https://www.smartkarma.com/segment/feeds/australia.rssSmartkarma Feed AUSTRALIA2024-03-28T08:18:26.602603+00:00Smartkarma Analystsinsights@smartkarma.compython-feedgenhttps://www.smartkarma.com/segment/feeds/australia.rss/e9cd5762-0293-3984-9a80-2c2d42bd0044Brief Australia: Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs and more2024-03-28T08:18:26.906618+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs</a></li><li><a href="https://www.smartkarma.com/insights/probiotec-pbp-au-scheme-vote-on-29-may-as-doubts-on-pyridam-s-funding-linger?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger</a></li><li><a href="https://www.smartkarma.com/insights/recce-pharmaceuticals-r-d-advance-a-11-18m-extends-runway?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Recce Pharmaceuticals - R&D advance (A$11.18m) extends runway</a></li><li><a href="https://www.smartkarma.com/insights/probiotec-pbp-au-trading-wide-ahead-of-29th-may-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Probiotec (PBP AU): Trading Wide Ahead Of 29th May Shareholder Vote</a></li><li><a href="https://www.smartkarma.com/insights/sigma-healthcare-sig-au-merger-uncertainty-to-limit-upside-potential?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Sigma Healthcare (SIG AU): Merger Uncertainty To Limit Upside Potential</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/740/original/image_91026627421711571928910.png?1711571928"/> <ul>
<li>Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.</li>
<li>Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures. </li>
<li>TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/probiotec-pbp-au-scheme-vote-on-29-may-as-doubts-on-pyridam-s-funding-linger?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/728/original/Vote%202.png?1711546260"/> <ul>
<li>The <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a> IE considers <a data-smartkarma-citation="entities:12900:1" href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" rel="noopener" target="_blank">Pyridam Farma (PYFA IJ)</a>’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.</li>
<li>The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.</li>
<li>The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/recce-pharmaceuticals-r-d-advance-a-11-18m-extends-runway?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Recce Pharmaceuticals - R&D advance (A$11.18m) extends runway </a></h3><p></p><p>Recce Pharmaceuticals recently received A$11.18m as an R&D advance credit through an arrangement with Endpoints Capital for the R&D tax credit rebates that Recce expects to receive for FY23/FY24 and FY25. We believe this non-dilutive source of funding should extend Recce’s operating runway into FY25. Recce is also continuing to advance its intravenous (IV) R327 formulation in its ongoing Phase I/II study in healthy volunteers, having recently started the 20-minute (3,000mg) dosing cohort. We have made minor adjustments to our valuation and we now obtain a risk-adjusted net present value (rNPV) of A$644.4m (or A$3.16/share), versus A$652.6m previously.</p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/probiotec-pbp-au-trading-wide-ahead-of-29th-may-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Probiotec (PBP AU): Trading Wide Ahead Of 29th May Shareholder Vote </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/625/original/image_27414315331711505885471.png?1711505886"/> <ul>
<li>On the 22 December 2023, drugs maker/packager group <strong><a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a></strong> entered into a Scheme with Indonesia's <strong><a data-smartkarma-citation="entities:12900:1" href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" rel="noopener" target="_blank">Pyridam Farma (PYFA IJ)</a></strong>.</li>
<li>Pyridam is offering Probiotec shareholders A$3.00/share (in cash, or a 19% premium to the undisturbed price). An interim dividend of A$0.035/share was also added (now gone ex).</li>
<li>The Scheme Booklet is now out. The Scheme Meeting will be held on the 29th May. The IE says terms are fair. I agree. Trading wide. Gross spread is 4.9%.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sigma-healthcare-sig-au-merger-uncertainty-to-limit-upside-potential?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Sigma Healthcare (SIG AU): Merger Uncertainty To Limit Upside Potential </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:15966:1" href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" rel="noopener" target="_blank">Sigma Healthcare (SIG AU)</a>'s proposed merger with Chemist Warehouse Group is being reviewed by Australian Competition and Consumer Commission (ACCC), with decision expected in 2H24.</li>
<li>Although Sigma is witnessing continuing momentum in its business (YTD sales are up by 6.6% YoY) and reaffirmed EBIT margin guidance, merger uncertainty overshadows the improved financial performance.</li>
<li>We think near-term positives of the company have already been priced in, thereby limited room for upside potential. Merger uncertainty will remain an overhang on the share prices.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs</a></li><li><a href="https://www.smartkarma.com/insights/probiotec-pbp-au-scheme-vote-on-29-may-as-doubts-on-pyridam-s-funding-linger?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger</a></li><li><a href="https://www.smartkarma.com/insights/recce-pharmaceuticals-r-d-advance-a-11-18m-extends-runway?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Recce Pharmaceuticals - R&D advance (A$11.18m) extends runway</a></li><li><a href="https://www.smartkarma.com/insights/probiotec-pbp-au-trading-wide-ahead-of-29th-may-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Probiotec (PBP AU): Trading Wide Ahead Of 29th May Shareholder Vote</a></li><li><a href="https://www.smartkarma.com/insights/sigma-healthcare-sig-au-merger-uncertainty-to-limit-upside-potential?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Sigma Healthcare (SIG AU): Merger Uncertainty To Limit Upside Potential</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/740/original/image_91026627421711571928910.png?1711571928"/> <ul>
<li>Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.</li>
<li>Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures. </li>
<li>TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/probiotec-pbp-au-scheme-vote-on-29-may-as-doubts-on-pyridam-s-funding-linger?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/728/original/Vote%202.png?1711546260"/> <ul>
<li>The <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a> IE considers <a data-smartkarma-citation="entities:12900:1" href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" rel="noopener" target="_blank">Pyridam Farma (PYFA IJ)</a>’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.</li>
<li>The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.</li>
<li>The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/recce-pharmaceuticals-r-d-advance-a-11-18m-extends-runway?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Recce Pharmaceuticals - R&D advance (A$11.18m) extends runway </a></h3><p></p><p>Recce Pharmaceuticals recently received A$11.18m as an R&D advance credit through an arrangement with Endpoints Capital for the R&D tax credit rebates that Recce expects to receive for FY23/FY24 and FY25. We believe this non-dilutive source of funding should extend Recce’s operating runway into FY25. Recce is also continuing to advance its intravenous (IV) R327 formulation in its ongoing Phase I/II study in healthy volunteers, having recently started the 20-minute (3,000mg) dosing cohort. We have made minor adjustments to our valuation and we now obtain a risk-adjusted net present value (rNPV) of A$644.4m (or A$3.16/share), versus A$652.6m previously.</p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/probiotec-pbp-au-trading-wide-ahead-of-29th-may-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Probiotec (PBP AU): Trading Wide Ahead Of 29th May Shareholder Vote </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/625/original/image_27414315331711505885471.png?1711505886"/> <ul>
<li>On the 22 December 2023, drugs maker/packager group <strong><a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a></strong> entered into a Scheme with Indonesia's <strong><a data-smartkarma-citation="entities:12900:1" href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" rel="noopener" target="_blank">Pyridam Farma (PYFA IJ)</a></strong>.</li>
<li>Pyridam is offering Probiotec shareholders A$3.00/share (in cash, or a 19% premium to the undisturbed price). An interim dividend of A$0.035/share was also added (now gone ex).</li>
<li>The Scheme Booklet is now out. The Scheme Meeting will be held on the 29th May. The IE says terms are fair. I agree. Trading wide. Gross spread is 4.9%.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sigma-healthcare-sig-au-merger-uncertainty-to-limit-upside-potential?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Sigma Healthcare (SIG AU): Merger Uncertainty To Limit Upside Potential </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:15966:1" href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" rel="noopener" target="_blank">Sigma Healthcare (SIG AU)</a>'s proposed merger with Chemist Warehouse Group is being reviewed by Australian Competition and Consumer Commission (ACCC), with decision expected in 2H24.</li>
<li>Although Sigma is witnessing continuing momentum in its business (YTD sales are up by 6.6% YoY) and reaffirmed EBIT margin guidance, merger uncertainty overshadows the improved financial performance.</li>
<li>We think near-term positives of the company have already been priced in, thereby limited room for upside potential. Merger uncertainty will remain an overhang on the share prices.</li>
</ul>2024-03-28T07:52:05+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "INTC@US"}, {"term": "IFX@GR"}, {"term": "LRCX@US"}, {"term": "TXN@US"}, {"term": "AVGO@US"}, {"term": "ASML@NA"}, {"term": "NVDA@US"}, {"term": "2330@TT"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "PBP@AU"}, {"term": "PGH@AU"}, {"term": "PPG@AU"}, {"term": "ORA@AU"}, {"term": "LONZ@SP"}, {"term": "CTLT@US"}, {"term": "PRGO@US"}, {"term": "HIK@LN"}, {"term": "MYX@AU"}, {"term": "MCB@LN"}, {"term": "S66@AU"}, {"term": "PYFA@IJ"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "RCE@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "PBP@AU"}, {"term": "PYFA@IJ"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "SHORTS"}, {"term": "ASIA PACIFIC"}, {"term": "SIG@AU"}, {"term": "2330@TT", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PYFA@IJ", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RCE@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PYFA@IJ", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SIG@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/e5642cd1-b9d0-3bdb-82d9-48bcbd3eb111Brief Australia: EQD and more2024-03-28T08:18:26.893418+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eqd-s-p-asx200-pullback-in-sight-this-week-or-the-next?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">EQD</a></li><li><a href="https://www.smartkarma.com/insights/boral-bld-au-seven-slams-fundamentally-misleading-ie-report?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Boral (BLD AU): Seven Slams “Fundamentally Misleading” IE Report</a></li><li><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Are Chair Powell and I on the Same Page?</a></li><li><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities</a></li><li><a href="https://www.smartkarma.com/insights/mma-offshore-mrm-au-a-polarising-offer-from-seraya-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MMA Offshore (MRM AU): A Polarising Offer from Seraya Partners</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eqd-s-p-asx200-pullback-in-sight-this-week-or-the-next?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/585/original/image_31236028921711483801689.png?1711483803"/> <ul>
<li>The <a data-smartkarma-citation="entities:22901:1" href="https://www.smartkarma.com/entities/s-p-asx-200" rel="noopener" target="_blank">S&P/ASX 200 Index</a> has reached a specific resistance level that often precedes a short-term pullback, when this pattern is encountered.</li>
<li>The pullback may happen next week, but this week is also a potential candidate since the 2nd week up is usually pretty weak when this pattern is encountered.</li>
<li>Hold your LONG positions and cover them to hedge. Going SHORT is probably best at the end of the week, on Friday, if the week is closing up.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/boral-bld-au-seven-slams-fundamentally-misleading-ie-report?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Boral (BLD AU): Seven Slams “Fundamentally Misleading” IE Report </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/430/original/image?1711412955"/> <ul>
<li>In its 19th March <a href="https://announcements.asx.com.au/asxpdf/20240319/pdf/061mx1h6k67t9n.pdf" rel="noopener" target="_blank">Target Statement</a>, <strong><a data-smartkarma-citation="entities:1487:1" href="https://www.smartkarma.com/entities/boral-ltd" rel="noopener" target="_blank">Boral (BLD AU)</a></strong> rejected <strong><a data-smartkarma-citation="entities:803:1" href="https://www.smartkarma.com/entities/seven-group-holdings-ltd" rel="noopener" target="_blank">Seven Group Holdings (SVW AU)</a></strong> cash/scrip Offer after the independent expert (IE) concluded the Offer was neither fair nor reasonable.</li>
<li>In its updated <a href="https://announcements.asx.com.au/asxpdf/20240326/pdf/061vsvffvl5csw.pdf" rel="noopener" target="_blank">Bidder's Statement</a>, Seven slammed the IE report and its conclusions, calling the Target Statement "<em>unbalanced, selective and risks fundamentally misleading Boral minority shareholders</em>".</li>
<li>Of interest: the IE's maximum value for Seven's Offer is just 1.7% below its fair valuation range. Including a control premium. Yet Seven obtained control of Boral in July 2021. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Are Chair Powell and I on the Same Page? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/438/original/image_68336532531711414100378.png?1711414100"/> <ul>
<li>The ongoing Fed pause puts emphasis on the interactions between financial conditions and headline growth </li>
<li>My proprietary measure of financial market conditions seems to be broadly consistent with the Fed Board’s indicator of financial conditions </li>
<li>Chair Powell alluded to the prospect that financial conditions are currently "weighing on economic activity" </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/353/original/image_24348615151711362500160.png?1711362501"/> <ul>
<li>Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation</li>
<li>The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing</li>
<li>US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mma-offshore-mrm-au-a-polarising-offer-from-seraya-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. MMA Offshore (MRM AU): A Polarising Offer from Seraya Partners </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/394/original/SID%202.png?1711377675"/> <ul>
<li>
<a data-smartkarma-citation="entities:594:1" href="https://www.smartkarma.com/entities/mma-offshore-ltd" rel="noopener" target="_blank">Mma Offshore (MRM AU)</a> has entered a scheme implementation deed with Seraya Partners at A$2.60 per share, a 10.6% premium to the undisturbed price (22 March).</li>
<li>While the offer is attractive compared to historical prices, it is light compared to peer and historical multiples. Some shareholders are supportive, while others are not. </li>
<li>The shares are trading at terms that suggest an expectation for a bump to get the vote up or a competing bidder. The offer has not been declared final.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eqd-s-p-asx200-pullback-in-sight-this-week-or-the-next?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">EQD</a></li><li><a href="https://www.smartkarma.com/insights/boral-bld-au-seven-slams-fundamentally-misleading-ie-report?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Boral (BLD AU): Seven Slams “Fundamentally Misleading” IE Report</a></li><li><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Are Chair Powell and I on the Same Page?</a></li><li><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities</a></li><li><a href="https://www.smartkarma.com/insights/mma-offshore-mrm-au-a-polarising-offer-from-seraya-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MMA Offshore (MRM AU): A Polarising Offer from Seraya Partners</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eqd-s-p-asx200-pullback-in-sight-this-week-or-the-next?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/585/original/image_31236028921711483801689.png?1711483803"/> <ul>
<li>The <a data-smartkarma-citation="entities:22901:1" href="https://www.smartkarma.com/entities/s-p-asx-200" rel="noopener" target="_blank">S&P/ASX 200 Index</a> has reached a specific resistance level that often precedes a short-term pullback, when this pattern is encountered.</li>
