may not be quite so compelling at a time that some lithium producers are unable to sell their output....
..the Wodgina sale to Albermale and Wesfarmers’ $776m takeover bid for industry player Kidman Resources earlier this year shows there is buyer appetite in the sector by parties betting on the growing demand for electric cars powered by lithium batteries so the outcome may surprise on the upside. The problem, though, is convincing buyers to pay top dollar after lithium stocks have been hit hard over the past 18 months. This is on the back of a new wave of supply swamping the market and after major lithium players have already taken positions.

Even Pilbara itself flagged in June that it was unable to sell output from the Pilgangoora mine, with the company at the time adding that the fall in demand was temporary. This was with its Chinese offtake partners running behind schedule with their new lithium chemical plants that will process the concentrate from Pilgangoora...
https://www.theaustralian.com.au/business/d...17a3896f269d23a
  Forum: By Share Code

nipper
Posted on: Jul 17 2019, 10:14 AM


Group: Member
Posts: 5,835

CURE has a Funds Size of $5.4million, according to the latest factsheet

good luck with longevity of this ETF; quite likely to close if inflow not sufficient : https://boards.sharecafe.com.au/index.php?s...19&hl=index
  Forum: By Share Code

nipper
Posted on: Jul 16 2019, 04:29 PM


Group: Member
Posts: 5,835

https://www.sharecafe.com.au/2019/04/04/thr...ication-market/
  Forum: By Share Code

nipper
Posted on: Jul 15 2019, 02:39 PM


Group: Member
Posts: 5,835

chances of development of the Contingent Resource : 75%
  Forum: By Share Code

nipper
Posted on: Jul 15 2019, 10:26 AM


Group: Member
Posts: 5,835

A bit of double talk, or valuation disconnect, going on here ?
QUOTE
The pre-tax NTA of the Alternatives Fund increased by 2.1 cents per share, or 1.9%, to $1.1343 per share in June. The growth in NTA was largely driven by an increase in carrying values of several assets across the portfolio.

During the month, the Alternatives Fund continued its on-market share buy-back program and acquired an additional 315,147 shares at an average price of $0.7222 representing a 36% discount to June’s pre-tax NTA. The buyback will recommence following lodgement of this report.

The Board would like to acknowledge the significant work undertaken by the manager to strengthen and improve the valuation process including the appointment of a new valuer, streamlining processes and increasing the transparency of the valuation process supporting the individual asset values. The Board has every confidence that these changes will enhance the robustness of the Company’s financial statements.
- Investors happy to get out, at a big discount. Those buying would have the opposite view.

Currently trading around 77c.

Truth lies in the middle, or is it just an illiquidity / visibility discount?
  Forum: By Share Code

nipper
Posted on: Jul 15 2019, 09:44 AM


Group: Member
Posts: 5,835

W
QUOTE
Platinum's funds under management have gone from $26.6B in April to $24.8B in June.

Bell Potter downgraded its rating to "sell" and cited a number of concerns for the fund manager.

Citi analysts had broadly the same analysis, with a target price of $4.20.

Analysts are worried that investors may continue to desert ASX-listed fund manager Platinum Asset Management, as its flagship funds struggles to meet its benchmark and its monthly outflows hit a two-year high.
  Forum: By Share Code

nipper
Posted on: Jul 13 2019, 03:14 PM


Group: Member
Posts: 5,835

QUOTE
Questions have surfaced of whether the Australian-listed lithium miner Ioneer could be on the radar of resource industry giant Rio Tinto.

Ioneer has a market value of $236 million and some believe it could be too small for Rio, which trades with a $38.5 billion market value. But Rio has a ventures unit that examines smaller opportunities and so the possibility should not be discounted.

Ioneer is developing the Rhyolite Ridge Lithium-Boron project in Nevada, not far from Rio’s borates business in Boron, California.

The company’s boron supplies are understood to be depleting and Rio has milestones it needs to achieve. The chemical has various modern uses, ranging from computer screens to fertilisers to magnets for wind turbines.

Ioneer counts former Rio energy and minerals chief executive Alan Davies among its directors. Rio terminated Mr Davies’s contract in 2016 following an internal inquiry in 2011 into contractual arrangements with a consultant who provided advisory services on the Simandou project in Guinea.

- an examination of the declining share price over the last year or so indicates the company isn't making a go of it.
  Forum: By Share Code

nipper
Posted on: Jul 13 2019, 12:51 PM


Group: Member
Posts: 5,835

Rare Earths must be due another time on the sun.

And it's got to be neodymium and praseodymium demand in magnets.
  Forum: Investment Discussion

nipper
Posted on: Jul 13 2019, 09:47 AM


Group: Member
Posts: 5,835

QUOTE
Disappointed investors have punished aerial imaging company Nearmap after it revealed underwhelming contract values for the last 12 months to the ASX.

In its preliminary results, the $1.7 billion company revealed its annualised contract value – the total revenue generated through contracts with customers – sat at $90.2 million for the 2019 financial year.

While this was a $24 million increase from the previous period, the figures did not meet investor expectations for a year that had seen Nearmap's market value increase by 120 per cent and jump into the S&P/ASX 200.

After midday, the company's shares were trading almost 10 per cent below where they finished on Thursday at $3.35.
  Forum: By Share Code

nipper
Posted on: Jul 13 2019, 09:41 AM


Group: Member
Posts: 5,835

FZO gets a mention here, as well as MGM Wireless MWR

https://www.sharecafe.com.au/2019/07/12/the...ity-in-schools/
  Forum: By Share Code

nipper
Posted on: Jul 13 2019, 09:40 AM


Group: Member
Posts: 5,835

https://www.sharecafe.com.au/2019/07/12/the...ity-in-schools/

School phone challenge
  Forum: By Share Code

nipper
Posted on: Jul 12 2019, 09:09 PM


Group: Member
Posts: 5,835

QUOTE
Spotlight on Alliance Aviation Services

Alliance Aviation Services (ASX: AQZ) provides charter aviation services in Australia for the mining and resources industry and private group domestic travel. The Australian business currently operates a fleet of 20 Fokker F100, nine Fokker 70LR jet aircraft and five Fokker 50 turboprops.

This week, AQZ announced the acquisition of five Fokker F100s from Swiss airline Helvetic Airways, as well as its inventory of spare engines, parts and tools. The deal builds on AQZ's purchase of 21 Fokker aircraft from Austrian Airlines in 2015, and by the end of this calendar year AQZ expect to have 44 planes operating in total. This purchase positions AQZ as the largest supplier, behind Fokker, of engines and spare parts in a market of growing customer demand. In addition, we believe the company's top-line growth will benefit from a pick-up in mining activity, providing further opportunities for the use of its aircraft. AQZ shares are up 6.2% for the week.

We continue to hold AQZ as a market-driven investment in WAM Microcap (ASX: WMI) due to its strong position in regional air transportation and increased growth prospects through its capacity expansion.
  Forum: By Share Code

nipper
Posted on: Jul 12 2019, 10:18 AM


Group: Member
Posts: 5,835

QUOTE
One of the most common measures of risk in financial markets is volatility. The more an asset price moves up and down over time, the greater the risks to your invested capital. Increased volatility can be a positive thing for investors, in that it can result in oversized gains as much as it can result in greater than expected losses. Regardless of your risk profile however, ignoring a rise in volatility as you pursue your investment objectives is rarely an advisable strategy.

One of the clear trends in equity markets recently has been that volatility is rising, with the monthly price swings seen across share markets today much greater than what is typically expected. By example, over the last five years, global share markets have risen or fallen by more than 5% in a month only eleven times - with five of these eleven occurrences happening since October of last year.

The month of June was no exception to this trend of increasing market volatility. After falling by 5.9% in May in US$ terms, global share markets rose by 6.5% during June. A weaker than expected US payroll report during June fuelled already building expectations that the US Fed may deliver a 0.50% ‘insurance’ rate cut at its July meeting. Share markets duly rallied on the prospect of substantially easier Fed policy in the months to come.

In local currency terms, the US share market rose 7.0% in June, while European and Japanese equity markets rose by 5.2% and 3.5% respectively. In Australia, the local equity market rose by 3.7%, while in Australian dollar terms the MSCI All Country World Index increased by 5.3%.

