In today’s briefing:
- Cromwell Prop (CMW AU): Brookfield’s Stake Foreshadows A Full Takeover
- Insignia Financial (IFL AU) Accepts CC Capital’s Reduced Terms
- BHP Group: Initiation of Coverage- Inside the $4.4 Billion Profit Engine Fueling the Next Commodity Supercycle!
- Fortescue Metals Group: Initiation of Coverage- Hydrogen Ambitions
- 29Metals Ltd – Australian Broker Call *Extra* Edition – Jul 22, 2025
- CSL Limited: Initiation of Coverage- Powering Global Growth with Solid Immunoglobulin & Albumin Wins!
- Evolution Mining: Initiation of Coverage- Production Breakthroughs & Smart Spending Signal Strong Upside!
- Insignia Financial Ltd – The Overnight Report: S&P500 Records New High
- Iron Ore to 110 USD/Ton: Positive TSF Data and Mill Spread Momentum Builds
- JB Hi-Fi Limited: Initiation of Coverage- Why Its Recent Growth In Tech & Appliance Sales Is Just the Beginning!
Cromwell Prop (CMW AU): Brookfield’s Stake Foreshadows A Full Takeover
- As discussed in Cromwell Prop (CMW AU): ESR Exit Post-Privatization?, after ESR (1821 HK) acquired ARA Asset Management in 2021, it said Cromwell Property (CMW AU) was a non-core holding.
- After ESR announced a privatisation by Warburg/Starwood on the 4th December 2024, I mused whether this would accelerate the sale as part of a wider strategic review.
- Two months ago, ESR initiated a block trade for part of its 31% stake in Cromwell. Now Brookfield is seeking ESR’s remaining 19.9% stake @A$0.38/share. Subject to FIRB approval.
Insignia Financial (IFL AU) Accepts CC Capital’s Reduced Terms
- Insignia Financial (IFL AU), a wealth manager and previously known as IOOF, has entered into a Scheme with CC Capital at $A$4.80/share.
- That’s 56.9% premium to undisturbed (11th December 2024), 20% above Bain’s initial indicative tilt last year, but 4% below CC Capital (% Bain’s) A$5.00/share indictive Offer on the 7th March.
- Apart from the Scheme vote, CC Capital’s Offer requires a raft a regulatory approvals. The SID indicates 1H26 completion.
BHP Group: Initiation of Coverage- Inside the $4.4 Billion Profit Engine Fueling the Next Commodity Supercycle!
- BHP Group Limited’s performance in the first half of the 2025 financial year illustrates a mix of strategic advancements and operational challenges in its diverse portfolio.
- The first half results showcase several strengths and areas for further focus as the company navigates a complex global mining landscape.
- A key positive from BHP’s recent performance is the record output in its Western Australian iron ore operations, which achieved the lowest production costs globally.
Fortescue Metals Group: Initiation of Coverage- Hydrogen Ambitions
- Fortescue Metals Group Limited’s latest earnings report reveals a mix of strategic growth initiatives, operational achievements, and emerging challenges.
- The company has reported its highest-ever first-half shipments of 97.1 million tonnes, underpinning a strong operational performance.
- A significant improvement in safety metrics, namely a 44% improvement in Total Recordable Injury Frequency Rate (TRIFR), further emphasizes Fortescue’s commitment to maintaining high safety standards on-site.
29Metals Ltd – Australian Broker Call *Extra* Edition – Jul 22, 2025
- Extra Edition of the Broker Call Report
CSL Limited: Initiation of Coverage- Powering Global Growth with Solid Immunoglobulin & Albumin Wins!
- CSL Limited, an Australian multinational specialty biotechnology company, reported its financial performance for the first half of fiscal year 2025, presenting a nuanced picture of its current business landscape.
- From an investor’s standpoint, analyzing both the positive aspects and the challenges noted in the earnings call gives a clearer sense of CSL Limited’s operational and strategic trajectory.
- Starting with the positives, the company reported solid financial results, with group revenues reaching $8.5 billion, reflecting a 5% increase at constant currency.
Evolution Mining: Initiation of Coverage- Production Breakthroughs & Smart Spending Signal Strong Upside!
- Evolution Mining reported strong performance for the June 2025 quarter, marking a positive end to the fiscal year.
- The company produced 182,000 ounces of gold and 19,000 tonnes of copper for the quarter, reaching a total of 751,000 ounces of gold and 76,000 tonnes of copper for the full year.
- However, the increase in all-in sustaining costs (AISC) to $1,572 per ounce for FY’25 was significantly affected by higher royalty costs due to elevated gold prices.
Insignia Financial Ltd – The Overnight Report: S&P500 Records New High
- A global perspective on what happened overnight
Iron Ore to 110 USD/Ton: Positive TSF Data and Mill Spread Momentum Builds
- We reiterate positive momentum on iron ore pricing as mill spreads pass 100 RMB/ton and positive lending data from China increases optimism. Iron ore prices are now 103 USD/ton.
- Read: Iron Ore: Small Bounce From 96 to 100 USD/Ton As China Mill Margins Turn Positive and Iron Ore: Mill Spreads Continue to Improve, Bullish Ore To 110 USD/Ton.
- We like Fenix Resources (FEX AU), which is about to commission the Beebyn-W11 mine and triple its production to 4.1 million tons (vs 1.4 million tons two quarters ago).
JB Hi-Fi Limited: Initiation of Coverage- Why Its Recent Growth In Tech & Appliance Sales Is Just the Beginning!
- JB Hi-Fi Limited has presented a mixed financial performance for the first half of the 2025 fiscal year, showcasing its resilience in a competitive and challenging retail environment.
- The company reported a solid increase in total sales across its key divisions, namely JB Hi-Fi Australia, JB Hi-Fi New Zealand, and The Good Guys.
- Total sales in JB Hi-Fi Australia grew by 7.2%, reaching AUD 3.88 billion, while JB Hi-Fi New Zealand exceeded expectations with a 20% rise in sales to NZD 202.5 million.
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