<li>The pullback may happen next week, but this week is also a potential candidate since the 2nd week up is usually pretty weak when this pattern is encountered.</li>
<li>Hold your LONG positions and cover them to hedge. Going SHORT is probably best at the end of the week, on Friday, if the week is closing up.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/boral-bld-au-seven-slams-fundamentally-misleading-ie-report?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Boral (BLD AU): Seven Slams “Fundamentally Misleading” IE Report </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/430/original/image?1711412955"/> <ul>
<li>In its 19th March <a href="https://announcements.asx.com.au/asxpdf/20240319/pdf/061mx1h6k67t9n.pdf" rel="noopener" target="_blank">Target Statement</a>, <strong><a data-smartkarma-citation="entities:1487:1" href="https://www.smartkarma.com/entities/boral-ltd" rel="noopener" target="_blank">Boral (BLD AU)</a></strong> rejected <strong><a data-smartkarma-citation="entities:803:1" href="https://www.smartkarma.com/entities/seven-group-holdings-ltd" rel="noopener" target="_blank">Seven Group Holdings (SVW AU)</a></strong> cash/scrip Offer after the independent expert (IE) concluded the Offer was neither fair nor reasonable.</li>
<li>In its updated <a href="https://announcements.asx.com.au/asxpdf/20240326/pdf/061vsvffvl5csw.pdf" rel="noopener" target="_blank">Bidder's Statement</a>, Seven slammed the IE report and its conclusions, calling the Target Statement "<em>unbalanced, selective and risks fundamentally misleading Boral minority shareholders</em>".</li>
<li>Of interest: the IE's maximum value for Seven's Offer is just 1.7% below its fair valuation range. Including a control premium. Yet Seven obtained control of Boral in July 2021. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Are Chair Powell and I on the Same Page? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/438/original/image_68336532531711414100378.png?1711414100"/> <ul>
<li>The ongoing Fed pause puts emphasis on the interactions between financial conditions and headline growth </li>
<li>My proprietary measure of financial market conditions seems to be broadly consistent with the Fed Board’s indicator of financial conditions </li>
<li>Chair Powell alluded to the prospect that financial conditions are currently "weighing on economic activity" </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/353/original/image_24348615151711362500160.png?1711362501"/> <ul>
<li>Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation</li>
<li>The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing</li>
<li>US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mma-offshore-mrm-au-a-polarising-offer-from-seraya-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. MMA Offshore (MRM AU): A Polarising Offer from Seraya Partners </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/394/original/SID%202.png?1711377675"/> <ul>
<li>
<a data-smartkarma-citation="entities:594:1" href="https://www.smartkarma.com/entities/mma-offshore-ltd" rel="noopener" target="_blank">Mma Offshore (MRM AU)</a> has entered a scheme implementation deed with Seraya Partners at A$2.60 per share, a 10.6% premium to the undisturbed price (22 March).</li>
<li>While the offer is attractive compared to historical prices, it is light compared to peer and historical multiples. Some shareholders are supportive, while others are not. </li>
<li>The shares are trading at terms that suggest an expectation for a bump to get the vote up or a competing bidder. The offer has not been declared final.</li>
</ul>2024-03-27T04:35:10+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "MEAN-REVERSION"}, {"term": "ASIA PACIFIC"}, {"term": "AS51@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "BLD@AU"}, {"term": "SVW@AU"}, {"term": "Macroeconomics"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "HK"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "ARGENTINA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "MALAYSIA"}, {"term": "EGYPT"}, {"term": "CHILE"}, {"term": "THAILAND"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "PHILIPPINES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "TURKEY"}, {"term": "KOREA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "BRAZIL"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "PUERTO RICO"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "3330@HK"}, {"term": "2099@HK"}, {"term": "601088@CH"}, {"term": "1088@HK"}, {"term": "1898@HK"}, {"term": "1171@HK"}, {"term": "883@HK"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "MRM@AU"}, {"term": "SMHI@US"}, {"term": "COCO@MK"}, {"term": "BAB@MK"}, {"term": "TDW@US"}, {"term": "AS51@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SVW@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "883@HK", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TDW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/f19b494b-07b9-31f3-912e-614a6dbc3b89Brief Australia: ADX Energy (ASX: ADX): Logging results at Welchau further derisk the discovery and more2024-03-28T08:18:26.884184+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/adx-energy-asx-adx-logging-results-at-welchau-further-derisk-the-discovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ADX Energy (ASX: ADX): Logging results at Welchau further derisk the discovery</a></li><li><a href="https://www.smartkarma.com/insights/ricegrowers-limited-sunrice-h1-fy24-highlights-brand-strength-for-pricing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Ricegrowers Limited (SunRice) - H1 FY24 Highlights Brand Strength for Pricing</a></li><li><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-h1-fy24-highlights-brand-strength-for-pricing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Ricegrowers Ltd - H1 FY24 highlights brand strength for pricing</a></li><li><a href="https://www.smartkarma.com/insights/mma-offshore-a-2-60-share-cash-offer-from-seraya-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MMA Offshore: A$2.60/Share Cash Offer From Seraya Partners</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Portfolio Watch: Data green-lighting continued rally – cautious metals however</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/adx-energy-asx-adx-logging-results-at-welchau-further-derisk-the-discovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. ADX Energy (ASX: ADX): Logging results at Welchau further derisk the discovery </a></h3><p></p><ul>
<li>The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth.</li>
<li>This represents 356 m of gross interval across three interpreted lithological sequences.</li>
<li>This compares with only 115 m of liquids-rich gas shows announced previously.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ricegrowers-limited-sunrice-h1-fy24-highlights-brand-strength-for-pricing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Ricegrowers Limited (SunRice) - H1 FY24 Highlights Brand Strength for Pricing </a></h3><p></p><ul><li>We have compiled a summary of the results and outlook statements for our assessed peers of Ricegrowers Limited, trading as SunRice (ASX:SGLLV), with a particular focus on result drivers, outlook statements and resulting changes in FY24 consensus earnings estimates.</li><li>We also review the current rice market. Most estimates were increased on the back of cost recovery from prior periods and improved seasonal factors, in particular a wetter-than-expected summer, with generally positive implications into FY25.</li><li>Acquisitions continue to be a feature with Ridley Corp. (ASX:RIC), Elders (ASX:ELD), Grain Corp (ASX:GNC) and Bega (ASX:BGA) all making acquisitions over the last 6-months.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-h1-fy24-highlights-brand-strength-for-pricing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Ricegrowers Ltd - H1 FY24 highlights brand strength for pricing </a></h3><p></p><ul><li>We have compiled a summary of the results and outlook statements for our assessed peers of Ricegrowers Limited, trading as SunRice (ASX:SGLLV), with a particular focus on result drivers, outlook statements and resulting changes in FY24 consensus earnings estimates.</li><li>We have compiled a summary of the results and outlook statements for our assessed peers of Ricegrowers Limited, trading as SunRice (ASX:SGLLV), with a particular focus on result drivers, outlook statements and resulting changes in FY24 consensus earnings estimates.</li><li>We also review the current rice market.</li><li>We also review the current rice market.</li><li>Most estimates were increased on the back of cost recovery from prior periods and improved seasonal factors, in particular a wetter-than-expected summer, with generally positive implications into FY25.</li><li>Most estimates were increased on the back of cost recovery from prior periods and improved seasonal factors, in particular a wetter-than-expected summer, with generally positive implications into FY25.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mma-offshore-a-2-60-share-cash-offer-from-seraya-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. MMA Offshore: A$2.60/Share Cash Offer From Seraya Partners </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/272/original/image_8231635761711327673284.png?1711327674"/> <ul>
<li>Marine and subsea services provider <strong><a data-smartkarma-citation="entities:594:1" href="https://www.smartkarma.com/entities/mma-offshore-ltd" rel="noopener" target="_blank">MMA Offshore (MRM AU)</a></strong> has<a href="https://announcements.asx.com.au/asxpdf/20240325/pdf/061th4gr5xnplb.pdf" rel="noopener" target="_blank"> entered into a Scheme</a> with Singapore's Cyan Renewables. </li>
<li>Cyan, wholly-owned by Seraya Partners, is offering A$2.60/share in cash, a 11% premium to last close and a 31% premium to the 90-day VWAP. </li>
<li>MMA shareholder approval and FIRB are the key conditions. This Offer will tentatively complete mid-late July. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Portfolio Watch: Data green-lighting continued rally – cautious metals however </a></h3><p></p><ul><li>Our early conviction in pro-cyclical trends keeps getting confirmed.</li><li>Initially, our nowcast indicator for China signaled a positive outlook, and most notably this week, the Li Keqiang Index has experienced its strongest monthly surge since 1999.</li><li>Consequently, Asian currencies and the AUD still appear undervalued when compared to the early yet unfolding expansion outside the US.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/adx-energy-asx-adx-logging-results-at-welchau-further-derisk-the-discovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ADX Energy (ASX: ADX): Logging results at Welchau further derisk the discovery</a></li><li><a href="https://www.smartkarma.com/insights/ricegrowers-limited-sunrice-h1-fy24-highlights-brand-strength-for-pricing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Ricegrowers Limited (SunRice) - H1 FY24 Highlights Brand Strength for Pricing</a></li><li><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-h1-fy24-highlights-brand-strength-for-pricing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Ricegrowers Ltd - H1 FY24 highlights brand strength for pricing</a></li><li><a href="https://www.smartkarma.com/insights/mma-offshore-a-2-60-share-cash-offer-from-seraya-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MMA Offshore: A$2.60/Share Cash Offer From Seraya Partners</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Portfolio Watch: Data green-lighting continued rally – cautious metals however</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/adx-energy-asx-adx-logging-results-at-welchau-further-derisk-the-discovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. ADX Energy (ASX: ADX): Logging results at Welchau further derisk the discovery </a></h3><p></p><ul>
<li>The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth.</li>
<li>This represents 356 m of gross interval across three interpreted lithological sequences.</li>
<li>This compares with only 115 m of liquids-rich gas shows announced previously.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ricegrowers-limited-sunrice-h1-fy24-highlights-brand-strength-for-pricing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Ricegrowers Limited (SunRice) - H1 FY24 Highlights Brand Strength for Pricing </a></h3><p></p><ul><li>We have compiled a summary of the results and outlook statements for our assessed peers of Ricegrowers Limited, trading as SunRice (ASX:SGLLV), with a particular focus on result drivers, outlook statements and resulting changes in FY24 consensus earnings estimates.</li><li>We also review the current rice market. Most estimates were increased on the back of cost recovery from prior periods and improved seasonal factors, in particular a wetter-than-expected summer, with generally positive implications into FY25.</li><li>Acquisitions continue to be a feature with Ridley Corp. (ASX:RIC), Elders (ASX:ELD), Grain Corp (ASX:GNC) and Bega (ASX:BGA) all making acquisitions over the last 6-months.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-h1-fy24-highlights-brand-strength-for-pricing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Ricegrowers Ltd - H1 FY24 highlights brand strength for pricing </a></h3><p></p><ul><li>We have compiled a summary of the results and outlook statements for our assessed peers of Ricegrowers Limited, trading as SunRice (ASX:SGLLV), with a particular focus on result drivers, outlook statements and resulting changes in FY24 consensus earnings estimates.</li><li>We have compiled a summary of the results and outlook statements for our assessed peers of Ricegrowers Limited, trading as SunRice (ASX:SGLLV), with a particular focus on result drivers, outlook statements and resulting changes in FY24 consensus earnings estimates.</li><li>We also review the current rice market.</li><li>We also review the current rice market.</li><li>Most estimates were increased on the back of cost recovery from prior periods and improved seasonal factors, in particular a wetter-than-expected summer, with generally positive implications into FY25.</li><li>Most estimates were increased on the back of cost recovery from prior periods and improved seasonal factors, in particular a wetter-than-expected summer, with generally positive implications into FY25.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mma-offshore-a-2-60-share-cash-offer-from-seraya-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. MMA Offshore: A$2.60/Share Cash Offer From Seraya Partners </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/272/original/image_8231635761711327673284.png?1711327674"/> <ul>
<li>Marine and subsea services provider <strong><a data-smartkarma-citation="entities:594:1" href="https://www.smartkarma.com/entities/mma-offshore-ltd" rel="noopener" target="_blank">MMA Offshore (MRM AU)</a></strong> has<a href="https://announcements.asx.com.au/asxpdf/20240325/pdf/061th4gr5xnplb.pdf" rel="noopener" target="_blank"> entered into a Scheme</a> with Singapore's Cyan Renewables. </li>
<li>Cyan, wholly-owned by Seraya Partners, is offering A$2.60/share in cash, a 11% premium to last close and a 31% premium to the 90-day VWAP. </li>
<li>MMA shareholder approval and FIRB are the key conditions. This Offer will tentatively complete mid-late July. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Portfolio Watch: Data green-lighting continued rally – cautious metals however </a></h3><p></p><ul><li>Our early conviction in pro-cyclical trends keeps getting confirmed.</li><li>Initially, our nowcast indicator for China signaled a positive outlook, and most notably this week, the Li Keqiang Index has experienced its strongest monthly surge since 1999.</li><li>Consequently, Asian currencies and the AUD still appear undervalued when compared to the early yet unfolding expansion outside the US.</li></ul>2024-03-25T21:00:13+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "AUSTRIA"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "ADX@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "SGLLV@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "SGLLV@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "MRM@AU"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "KOREA"}, {"term": "THAILAND"}, {"term": "MALAYSIA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ASEAN"}, {"term": "XBTUSD@CURNCY"}, {"term": "BITO@US"}, {"term": "SLV@US"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "USDTHB@CURNCY"}, {"term": "USDMYR@CURNCY"}, {"term": "USDSEK@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "USDCNY@CURNCY"}, {"term": "ADX@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SGLLV@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SGLLV@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MRM@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDCNY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/fd261bd4-98b3-3b47-8adc-fab8cb603901Brief Australia: Merger Arb Mondays (25 Mar) - APM, Genex, C&F Logistics, Roland DG, IntelliCentrics, China TCM and more2024-03-28T08:18:26.871391+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/merger-arb-mondays-25-mar-apm-genex-c-f-logistics-roland-dg-intellicentrics-china-tcm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Merger Arb Mondays (25 Mar) - APM, Genex, C&F Logistics, Roland DG, IntelliCentrics, China TCM</a></li><li><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Siltronic To Exit Small Diameter Wafer Market by 2025</a></li><li><a href="https://www.smartkarma.com/insights/academies-australasia-group-limited-1h24-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Academies Australasia Group Limited - 1H24 Result</a></li><li><a href="https://www.smartkarma.com/insights/bannerman-energy-ltd-etango-longer-life-or-higher-throughput?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Bannerman Energy Ltd - Etango - Longer Life or Higher Throughput?</a></li><li><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-more-secure-than-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Clarity Pharmaceuticals (CU6) - More SECuRE than Ever</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/merger-arb-mondays-25-mar-apm-genex-c-f-logistics-roland-dg-intellicentrics-china-tcm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Merger Arb Mondays (25 Mar) - APM, Genex, C&F Logistics, Roland DG, IntelliCentrics, China TCM </a></h3><p></p><ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <strong><em><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>, <a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a>, <a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a>, <a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a>, <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a>. </em></strong>