- at present, markets are such slaves to the Fed (until they aren't!). The Powell Put lives
  Forum: Investment Discussion

nipper
Posted on: Jul 12 2019, 10:04 AM


Group: Member
Posts: 5,835

QUOTE
During June, the directors of BAF invited GVF portfolio manager, Miles Staude, to join the BAF Board. Miles is looking forward to working with the existing BAF directors in their efforts to ultimately see the substantial underlying value within the company realised for the benefit of all shareholders.

- GVF hold 10,868,143 ordinary shares in BAF, according to the Initial Directors notice
(and saw something about the Student Housing holding likely to be sorted out in an acceptable manner, in next few months)
  Forum: By Share Code

nipper
Posted on: Jul 11 2019, 04:30 PM


Group: Member
Posts: 5,835

Solid state batteries ... Materials will include ceramics, glass and lithium hydrides.
..... At present.
https://www.sciencedaily.com/releases/2019/...90322105701.htm
  Forum: Investment Discussion

nipper
Posted on: Jul 11 2019, 03:18 PM


Group: Member
Posts: 5,835

and back through $2.00 today ... on the way up. : some 10% lift. No news, yet (apart from the usual Sellers exhausted speculation)
  Forum: By Share Code

nipper
Posted on: Jul 11 2019, 03:14 PM


Group: Member
Posts: 5,835

Very interesting ..... definitely a moving set of allocations, and not finalised yet (!)
  Forum: Investment Discussion

nipper
Posted on: Jul 11 2019, 02:29 PM


Group: Member
Posts: 5,835

Haven't visited ALC for nearly two years, and there it was, bumbling along, then suddenly, in April some traction, moving away from the 4c holding pattern to hit 18c recently
QUOTE
• Increased spending on digital patient data has led to a decrease in productivity
• Clinical risk and avoidable errors remain a major issue ... 1 in 9 Australian patients will develop a hospital acquired complication
• Government and funders are moving towards penalising hospitals for errors or complications which lead to further hospitalisation
• Disparate IT systems, poor analysis and communication of clinical information exacerbate the problem

Similar to the newly listed PKS (with its " proprietary subscription based Clinical Decision Support system "), it claims to be "Best of Breed" and is winning work around the hospital systems :
QUOTE
Alcidion Group Limited (ALC) is health Informatics Company which provides intelligent informatics solution for healthcare and clinicians as decision support tools. The company's Miya Platform, a CDSS product suite currently comprises: Miya Patient Flow, Miya ED, Miya Clinic, ICVIS and Miya order.
  Forum: By Share Code

nipper
Posted on: Jul 11 2019, 01:34 PM


Group: Member
Posts: 5,835

Stresses in other parts of Gupta's conglomerate might not be helpful for Whyalla's continued prosperity:
QUOTE
....beneath his meteoric growth lies a fragile and inter­dependent ecosystem: politicians desperate to save jobs in tired industries, companies keen to shed problematic assets, financiers eager to package and sell government subsidies, and investors hunting for yield in the ultra-low rates environment.

“It’s playing roulette with public funds,” said an adviser.
https://www.theaustralian.com.au/world/the-...631f54095747f72
  Forum: By Share Code

nipper
Posted on: Jul 11 2019, 12:58 PM


Group: Member
Posts: 5,835

QUOTE
Shares in Evolution Mining softened slightly on Wednesday despite the company declaring it is back in a net cash position on the back of surging gold prices. Evolution gave shareholders an early look at its quarterly production figures, saying its mines had thrown off $217.4 million in operating cash flow in the June quarter, producing 194,866 ounces of gold, up from 175,901 in the March quarter.

In Aussie dollar terms the gold price lifted from about $1810 an ounce at the beginning of the period to a record high closing on $2045/oz, averaging 1871 for the three months to the end of June. Evolution said it finished the quarter in a $35.2 million net-cash position, with the company holding $335.2 million in cash and bullion and owing $300 million after repaying $30 million worth of borrowings.

While the strong gold price underpinned a solid quarter of cash generation for the gold miner, Evolution confirmed it had missed its cost annual cost guidance on the back of problems hitting high-grade zones in its Mungari operations outside of Kalgoorlie, and at its Mt Rawdon mine in Queensland.

Total production for the financial year of 753,001 ounces was in the middle of Evolution’s 720,000 to 770,000 guidance range, but its annual average all-in sustaining cost (AISC) of $924/oz was $24/oz above the top end of its $850 to $900/oz prediction.

In addition to grade issues at some of its mines, Evolution blamed the high gold price for missing its cost guidance, saying it was forced to pay more than it expected in royalties.

The company said it expects to produce 725,000 to 775,000 ounces this financial year, at an average AISC of $890 to $940/oz.

first time I've heard that : "blamed the high gold price for missing its cost guidance" with increased royalty payments
  Forum: By Share Code

nipper
Posted on: Jul 11 2019, 09:50 AM


Group: Member
Posts: 5,835

QUOTE
The surge of money flying into the sharemarket has been “phenomenal to watch” over the past few months, says Mirrabooka’s Mark Freeman, but the risk now is that a slowing economy could put the brakes on company earnings at a time when valuations are looking “full”.

“The market has been absorbing a huge amount of cash from people wanting yield; that’s been the predominant trade. The question now is with multiples the way they are, and concerns about falling interest rates and a slowing economy, are we ultimately going to have weak earnings coming out of companies? … There might be some share price adjustments if earnings or outlooks don’t meet expectations. That’s the risk we’re in at the moment,” Mr Freeman told The Australian.

Mr Freeman, who is managing director of the $412 million listed investment company, said he was concerned about the high multiples some companies were trading on.

“AfterPay, Wisetech, Appen .... they’re all good companies but it’s been a long time since I’ve seen PEs this high. They’re good companies but is the risk/reward there? “These companies will have to come through with very good profit results to justify their high PEs. And that’s not the companies’ fault, it’s just where the money’s been flowing,” he said.

Amid the widespread push into the sharemarket as interest rates track lower, Mirrabooka, which invests in small to medium stocks outside the S&P/ASX 50 Leaders Index, is waiting and watching from the sidelines.

We’re definitely more cautious now. Definitely,” he said. “It feels a bit like money chasing assets. And you always want to be cautious when money’s chasing assets rather than assets chasing money.”

All that cash had also left fund managers unsure how best to view the market, Mr Freeman said. “If you look across the market in terms of price/equity ratios, they’re all very, very high by historical standards. They’re quite huge. But if you look at the yield on the market, compared to interest rates, the market actually looks quite cheap,” he said. “So, you’ve got this conundrum, and this is what fund managers are grappling with: do I look at the market in terms of yield or look at in terms of price/earnings ratios.”

Mirrabooka yesterday posted a 14 per cent slide in profit for the year, driven by a smaller contribution from its trading and options portfolios. This was because of a lack of opportunities, Mr Freeman said. Instead, the LIC focused on “improving the quality” of its core investment portfolio. The largest purchases for the year were James Hardie, which Mr Freeman said he bought on the dip that pushed it out of the top 50, and Reliance Worldwide, which was “disappointing”.

“I still think they’ve got a strong growth opportunity in their push-to-connect [fittings] but clearly there was a downgrade along the way. Perhaps there’s a bit more cyclicality to the business than the market thought but I still think it’s a sound business over the long term. So we’re just holding it,” he said.

Commenting on the falling cash rate, Mr Freeman said the market didn’t necessarily understand why the RBA pulled the trigger on back-to-back cuts. “I think a lot of the market’s saying ‘we’re not really seeing why there was such a need for it now’. So what are the [RBA] seeing that we’re not quite seeing? Perhaps we need to be concerned with that.”

In terms of investments he’s looking at for Mirrabooka, Mr Freeman said he was being selective and patient. “Stocks are really getting pummelled if they announce a downgrade, so that’s why we think we can be patient,” he said.
  Forum: By Share Code

nipper
Posted on: Jul 11 2019, 09:44 AM


Group: Member
Posts: 5,835

QUOTE
[In New York overnight] the benchmark S&P 500 briefly crossed the 3000 points mark in early trading for the first time after dovish remarks from the Fed's Jerome Powell bolstered the case for a rate cut.

