External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Genesis Minerals Limited is an Australian-based mineral exploration company. The Company acquires commercially significant mineral deposits that can be brought into production.

<ul><li>GMD’s 3Q24 result came in slightly softer than our expectations as lower UG material mined at Gwala combined with lower throughput.</li><li>The former occurred as paste filling was prioritised with ore mining expected to return to the 700-800kt pa run-rate in June, whilst mill processing was impacted by a 48hr mill reline.</li><li>Recent FY24 guidance is unchanged, and the 5-year mine plan shows an organic growth path to +300koz – a differentiating factor (vs peers). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GMD’s 3Q24 result came in slightly softer than our expectations as lower UG material mined at Gwala combined with lower throughput.The former occurred as paste filling was prioritised with ore mining expected to return to the 700-800kt pa run-rate in June, whilst mill processing was impacted by a 48hr mill reline.Recent FY24 guidance is unchanged, and the 5-year mine plan shows an organic growth path to +300koz – a differentiating factor (vs peers). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genesis Minerals Limited - Result Slightly Softer, Foundations Being Laid

4DMedical Ltd develops software. The Company designs application for medical field. 4DMedical serves customers in the United States and Australia.

<ul><li>4DX’s 1H24 result was largely in-line with OMLe across key metrics (revenue, cash flows, balance sheet), noting the majority were pre-reported at the 2Q24 release (Jan-24).</li><li>The company’s underlying cost base was better than expected (opex -5% vs pcp, -14% vs OMLe), highlighting strong cost control despite significant commercialisation progress.</li><li>While recent Imbio wins are incrementally positive (Blackford deal, VA research study), the bigger 2H24 catalysts include a Philips reseller agreement, VA progress (2nd ATO, proof of concept trial) and expansion of the Australian installed base. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4DX’s 1H24 result was largely in-line with OMLe across key metrics (revenue, cash flows, balance sheet), noting the majority were pre-reported at the 2Q24 release (Jan-24).The company’s underlying cost base was better than expected (opex -5% vs pcp, -14% vs OMLe), highlighting strong cost control despite significant commercialisation progress.While recent Imbio wins are incrementally positive (Blackford deal, VA research study), the bigger 2H24 catalysts include a Philips reseller agreement, VA progress (2nd ATO, proof of concept trial) and expansion of the Australian installed base. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Dmedical Limited - Significant Progress in 1H24

Big River Industries Pty Ltd / Equity Bottom-Up

Big River Industries Limited manufactures building materials. The Company offers pine framing, structural hardwood, fibre cement, timber mouldings, fencing, and roofing supplies. Big River Industries serves customers in Australia.

<ul><li>Big River (‘BRI’) is due to report its 1H24 result on 21-Feb. Similar to its AGM update in Nov-23, we expect the daily sales rate to have remained relatively similar throughout the half, in comparison with 2HFY23.</li><li>We continue to expect tougher conditions in CY25. We have factored in additional gross margin pressure reflecting the latest ABS pricing statistics for a number of BRI’s key product categories.</li><li>Even after taking these factors into account, we continue to see value in the company and view it as having a strong medium-to-longer term outlook, supported by a chronic housing underbuild and elevated migration. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Big River (‘BRI’) is due to report its 1H24 result on 21-Feb. Similar to its AGM update in Nov-23, we expect the daily sales rate to have remained relatively similar throughout the half, in comparison with 2HFY23.We continue to expect tougher conditions in CY25. We have factored in additional gross margin pressure reflecting the latest ABS pricing statistics for a number of BRI’s key product categories.Even after taking these factors into account, we continue to see value in the company and view it as having a strong medium-to-longer term outlook, supported by a chronic housing underbuild and elevated migration. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Big River Industries Limited - 1H24 Preview – Biding Time

<ul>
<li>GMD produced a solid 2Q24 result – coming broadly in-line with our estimates despite a seismic event at Gwalia (proximal to the 1729 level).</li>
<li>Although early days since Leonora ownership (30 June 2023), early signs (~140Koz pa at ~A$2,115/oz AISC) are positive compared to recent historical production (120-130koz pa at ~A$2,521/oz).</li>
<li>We retain our Hold Recommendation on valuation grounds (1.1x P/NAV vs 0.9x peers and 9.9x EV/EBITDA vs 4.3x peers) and await the 5-year outlook (~March 2024), which should outline a more granular path towards the Company’s growth ambitions (+300koz).</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


GMD produced a solid 2Q24 result – coming broadly in-line with our estimates despite a seismic event at Gwalia (proximal to the 1729 level).
Although early days since Leonora ownership (30 June 2023), early signs (~140Koz pa at ~A$2,115/oz AISC) are positive compared to recent historical production (120-130koz pa at ~A$2,521/oz).
We retain our Hold Recommendation on valuation grounds (1.1x P/NAV vs 0.9x peers and 9.9x EV/EBITDA vs 4.3x peers) and await the 5-year outlook (~March 2024), which should outline a more granular path towards the Company’s growth ambitions (+300koz).

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genesis Minerals Limited - 2Q24: Solid – Awaiting 5-Year Outlook in March

<ul><li>We initiate coverage of 4DMedical (4DX) with a $1.20 price target and a Speculative Buy recommendation.</li><li>4DX is a global medical technology company focused on the commercialisation of its flagship respiratory imaging platform, XV Technology.</li><li>We believe the company is strongly positioned to disrupt the US$31b global respiratory diagnostics market, with its software products offering a step-change in diagnostic capability vs incumbent modalities (e.g. chest X-rays, CTs). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate coverage of 4DMedical (4DX) with a $1.20 price target and a Speculative Buy recommendation.4DX is a global medical technology company focused on the commercialisation of its flagship respiratory imaging platform, XV Technology.We believe the company is strongly positioned to disrupt the US$31b global respiratory diagnostics market, with its software products offering a step-change in diagnostic capability vs incumbent modalities (e.g. chest X-rays, CTs). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ord Minnett
External broker reports(aggregated public sources)
• Ord Minnett

Genesis Minerals Limited - Result Slightly Softer, Foundations Being Laid

GMD’s 3Q24 result came in slightly softer than our expectations as lower UG material mined at Gwala combined with lower throughput.

Ord Minnett

4Dmedical Limited - Significant Progress in 1H24

4DX’s 1H24 result was largely in-line with OMLe across key metrics (revenue, cash flows, balance sheet), noting the majority were pre-reported at...

Ord Minnett

Big River Industries Limited - 1H24 Preview – Biding Time

We continue to expect tougher conditions in CY25. We have factored in additional gross margin pressure reflecting the latest ABS pricing statistics...

Ord Minnett

Genesis Minerals Limited - 2Q24: Solid – Awaiting 5-Year Outlook in March

GMD produced a solid 2Q24 result – coming broadly in-line with our estimates despite a seismic event at Gwalia (proximal to the 1729 level).

Ord Minnett

4DMedical Limited - Owning the Lung

4DX is a global medical technology company focused on the commercialisation of its flagship respiratory imaging platform, XV Technology.

Ord Minnett