</li>
<li>Lowest spreads: <strong><em><a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a>, <a data-smartkarma-citation="entities:28006:1" href="https://www.smartkarma.com/entities/tietto-minerals-ltd" rel="noopener" target="_blank">Tietto Minerals Ltd (TIE AU)</a>, <a data-smartkarma-citation="entities:10427:1" href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" rel="noopener" target="_blank">CPMC Holdings (906 HK)</a>, <a data-smartkarma-citation="entities:692:1" href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" rel="noopener" target="_blank">Pact Group Holdings (PGH AU)</a>, <a data-smartkarma-citation="entities:475:1" href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" rel="noopener" target="_blank">Vinda International (3331 HK)</a>, <a data-smartkarma-citation="entities:7218:1" href="https://www.smartkarma.com/entities/snow-peak-inc" rel="noopener" target="_blank">Snow Peak Inc (7816 JP)</a></em></strong>.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Siltronic To Exit Small Diameter Wafer Market by 2025 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/230/original/image?1711269313"/> <ul>
<li>Ferrotec's production of 150mm wafers in China has increased >6x since 2019</li>
<li>Siltronic's production of 150mm and smaller wafer diameters is no longer profitable</li>
<li>China likely now self-sufficient in the supply of 150mm and smaller diameter silicon wafers. Next milestone: 200mm wafers. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/academies-australasia-group-limited-1h24-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Academies Australasia Group Limited - 1H24 Result </a></h3><p></p><ul><li>AKG’s 1H24 result was below our expectations with headwinds felt industry-wide the main cause.</li><li>We acknowledge continued uncertainty in government policy surrounding international student visa regulation, adjusting our forecasts and valuation accordingly.</li><li>The A$5M 1H24 impairment charge from a course closure only adds to our disappointment.</li></ul><p><em>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.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/bannerman-energy-ltd-etango-longer-life-or-higher-throughput?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Bannerman Energy Ltd - Etango - Longer Life or Higher Throughput? </a></h3><p></p><div><div><div><div><ul><li>BMN has completed a Scoping Study for higher throughput and operating life cases at its flagship Etango Uranium Project (Etango) in Namibia.</li><li>Two future phase options have been evaluated: 1) a post ramp-up expansion in capacity to 6.7Mlb/y (Etango-XP); or 2) an extension of operating life to 27 years (Etango-XT).</li><li>With ~225Mlb of resources and Etango-8's current capacity of 3.5Mlb/y this is a logical next step, in our view. </li></ul></div></div></div></div><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-more-secure-than-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Clarity Pharmaceuticals (CU6) - More SECuRE than Ever </a></h3><p></p><ul><li>We maintain our OVERWEIGHT rating on Clarity Pharmaceuticals and increase our risked PT to $3.05/sh (unrisked $7.50/sh).</li><li>Clarity have provided the market with new positive data from both their diagnostic (COBRA) and therapeutic (SECuRE) PSMA prostate cancer (PC) programs over the past month.</li><li>This has provided a basis for further de-risking of their therapeutic development pipeline and re-analysis of the PSMA PET Dx market from an indication basis (focused on BCR) where Clarity’s agent may take a disproportionate share of the market if they can prove clinical superiority. </li></ul><p><em>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.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/merger-arb-mondays-25-mar-apm-genex-c-f-logistics-roland-dg-intellicentrics-china-tcm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Merger Arb Mondays (25 Mar) - APM, Genex, C&F Logistics, Roland DG, IntelliCentrics, China TCM</a></li><li><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Siltronic To Exit Small Diameter Wafer Market by 2025</a></li><li><a href="https://www.smartkarma.com/insights/academies-australasia-group-limited-1h24-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Academies Australasia Group Limited - 1H24 Result</a></li><li><a href="https://www.smartkarma.com/insights/bannerman-energy-ltd-etango-longer-life-or-higher-throughput?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Bannerman Energy Ltd - Etango - Longer Life or Higher Throughput?</a></li><li><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-more-secure-than-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Clarity Pharmaceuticals (CU6) - More SECuRE than Ever</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/merger-arb-mondays-25-mar-apm-genex-c-f-logistics-roland-dg-intellicentrics-china-tcm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Merger Arb Mondays (25 Mar) - APM, Genex, C&F Logistics, Roland DG, IntelliCentrics, China TCM </a></h3><p></p><ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <strong><em><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>, <a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a>, <a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a>, <a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a>, <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a>. </em></strong>
</li>
<li>Lowest spreads: <strong><em><a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a>, <a data-smartkarma-citation="entities:28006:1" href="https://www.smartkarma.com/entities/tietto-minerals-ltd" rel="noopener" target="_blank">Tietto Minerals Ltd (TIE AU)</a>, <a data-smartkarma-citation="entities:10427:1" href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" rel="noopener" target="_blank">CPMC Holdings (906 HK)</a>, <a data-smartkarma-citation="entities:692:1" href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" rel="noopener" target="_blank">Pact Group Holdings (PGH AU)</a>, <a data-smartkarma-citation="entities:475:1" href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" rel="noopener" target="_blank">Vinda International (3331 HK)</a>, <a data-smartkarma-citation="entities:7218:1" href="https://www.smartkarma.com/entities/snow-peak-inc" rel="noopener" target="_blank">Snow Peak Inc (7816 JP)</a></em></strong>.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Siltronic To Exit Small Diameter Wafer Market by 2025 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/230/original/image?1711269313"/> <ul>
<li>Ferrotec's production of 150mm wafers in China has increased >6x since 2019</li>
<li>Siltronic's production of 150mm and smaller wafer diameters is no longer profitable</li>
<li>China likely now self-sufficient in the supply of 150mm and smaller diameter silicon wafers. Next milestone: 200mm wafers. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/academies-australasia-group-limited-1h24-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Academies Australasia Group Limited - 1H24 Result </a></h3><p></p><ul><li>AKG’s 1H24 result was below our expectations with headwinds felt industry-wide the main cause.</li><li>We acknowledge continued uncertainty in government policy surrounding international student visa regulation, adjusting our forecasts and valuation accordingly.</li><li>The A$5M 1H24 impairment charge from a course closure only adds to our disappointment.</li></ul><p><em>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.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/bannerman-energy-ltd-etango-longer-life-or-higher-throughput?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Bannerman Energy Ltd - Etango - Longer Life or Higher Throughput? </a></h3><p></p><div><div><div><div><ul><li>BMN has completed a Scoping Study for higher throughput and operating life cases at its flagship Etango Uranium Project (Etango) in Namibia.</li><li>Two future phase options have been evaluated: 1) a post ramp-up expansion in capacity to 6.7Mlb/y (Etango-XP); or 2) an extension of operating life to 27 years (Etango-XT).</li><li>With ~225Mlb of resources and Etango-8's current capacity of 3.5Mlb/y this is a logical next step, in our view. </li></ul></div></div></div></div><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-more-secure-than-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Clarity Pharmaceuticals (CU6) - More SECuRE than Ever </a></h3><p></p><ul><li>We maintain our OVERWEIGHT rating on Clarity Pharmaceuticals and increase our risked PT to $3.05/sh (unrisked $7.50/sh).</li><li>Clarity have provided the market with new positive data from both their diagnostic (COBRA) and therapeutic (SECuRE) PSMA prostate cancer (PC) programs over the past month.</li><li>This has provided a basis for further de-risking of their therapeutic development pipeline and re-analysis of the PSMA PET Dx market from an indication basis (focused on BCR) where Clarity’s agent may take a disproportionate share of the market if they can prove clinical superiority. </li></ul><p><em>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.</em></p>2024-03-25T00:28:05+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "APM@AU"}, {"term": "2427@JP"}, {"term": "1839@HK"}, {"term": "AA@US"}, {"term": "GTH@US"}, {"term": "CD@SP"}, {"term": "6556@JP"}, {"term": "SLR@AU"}, {"term": "2318@HK"}, {"term": "2651@JP"}, {"term": "HOLI@US"}, {"term": "2812@JP"}, {"term": "AZS@AU"}, {"term": "6723@JP"}, {"term": "RED@AU"}, {"term": "CRH@LN"}, {"term": "9433@JP"}, {"term": "AWC@AU"}, {"term": "SGO@FP"}, {"term": "NPR@AU"}, {"term": "6448@JP"}, {"term": "SVM@US"}, {"term": "QVE@AU"}, {"term": "ALU@AU"}, {"term": "WLE@AU"}, {"term": "PRU@AU"}, {"term": "CSR@AU"}, {"term": "A2B@AU"}, {"term": "VHT@AU"}, {"term": "BLD@AU"}, {"term": "AND@AU"}, {"term": "1205@HK"}, {"term": "328130@KS"}, {"term": "ORR@AU"}, {"term": "PYFA@IJ"}, {"term": "BWP@AU"}, {"term": "A1N@AU"}, {"term": "8306@JP"}, {"term": "SQM@US"}, {"term": "1818@HK"}, {"term": "LNK@AU"}, {"term": "9513@JP"}, {"term": "ABC@AU"}, {"term": "SVW@AU"}, {"term": "4185@JP"}, {"term": "6967@JP"}, {"term": "9090@JP"}, {"term": "SXL@AU"}, {"term": "6819@HK"}, {"term": "570@HK"}, {"term": "7816@JP"}, {"term": "3331@HK"}, {"term": "PGH@AU"}, {"term": "906@HK"}, {"term": "TIE@AU"}, {"term": "6789@JP"}, {"term": "PBP@AU"}, {"term": "GNX@AU"}, {"term": "QIP@AU"}, {"term": "9099@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SOI@FP"}, {"term": "4063@JP"}, {"term": "6488@TT"}, {"term": "3436@JP"}, {"term": "WAF@GR"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "AKG@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "BMN@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "CU6@AU"}, {"term": "9099@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WAF@GR", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AKG@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BMN@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CU6@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/da30443d-2db8-3aa9-9eaa-516296c965dcBrief Australia: Respiri - Termination of coverage and more2024-03-28T08:18:26.858205+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/respiri-termination-of-coverage?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Respiri - Termination of coverage</a></li><li><a href="https://www.smartkarma.com/insights/link-admin-lnk-au-24th-april-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Link Admin (LNK AU): 24th April Shareholder Vote</a></li><li><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-15th-csl-paladin-energy-macquarie-emerald-resource?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ASX Short Interest Weekly (Mar 15th): CSL, Paladin Energy, Macquarie, Emerald Resource</a></li><li><a href="https://www.smartkarma.com/insights/morning-views-asia-nickel-industries-ac6d46f1-41bb-4a3b-bbaa-c7210dc33eb7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Morning Views Asia: Nickel Industries</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-asx-jun-24-can-codan-become-an-intra-review-asx-200-add?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Quiddity Leaderboard ASX Jun 24: Can Codan Become an Intra-Review ASX 200 ADD?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/respiri-termination-of-coverage?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Respiri - Termination of coverage </a></h3><p></p><p>Edison Investment Research is terminating coverage on Respiri (RSH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.</p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/link-admin-lnk-au-24th-april-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Link Admin (LNK AU): 24th April Shareholder Vote </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/881/original/image_43359430961711072841391.png?1711072841"/> <ul>
<li>Back on the 18 December 2023, superannuation service provider <strong><a data-smartkarma-citation="entities:970:1" href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" rel="noopener" target="_blank">Link Administration (LNK AU)</a></strong> entered into a Scheme with Mitsubishi UFJ Financial Group.</li>
<li>MUFJ offered Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in. </li>
<li>The Scheme Meeting will now take place on the 24th April, with expected implementation on the 16 May. This looks done - and trading accordingly. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-15th-csl-paladin-energy-macquarie-emerald-resource?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. ASX Short Interest Weekly (Mar 15th): CSL, Paladin Energy, Macquarie, Emerald Resource </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/887/original/image_12234475971711073211311.png?1711073212"/> <ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 15th (reported today) which has an aggregated short interest worth USD19.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in CSL, Paladin Energy, Macquarie, Emerald Resource, IDP Education, BHP, ANZ, Wisetech Global.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/morning-views-asia-nickel-industries-ac6d46f1-41bb-4a3b-bbaa-c7210dc33eb7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Morning Views Asia: Nickel Industries </a></h3><p></p><p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href="#lucror-entity-30639">Nickel Industries </a></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-asx-jun-24-can-codan-become-an-intra-review-asx-200-add?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Quiddity Leaderboard ASX Jun 24: Can Codan Become an Intra-Review ASX 200 ADD? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/758/original/image_96962063721711013910774.png?1711013910"/> <ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2024 index rebal event.</li>
<li>Prior to the June 2024 review, there could be one intra-review change triggered by the completion of the <a data-smartkarma-citation="entities:6529:1" href="https://www.smartkarma.com/entities/silver-lake-resources-ltd" rel="noopener" target="_blank">Silver Lake Resources (SLR AU)</a> / <a data-smartkarma-citation="entities:7940:1" href="https://www.smartkarma.com/entities/red-5-ltd" rel="noopener" target="_blank">Red 5 Ltd (RED AU)</a> deal.</li>