"Powell's testimony and the June FOMC minutes reiterated the message that rising crosscurrents had increased risks to the US economic outlook," TD Securities said in a morning note. "In light of this, Fed officials appear ready to adopt a more accommodative stance. On net, we find the message supports a 25bp cut at the July FOMC meeting, in line with our view. "We expect the Fed to continue easing in September and October as global uncertainty continues to weigh on business investment and inflation remains uncomfortably below-target in the near horizon."

The Dow also hit an intraday record while the Nasdaq closed at an all-time high following the release of prepared remarks for Powell's testimony before the US House of Representatives Financial Services Committee.

"On balance, investors live by the credo: 'Don't fight the Fed,' and if rates are being cut - whatever the reason - they have often stood by stocks so I'm not surprised we're making new highs," said Rick Meckler. "But it's a market that's come an awfully long way. And I think you're running out of investors willing to put too much new money in without some indication that earnings can stay strong."
  Forum: Investment Discussion

nipper
Posted on: Jul 10 2019, 08:26 PM


Group: Member
Posts: 5,835

QUOTE
Qantas has confirmed that it has six of the 25 A380s identified as being at risk of having small cracks in the wings, but insists there is no threat to safety.

The European Union Aviation Safety Agency issued an airworthiness directive identifying the flaws, described as “small cracks in the outer rear wing spars of early production A380 aircraft”.

“This condition if not detected and corrected, could reduce the structural integrity of the wing,” said an EASA airworthiness directive.

Airbus has informed customers affected, including Singapore Airlines and Qantas, and said inspections would need to be conducted within 15 years of the parts being manufactured. In Qantas’s case, that means the first inspection won’t be due until June 2020 with the last due by May 2021.

https://www.theaustralian.com.au/business/a...2f285f6c1e89fb7
  Forum: By Share Code

nipper
Posted on: Jul 10 2019, 07:44 PM


Group: Member
Posts: 5,835

QUOTE
.. the Folau saga ...
the (almost unwatchable) 7.30 Report tonight introduced an item with .. "the Israel Folau scandal" (my emphasis). Really! How long before these irony-free (expletive deleteds) start to advocate Re-education Camps
  Forum: Off Topic Chat

nipper
Posted on: Jul 10 2019, 07:25 PM


Group: Member
Posts: 5,835

QUOTE
There is an old army joke about a sergeant-major who asks his platoon whether any of them are interested in music. When four hands go up, the sergeant says “Right, lads. You can carry this grand piano down to the officers’ mess.”

Job recruitment has become more sophisticated since that story first did the rounds. Today’s careers require a lot more than just raw muscle, but that sometimes makes jobs hard to define. The unfortunate result is a form of “adjective inflation” in recruitment ads as employers attempt to make routine tasks sound exciting.

Candidates must sometimes wonder whether they are applying for a 9-to-5 role or to become part of the Marvel Avengers franchise. On the Indeed website, a cocktail bar recently was looking for “bartenders who are people-focused, quality-driven, (and) have superhero hospitality powers”. The ability to give customers the correct change was not mentioned. Another company advertised for “a call-centre ninja, a superhero in people”, a job description that sounds a little over-the-top for what was in fact a role at an insurance broker.

Lest you think that ad was an aberration, Indeed also featured jobs for “a black-belt prioritisation ninja”, and another demanding a “ninja-like attention to detail”. Short of turning up for the interview dressed from head-to-toe in black, and then sneaking up behind the managing director at his desk, it is hard to see how candidates could demonstrate their ninja-ness.

Not all companies require candidates to possess the qualities of a Japanese warrior, of course. Instead, in an echo of the 1960s slogan “make love, not war”, they require applicants to be passionate. The Bluewater shopping mall in southeast England was looking for “passionate sales-driven brand ambassadors” while “passionate crew members” were needed at a pretzel bakery in west London for a wage of only £8.23 ($14.75) an hour.

When it comes to work, passion may not always be the most appropriate emotion. Would patients prefer a “passionate” surgeon or one renowned for keeping a cool head? As emotions go, pride in one’s performance seems important, as does a degree of empathy for colleagues and other people (customers, patients, readers) affected by what you do. In any case, passion is pretty hard to maintain consistently for 40 hours a week, month after month. There are undoubtedly jobs in the caring professions where people’s devout belief in the social usefulness of their role persuades them to put up with long hours and low pay. But selling pretzels or shoes is not in the same category.

Instead of talking about passion, employers should really be asking for enthusiasm. Workers may not learn to love their jobs but with the right attitude they can get enjoyment from the simple act of performing their task well. As well as keeping workers content, it should be enough for most bosses.

Alas, another newish management mantra is “bring your whole self to work”. This slogan, dreamt up by Mike Robbins, a motivational speaker, seems well intentioned. ..........
in The Economist ... then in https://www.theaustralian.com.au/life/read-...9c925d9c897cfca

making it easier to allow the eyes glaze over!
  Forum: Off Topic Chat

nipper
Posted on: Jul 10 2019, 06:59 PM


Group: Member
Posts: 5,835

QUOTE
sharemarket is one such beast. , shares are (mostly) liquid. Property is quite illiquid
please ring the bell 10 minutes before the bell is due to be rung smile.gif

And I reckon most property 'gurus' make their returns in spite of the market, not because of it. I mean, trying to time exit and entry?? really !
  Forum: Investment Discussion

nipper
Posted on: Jul 10 2019, 11:23 AM


Group: Member
Posts: 5,835

QUOTE
PKS Holdings Limited (PKS) is an Australian healthcare technology company.
It provides a proprietary subscription based Clinical Decision Support system called "RippleDown"; CDS is a health information technology system that is designed to provide health professionals with assistance in clinical decision making tasks.

PKS works with health organisations around the world to better capture, manage and leverage their human expertise to improve the performance of their business and deliver better patient outcomes. PKS supports health organisation capture critical information in an accurate, consistent and reliable manner, across multiple data sources, by applying clinical expertise to all data in real-time.

QUOTE
RippleDown has two components that address a number of the key issues faced by healthcare organisations: - RippleDown Auditor: that enables operational efficiencies through a reduction in data entry errors; and
- RippleDown Expert: that allows faster patient throughput, better patient outcomes and mitigates succession risk

listed in June 2019, at 20c. I notice Perennial, through IFL, has 5.4% and Mirrabooka bought in at IPO with 4.5%
  Forum: By Share Code

nipper
Posted on: Jul 10 2019, 10:01 AM


Group: Member
Posts: 5,835

Mirrabooka’s total investment exposure by sector is as below:
............................. 2019....... 2018
Energy ................... 2.75%...... 3.02%
Materials................. 13.67%.... 11.26%
Industrials............... 22.52%.... 14.67%
Consumer Discret.... 11.86%.... 16.78%
Consumer Staples..... 3.55%.... 6.94%
Healthcare............... 6.17%.... 6.91%
Financials................ 8.34%... 13.31%
Real Estate............. 2.98%...... 4.54%
IT & Telecoms........ 20.43%.... 15.71%
Cash...................... 7.73% ...... 6.86%

There was one security representing over 5% of the investment portfolio at 30 June 2019 - Mainfreight (5.4%)
  Forum: By Share Code

nipper
Posted on: Jul 10 2019, 09:50 AM


Group: Member
Posts: 5,835

QUOTE
The final dividend of 6.5 cents per share fully franked, the same as last year, will be paid on 12 August 2019 to shareholders on the register on 26 July 2019. Shares are expected to trade exdividend from 25 July 2019. There is no conduit foreign income component of the dividend.

Some 4.5 cents of the final dividend is sourced from capital gains, on which the Company has paid or will pay tax. The amount of the pre-tax attributable gain, known as an “LIC capital gain”, attached to this dividend is 6.43 cents.

QUOTE
Over the 12 month period there was significant disparity of returns across different sectors and stocks within the market in which Mirrabooka invests. For example, companies such as Afterpay Touch, Altium, Appen, WiseTech Global and Xero, drove a significant part of the Small Industrials return. Mirrabooka currently has modest holdings in Afterpay Touch and Xero.

In considering the investment opportunities over the period, Mirrabooka did not chase the most exciting perceived growth opportunities in the current market. This was not considered as the best use of available cash, as this may see exposure to a significant loss of capital in the future if these growth prospects decline. Mirrabooka instead furthered its focus on quality companies with proven business models and strong market positions.

In this context, the largest purchases in the portfolio were in companies such as James Hardie Industries and Reliance Worldwide, both of which saw reduced share prices through the period because of near term cyclical concerns, but in our view still provide good long term prospects for above average growth. Atlas Arteria and two New Zealand listed companies, Freightways and NZX, were also added, as these holdings provide exposure to businesses with strong market positions and growing dividend streams in a low interest rate environment. The other major purchase for the period was OZ Minerals, which is attractive because of changes under new management and the number of quality projects it has for growth.

Major sales included the complete disposal of Washington H. Soul Pattinson, Navitas (which was subject to a takeover offer at the time), Challenger and CYBG (Clydesdale Bank), with these last two companies being disappointing performers in the portfolio. There was also a reduction of the position in Lifestyle Communities which continues to be a large holding in the portfolio.

In total, the number of holdings in the Investment Portfolio fell from 71 to 63 over the year, reflecting a greater focus on holding quality companies in a more uncertain environment.
Mirrabooka’s 12 month portfolio return including franking was 5.9%; the combined Small and Mid-Cap benchmark return, including franking, was 3.8%.

new companies : James Hardie Industries, Fleetwood, Atlas Arteria, WorleyParsons, Freightways, Afterpay Touch Group, OZ Minerals, Audinate Group, NZX, Sims Metal Management, PKS Holdings
  Forum: By Share Code

nipper
Posted on: Jul 10 2019, 09:23 AM


Group: Member
Posts: 5,835

QUOTE
• Strong shareholder support for the A$4m Share Purchase Plan
• Significantly oversubscribed with applications exceeding A$37 million
• Follows oversubscribed A$20 million placement to new and existing institutional investors

The SPP allowed eligible existing shareholders the opportunity to subscribe for up to A$15,000 at the discounted price of A$7.00 per new Share. As stated in the SPP Offer Booklet, Audinate capped the raise under the SPP at A$4 million and reserved the right to scale back applications under the SPP if it was oversubscribed.
Ultimately, applications received exceeded A$37 million resulting in the SPP being approximately 9x oversubscribed. Therefore, in accordance with the terms of the SPP, the Board was required to scale back the allotment of shares to ensure that subscriptions under the SPP do not exceed the cap of A$4 million.
A scale back policy has been applied such that applicants who held more than 100 Shares on the Record Date will receive an allotment of new Shares under the SPP equal to approximately 4.75% of the aggregate number of Shares they held, up to a maximum value of $15,000 worth of new Shares.
Accordingly, 571,429 ordinary shares will be allotted and issued under the SPP at A$7.00 per new Share. Allotment of the new Shares is scheduled to take place today and the new Shares are expected to be quoted on the ASX on 11 July 2019.

Not much in it for the little bloke!! 9x oversubscibed and 4.75% issued... please explain.
--- should underpin the current $8.20 shareprice!
  Forum: By Share Code

nipper
Posted on: Jul 9 2019, 09:05 PM


Group: Member
Posts: 5,835

QUOTE
WAM Research (code WAX) is a listed investment company (LIC) which invests in promising small and medium ASX growth businesses. It generates profit from both the dividends it receives and the capital growth it achieves, which it then pays a growing dividend from.

It has been growing its dividend each year since the GFC and its portfolio has generated market-beating returns before fees and expenses since the GFC.

WAM Research currently offers a grossed-up dividend yield of almost 10%.

- touted as a dividend play (in these difficult times when low cash returns have punters searching elsewhere) but if the payout is part dependent on ongoing positive returns, then it may have a problem. Better to find a distribution based on cash profit produced (in these troubling times)
  Forum: By Share Code

nipper
Posted on: Jul 9 2019, 03:28 PM


Group: Member
Posts: 5,835

At least with these sorts of companies, it's possible to do a bit of reconnaissance, check out the locations, offerings, foot traffic, staff levels/ competence/ engagement.

..... sadly it's a NO from me.
  Forum: By Share Code

nipper
Posted on: Jul 9 2019, 01:36 PM


Group: Member
Posts: 5,835

but what do they mine?
QUOTE
Superior Lake Resources Limited (SUP, Ishine International Resources Limited) is an Australian exploration company. The principal continuing activity of the Company during the financial year was the exploration of mineral prospects

ah, nothing yet; perhaps, one day, " the Company’s Superior Lake Zinc Project in Ontario, Canada."
  Forum: By Share Code

nipper
Posted on: Jul 9 2019, 10:10 AM


Group: Member
Posts: 5,835

QUOTE
• SECOS has added to its existing range of Compostable Biopolymer Resins through the introduction of a new certified Home Compostable resin for food and packaging applications.

• The new resin formulation enables SECOS Biopolymer bags and film products to be composted by householders in their home-compost bin or via existing organic waste collection arrangements such as green bin waste.

• SECOS’ new resin was developed in response to demand from major retail brands plus film and bag producers, who increasingly require bags and film to be produced using Home Compostable resin, to meet their sustainability requirements and to reduce non-compostable, oil-based plastic waste, of which a high proportion ends up in land fill.

• SECOS’ new Home Compostable Cardia (BF03-HC) resin grade is FDA (US Food and Drug Administration) compliant and safe for food contact applications.

• Cardia resins are certified compostable to AS4736, EN13432, ASTM D6400, and now with the new Home Compostable resin are certified to Australian and French Home Compostable standards, AS 5810 and NF-T51-800.

- but is it strong enough?
  Forum: By Share Code

nipper
Posted on: Jul 8 2019, 04:22 PM


Group: Member
Posts: 5,835

QUOTE
In an interview with News.com.au on Friday, the chairman Peter George said he “can’t change the past” but was working “feverishly” to fix things for the group’s remaining franchisees and shareholders after a series of lawsuits, investigations and scandals.

Mr George spoke of his trimming of the company’s senior management, and repositioning of the company under a “customer-first ethos”.
  Forum: By Share Code

nipper
Posted on: Jul 8 2019, 11:01 AM


Group: Member
Posts: 5,835

yeah K1, the Magellan story invites a lot of manager envy in the towers of downtown Sydney and Melb. I agree the $1 shareprice looks better than @ $55, but Magellan in 2007 was an unproven story, just getting off the ground (and soon to be buffetted by the GFC like them all). And only had small FUM, very few insto mandates. (which allowed for flexibility when 2008-09 came along; quick out/ quick in, so they smelled better than larger funds looking back at that time.) Hamish D was like Eddie Everywhere, happy to pop up and present in the hope of getting the money rolling in, until the complexities of scale came along. (Chris Mc stayed in the background)

Back then, I heard the story but have never liked unlisted funds so I went into MFF not the Global Fund. For the same reason, the management structures behind these fund managers aren't necessarily aligned with other shareholders. Too many uncontrollable circumstances: Options issuance, used as 'golden handcuffs', plus the double alpha consequence of having earnings based on FUM which is a two way street. Get the portfolio right and the returns pull in the punters, together with the increased prices of assets, but this can "turn on a dime". When outflow happens, often liquidity constraints mean good stuff goes out the door as well as the dross. And scale .... great for margins, terrible for nimbleness.

quite happy with MFF
  Forum: By Share Code

nipper
Posted on: Jul 8 2019, 09:45 AM


Group: Member
Posts: 5,835

The wait is over
QUOTE
Progress to Date
• Roc South-1 exploration well is endeavouring to add tie-in resources to the nearby Dorado field
• The Caley and Baxter reservoir intervals in the Roc South-1 well were intersected as expected
• These reservoir intervals are interpreted on wireline logs as not containing producible hydrocarbons
• The wireline data does improve regional understanding, particularly for reservoir
• Crespin and Milne intervals to be assessed next in this well before the rig moves to Dorado-3

good instinct about a bad feeling, balance
  Forum: By Share Code

nipper
Posted on: Jul 7 2019, 05:41 PM


Group: Member
Posts: 5,835

Magellan Financial Group was formed in 2006. MFG is a funds management business. Its performance as a listed entity is dependent on fees received from funds under management, institutional and retail, and this is dependent on success/ outperfromance (plus luck, chutzpah, being in right sector at right time)

Magellan’s investment strategies are focused on global equities, global listed infrastructure, sustainable and, through our wholly owned subsidiary, Airlie Funds Management, Australian equities. Investment strategies are available via unlisted and ASX-listed funds.
  Forum: By Share Code

nipper
Posted on: Jul 7 2019, 11:38 AM


Group: Member
Posts: 5,835

Too true.