<li>Separately, I see one ASX 20 change and two ASX 100 changes for the regular rebalance in June 2024.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/respiri-termination-of-coverage?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Respiri - Termination of coverage</a></li><li><a href="https://www.smartkarma.com/insights/link-admin-lnk-au-24th-april-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Link Admin (LNK AU): 24th April Shareholder Vote</a></li><li><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-15th-csl-paladin-energy-macquarie-emerald-resource?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ASX Short Interest Weekly (Mar 15th): CSL, Paladin Energy, Macquarie, Emerald Resource</a></li><li><a href="https://www.smartkarma.com/insights/morning-views-asia-nickel-industries-ac6d46f1-41bb-4a3b-bbaa-c7210dc33eb7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Morning Views Asia: Nickel Industries</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-asx-jun-24-can-codan-become-an-intra-review-asx-200-add?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Quiddity Leaderboard ASX Jun 24: Can Codan Become an Intra-Review ASX 200 ADD?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/respiri-termination-of-coverage?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Respiri - Termination of coverage </a></h3><p></p><p>Edison Investment Research is terminating coverage on Respiri (RSH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.</p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/link-admin-lnk-au-24th-april-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Link Admin (LNK AU): 24th April Shareholder Vote </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/881/original/image_43359430961711072841391.png?1711072841"/> <ul>
<li>Back on the 18 December 2023, superannuation service provider <strong><a data-smartkarma-citation="entities:970:1" href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" rel="noopener" target="_blank">Link Administration (LNK AU)</a></strong> entered into a Scheme with Mitsubishi UFJ Financial Group.</li>
<li>MUFJ offered Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in. </li>
<li>The Scheme Meeting will now take place on the 24th April, with expected implementation on the 16 May. This looks done - and trading accordingly. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-15th-csl-paladin-energy-macquarie-emerald-resource?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. ASX Short Interest Weekly (Mar 15th): CSL, Paladin Energy, Macquarie, Emerald Resource </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/887/original/image_12234475971711073211311.png?1711073212"/> <ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 15th (reported today) which has an aggregated short interest worth USD19.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in CSL, Paladin Energy, Macquarie, Emerald Resource, IDP Education, BHP, ANZ, Wisetech Global.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/morning-views-asia-nickel-industries-ac6d46f1-41bb-4a3b-bbaa-c7210dc33eb7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Morning Views Asia: Nickel Industries </a></h3><p></p><p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href="#lucror-entity-30639">Nickel Industries </a></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-asx-jun-24-can-codan-become-an-intra-review-asx-200-add?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Quiddity Leaderboard ASX Jun 24: Can Codan Become an Intra-Review ASX 200 ADD? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/758/original/image_96962063721711013910774.png?1711013910"/> <ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2024 index rebal event.</li>
<li>Prior to the June 2024 review, there could be one intra-review change triggered by the completion of the <a data-smartkarma-citation="entities:6529:1" href="https://www.smartkarma.com/entities/silver-lake-resources-ltd" rel="noopener" target="_blank">Silver Lake Resources (SLR AU)</a> / <a data-smartkarma-citation="entities:7940:1" href="https://www.smartkarma.com/entities/red-5-ltd" rel="noopener" target="_blank">Red 5 Ltd (RED AU)</a> deal.</li>
<li>Separately, I see one ASX 20 change and two ASX 100 changes for the regular rebalance in June 2024.</li>
</ul>2024-03-22T19:10:06+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "RSH@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "LNK@AU"}, {"term": "PXA@AU"}, {"term": "CPU@AU"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "FLT@AU"}, {"term": "IEL@AU"}, {"term": "CBA@AU"}, {"term": "PLS@AU"}, {"term": "JDO@AU"}, {"term": "BOQ@AU"}, {"term": "ANZ@AU"}, {"term": "WTC@AU"}, {"term": "EMR@AU"}, {"term": "BHP@AU"}, {"term": "PPT@AU"}, {"term": "ELD@AU"}, {"term": "CSL@AU"}, {"term": "SUL@AU"}, {"term": "PDN@AU"}, {"term": "RIO@AU"}, {"term": "JBH@AU"}, {"term": "IMU@AU"}, {"term": "LTR@AU"}, {"term": "SIQ@AU"}, {"term": "WBC@AU"}, {"term": "LIC@AU"}, {"term": "ERA@AU"}, {"term": "MQG@AU"}, {"term": "Credit"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "NIC@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "JHX@AU"}, {"term": "A1N@AU"}, {"term": "BHP@AU"}, {"term": "STO@AU"}, {"term": "MMS@AU"}, {"term": "PDN@AU"}, {"term": "CDA@AU"}, {"term": "S32@AU"}, {"term": "LTR@AU"}, {"term": "VEA@AU"}, {"term": "CSR@AU"}, {"term": "LNK@AU"}, {"term": "ABC@AU"}, {"term": "SIG@AU"}, {"term": "SILV@SP"}, {"term": "RED@AU"}, {"term": "SLR@AU"}, {"term": "RSH@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CPU@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MQG@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NIC@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SLR@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/d42715e0-fff1-353f-8773-f6da698f248aBrief Australia: Link Admin (LNK AU): Scheme Vote on 24 April and more2024-03-28T08:18:26.848601+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/link-admin-lnk-au-scheme-vote-on-24-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Link Admin (LNK AU): Scheme Vote on 24 April</a></li><li><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Fed Snap (March 20 Meeting): Current & Future Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/orecorp-orr-au-well-played-perseus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Orecorp (ORR AU): Well Played Perseus</a></li><li><a href="https://www.smartkarma.com/insights/amaero-international-ltd-2nd-eiga-ordered-tick-corporate-financing-organised-tick-af7db63c-b7c2-49f1-a35d-fa0998c13305?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Amaero International Ltd - 2nd EIGA ordered, tick, corporate financing organised, tick</a></li><li><a href="https://www.smartkarma.com/insights/millennium-services-group-ltd-bid-implies-an-ev-ebitda-multiple-in-line-with-peers-6d6ca4ad-d593-4e90-9cda-c3d6bc2b72d6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Millennium Services Group Ltd - Bid implies an EV/EBITDA multiple in line with peers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/link-admin-lnk-au-scheme-vote-on-24-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Link Admin (LNK AU): Scheme Vote on 24 April </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/745/original/image?1711008544"/> <ul>
<li>The <a data-smartkarma-citation="entities:970:1" href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" rel="noopener" target="_blank">Link Administration (LNK AU)</a> IE considers <a data-smartkarma-citation="entities:218:1" href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" rel="noopener" target="_blank">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s A$2.26 offer fair and reasonable as it is within its A$2.11-2.70 per share valuation range.</li>
<li>The scheme remains conditional on several regulatory approvals - FIRB, Central Bank of Ireland, Isle of Man Financial Services Authority, India SEBI, and Financial Services Agency of Japan.</li>
<li>Several substantial shareholders have sold or exited, lowering the scheme's risk. At the last close and for the 16 May payment, the gross/annualised spread was 1.3%/9.7%.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Fed Snap (March 20 Meeting): Current & Future Takeaways </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/724/original/image_42216944631710993089093.png?1710993091"/> <ul>
<li>Financial markets reacted partly to Chair Powell's presser and the updated projections </li>
<li>The new median dot, while still anticipating three rate cuts in 2024, shows a somewhat shallower Fed easing path in 2025 and 2026</li>
<li>The current market implied odds, though fluid and unsettled, repriced aggressively following the March meeting</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/orecorp-orr-au-well-played-perseus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Orecorp (ORR AU): Well Played Perseus </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/345/original/image_27051379941710895532977.png?1710895534"/> <ul>
<li>After <strong><a data-smartkarma-citation="entities:15306:1" href="https://www.smartkarma.com/entities/perseus-mining-ltd" rel="noopener" target="_blank">Perseus (PRU AU)</a></strong> announced it had secured Tanzanian Fair Competition Commission approval, <strong><a data-smartkarma-citation="entities:8120:1" href="https://www.smartkarma.com/entities/orecorp-ltd" rel="noopener" target="_blank">Orecorp (ORR AU)</a></strong> continued to sit on its hands as, technically, <strong><a data-smartkarma-citation="entities:25818:1" href="https://www.smartkarma.com/entities/silvercorp-metals-inc" rel="noopener" target="_blank">Silvercorp (SVM CN)</a></strong> terms were superior. </li>
<li>PRU added 2% overnight bringing its stake to 22% vs SVM's 21%. SVM said they won't extend beyond the 22nd March. Something had to give. </li>
<li>This morning, PRU bumped its all-cash Offer to A$0.575/share (from A$0.55/share), with 15.6% of shares out intending to accept. SVM have five business days to counter. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/amaero-international-ltd-2nd-eiga-ordered-tick-corporate-financing-organised-tick-af7db63c-b7c2-49f1-a35d-fa0998c13305?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Amaero International Ltd - 2nd EIGA ordered, tick, corporate financing organised, tick </a></h3><p></p><ul><li>Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors.</li><li>The company is developing an 800+-tonne a year critical metals alloy powder manufacturing facility in Tennessee, USA, with the initial focus on producing refractory alloy powder, C103, a critical metal powder used in hypersonics weaponry, strategic metals and satellites.</li><li>The company is moving apace with its planned commercialisation, recently announcing it had secured A$7.5m in corporate financing and that it had executed a binding purchase order for its second gas atomiser, the next generation Electrode Induction Melting Inert Gas Atomiser (or EIGA premium).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/millennium-services-group-ltd-bid-implies-an-ev-ebitda-multiple-in-line-with-peers-6d6ca4ad-d593-4e90-9cda-c3d6bc2b72d6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Millennium Services Group Ltd - Bid implies an EV/EBITDA multiple in line with peers </a></h3><p></p><ul><li>Human services company Millennium Services Group Ltd (ASX:MIL) has entered a Scheme of Arrangement with an entity associated with Softbank Robotics Singapore for the acquisition of 100% of shares at $1.15/share cash.</li><li>Shareholders also have the option to accept a mix of cash and scrip in the new unlisted entity, with certain management committing not less than a total of 30% for this option.</li><li>The bid price represents an 89% premium to the last RaaS update note (October 23) and 360% premium from July 1, 2023.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/link-admin-lnk-au-scheme-vote-on-24-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Link Admin (LNK AU): Scheme Vote on 24 April</a></li><li><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Fed Snap (March 20 Meeting): Current & Future Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/orecorp-orr-au-well-played-perseus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Orecorp (ORR AU): Well Played Perseus</a></li><li><a href="https://www.smartkarma.com/insights/amaero-international-ltd-2nd-eiga-ordered-tick-corporate-financing-organised-tick-af7db63c-b7c2-49f1-a35d-fa0998c13305?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Amaero International Ltd - 2nd EIGA ordered, tick, corporate financing organised, tick</a></li><li><a href="https://www.smartkarma.com/insights/millennium-services-group-ltd-bid-implies-an-ev-ebitda-multiple-in-line-with-peers-6d6ca4ad-d593-4e90-9cda-c3d6bc2b72d6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Millennium Services Group Ltd - Bid implies an EV/EBITDA multiple in line with peers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/link-admin-lnk-au-scheme-vote-on-24-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Link Admin (LNK AU): Scheme Vote on 24 April </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/745/original/image?1711008544"/> <ul>
<li>The <a data-smartkarma-citation="entities:970:1" href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" rel="noopener" target="_blank">Link Administration (LNK AU)</a> IE considers <a data-smartkarma-citation="entities:218:1" href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" rel="noopener" target="_blank">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s A$2.26 offer fair and reasonable as it is within its A$2.11-2.70 per share valuation range.</li>
<li>The scheme remains conditional on several regulatory approvals - FIRB, Central Bank of Ireland, Isle of Man Financial Services Authority, India SEBI, and Financial Services Agency of Japan.</li>
<li>Several substantial shareholders have sold or exited, lowering the scheme's risk. At the last close and for the 16 May payment, the gross/annualised spread was 1.3%/9.7%.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Fed Snap (March 20 Meeting): Current & Future Takeaways </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/724/original/image_42216944631710993089093.png?1710993091"/> <ul>
<li>Financial markets reacted partly to Chair Powell's presser and the updated projections </li>
<li>The new median dot, while still anticipating three rate cuts in 2024, shows a somewhat shallower Fed easing path in 2025 and 2026</li>
<li>The current market implied odds, though fluid and unsettled, repriced aggressively following the March meeting</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/orecorp-orr-au-well-played-perseus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Orecorp (ORR AU): Well Played Perseus </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/345/original/image_27051379941710895532977.png?1710895534"/> <ul>
<li>After <strong><a data-smartkarma-citation="entities:15306:1" href="https://www.smartkarma.com/entities/perseus-mining-ltd" rel="noopener" target="_blank">Perseus (PRU AU)</a></strong> announced it had secured Tanzanian Fair Competition Commission approval, <strong><a data-smartkarma-citation="entities:8120:1" href="https://www.smartkarma.com/entities/orecorp-ltd" rel="noopener" target="_blank">Orecorp (ORR AU)</a></strong> continued to sit on its hands as, technically, <strong><a data-smartkarma-citation="entities:25818:1" href="https://www.smartkarma.com/entities/silvercorp-metals-inc" rel="noopener" target="_blank">Silvercorp (SVM CN)</a></strong> terms were superior. </li>
<li>PRU added 2% overnight bringing its stake to 22% vs SVM's 21%. SVM said they won't extend beyond the 22nd March. Something had to give. </li>