And worth revisiting the great Keith Miller on matters of relative importance....
QUOTE
I'll tell you what pressure is. Pressure is a Messerschmitt up your arse. Playing cricket is not.
  Forum: Off Topic Chat

nipper
Posted on: Jul 6 2019, 02:55 PM


Group: Member
Posts: 5,835

Will be a management thing
QUOTE
....back in favour after it announced it had shared in a $US3 billion contract from the US Department of Homeland Security. The contract will be worth around $USS600 million a year or more over five years.

“Speedcast Government is honoured to have been selected as an awardee under the TacCom II vehicle,” said Speedcast Government chief executive Moe Abutaleb. “We are committed to bringing leading-edge technologies, equipment, network, and technical services to support DHS and its end users on this important program.”

TacCom II is designed to provide federal agencies with access to the latest tools and technologies. The contract vehicle features equipment (radios, infrastructure and satellite solutions) and services (systems integration, installation, engineering, and operations and maintenance) to ensure end-to-end transmission of mission-critical data.

The equipment and services offered through the contract vehicle can be used for all types of missions including maritime, airborne and land-based,” the release said yesterday.
  Forum: By Share Code

nipper
Posted on: Jul 6 2019, 01:03 PM


Group: Member
Posts: 5,835

QUOTE
There's no stopping Magellan as the fund continues to grow with more than $86.7 billion under management and new figures showing it drew in nearly $500 million in new funds last month.

The globally focused Magellan has seen its funds under management grow more than $17bn over the past financial year. The inflow of $488m last month included net retail inflows of $132m and net institutional inflows of $356m.

Most of Magellan’s funds are tied up in global equities ($64bn), infrastructure ($15.1bn) and Australian equities ($7.5bn). Magellan’s funds have major stakes in US tech and financial stocks, including Google parent Alphabet, Facebook, Visa and Apple.

Average funds under management for the 12 months ended June 30 reached $75.8bn, up sharply from $59bn last year, ­according to figures released by the company. Magellan noted that it is entitled to estimated performance fees of about $83m for the year ended June 30..

Magellan closed yesterday’s session up 1.7 per cent at a record high $55.36 .
  Forum: By Share Code

nipper
Posted on: Jul 6 2019, 09:02 AM


Group: Member
Posts: 5,835

There wasn't a thread for 2019, but seeing it was a Financial Year of Two Halves, with the first bit marked by trade tensions, interest rate jawboning, Brexit and other issues, ......and then Jerome Powell changed direction for the Fed in Dec. smile.gif
QUOTE
Most investors enjoyed the strong sharemarket recovery in the second half of 2018/2019, with the All Ords Index up a wonderful 19.8% including dividends after a shaky December quarter. Total return for the All Ords was 11% for the full year, while the dramatic fall in interest rates (10-year bonds were 2.63% at 30 June 2018 and touched 1.26% last week) delivered investment grade bond returns around 10%. The Elstree Hybrid Index rose a healthy 8.9% as spreads tightened, listed property did well overall and gold shone brightly. Ashley Owen summarises with a great chart showing the unusual 'game of two halves'.

But it was not all champagne and roses, with some massive sector winners and losers, as shown below. The ASX MidCap50 and Small Ordinaries Price Indexes were flat. Many small cap managers had a tough year, with some shutting their doors after missing out on the big winners for the year: Nearmap (ASX:NEA) up 233%, Clinuvel (ASX:CUV) up 206%, Afterpay (ASX:APT) up 168%, Magellan (ASX:MFG) up 119% and Appen (ASX:APX) up 109%.

It was a year when the investing rule book was thrown out of the window. Global debt with negative yields now total US$12.5 billion (I give you $1,000, you give me back $990 in a year), and as shown below, over 80% of US Initial Public Offers listed with negative earnings. It's a 'risk on' world when so many companies are valued and sold on blue sky not profits.
.... more at https://mailchi.mp/cuffelinks/edition-313?e=f6b4a7324d
  Forum: Investment Discussion

nipper
Posted on: Jul 6 2019, 07:39 AM


Group: Member
Posts: 5,835

An opinion piece that Galilee CSG is the hope for the "gas crisis"

https://www.sharecafe.com.au/2019/07/05/gal...ustralia-needs/

- good luck with the dewatering of the basin, seeing the opposition to Adani to the south

(Good call on the last peak from mid August last year, by the way, Blacksheep)
  Forum: By Share Code

nipper
Posted on: Jul 5 2019, 08:33 PM


Group: Member
Posts: 5,835

QUOTE
Shares in confectionary group Yowie shot up 30.7 per cent to 8 cents each following comments by chairman Louis Carroll, who lashed out at major stakeholder Keybridge Capital and said an unsolicited takeover bid from Aurora “severely undervalues” the company.

Funds manager Aurora, which holds a 12.2 per cent stake in Yowie according to Bloomberg, has offered Yowie shareholders units in the Auora Dividend Income Trust, equivalent to 9 cents a share.

In its bidder’s statement, Auora urged Yowie shareholders to accept the offer due to its “deteriorating” financial performance, pointing out that numerous statements by the board about turning the business to profitability were yet to materialise.

But in a letter to shareholders on Friday, Mr Carroll touted the company’s recent operational progress, and said that Aurora’s offer undervalued the business.

“The Aurora offer places no value on the business and is less than the cash backing in the company.”

Aurora’s offer comes after Keybridge, which owns 6.5 per cent of Yowie shares according to Bloomberg, said in May that it would not proceed with its takeover bid of 9.2c per share, payable in cash and listed securities, after it had considered Yowie’s “disappointing” March cashflow report. That report revealed an operating loss and a near-fifty per cent decline in operating revenue from the previous quarter.

Last month, Keybridge moved to unseat Mr Carroll, along with two of the company’s board members under section 249D of the Corporations Act, but stopped short of providing a reason for their proposed removal.

Mr Carroll slammed the move in his letter to shareholders, saying that since becoming Yowie’s largest shareholder 18 months ago, Keybridge and its associates had not made a constructive suggestion regarding the operation of the business.

On Friday afternoon, one of the three directors Keybridge was seeking to dismiss, Tim Kestell, resigned with immediate effect. Shareholders will now vote on the resolutions to remove non-executive directors Glen Watts and Mr Carroll at a general meeting in August.

“The current attempt by Keybridge to dismiss myself, Glen Watts and Tim Kestell so that, presumably, we can be replaced with Keybridge’s and or its associates’ nominees is also particularly worrying,” Mr Carroll said.

“We believe that they have not as yet proposed individuals to become directors in our place because they have no one available with any experience of fast-moving consumer goods or grocery marketing. "We base this judgment on the series of oil and gas executives and lawyers that they have suggested in the past.”

Mr Carroll, who was appointed Yowie’s chairman in 2017, said that the company had made progress by increasing the number of distribution centres, while its Yowie Bites product had successfully launched with its largest retail customer.

“In the year just started, we will return to growth and we anticipate trading cash positively in the second half of the financial year,” he said. “We ended the 2019 financial year with just over $US16 million ($22.77m) in cash and are forecasting using only a small part of this for working capital.

“For this reason, we have decided to make a 2 cents per share return of capital, subject to shareholders’ approval. "Should trading during this year turn out as forecast, we would envisage additional capital returns.”

Yowie, which reports its full year results in August, booked a net loss for the 2018 fiscal year of $US4.9m, compared to a loss of $US7.3m the previous year.

- still a sticky situation, no real "melt up" likely to be sustained.
  Forum: By Share Code

nipper
Posted on: Jul 5 2019, 07:48 PM


Group: Member
Posts: 5,835

The Financial Times in London recently published an interesting piece, an editorial covering the gold to silver ratio and
QUOTE
.... how rising industrial demand has stoked a potential revival of the price of silver, which is currently reaching its 10-year low
.
- this was in a weekly newsletter from Wilson Asset Mgmt; I'll try and post the link (wish me luck).

http://www2.wilsonassetmanagement.com.au/w...583db9db313ebd4
  Forum: Macro Factors

nipper
Posted on: Jul 5 2019, 06:41 PM


Group: Member
Posts: 5,835

ASX 200 closed the week up, and at 6751, which isn't that far away from that all-time high.

Mind you, it's now past tense, and the index 12 years ago and pre-GFC was a different animal.
  Forum: Investment Discussion

nipper
Posted on: Jul 5 2019, 01:34 PM


Group: Member
Posts: 5,835

S32 suffers from a couple of challenges
1. being thought of as the ones BHP didn't want to hold.
2. Not ticking the boxes for a new economy, being a 20th C extractive dinosaur

Pt 1 is true to a certain extent, but some of this is based on scale and longevity, the leviathan didn't allocate time or capital to what was considered 2nd tier and unloved, in their portfolio...

Pt 2 may actually work in valuation favour, as the 'taint' of coal and mineral resource extraction means that many investors will make a reflex NO (an Adani moment)

But ultimately, it's where the assets held sit in the quartiles of global production as well as the cyclical nature of demand/ supply realities. At present S32 is in a fairly good place, I'd think.
  Forum: By Share Code

nipper
Posted on: Jul 4 2019, 06:37 PM


Group: Member
Posts: 5,835

The Telco no-one wants

QUOTE
2019 has been a rotten year for Vocus with EQT and then AGL both walking away from suggested multi-billion dollar bids after not even completing the due diligence they asked for. That was two years after private equity firms, Affinity, and KKR, walked away from deals to buy Vocus after they looked at the books.....

https://www.sharecafe.com.au/2019/07/04/spu...retail-breakup/


  Forum: By Share Code

nipper
Posted on: Jul 4 2019, 04:05 PM


Group: Member
Posts: 5,835

more flesh....; more flagellation?
QUOTE
...Netwealth and Hub24 make about a quarter to a third of their revenue each year from the spread charged on the interest earned on cash that is sitting in accounts waiting to be deployed. Analysts call this the cash margin revenue. The best way to understand this is through a worked example published on Tuesday by Macquarie analyst Matt Johnson following the Reserve Bank of Australia rate cut.

He says following the rate cut Hub24 would be able to negotiate a 175 basis points interest rate on the pool of cash it has from its account holders. The platform would take 125 basis points of this as revenue. The holder of a Hub Super account would receive an interest rate on their cash of 0.5 per cent. The account holder would also pay an administration fee on the cash of 56 basis points.

This would leave a “net effective return” on cash of minus 6 basis points, according to Johnson. He says the situation would be worse for someone using the Hub Bespoke account. This account holder would get a zero return on their cash and pay an admin fee of 15 basis points, which leaves a net effective return on cash of minus 15 basis points....
fees fees glorious fees

https://www.afr.com/chanticleer/netwealth-a...20190702-p523h3
  Forum: By Share Code

nipper
Posted on: Jul 4 2019, 10:28 AM


Group: Member
Posts: 5,835

QUOTE
fire destroyed a massive Jim Beam warehouse filled with about 45,000 barrels of ageing bourbon in Kentucky, and state officials worried that run-off whiskey seeping into nearby waterways would .....


https://youtu.be/rL4J-XIAKvw
  Forum: Off Topic Chat

nipper
Posted on: Jul 3 2019, 05:20 PM


Group: Member
Posts: 5,835

Opportunities and Risks in Microcap Land

https://www.livewiremarkets.com/wires/navig...microcap-market

.... 5 managers share their ideas (gotta sign up to drill down further)
  Forum: Investment Discussion

nipper
Posted on: Jul 3 2019, 02:45 PM


Group: Member
Posts: 5,835

QUOTE
Blackrock is poised to delist five ASX-listed exchange traded funds with around $145 million under management at the end of the financial year, in the biggest wind-up of its kind to take place.

The world's largest asset manager says the ETFs have underwhelmed in terms of fund flow, and winding up the funds will remove duplication for investors and allow them to concentrate on its remaining suite of funds.

"We believe some exposures are better served with our remaining range, and this change will allow BlackRock to focus on exposures which are relevant to Australian investors today," a statement from the company said.

The funds to be delisted are
- iShares Russell 2000,
- iShares MSCI Singapore,
- iShares Global Telecom,
- iShares MSCI Hong Kong and
- iShares MSCI BRIC ETF.

It will take place on June 30. Blackrock will remain one of the largest providers of ETFs in Australia, with more than $10 billion across 34 funds.
- this is a very real negative aspect. Too often investors in ETFs are passive, long-term. The issuers can't make money on that!

Always go for liquidity. Size matters
  Forum: Investment Discussion

nipper
Posted on: Jul 3 2019, 02:43 PM


Group: Member
Posts: 5,835

in a Trading Pause ... there was an article in the AFR outlining how rate cuts would hurt clients and its bottom line.

Hub24 and Netwealth make "a quarter to a their of their revenue" on the spread earned on cash not yet deployed. Analysts have rightly jumped on this as a major and continuing headwind.
  Forum: By Share Code

nipper
Posted on: Jul 3 2019, 02:26 PM


Group: Member
Posts: 5,835

consistent, insistent, persistent
QUOTE
Yet another near six-year-old record for global iron ore prices on Tuesday with the price jumping to $US125.77 a tonne for the standard 62% Fe product delivered to northern China.

The $US2.12 a tonne or 2% rise means the price for the 62% grade ore has risen more than 6.7% in the first two days of July and is up 74% so far in 2019.

The Metal Bulletin commented that prices rose Tuesday due to “persistently tight supply and news about an easing of the restrictions on steel production in China.”
resistant

https://www.sharecafe.com.au/2019/07/03/per...ce-to-new-high/
  Forum: Macro Factors

nipper
Posted on: Jul 3 2019, 02:17 PM


Group: Member
Posts: 5,835

QUOTE
Russian President Vladimir Putin caused a tea-cup storm on the eve of a summit of the world’s 20 largest economies with this searing observation:
“Every crime must have its punishment. The liberal idea has become obsolete. It has come into conflict with the interests of the overwhelming majority of the population”.
Western leaders lined up to condemn him. European Council president Donald Tusk sneered that he “strongly disagreed”. “What I find really obsolete is authoritarianism, personality cults and the rule of oligarchs,” Tusk said.
- Clash of Civilisations?!
  Forum: Off Topic Chat

nipper
Posted on: Jul 3 2019, 12:17 PM


Group: Member
Posts: 5,835

Of course I meant ESG
QUOTE
Environmental, social and governance refers to the three central factors in measuring the sustainability and ethical impact of an investment in a company or business.

These criteria help to better determine the future financial performance of companies (return and risk).

- The virtuous dollar is playing a greater part of the investment process though, for the management at Woolworths, it probably is more an analysis of growth options and getting back to basics, having a cleaner simpler model for the market to understand.
  Forum: By Share Code

nipper
Posted on: Jul 3 2019, 10:23 AM


Group: Member
Posts: 5,835

Wow.

Lot of pressure from the CSG crowd for the pokies to go.
  Forum: By Share Code

nipper
Posted on: Jul 2 2019, 08:44 PM


Group: Member
Posts: 5,835

QUOTE
satellite communications business SpeedCast International [ had] a shock profit downgrade [that] wiped $340 million off its value on Tuesday.

The company announced to the market on Tuesday morning that its 2019 full year earnings before interest, tax and depreciation was expected to be between $200 million and $215 million, compared to previous expectations from the company's annual general meeting in May of $229 million to $245 million.

... announcement sent the share price plummeting 40.8 per cent to close at $2.06 . Globecomm seems to be a problem, though there are many.