<li>This morning, PRU bumped its all-cash Offer to A$0.575/share (from A$0.55/share), with 15.6% of shares out intending to accept. SVM have five business days to counter. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/amaero-international-ltd-2nd-eiga-ordered-tick-corporate-financing-organised-tick-af7db63c-b7c2-49f1-a35d-fa0998c13305?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Amaero International Ltd - 2nd EIGA ordered, tick, corporate financing organised, tick </a></h3><p></p><ul><li>Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors.</li><li>The company is developing an 800+-tonne a year critical metals alloy powder manufacturing facility in Tennessee, USA, with the initial focus on producing refractory alloy powder, C103, a critical metal powder used in hypersonics weaponry, strategic metals and satellites.</li><li>The company is moving apace with its planned commercialisation, recently announcing it had secured A$7.5m in corporate financing and that it had executed a binding purchase order for its second gas atomiser, the next generation Electrode Induction Melting Inert Gas Atomiser (or EIGA premium).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/millennium-services-group-ltd-bid-implies-an-ev-ebitda-multiple-in-line-with-peers-6d6ca4ad-d593-4e90-9cda-c3d6bc2b72d6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Millennium Services Group Ltd - Bid implies an EV/EBITDA multiple in line with peers </a></h3><p></p><ul><li>Human services company Millennium Services Group Ltd (ASX:MIL) has entered a Scheme of Arrangement with an entity associated with Softbank Robotics Singapore for the acquisition of 100% of shares at $1.15/share cash.</li><li>Shareholders also have the option to accept a mix of cash and scrip in the new unlisted entity, with certain management committing not less than a total of 30% for this option.</li><li>The bid price represents an 89% premium to the last RaaS update note (October 23) and 360% premium from July 1, 2023.</li></ul>2024-03-21T16:14:33+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "LNK@AU"}, {"term": "IRE@AU"}, {"term": "BVS@AU"}, {"term": "CPU@AU"}, {"term": "BR@US"}, {"term": "ASX@AU"}, {"term": "8306@JP"}, {"term": "Macroeconomics"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "HK"}, {"term": "BRUNEI"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "KOREA"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "ORR@AU"}, {"term": "LTR@AU"}, {"term": "DEV@AU"}, {"term": "SVM@CN"}, {"term": "PRU@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "3DA@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "MIL@AU"}, {"term": "8306@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PRU@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "3DA@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MIL@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/b3e16023-3292-3c51-a331-6e38f30794aeBrief Australia: Ricegrowers Ltd - Earnings visibility improves into FY26 and more2024-03-28T08:18:26.837316+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-earnings-visibility-improves-into-fy26-a1d3a021-d3f8-44e7-a13c-840c7aeae6d8?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Ricegrowers Ltd - Earnings visibility improves into FY26</a></li><li><a href="https://www.smartkarma.com/insights/state-gas-asx-gas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">State Gas (ASX:GAS)</a></li><li><a href="https://www.smartkarma.com/insights/kinatico-ltd-q2-saas-revenue-increases-145-on-the-pcp-935ec8a6-aa82-4cd6-8889-14f2b5814f34?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Kinatico Ltd - Q2 SaaS revenue increases 145% on the pcp</a></li><li><a href="https://www.smartkarma.com/insights/amaero-international-ltd-several-milestones-tracking-ahead-of-schedule-38b571b9-7c7c-4f8c-b4b5-7f6e0eccc114?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Amaero International Ltd - Several milestones tracking ahead of schedule</a></li><li><a href="https://www.smartkarma.com/insights/cash-converters-international-rejuvenated-and-growing-d0324cef-2969-4188-babb-0b3fd0dcdb6d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Cash Converters International - Rejuvenated and growing</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-earnings-visibility-improves-into-fy26-a1d3a021-d3f8-44e7-a13c-840c7aeae6d8?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Ricegrowers Ltd - Earnings visibility improves into FY26 </a></h3><p></p><ul><li>Ricegrowers Limited, trading as SunRice (ASX:SGLLV), has released its H1 FY24 results, delivering RaaS adjusted EBITDA of $69m (+68%) and adjusted NPAT of $33.3m (+107%), both well above RaaS estimates of $57.6m and $25m respectively.</li><li>Divisionally the key surprise was International, delivering adjusted EBITDA of $33m, 125% above the PCP and 57% above RaaS estimates on the back of increases scale and reach, price increases and lower freight costs.</li><li>Operating cash flow was the strongest since H2 FY18 despite a high tax payment as working capital improved from lower receivables and inventory reductions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/state-gas-asx-gas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. State Gas (ASX:GAS) </a></h3><p></p><ul><li>State Gas Limited (ASX:GAS) is a junior energy producer and explorer with assets concentrated in the Bowen Basin, Queensland.</li><li>The Rolleston West CNG Project in the Bowen Basin is now in the final stage with mechanical completion and tie-in of the Rougemont-2/3 well anticipated within the next week to be followed by pre-commissioning activities.</li><li>Importantly, first production and shipments are tantalisingly close and whilst the rate will initially be modest, up to 0.75TJd, the project has intrinsic growth potential (up to 1.7TJd) which could fund modest appraisal and evaluation works, particularly converting contingent gas to bankable reserves.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/kinatico-ltd-q2-saas-revenue-increases-145-on-the-pcp-935ec8a6-aa82-4cd6-8889-14f2b5814f34?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Kinatico Ltd - Q2 SaaS revenue increases 145% on the pcp </a></h3><p></p><ul><li>Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.</li><li>KYP has reported a 6% year-on-year increase in Q2 FY24 revenue to $7.1m, and a 145% year-on-year increase in SaaS revenue to $2.4m.</li><li>SaaS revenue accounted for 33% of total revenue for the quarter, compared to 14% in Q2 FY23.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/amaero-international-ltd-several-milestones-tracking-ahead-of-schedule-38b571b9-7c7c-4f8c-b4b5-7f6e0eccc114?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Amaero International Ltd - Several milestones tracking ahead of schedule </a></h3><p></p><ul><li>Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors.</li><li>The company is developing a 1,000+-tonne-a-year critical metals alloy powder manufacturing facility in Tennessee, USA with its initial focus on producing refractory alloy powder, C103, a critical metal powder used in hypersonics weaponry.</li><li>On December 19, the company provided an update to investors on its progress to date this month with several milestones tracking ahead of schedule.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/cash-converters-international-rejuvenated-and-growing-d0324cef-2969-4188-babb-0b3fd0dcdb6d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Cash Converters International - Rejuvenated and growing </a></h3><p></p><ul><li>Cash Converters International (ASX:CCV) is a consumer finance company operating as a service provider, owner and franchisor of second-hand goods and financial services stores in Australia and internationally.</li><li>It derives its revenue from personal loans, vehicle finance, sale of goods and store services.</li><li>In recent years, the business has faced both company specific and industry headwinds involving litigation and regulatory scrutiny, but it has worked through those and evolved into a highly regulated, well-run profitable business with a clear strategic direction and multi-layered growth opportunities.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-earnings-visibility-improves-into-fy26-a1d3a021-d3f8-44e7-a13c-840c7aeae6d8?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Ricegrowers Ltd - Earnings visibility improves into FY26</a></li><li><a href="https://www.smartkarma.com/insights/state-gas-asx-gas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">State Gas (ASX:GAS)</a></li><li><a href="https://www.smartkarma.com/insights/kinatico-ltd-q2-saas-revenue-increases-145-on-the-pcp-935ec8a6-aa82-4cd6-8889-14f2b5814f34?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Kinatico Ltd - Q2 SaaS revenue increases 145% on the pcp</a></li><li><a href="https://www.smartkarma.com/insights/amaero-international-ltd-several-milestones-tracking-ahead-of-schedule-38b571b9-7c7c-4f8c-b4b5-7f6e0eccc114?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Amaero International Ltd - Several milestones tracking ahead of schedule</a></li><li><a href="https://www.smartkarma.com/insights/cash-converters-international-rejuvenated-and-growing-d0324cef-2969-4188-babb-0b3fd0dcdb6d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Cash Converters International - Rejuvenated and growing</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-earnings-visibility-improves-into-fy26-a1d3a021-d3f8-44e7-a13c-840c7aeae6d8?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Ricegrowers Ltd - Earnings visibility improves into FY26 </a></h3><p></p><ul><li>Ricegrowers Limited, trading as SunRice (ASX:SGLLV), has released its H1 FY24 results, delivering RaaS adjusted EBITDA of $69m (+68%) and adjusted NPAT of $33.3m (+107%), both well above RaaS estimates of $57.6m and $25m respectively.</li><li>Divisionally the key surprise was International, delivering adjusted EBITDA of $33m, 125% above the PCP and 57% above RaaS estimates on the back of increases scale and reach, price increases and lower freight costs.</li><li>Operating cash flow was the strongest since H2 FY18 despite a high tax payment as working capital improved from lower receivables and inventory reductions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/state-gas-asx-gas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. State Gas (ASX:GAS) </a></h3><p></p><ul><li>State Gas Limited (ASX:GAS) is a junior energy producer and explorer with assets concentrated in the Bowen Basin, Queensland.</li><li>The Rolleston West CNG Project in the Bowen Basin is now in the final stage with mechanical completion and tie-in of the Rougemont-2/3 well anticipated within the next week to be followed by pre-commissioning activities.</li><li>Importantly, first production and shipments are tantalisingly close and whilst the rate will initially be modest, up to 0.75TJd, the project has intrinsic growth potential (up to 1.7TJd) which could fund modest appraisal and evaluation works, particularly converting contingent gas to bankable reserves.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/kinatico-ltd-q2-saas-revenue-increases-145-on-the-pcp-935ec8a6-aa82-4cd6-8889-14f2b5814f34?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Kinatico Ltd - Q2 SaaS revenue increases 145% on the pcp </a></h3><p></p><ul><li>Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.</li><li>KYP has reported a 6% year-on-year increase in Q2 FY24 revenue to $7.1m, and a 145% year-on-year increase in SaaS revenue to $2.4m.</li><li>SaaS revenue accounted for 33% of total revenue for the quarter, compared to 14% in Q2 FY23.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/amaero-international-ltd-several-milestones-tracking-ahead-of-schedule-38b571b9-7c7c-4f8c-b4b5-7f6e0eccc114?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Amaero International Ltd - Several milestones tracking ahead of schedule </a></h3><p></p><ul><li>Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors.</li><li>The company is developing a 1,000+-tonne-a-year critical metals alloy powder manufacturing facility in Tennessee, USA with its initial focus on producing refractory alloy powder, C103, a critical metal powder used in hypersonics weaponry.</li><li>On December 19, the company provided an update to investors on its progress to date this month with several milestones tracking ahead of schedule.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/cash-converters-international-rejuvenated-and-growing-d0324cef-2969-4188-babb-0b3fd0dcdb6d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Cash Converters International - Rejuvenated and growing </a></h3><p></p><ul><li>Cash Converters International (ASX:CCV) is a consumer finance company operating as a service provider, owner and franchisor of second-hand goods and financial services stores in Australia and internationally.</li><li>It derives its revenue from personal loans, vehicle finance, sale of goods and store services.</li><li>In recent years, the business has faced both company specific and industry headwinds involving litigation and regulatory scrutiny, but it has worked through those and evolved into a highly regulated, well-run profitable business with a clear strategic direction and multi-layered growth opportunities.</li></ul>2024-03-20T09:00:53+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "SGLLV@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "GAS@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "KYP@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "3DA@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "CCV@AU"}, {"term": "SGLLV@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GAS@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "KYP@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "3DA@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CCV@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/d3abcc56-68e0-30db-ade3-980b0cf881d7Brief Australia: Ricegrowers Ltd - Earnings visibility improves into FY26 and more2024-03-28T08:18:26.823268+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-earnings-visibility-improves-into-fy26?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Ricegrowers Ltd - Earnings visibility improves into FY26</a></li><li><a href="https://www.smartkarma.com/insights/empire-energy-group-ltd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Empire Energy Group Ltd</a></li><li><a href="https://www.smartkarma.com/insights/australia-rba-cash-rate-target-4-35-consensus-4-35-in-mar-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Australia RBA Cash Rate Target 4.35% (consensus 4.35%) in Mar-24</a></li><li><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Democracy's Market Dance: Elections and Economic Sentiment in India</a></li><li><a href="https://www.smartkarma.com/insights/boral-bld-au-rejects-seven-s-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Boral (BLD AU) Rejects Seven's Offer</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-earnings-visibility-improves-into-fy26?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Ricegrowers Ltd - Earnings visibility improves into FY26 </a></h3><p></p><ul><li>Ricegrowers Limited, trading as SunRice (ASX:SGLLV), has released its H1 FY24 results, delivering RaaS adjusted EBITDA of $69m (+68%) and adjusted NPAT of $33.3m (+107%), both well above RaaS estimates of $57.6m and $25m respectively.</li><li>Divisionally the key surprise was International, delivering adjusted EBITDA of $33m, 125% above the PCP and 57% above RaaS estimates on the back of increases scale and reach, price increases and lower freight costs.</li><li>Operating cash flow was the strongest since H2 FY18 despite a high tax payment as working capital improved from lower receivables and inventory reductions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/empire-energy-group-ltd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Empire Energy Group Ltd </a></h3><p></p><ul><li>Empire Energy Group Limited (ASX:EEG) is an oil and gas producer/developer, with onshore Northern Territory (NT) and US oil/gas production assets.</li><li>EEG has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.</li><li>The investment case is building further with the acquisition of the Rosalind Park Gas Plant to provide an immediate, low-capital and operating-cost processing option with nameplate capacity above the Carpentaria Stage I development model.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/australia-rba-cash-rate-target-4-35-consensus-4-35-in-mar-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Australia RBA Cash Rate Target 4.35% (consensus 4.35%) in Mar-24 </a></h3><p></p><ul><li>The RBA's decision to maintain the policy rate at 4.35% reflects moderating headline inflation but ongoing high services inflation, complicating the balance between controlling price levels and supporting economic growth.</li><li>Economic uncertainties, including the sustainability of productivity growth, global inflation trends, and geopolitical risks, are critical in shaping the RBA's forward-looking monetary policy stance.</li><li>The RBA emphasizes its commitment to returning inflation to its target range. Future policy decisions will be highly data-driven, taking into account the evolving landscape of domestic demand, labour market conditions, and global economic trends.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Democracy's Market Dance: Elections and Economic Sentiment in India </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/117/original/image?1710758901"/> <ul>
<li>Indian elections significantly sway stock markets, with pre-election rallies and post-election stability reflecting investor sentiment and policy expectations.</li>
<li>Historical data unveils market surges preceding elections, highlighting the importance of economic reforms and policy promises in driving investor confidence.</li>
<li>Amidst market volatility, strategic investing demands a focus on long-term fundamentals over short-term fluctuations, emphasizing informed, adaptable approaches for sustainable growth.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/boral-bld-au-rejects-seven-s-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Boral (BLD AU) Rejects Seven's Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/175/original/image_29465112851710809264597.png?1710809265"/> <ul>
<li>Back on the 19 Feb, <strong><a data-smartkarma-citation="entities:803:1" href="https://www.smartkarma.com/entities/seven-group-holdings-ltd" rel="noopener" target="_blank">Seven Group Holdings (SVW AU)</a></strong> made a cash/scrip Offer for <strong><a data-smartkarma-citation="entities:1487:1" href="https://www.smartkarma.com/entities/boral-ltd" rel="noopener" target="_blank">Boral Ltd (BLD AU)</a> shares not owned</strong>, with certain tendering thresholds triggering more cash. </li>
<li>Boral has now recommended shareholders to <a href="https://announcements.asx.com.au/asxpdf/20240319/pdf/061mx1h6k67t9n.pdf" rel="noopener" target="_blank">reject</a> the Offer after the independent expert (Grant Samuel) concluded the Offer is neither fair nor reasonable, supporting the view of Boral's board.</li>