... SDA attributed the downgrade to "weaker performances in enterprise and emerging markets, particularly in the first half of 2019, technical difficulties in one of its contracts, contract churn and delays to expected revenue in a project.".
  Forum: By Share Code

nipper
Posted on: Jul 2 2019, 05:27 PM


Group: Member
Posts: 5,835

looks like you're having trouble letting go, mate
QUOTE
.. one of the best ramp masters ...
- care to name?
  Forum: By Share Code

Poll: The Banks
nipper
Posted on: Jul 2 2019, 04:54 PM


Group: Member
Posts: 5,835

QUOTE
so, how long can this ... rally last?

Not long.... the "fractional banking" system doesn't lend itself well to declining interest rates.
QUOTE
Investors fled the major banks over fears their margins would be squeezed after the Reserve Bank of Australia cut the cash rate to a record low 1 per cent.

... The local sharemarket had been trading firmly higher through the day and initially jumped after the RBA cut rates to a fresh record low of 1 per cent. However, sharemarket's gains were crimped after investors in the major banks headed for the hills.

"The closer interest rates get to zero the larger the impact of each rate reduction on banks net interest margin," said Lazard Asset Management portfolio manager Aaron Binsted.

"In this low credit growth environment, a further rate reduction, even with less than 100 per cent pass through to borrowers, is enough to dent earnings growth across the big four."

The major banks wiped a collective 21.8 points from the benchmark index. Commonwealth Bank shares fell 1.5 per cent to $81.05, Westpac slid 1.6 per cent to $27.93, ANZ closed 1.5 per cent lower at $27.87 and NAB dropped to $1.2, down 26.49 per cent.

The smaller lenders were also weaker.
market was up, otherwise.
  Forum: Investment Discussion

nipper
Posted on: Jul 2 2019, 02:57 PM


Group: Member
Posts: 5,835

QUOTE
Reserve Bank has cut official interest rates by 0.25 percentage points to a new record low of 1 per cent, in the second consecutive cut in a month.
- we're in trouble
  Forum: Investment Discussion

nipper
Posted on: Jul 1 2019, 02:24 PM


Group: Member
Posts: 5,835

QUOTE
Visa's entrance into Afterpay's market validates the fact the Australian group is riding a big global trend.

But it also shows even more competition is coming.

- I find it somewhat amazing how many people think that the AfterPay model is attractive, and for them. Usually they've been in an "abusive relationship" with credit card(s).

Oh well, try something new, but self-control, nah!
  Forum: By Share Code

nipper
Posted on: Jul 1 2019, 12:24 PM


Group: Member
Posts: 5,835

QUOTE
.. [it was] in mid to late 2007, when the yield curve starts steepening, that equity markets start selling off. Why?

Yield curves invert, turn negative, when the bond market thinks Fed monetary policy is too tight.

Once the Fed acknowledges this then the bond market anticipates lower short term rates, which in turn improve economic growth expectations in the future. However, once the Fed actually cuts rates, equity markets start thinking about why they are cutting.

Let’s put this a slightly different way.

In the fourth quarter of 2018 the U.S yield curve, as shown in the pink line above, flattened dramatically, meaning 10-year yields fell much more sharply than 3-month T bill yields. The bond market canary was singing loud and clear that The Fed needed to cut rates because they saw weaker growth ahead. Remember also that the equity market shared this view as we saw a 20% decline, from peak to trough, in the fourth quarter.

I am also strongly of the view that the most powerful message from the equity market crash in the fourth quarter was that the world simply has too much debt.

Both the equity and bond market had the view that a Fed on auto-pilot with the intention of raising rates even further in 2019 would lead to a financial catastrophe. It was only when Fed Chairman Jerome Powell reversed course that the equity markets also reversed course.

I believe that the fourth quarter represented a tipping point for financial markets. It was the moment that the capital markets came to the disturbing realisation that debt levels were simply too high. Once markets had convinced the Fed to discard the notion of taking rates any higher, they celebrated in typically Pavlovian fashion.

Markets love the excitement and the anticipation of an accommodative Fed, however, fear the moment that they turn up for the date!!
- Jonathan Pain
  Forum: Investment Discussion

nipper
Posted on: Jul 1 2019, 11:54 AM


Group: Member
Posts: 5,835

QUOTE
Ingenia Communities Group is set to expand into funds management via the acquisition of Queensland-based Eighth Gate Funds.

It is understood Ingenia has agreed terms to acquire Eighth Gate Funds, which was founded by former Mirvac executive Nick Bonifant and has control of six unlisted property funds.

The acquisition will see Ingenia take control of about $140 million in assets under management. The underlying assets include 10 holiday and lifestyle communities sites picked up over the past five years.


Ingenia Communities, which owns lifestyle parks including the over-55s Ingenia Lifestyle Stoney Creek village in western Sydney, is moving into funds management. Louise Kennerley

Ingenia will pay $17 million for the business and will co-invest in each of the six unlisted funds. It expects to receive about $2 million a year in management fees.

The deal is expected to be announced on Monday.
  Forum: By Share Code

nipper
Posted on: Jul 1 2019, 10:09 AM


Group: Member
Posts: 5,835

QUOTE
[...in February] guidance for the 2019 financial year [was for ] statutory EBITDA of between $13 million and $18 million. This guidance was predicated on a number of factors, including that certain transactions were expected to complete and be recognised this financial year.

Despite its expectations to do so, the Company has not completed negotiations before 30 June 2019 to secure a significant commercial agreement which would have contributed the anticipated EBITDA to achieve its guidance for this financial year.

Accordingly, the expected EBITDA for FY2019 is now likely to be lower than that set out in the Presentation, and subject to the finalisation of June’s trading figures and completion of its audited full year results, in the range of approximately $7 million to $8 million (including approximately $1 million of restructuring costs from February 2019).

Negotiations with parties will continue and if successfully concluded will be reflected in future earnings.
- confession season.
  Forum: By Share Code

nipper
Posted on: Jul 1 2019, 09:34 AM


Group: Member
Posts: 5,835

QUOTE
After it asked investors to stump up cash for the fifth time in four years, it's easy to see why short-sellers might figure Syrah Resources an easy mark. Even before [the most recent] capital-raise announcement, they held (in a manner of speaking) 19.6 per cent of Syrah's shares. That figure will only rise higher in coming days.

But it's not just short-sellers who've found a way to do well out of Syrah's declining fortunes in the past few years. Consider how much money its long-term bankers at Credit Suisse (occassionally joined by UBS) have made.

Roughly calculated, Syrah's 2015 raise of $211 million earned Credit Suisse $8 million in fees. The next year's $194 million raising added $6 million in fees. The fees in 2017's $110 million should work out to another $5 million, while 2018's $94 million raise, undertaken with UBS, should add to $3 million in fees split between the both of them. Credit Suisse should make another $3 million from the $112 million raising announced on Wednesday.

This gives us a grand total, give or take, of $25 million in fees, mostly to Credit Suisse, for a company with a present market capitalisation of $285.9 million. Which is a lot of bankers' kids put through private school

https://www.afr.com/rear-window/credit-suis...20190624-p520qj

...and a subsequent article says
"Credit Suisse reliably bullish on Syrah"
  Forum: By Share Code

nipper
Posted on: Jul 1 2019, 09:20 AM


Group: Member
Posts: 5,835

QUOTE
A projected jump in Australia’s ­resources export earnings to a record $285 billion this year may prove short-lived as a plunge in mining investment to a decade low and an expected retreat in iron ore and coal prices dampens the medium-term outlook.

The country’s resources and ­energy export earnings are estimated to have reached $275bn in the just-completed 2018-19 financial year, 21 per cent above the previous high mark of $227bn in 2017-18, in numbers released today by the Department of Industry.

A further $10bn earnings jump to $285bn is tipped in 2019-20 in a boon for the federal government, reflecting buoyant iron ore and gold prices and an increase in ­export volumes.
- The spin is usually that it's too good to be true & won't last, and yet the surprise has been to the upside for a long time. Even the downturns seem to be curtailed. Govt and the national spend must like the flow of royalties into their coffers, too.