<li>Grant Samuel backed out a price range of $6.50-$7.13/share, versus SGH's Offer of $5.96-$6.19/share; and up to $6.39/share including the conditional payments. SGH's terms were best & final.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-earnings-visibility-improves-into-fy26?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Ricegrowers Ltd - Earnings visibility improves into FY26</a></li><li><a href="https://www.smartkarma.com/insights/empire-energy-group-ltd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Empire Energy Group Ltd</a></li><li><a href="https://www.smartkarma.com/insights/australia-rba-cash-rate-target-4-35-consensus-4-35-in-mar-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Australia RBA Cash Rate Target 4.35% (consensus 4.35%) in Mar-24</a></li><li><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Democracy's Market Dance: Elections and Economic Sentiment in India</a></li><li><a href="https://www.smartkarma.com/insights/boral-bld-au-rejects-seven-s-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Boral (BLD AU) Rejects Seven's Offer</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ricegrowers-ltd-earnings-visibility-improves-into-fy26?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Ricegrowers Ltd - Earnings visibility improves into FY26 </a></h3><p></p><ul><li>Ricegrowers Limited, trading as SunRice (ASX:SGLLV), has released its H1 FY24 results, delivering RaaS adjusted EBITDA of $69m (+68%) and adjusted NPAT of $33.3m (+107%), both well above RaaS estimates of $57.6m and $25m respectively.</li><li>Divisionally the key surprise was International, delivering adjusted EBITDA of $33m, 125% above the PCP and 57% above RaaS estimates on the back of increases scale and reach, price increases and lower freight costs.</li><li>Operating cash flow was the strongest since H2 FY18 despite a high tax payment as working capital improved from lower receivables and inventory reductions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/empire-energy-group-ltd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Empire Energy Group Ltd </a></h3><p></p><ul><li>Empire Energy Group Limited (ASX:EEG) is an oil and gas producer/developer, with onshore Northern Territory (NT) and US oil/gas production assets.</li><li>EEG has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.</li><li>The investment case is building further with the acquisition of the Rosalind Park Gas Plant to provide an immediate, low-capital and operating-cost processing option with nameplate capacity above the Carpentaria Stage I development model.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/australia-rba-cash-rate-target-4-35-consensus-4-35-in-mar-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Australia RBA Cash Rate Target 4.35% (consensus 4.35%) in Mar-24 </a></h3><p></p><ul><li>The RBA's decision to maintain the policy rate at 4.35% reflects moderating headline inflation but ongoing high services inflation, complicating the balance between controlling price levels and supporting economic growth.</li><li>Economic uncertainties, including the sustainability of productivity growth, global inflation trends, and geopolitical risks, are critical in shaping the RBA's forward-looking monetary policy stance.</li><li>The RBA emphasizes its commitment to returning inflation to its target range. Future policy decisions will be highly data-driven, taking into account the evolving landscape of domestic demand, labour market conditions, and global economic trends.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Democracy's Market Dance: Elections and Economic Sentiment in India </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/117/original/image?1710758901"/> <ul>
<li>Indian elections significantly sway stock markets, with pre-election rallies and post-election stability reflecting investor sentiment and policy expectations.</li>
<li>Historical data unveils market surges preceding elections, highlighting the importance of economic reforms and policy promises in driving investor confidence.</li>
<li>Amidst market volatility, strategic investing demands a focus on long-term fundamentals over short-term fluctuations, emphasizing informed, adaptable approaches for sustainable growth.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/boral-bld-au-rejects-seven-s-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Boral (BLD AU) Rejects Seven's Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/175/original/image_29465112851710809264597.png?1710809265"/> <ul>
<li>Back on the 19 Feb, <strong><a data-smartkarma-citation="entities:803:1" href="https://www.smartkarma.com/entities/seven-group-holdings-ltd" rel="noopener" target="_blank">Seven Group Holdings (SVW AU)</a></strong> made a cash/scrip Offer for <strong><a data-smartkarma-citation="entities:1487:1" href="https://www.smartkarma.com/entities/boral-ltd" rel="noopener" target="_blank">Boral Ltd (BLD AU)</a> shares not owned</strong>, with certain tendering thresholds triggering more cash. </li>
<li>Boral has now recommended shareholders to <a href="https://announcements.asx.com.au/asxpdf/20240319/pdf/061mx1h6k67t9n.pdf" rel="noopener" target="_blank">reject</a> the Offer after the independent expert (Grant Samuel) concluded the Offer is neither fair nor reasonable, supporting the view of Boral's board.</li>
<li>Grant Samuel backed out a price range of $6.50-$7.13/share, versus SGH's Offer of $5.96-$6.19/share; and up to $6.39/share including the conditional payments. SGH's terms were best & final.</li>
</ul>2024-03-20T09:00:16+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "SGLLV@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "EEG@AU"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "INDIA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "BLD@AU"}, {"term": "SVW@AU"}, {"term": "SGLLV@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EEG@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SVW@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/45fe626d-691e-33a0-909f-a72045d9b605Brief Australia: Monash IVF (MVF AU): Secular Industry Tailwinds + Strong Market Positioning = Multi-Year Growth and more2024-03-28T08:18:26.812547+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/monash-ivf-mvf-au-secular-industry-tailwinds-strong-market-positioning-multi-year-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Monash IVF (MVF AU): Secular Industry Tailwinds + Strong Market Positioning = Multi-Year Growth</a></li><li><a href="https://www.smartkarma.com/insights/southern-cross-media-sxl-au-re-engages-with-arn-media-a1n-au-anchorage-on-revised-terms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms</a></li><li><a href="https://www.smartkarma.com/insights/adx-energy-asx-adx-very-high-impact-exploration-well-encounters-gas-and-condensate-in-austria?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ADX Energy (ASX: ADX): Very high impact exploration well encounters gas and condensate in Austria</a></li><li><a href="https://www.smartkarma.com/insights/eml-payments-sale-of-sentenial-agreed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">EML Payments - Sale of Sentenial agreed</a></li><li><a href="https://www.smartkarma.com/insights/orecorp-should-now-back-perseus-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Orecorp Should Now Back Perseus' Offer</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/monash-ivf-mvf-au-secular-industry-tailwinds-strong-market-positioning-multi-year-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Monash IVF (MVF AU): Secular Industry Tailwinds + Strong Market Positioning = Multi-Year Growth </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/150/original/Pic%201.png?1710777298"/> <ul>
<li>
<a data-smartkarma-citation="entities:18130:1" href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" rel="noopener" target="_blank">Monash Ivf (MVF AU)</a> delivered a strong result in H1FY24, with revenue growth of 22% YoY to A$126M and underlying NPAT growth of 19% YoY to A$15M.</li>
<li>The company has guided for FY24 underlying NPAT of A$29–30M compared to A$25.5M in the prior comparative period (excluding contribution from the Fertility North acquisition).</li>
<li>Secular industry tailwinds, consistent market share gain, and strong new patient registrations provide a sustainable growth trajectory for Monash IVF. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/southern-cross-media-sxl-au-re-engages-with-arn-media-a1n-au-anchorage-on-revised-terms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/151/original/NBIO%201.png?1710779901"/> <ul>
<li>
<a data-smartkarma-citation="entities:10374:1" href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" rel="noopener" target="_blank">Southern Cross Media (SXL AU)</a> is re-engaging with <a data-smartkarma-citation="entities:709:1" href="https://www.smartkarma.com/entities/arn-media-ltd" rel="noopener" target="_blank">ARN Media (A1N AU)</a>/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.</li>
<li>SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.</li>
<li>While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/adx-energy-asx-adx-very-high-impact-exploration-well-encounters-gas-and-condensate-in-austria?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. ADX Energy (ASX: ADX): Very high impact exploration well encounters gas and condensate in Austria </a></h3><p></p><ul><li>• The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m.</li><li>The deepest gas shows were encountered at a depth of 1645 m.</li><li>The well has reached TD at 1733 m.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eml-payments-sale-of-sentenial-agreed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. EML Payments - Sale of Sentenial agreed </a></h3><p></p><p>EML Payments has agreed to sell Sentenial to GoCardless for an enterprise value of €32.75m/A$54.1m. As Sentenial is currently loss-making, the disposal will be earnings and cashflow accretive to EML in year one. Proceeds from the sale will be used to reduce debt and strengthen EML’s balance sheet. This disposal combined with the liquidation of PFS Card Services Ireland (PCSIL) leaves EML as a more focused group specialising in prepaid cards, with all remaining businesses profitable and cash generating.</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/orecorp-should-now-back-perseus-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Orecorp Should Now Back Perseus' Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/036/original/image_99958409941710726038877.png?1710726039"/> <ul>
<li>Back in August, <strong><a data-smartkarma-citation="entities:25818:1" href="https://www.smartkarma.com/entities/silvercorp-metals-inc" rel="noopener" target="_blank">Silvercorp (SVM CN)</a></strong> bid A$0.15/share and 0.967 scrip for <strong><a data-smartkarma-citation="entities:8120:1" href="https://www.smartkarma.com/entities/orecorp-ltd" rel="noopener" target="_blank">Orecorp (ORR AU)</a></strong>; and secured board support after bumping the cash portion to A$0.19/share via an Off-market Offer.</li>
<li>
<strong><a data-smartkarma-citation="entities:15306:1" href="https://www.smartkarma.com/entities/perseus-mining-ltd" rel="noopener" target="_blank">Perseus Mining (PRU AU)</a></strong> countered on the 22 January with a A$0.55/share Offer, which was rejected by Orecorp, ostensibly over concerns Perseus had not secured Tanzanian Fair Competition Commission approval.</li>
<li>That regulatory approval has now been satisfied. The Offers for both Perseus and Silvercorp are conditional on 50.1% acceptance hurdles. I think Perseus' all-cash Offer is superior.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/monash-ivf-mvf-au-secular-industry-tailwinds-strong-market-positioning-multi-year-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Monash IVF (MVF AU): Secular Industry Tailwinds + Strong Market Positioning = Multi-Year Growth</a></li><li><a href="https://www.smartkarma.com/insights/southern-cross-media-sxl-au-re-engages-with-arn-media-a1n-au-anchorage-on-revised-terms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms</a></li><li><a href="https://www.smartkarma.com/insights/adx-energy-asx-adx-very-high-impact-exploration-well-encounters-gas-and-condensate-in-austria?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ADX Energy (ASX: ADX): Very high impact exploration well encounters gas and condensate in Austria</a></li><li><a href="https://www.smartkarma.com/insights/eml-payments-sale-of-sentenial-agreed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">EML Payments - Sale of Sentenial agreed</a></li><li><a href="https://www.smartkarma.com/insights/orecorp-should-now-back-perseus-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Orecorp Should Now Back Perseus' Offer</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/monash-ivf-mvf-au-secular-industry-tailwinds-strong-market-positioning-multi-year-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Monash IVF (MVF AU): Secular Industry Tailwinds + Strong Market Positioning = Multi-Year Growth </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/150/original/Pic%201.png?1710777298"/> <ul>
<li>
<a data-smartkarma-citation="entities:18130:1" href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" rel="noopener" target="_blank">Monash Ivf (MVF AU)</a> delivered a strong result in H1FY24, with revenue growth of 22% YoY to A$126M and underlying NPAT growth of 19% YoY to A$15M.</li>
<li>The company has guided for FY24 underlying NPAT of A$29–30M compared to A$25.5M in the prior comparative period (excluding contribution from the Fertility North acquisition).</li>
<li>Secular industry tailwinds, consistent market share gain, and strong new patient registrations provide a sustainable growth trajectory for Monash IVF. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/southern-cross-media-sxl-au-re-engages-with-arn-media-a1n-au-anchorage-on-revised-terms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/151/original/NBIO%201.png?1710779901"/> <ul>
<li>
<a data-smartkarma-citation="entities:10374:1" href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" rel="noopener" target="_blank">Southern Cross Media (SXL AU)</a> is re-engaging with <a data-smartkarma-citation="entities:709:1" href="https://www.smartkarma.com/entities/arn-media-ltd" rel="noopener" target="_blank">ARN Media (A1N AU)</a>/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.</li>
<li>SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.</li>
<li>While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/adx-energy-asx-adx-very-high-impact-exploration-well-encounters-gas-and-condensate-in-austria?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. ADX Energy (ASX: ADX): Very high impact exploration well encounters gas and condensate in Austria </a></h3><p></p><ul><li>• The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m.</li><li>The deepest gas shows were encountered at a depth of 1645 m.</li><li>The well has reached TD at 1733 m.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eml-payments-sale-of-sentenial-agreed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. EML Payments - Sale of Sentenial agreed </a></h3><p></p><p>EML Payments has agreed to sell Sentenial to GoCardless for an enterprise value of €32.75m/A$54.1m. As Sentenial is currently loss-making, the disposal will be earnings and cashflow accretive to EML in year one. Proceeds from the sale will be used to reduce debt and strengthen EML’s balance sheet. This disposal combined with the liquidation of PFS Card Services Ireland (PCSIL) leaves EML as a more focused group specialising in prepaid cards, with all remaining businesses profitable and cash generating.</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/orecorp-should-now-back-perseus-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Orecorp Should Now Back Perseus' Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/036/original/image_99958409941710726038877.png?1710726039"/> <ul>
<li>Back in August, <strong><a data-smartkarma-citation="entities:25818:1" href="https://www.smartkarma.com/entities/silvercorp-metals-inc" rel="noopener" target="_blank">Silvercorp (SVM CN)</a></strong> bid A$0.15/share and 0.967 scrip for <strong><a data-smartkarma-citation="entities:8120:1" href="https://www.smartkarma.com/entities/orecorp-ltd" rel="noopener" target="_blank">Orecorp (ORR AU)</a></strong>; and secured board support after bumping the cash portion to A$0.19/share via an Off-market Offer.</li>
<li>
<strong><a data-smartkarma-citation="entities:15306:1" href="https://www.smartkarma.com/entities/perseus-mining-ltd" rel="noopener" target="_blank">Perseus Mining (PRU AU)</a></strong> countered on the 22 January with a A$0.55/share Offer, which was rejected by Orecorp, ostensibly over concerns Perseus had not secured Tanzanian Fair Competition Commission approval.</li>
<li>That regulatory approval has now been satisfied. The Offers for both Perseus and Silvercorp are conditional on 50.1% acceptance hurdles. I think Perseus' all-cash Offer is superior.</li>
</ul>2024-03-19T09:30:06+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "MVF@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "SXL@AU"}, {"term": "SIRI@US"}, {"term": "RTL@LX"}, {"term": "NZM@NZ"}, {"term": "CMLS@US"}, {"term": "A1N@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "AUSTRIA"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "ADX@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "EML@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "ORR@AU"}, {"term": "DEV@AU"}, {"term": "LTR@AU"}, {"term": "PRU@AU"}, {"term": "SVM@CN"}, {"term": "MVF@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "A1N@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ADX@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EML@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SVM@CN", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/fc9dba40-5fbd-3fe3-bc43-baea5cb855c5Brief Australia: Morning Views Asia: China Vanke , Nickel Industries and more2024-03-28T08:18:26.802824+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/morning-views-asia-china-vanke-nickel-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Morning Views Asia: China Vanke , Nickel Industries</a></li><li><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">China BIG-3 Mainland Airlines Traffic 18% Higher than 2019!</a></li><li><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher</a></li><li><a href="https://www.smartkarma.com/insights/desane-group-holdings-ltd-dgh-development-pipeline-beginning-to-take-shape?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Desane Group Holdings Ltd (DGH) - Development Pipeline Beginning to Take Shape</a></li><li><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-more-positive-data-secured?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Clarity Pharmaceuticals (CU6) - More Positive Data SECuREd</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/morning-views-asia-china-vanke-nickel-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Morning Views Asia: China Vanke , Nickel Industries </a></h3><p></p><p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href="#lucror-entity-26076">China Vanke </a></li><li><a href="#lucror-entity-30639">Nickel Industries </a></li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. China BIG-3 Mainland Airlines Traffic 18% Higher than 2019! </a></h3><p></p><ul>
<li>In aggregate, traffic among the Big-3 Chinese airlines was up 67% YoY in February and +18% vs 2019. Incontestable proof that China has regained its air travel mojo. </li>
<li>Published March schedules show total implied capacity is 31% higher YoY and 9% higher than 2019 levels. This is driven by domestic travel, international remains depressed. </li>
<li>Driven by domestic travel, international remains depressed. POSITIVE for China Eastern and other North Asian carriers that provide the missing North America link. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/979/original/image_52331875141710676400058.png?1710676399"/> <ul>
<li>The main driver of asset prices looks set to stall, albeit temporarily. Global Liquidity is at a new all-time peak, but it is flat-lining</li>
<li>Global Liquidity compromised by a stumbling US Fed as it copes with the errant RRP and TGA, and by an erratic People's Bank of China. Q2 could prove tricky</li>
<li>Look to diversify elsewhere. Commodity markets are on the move. But strong economies do not always have strong financial markets</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/desane-group-holdings-ltd-dgh-development-pipeline-beginning-to-take-shape?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Desane Group Holdings Ltd (DGH) - Development Pipeline Beginning to Take Shape </a></h3><p></p><ul><li>DGH reported a solid 1H24 result, generating operating EBIT of $0.2m before a $3.4m valuation uplift on its Penrith development site which resulted in a statutory NPAT of $2.2m.</li><li>NTA/sh increased to $1.64, equating to a current trading discount of 43% based DGH’s last price of 94c.</li><li>We believe there is value in the stock, emphasised by its steep trading discount as well as: A pipeline of development projects on the balance sheet, several of which are likely to commence in FY25.</li></ul><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-more-positive-data-secured?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Clarity Pharmaceuticals (CU6) - More Positive Data SECuREd </a></h3><p></p><ul><li>Clarity have announced further positive data from their ongoing Phase I/IIa theranostic trial in mCRPC with 64Cu-/67Cu-SAR-bisPSMA.</li><li>Dosing of the therapeutic agent (67Cu) at the highest dose of 12GBq has now been completed with no dose-limiting toxicities in Cohort 3 (n=6) allowing Clarity to progress straight into Cohort 4 with a multi-dose of 12+12GBq (2 cycles).</li><li>The impressive initial responses following a single dose of the Tx agent have continued, in this case in high pre-treated patients (5.5 median lines of prior therapy) with impressive PSA declines (27% of patients >80% decline post a single dose). </li></ul><p><em>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.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/morning-views-asia-china-vanke-nickel-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Morning Views Asia: China Vanke , Nickel Industries</a></li><li><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">China BIG-3 Mainland Airlines Traffic 18% Higher than 2019!</a></li><li><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher</a></li><li><a href="https://www.smartkarma.com/insights/desane-group-holdings-ltd-dgh-development-pipeline-beginning-to-take-shape?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Desane Group Holdings Ltd (DGH) - Development Pipeline Beginning to Take Shape</a></li><li><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-more-positive-data-secured?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Clarity Pharmaceuticals (CU6) - More Positive Data SECuREd</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/morning-views-asia-china-vanke-nickel-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Morning Views Asia: China Vanke , Nickel Industries </a></h3><p></p><p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href="#lucror-entity-26076">China Vanke </a></li><li><a href="#lucror-entity-30639">Nickel Industries </a></li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. China BIG-3 Mainland Airlines Traffic 18% Higher than 2019! </a></h3><p></p><ul>
<li>In aggregate, traffic among the Big-3 Chinese airlines was up 67% YoY in February and +18% vs 2019. Incontestable proof that China has regained its air travel mojo. </li>
<li>Published March schedules show total implied capacity is 31% higher YoY and 9% higher than 2019 levels. This is driven by domestic travel, international remains depressed. </li>
<li>Driven by domestic travel, international remains depressed. POSITIVE for China Eastern and other North Asian carriers that provide the missing North America link. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/979/original/image_52331875141710676400058.png?1710676399"/> <ul>
<li>The main driver of asset prices looks set to stall, albeit temporarily. Global Liquidity is at a new all-time peak, but it is flat-lining</li>
<li>Global Liquidity compromised by a stumbling US Fed as it copes with the errant RRP and TGA, and by an erratic People's Bank of China. Q2 could prove tricky</li>
<li>Look to diversify elsewhere. Commodity markets are on the move. But strong economies do not always have strong financial markets</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/desane-group-holdings-ltd-dgh-development-pipeline-beginning-to-take-shape?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Desane Group Holdings Ltd (DGH) - Development Pipeline Beginning to Take Shape </a></h3><p></p><ul><li>DGH reported a solid 1H24 result, generating operating EBIT of $0.2m before a $3.4m valuation uplift on its Penrith development site which resulted in a statutory NPAT of $2.2m.</li><li>NTA/sh increased to $1.64, equating to a current trading discount of 43% based DGH’s last price of 94c.</li><li>We believe there is value in the stock, emphasised by its steep trading discount as well as: A pipeline of development projects on the balance sheet, several of which are likely to commence in FY25.</li></ul><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-more-positive-data-secured?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Clarity Pharmaceuticals (CU6) - More Positive Data SECuREd </a></h3><p></p><ul><li>Clarity have announced further positive data from their ongoing Phase I/IIa theranostic trial in mCRPC with 64Cu-/67Cu-SAR-bisPSMA.</li><li>Dosing of the therapeutic agent (67Cu) at the highest dose of 12GBq has now been completed with no dose-limiting toxicities in Cohort 3 (n=6) allowing Clarity to progress straight into Cohort 4 with a multi-dose of 12+12GBq (2 cycles).</li><li>The impressive initial responses following a single dose of the Tx agent have continued, in this case in high pre-treated patients (5.5 median lines of prior therapy) with impressive PSA declines (27% of patients >80% decline post a single dose). </li></ul><p><em>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.</em></p>2024-03-18T10:15:23+08:00[{"term": "Credit"}, {"term": "CHINA"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "1112@HK"}, {"term": "NIC@AU"}, {"term": "000002@CH"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "600009@CH"}, {"term": "600115@CH"}, {"term": "9201@JP"}, {"term": "2618@TT"}, {"term": "2610@TT"}, {"term": "003490@KS"}, {"term": "293@HK"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "ARGENTINA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "TUNISIA"}, {"term": "BERMUDA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "MEXICO"}, {"term": "EGYPT"}, {"term": "CHILE"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "GBTC@US"}, {"term": "MXWO@LN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "DGH@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "CU6@AU"}, {"term": "000002@CH", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "293@HK", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MXWO@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DGH@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CU6@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/fe648879-5ff5-3147-a838-bc5c44d038cdBrief Australia: Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 and more2024-03-28T08:18:26.791576+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0</a></li><li><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-8th-anz-bhp-idp-education-woodside-energy-macquarie-csl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ASX Short Interest Weekly (Mar 8th): ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL</a></li><li><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Rotating EM Flows: From Japan to Emerging Asia</a></li><li><a href="https://www.smartkarma.com/insights/qantm-weighs-rouse-s-and-adamantem-s-proposals?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Qantm Weighs Rouse's And Adamantem's Proposals</a></li><li><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">The Usual & Unusual Details in the Latest CPI Release</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/550/original/image_55106221051710473271929.png?1710473272"/> <ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-8th-anz-bhp-idp-education-woodside-energy-macquarie-csl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. ASX Short Interest Weekly (Mar 8th): ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/485/original/image_71806982451710424393920.png?1710424394"/> <ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 8th (reported today) which has an aggregated short interest worth USD19.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL, Aristocrat Leisu.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Rotating EM Flows: From Japan to Emerging Asia </a></h3><p></p><ul><li>Welcome to the Emerging Market Series, this week covering the rotating capital flows away from Japan and its significance for China and Emerging AsiaWatch a condensed version of the key findings from this article on video.</li><li><span style="font-weight: 400;">Recovering from the ‘lost decades’ Japanese equities have been out of favor and continuously underperforming global benchmarks. </span></li><li><span style="font-weight: 400;">For 2023 however, the Nikkei 225 actually outperformed the S&P 500, returning 28% vs. 24% respectively, and the euphoria around Japan returning to normalcy in terms of structural inflation, growth and its feasibility as an investment has continued into 2024 (Nikkei vs. SPX ≈ 15% vs. 8.5%). </span></li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/qantm-weighs-rouse-s-and-adamantem-s-proposals?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Qantm Weighs Rouse's And Adamantem's Proposals </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/394/original/image_69363664541710376784976.png?1710376785"/> <ul>
<li>On the 27th Feb, <strong><a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a></strong> announced a NBIO from UK-based <strong>Rouse International</strong>; but opted not to disclose price, DD, or even if this was a cash/scrip Offer.</li>
<li>Then on the 12th March, Qantm announced a NBIO from <strong>Adamantem Capital</strong>, by way of a Scheme, of $1.817/share in cash or with a scrip election of up to 50%</li>
<li>Qantm secured a trading halt yesterday morning, presumably to flesh out the best Offer for shareholders. Will <strong><a data-smartkarma-citation="entities:2495:1" href="https://www.smartkarma.com/entities/iph-ltd" rel="noopener" target="_blank">IPH Ltd (IPH AU)</a></strong> throw its hat into the ring, again?</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. The Usual & Unusual Details in the Latest CPI Release </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/309/original/image_1441544021710334318324.png?1710334318"/> <ul>
<li>The February CPI release, while less of a surprise compared to the January print, was directionally favorable</li>
<li>My proprietary CPI indicators on inflation momentum and the most persistent inflation cluster offer additional clues </li>
<li>Although market-based expectations compressed further, the near-distant odds of potential Fed action remain fluid and unsettled </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0</a></li><li><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-8th-anz-bhp-idp-education-woodside-energy-macquarie-csl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ASX Short Interest Weekly (Mar 8th): ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL</a></li><li><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Rotating EM Flows: From Japan to Emerging Asia</a></li><li><a href="https://www.smartkarma.com/insights/qantm-weighs-rouse-s-and-adamantem-s-proposals?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Qantm Weighs Rouse's And Adamantem's Proposals</a></li><li><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">The Usual & Unusual Details in the Latest CPI Release</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/550/original/image_55106221051710473271929.png?1710473272"/> <ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-8th-anz-bhp-idp-education-woodside-energy-macquarie-csl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. ASX Short Interest Weekly (Mar 8th): ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/485/original/image_71806982451710424393920.png?1710424394"/> <ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 8th (reported today) which has an aggregated short interest worth USD19.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL, Aristocrat Leisu.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Rotating EM Flows: From Japan to Emerging Asia </a></h3><p></p><ul><li>Welcome to the Emerging Market Series, this week covering the rotating capital flows away from Japan and its significance for China and Emerging AsiaWatch a condensed version of the key findings from this article on video.</li><li><span style="font-weight: 400;">Recovering from the ‘lost decades’ Japanese equities have been out of favor and continuously underperforming global benchmarks. </span></li><li><span style="font-weight: 400;">For 2023 however, the Nikkei 225 actually outperformed the S&P 500, returning 28% vs. 24% respectively, and the euphoria around Japan returning to normalcy in terms of structural inflation, growth and its feasibility as an investment has continued into 2024 (Nikkei vs. SPX ≈ 15% vs. 8.5%). </span></li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/qantm-weighs-rouse-s-and-adamantem-s-proposals?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Qantm Weighs Rouse's And Adamantem's Proposals </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/394/original/image_69363664541710376784976.png?1710376785"/> <ul>
<li>On the 27th Feb, <strong><a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a></strong> announced a NBIO from UK-based <strong>Rouse International</strong>; but opted not to disclose price, DD, or even if this was a cash/scrip Offer.</li>