So, when will we all be rooned?
  Forum: Off Topic Chat

nipper
Posted on: Jun 30 2019, 07:25 PM


Group: Member
Posts: 5,835

QUOTE
Cobalt hopeful Jervois Mining has secured support from AustralianSuper as part of a new $15 million equity raising.

Jervois .. announced has secured the funding at 20c a share — a premium to its last traded price of 18c a share — with AustralianSuper committing to $7.5m. However, the equity raising comes with a catch.

It is conditional on Jervois securing its proposed takeover of Toronto-listed eCobalt Solutions, a deal that has stirred up strong opposition from at least one corner of eCobalt’s share register.

Canada’s First Cobalt, which owns 5.8 per cent of eCobalt, is leading a campaign against the Jervois takeover, arguing it would give up more than half the company and get “nothing of value in return”.
  Forum: By Share Code

nipper
Posted on: Jun 29 2019, 04:35 PM


Group: Member
Posts: 5,835

In 2018, a 3D, coloured X-ray of a human wrist ....was made using Medipix technology, developed by Cern and various collaborators. It works, it’s affordable and it delivers a radiation dose no greater than that of our present monochrome, 2D imagers.

https://medipix.web.cern.ch/news/first-3d-c...cern-technology
QUOTE
Medipix is a family of read-out chips for particle imaging and detection developed by the Medipix Collaborations. The original concept of Medipix is that it works like a camera, detecting and counting each individual particle hitting the pixels when its electronic shutter is open. This enables high-resolution, high-contrast, noise hit free images – making it unique for imaging applications.

Hybrid pixel detector technology was initially developed to address the needs of particle tracking at the CERN LHC.


- and if it was developed at CERN, did they patent it? They didn't for the world wide web
  Forum: By Share Code

nipper
Posted on: Jun 29 2019, 04:07 PM


Group: Member
Posts: 5,835

Last post 10 years ago: .." it's been very quiet on this thread", and now, (muted) drumroll
QUOTE
WAM Active announces off-market cash bid for Keybridge Capital Limited

WAM Active (ASX: WAA) today announced its intention to make a conditional off-market cash offer to acquire all Keybridge Capital Limited (ASX: KBC) ordinary shares at 7.5 cents per share.

WAM Active utilises our market-driven investment process that seeks to invest in discounted assets and market mispricing opportunities


- paying 90c for a dollar's worth makes sense, as long as the underlying assets are sound.
  Forum: By Share Code

nipper
Posted on: Jun 29 2019, 08:49 AM


Group: Member
Posts: 5,835

A Lehman moment?

QUOTE
Key points:
- China's central bank has pumped $125b into the financial system following the collapse of the Baoshang Bank

- The collapse triggered the first ever intrabank default in China, strangling credit to small banks and driving up borrowing costs

- There are fears the tighter credit conditions will further hit a slowing Chinese economy

https://mobile.abc.net.au/news/2019-06-28/b...ection=business
  Forum: Investment Discussion

nipper
Posted on: Jun 29 2019, 08:22 AM


Group: Member
Posts: 5,835

Gold — that most defensive of all assets — is suddenly stirring. And this time around anyone can get a piece of the action thanks to the boom in exchange-traded funds.

After doing very little for almost five years, suddenly the combination of ever-lower cash deposit rates and ever-increasing fears for global markets have awakened gold investors as the price tops $US1400 an ounce.

Keep in mind that for six years between June 2013 and May this year gold traded in a tight range from $US1100 to $US1350. In Australian dollars the story is even better, with the yellow metal crossing an all-time high of $2000 a week ago.
https://www.theaustralian.com.au/business/w...391ce99421df8c6
  Forum: Macro Factors

nipper
Posted on: Jun 28 2019, 06:44 PM


Group: Member
Posts: 5,835

Another day in the sun.
QUOTE
GBST Holdings (ASX: GBT) is a software company that provides information technology services to the capital market and wealth management sectors. This week, Bravura Solutions (ASX: BVS) raised its indicative takeover offer, for the second time, to a bid of $3.00 per GBT share.

GBT has also been approached by a number of other parties expressing interest in the company. In light of these developments, GBT's board has decided to commence a formal process where interested parties have been invited to submit offers to maximise the potential price for its shareholders.

The company has a strong pipeline of new potential customers, and we believe that there are reasonable chances of further upgrades to its earnings outlook and valuation in FY20 and FY21. We continue to invest in GBT because we believe the management team has executed its recent turnaround strategy well. The business has a solid list of customers who value GBT's products and we believe in the positive long-term growth potential of the company.


- We hold GBT as a research-driven investment within WAM Microcap (ASX: WMI). GBT shares are up 10.9% for the week.
  Forum: By Share Code

Poll: The Banks
nipper
Posted on: Jun 28 2019, 11:08 AM


Group: Member
Posts: 5,835

So, how long can this Bank share price rally last? CBA nudging $84, ANZ and WBC $28.50 and NAB closing on $27.
- No fundie has a good word to say, and yet?
  Forum: Investment Discussion

nipper
Posted on: Jun 28 2019, 10:55 AM


Group: Member
Posts: 5,835

QUOTE
"The problem is that it took 10 years between the time that the NBN was envisaged in 2009 and now, so the rest of the world has bypassed us ... ..... It is going to take us another five to 10 years to actually get rid of the damage, and it will cost another $20 billion or $30 billion in order to get where we actually need to be.”
David Soldani, Chief Technology Officer, Huawei Australia
- yeah, but we are a first world country with high costs (not China), and large surface area and sparse, unevenly distributed population (not Singapore)
  Forum: By Share Code

nipper
Posted on: Jun 27 2019, 11:42 PM


Group: Member
Posts: 5,835

QUOTE
Every two years the world’s foremost demographics group, the UN Population Division based in New York, produces an update on the world population outlook country by country a century into the future. (Our Australian Bureau of Statistics looks out 50 years every five years.)

Compared with the 2017 forecasts, the most recent update shows a fall in the expected global population in 2100, down from 11.2 billion to 10.9 billion. The fall is associated with a reduction in fertility, mostly in Africa, and ties back to assumed changes in education, prosperity and the role of women in particular.

The important point to note about these projections is that over time they represent a convergent view that the world population will top out at 11 billion late this century.

....The most confronting figures stemming from the UN’s population projections always relate to Africa. Here is a continent teaming with 1.3 billion people today but which will hold 4.3 billion by 2100. Most of the world’s net additional population over the next 80 years will be confined to the continent of Africa. Nigeria alone is expected to add 530 million over eight decades to the existing base of 200 million......
. https://www.theaustralian.com.au/business/p...10425dd846a9bce (it was Bernard Salt, after all)

Dr Malthus butting in here. What is projected will never be. Raise a glass to biological determinism

and interestingly IMO, with a heading to this thread
QUOTE
Africa: News that could impact ASX listed companies who operate there
basically, you'll do your dough. Leave them be
  Forum: By Share Code

nipper
Posted on: Jun 27 2019, 04:36 PM


Group: Member
Posts: 5,835

"refuelled using a mobile hydrogen refueller at ... Altona" ... so the current effective range is half the vehicle's total range?
  Forum: By Share Code

nipper
Posted on: Jun 27 2019, 08:50 AM


Group: Member
Posts: 5,835

QUOTE
may well be electric. I think that will be better established before hydrogen...
- a little nugget I picked up (Shell is having a global gabfest in Sydney this week) is that the company intends to roll out an extra 10,000 service stations worldwide in the near future. I'm not privy to the inner details, but I would take this as an endorsement of the current hydrocarbon economy.

Seeing it has taken more than 100 years to 'refine' the service delivery model, one of the headwinds to a renewable or alternate energy source economy would have to be the sheer cost of new infrastructure, especially at the retail, individual consumer, level. I'd reckon any Hydrogen Power developments would first be bulk, aimed at industrial users.

QUOTE
solar panels on my roof so charge [my] car off that
. And this is another issue - pricing transparency and cross-subsidy. But that's another issue smile.gif
  Forum: By Share Code

nipper
Posted on: Jun 25 2019, 02:50 PM


Group: Member
Posts: 5,835

ƒ(x) walks into a bar. The barman says, "Sorry, we don't cater for functions."
  Forum: Off Topic Chat

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