<li>Then on the 12th March, Qantm announced a NBIO from <strong>Adamantem Capital</strong>, by way of a Scheme, of $1.817/share in cash or with a scrip election of up to 50%</li>
<li>Qantm secured a trading halt yesterday morning, presumably to flesh out the best Offer for shareholders. Will <strong><a data-smartkarma-citation="entities:2495:1" href="https://www.smartkarma.com/entities/iph-ltd" rel="noopener" target="_blank">IPH Ltd (IPH AU)</a></strong> throw its hat into the ring, again?</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. The Usual & Unusual Details in the Latest CPI Release </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/309/original/image_1441544021710334318324.png?1710334318"/> <ul>
<li>The February CPI release, while less of a surprise compared to the January print, was directionally favorable</li>
<li>My proprietary CPI indicators on inflation momentum and the most persistent inflation cluster offer additional clues </li>
<li>Although market-based expectations compressed further, the near-distant odds of potential Fed action remain fluid and unsettled </li>
</ul>2024-03-15T11:49:41+08:00[{"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "EMXC@US"}, {"term": "SX5E@INDEX"}, {"term": "USD@CURNCY"}, {"term": "SPX@INDEX"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "HLS@AU"}, {"term": "MGH@AU"}, {"term": "WBC@AU"}, {"term": "MAD@AU"}, {"term": "LTR@AU"}, {"term": "SGM@AU"}, {"term": "JDO@AU"}, {"term": "WDS@AU"}, {"term": "ANZ@AU"}, {"term": "PLS@AU"}, {"term": "MQG@AU"}, {"term": "WBT@AU"}, {"term": "BHP@AU"}, {"term": "CSL@AU"}, {"term": "LIC@AU"}, {"term": "IEL@AU"}, {"term": "BLD@AU"}, {"term": "IRE@AU"}, {"term": "CBA@AU"}, {"term": "RIO@AU"}, {"term": "TPG@AU"}, {"term": "FLT@AU"}, {"term": "IMU@AU"}, {"term": "BOQ@AU"}, {"term": "ALL@AU"}, {"term": "Macroeconomics"}, {"term": "KOREA"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI@INDEX"}, {"term": "SPX@INDEX"}, {"term": "SPY@US"}, {"term": "NKY@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "QIP@AU"}, {"term": "XIP@AU"}, {"term": "IPH@AU"}, {"term": "Macroeconomics"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SPX@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALL@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NKY@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IPH@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/6ba0b14b-4402-35d5-884e-b639ebb8ebe7Brief Australia: The Sun Is the Same, in a Relative Way, but Vol Is Lower and more2024-03-28T08:18:26.781926+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">The Sun Is the Same, in a Relative Way, but Vol Is Lower</a></li><li><a href="https://www.smartkarma.com/insights/volpara-health-vht-au-scheme-vote-on-12-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Volpara Health (VHT AU): Scheme Vote on 12 April</a></li><li><a href="https://www.smartkarma.com/insights/qv-equities-qve-au-backs-wam-leaders-cash-scrip-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">QV Equities (QVE AU) Backs WAM Leaders' Cash/Scrip Offer</a></li><li><a href="https://www.smartkarma.com/insights/volpara-health-vht-au-12th-april-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Volpara Health (VHT AU): 12th April Shareholder Vote</a></li><li><a href="https://www.smartkarma.com/insights/metarock-group-limited-turnaround-ongoing-and-outlook-encouraging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Metarock Group Limited - Turnaround ongoing and outlook encouraging</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. The Sun Is the Same, in a Relative Way, but Vol Is Lower </a></h3><p></p><ul><li>Powell's testimony to Congress and the non farm payrolls report suggest global central bank easing may occur in the second half of the year</li><li>Labor market showing signs of moderating, leading to declining yields and high policy uncertainty</li><li>Options markets imply a wide range of scenarios, indicating high policy uncertainty and declining volatility trend</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/volpara-health-vht-au-scheme-vote-on-12-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Volpara Health (VHT AU): Scheme Vote on 12 April </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/258/original/Vote%202.png?1710315439"/> <ul>
<li>The <a data-smartkarma-citation="entities:26129:1" href="https://www.smartkarma.com/entities/volpara-health-technologies" rel="noopener" target="_blank">Volpara Health Technologies (VHT AU)</a> IE considers <a data-smartkarma-citation="entities:36033:1" href="https://www.smartkarma.com/entities/lunit-inc" rel="noopener" target="_blank">Lunit (328130 KS)</a>'s A$1.15 offer fair and reasonable as it is above its A$0.67-0.82 per share valuation range. </li>
<li>NZ OIO approval has been received. The scheme is conditional on shareholders' approval by more than 75% of votes cast and more than 50% of shareholders.</li>
<li>The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross/annualised spread was 2.2%/13.0%.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/qv-equities-qve-au-backs-wam-leaders-cash-scrip-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. QV Equities (QVE AU) Backs WAM Leaders' Cash/Scrip Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/189/original/image_74481506521710298973844.png?1710298973"/> <ul>
<li>Back on the 31 Jan, <strong><a data-smartkarma-citation="entities:24274:1" href="https://www.smartkarma.com/entities/wam-leaders-ltd" rel="noopener" target="_blank">WAM Leaders Ltd (WLE AU)</a></strong>, said it intended to make an off-market Offer after <strong><a data-smartkarma-citation="entities:24284:1" href="https://www.smartkarma.com/entities/qv-equities-ltd" rel="noopener" target="_blank">QV Equities Ltd (QVE AU)</a></strong> rejected its all-scrip NBIO.</li>
<li>WAM and QVE have now <a href="https://announcements.asx.com.au/asxpdf/20240312/pdf/061d3zrgqkf867.pdf" rel="noopener" target="_blank">entered into a Scheme</a>. The <em>current</em> scrip terms are 0.7609 new WAM shares per QVE share; OR A$1.02/share cash. Terms will be adjusted ...</li>
<li>... in accordance with the most recently released NTA/shares of WAM and QVE. QVE shareholders are also expected to receive the quarterly dividend of A$0.013/share. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/volpara-health-vht-au-12th-april-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Volpara Health (VHT AU): 12th April Shareholder Vote </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/166/original/image_16962947041710294425245.png?1710294425"/> <ul>
<li>On the 14 December, <strong><a data-smartkarma-citation="entities:26129:1" href="https://www.smartkarma.com/entities/volpara-health-technologies" rel="noopener" target="_blank">Volpara Health (VHT AU)</a></strong>, which makes software enabling the early detection of breast cancer, <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02753743-2A1494345" rel="noopener" target="_blank">announced</a> an Offer by way of a Scheme with <strong><a data-smartkarma-citation="entities:36033:1" href="https://www.smartkarma.com/entities/lunit-inc" rel="noopener" target="_blank">Lunit (328130 KS)</a></strong>
</li>
<li>NZ's OIO approval was <a href="https://announcements.asx.com.au/asxpdf/20240131/pdf/05zxc9ystlshr7.pdf" rel="noopener" target="_blank">satisfied</a> on the 31 January. The Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th April.</li>
<li>Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. The IE says terms are fair.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/metarock-group-limited-turnaround-ongoing-and-outlook-encouraging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Metarock Group Limited - Turnaround ongoing and outlook encouraging </a></h3><p></p><ul><li>Metarock Group Ltd (ASX:MYE) is a specialist underground mining contractor across both metallurgical coal and metalliferous hard rock mining, working with most tier-1 operators in the respective spaces.</li><li>Following a difficult 18 months dealing with legacy contracts that required an equity injection, asset sales and ATO payment plan, MYE appears to be coming out the other side, posting an adjusted $49.1m EBITDA over the 12 months to December 31, and reducing net debt to $62.8m which includes $30m of invoice financing.</li><li>Applying H1 FY24 annualised depreciation and interest charges we calculate EBITA of $22.8m for the last 12 months, implying CY23 EV/EBITA of ~4.9x.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">The Sun Is the Same, in a Relative Way, but Vol Is Lower</a></li><li><a href="https://www.smartkarma.com/insights/volpara-health-vht-au-scheme-vote-on-12-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Volpara Health (VHT AU): Scheme Vote on 12 April</a></li><li><a href="https://www.smartkarma.com/insights/qv-equities-qve-au-backs-wam-leaders-cash-scrip-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">QV Equities (QVE AU) Backs WAM Leaders' Cash/Scrip Offer</a></li><li><a href="https://www.smartkarma.com/insights/volpara-health-vht-au-12th-april-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Volpara Health (VHT AU): 12th April Shareholder Vote</a></li><li><a href="https://www.smartkarma.com/insights/metarock-group-limited-turnaround-ongoing-and-outlook-encouraging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Metarock Group Limited - Turnaround ongoing and outlook encouraging</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. The Sun Is the Same, in a Relative Way, but Vol Is Lower </a></h3><p></p><ul><li>Powell's testimony to Congress and the non farm payrolls report suggest global central bank easing may occur in the second half of the year</li><li>Labor market showing signs of moderating, leading to declining yields and high policy uncertainty</li><li>Options markets imply a wide range of scenarios, indicating high policy uncertainty and declining volatility trend</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/volpara-health-vht-au-scheme-vote-on-12-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Volpara Health (VHT AU): Scheme Vote on 12 April </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/258/original/Vote%202.png?1710315439"/> <ul>
<li>The <a data-smartkarma-citation="entities:26129:1" href="https://www.smartkarma.com/entities/volpara-health-technologies" rel="noopener" target="_blank">Volpara Health Technologies (VHT AU)</a> IE considers <a data-smartkarma-citation="entities:36033:1" href="https://www.smartkarma.com/entities/lunit-inc" rel="noopener" target="_blank">Lunit (328130 KS)</a>'s A$1.15 offer fair and reasonable as it is above its A$0.67-0.82 per share valuation range. </li>
<li>NZ OIO approval has been received. The scheme is conditional on shareholders' approval by more than 75% of votes cast and more than 50% of shareholders.</li>
<li>The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross/annualised spread was 2.2%/13.0%.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/qv-equities-qve-au-backs-wam-leaders-cash-scrip-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. QV Equities (QVE AU) Backs WAM Leaders' Cash/Scrip Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/189/original/image_74481506521710298973844.png?1710298973"/> <ul>
<li>Back on the 31 Jan, <strong><a data-smartkarma-citation="entities:24274:1" href="https://www.smartkarma.com/entities/wam-leaders-ltd" rel="noopener" target="_blank">WAM Leaders Ltd (WLE AU)</a></strong>, said it intended to make an off-market Offer after <strong><a data-smartkarma-citation="entities:24284:1" href="https://www.smartkarma.com/entities/qv-equities-ltd" rel="noopener" target="_blank">QV Equities Ltd (QVE AU)</a></strong> rejected its all-scrip NBIO.</li>
<li>WAM and QVE have now <a href="https://announcements.asx.com.au/asxpdf/20240312/pdf/061d3zrgqkf867.pdf" rel="noopener" target="_blank">entered into a Scheme</a>. The <em>current</em> scrip terms are 0.7609 new WAM shares per QVE share; OR A$1.02/share cash. Terms will be adjusted ...</li>
<li>... in accordance with the most recently released NTA/shares of WAM and QVE. QVE shareholders are also expected to receive the quarterly dividend of A$0.013/share. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/volpara-health-vht-au-12th-april-shareholder-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Volpara Health (VHT AU): 12th April Shareholder Vote </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/166/original/image_16962947041710294425245.png?1710294425"/> <ul>
<li>On the 14 December, <strong><a data-smartkarma-citation="entities:26129:1" href="https://www.smartkarma.com/entities/volpara-health-technologies" rel="noopener" target="_blank">Volpara Health (VHT AU)</a></strong>, which makes software enabling the early detection of breast cancer, <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02753743-2A1494345" rel="noopener" target="_blank">announced</a> an Offer by way of a Scheme with <strong><a data-smartkarma-citation="entities:36033:1" href="https://www.smartkarma.com/entities/lunit-inc" rel="noopener" target="_blank">Lunit (328130 KS)</a></strong>
</li>
<li>NZ's OIO approval was <a href="https://announcements.asx.com.au/asxpdf/20240131/pdf/05zxc9ystlshr7.pdf" rel="noopener" target="_blank">satisfied</a> on the 31 January. The Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th April.</li>
<li>Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. The IE says terms are fair.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/metarock-group-limited-turnaround-ongoing-and-outlook-encouraging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Metarock Group Limited - Turnaround ongoing and outlook encouraging </a></h3><p></p><ul><li>Metarock Group Ltd (ASX:MYE) is a specialist underground mining contractor across both metallurgical coal and metalliferous hard rock mining, working with most tier-1 operators in the respective spaces.</li><li>Following a difficult 18 months dealing with legacy contracts that required an equity injection, asset sales and ATO payment plan, MYE appears to be coming out the other side, posting an adjusted $49.1m EBITDA over the 12 months to December 31, and reducing net debt to $62.8m which includes $30m of invoice financing.</li><li>Applying H1 FY24 annualised depreciation and interest charges we calculate EBITA of $22.8m for the last 12 months, implying CY23 EV/EBITA of ~4.9x.</li></ul>2024-03-13T16:57:55+08:00[{"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "KOREA"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "JAPAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "ARGENTINA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "TLH@US"}, {"term": "TLT@US"}, {"term": "TU1@COMDTY"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "VHT@AU"}, {"term": "ICAD@US"}, {"term": "RDNT@US"}, {"term": "HOLX@US"}, {"term": "328130@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "QVE@AU"}, {"term": "WMI@AU"}, {"term": "WAX@AU"}, {"term": "WAM@AU"}, {"term": "WGB@AU"}, {"term": "WAA@AU"}, {"term": "WLE@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "VHT@AU"}, {"term": "8015@JP"}, {"term": "328130@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "MYE@AU"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "328130@KS", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WLE@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "328130@KS", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MYE@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/368a1695-c51a-35ec-b20f-91d44f3f5a57Brief Australia: QV Equities (QVE AU): WAM Leaders (WLE AU)’s Binding Scheme Proposal and more2024-03-28T08:18:26.769743+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/qv-equities-qve-au-wam-leaders-wle-au-s-binding-scheme-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">QV Equities (QVE AU): WAM Leaders (WLE AU)’s Binding Scheme Proposal</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Semiconductor 2023 Key Indicators In Review, 2024 Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/alumina-awc-au-alcoa-s-binding-proposal-aided-by-alcoa-s-re-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Alumina (AWC AU): Alcoa’s Binding Proposal Aided by Alcoa’s Re-Rating</a></li><li><a href="https://www.smartkarma.com/insights/alumina-alcoa-binding-agreement-on-the-same-terms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Alumina/Alcoa: Binding Agreement On The Same Terms</a></li><li><a href="https://www.smartkarma.com/insights/carly-holdings-limited-growth-accelerating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Carly Holdings Limited - Growth Accelerating</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/qv-equities-qve-au-wam-leaders-wle-au-s-binding-scheme-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. QV Equities (QVE AU): WAM Leaders (WLE AU)’s Binding Scheme Proposal </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/108/original/SID%201.png?1710263289"/> <ul>
<li>
<a data-smartkarma-citation="entities:24284:1" href="https://www.smartkarma.com/entities/qv-equities-ltd" rel="noopener" target="_blank">QV Equities Ltd (QVE AU)</a> has disclosed a binding scheme proposal from <a data-smartkarma-citation="entities:24274:1" href="https://www.smartkarma.com/entities/wam-leaders-ltd" rel="noopener" target="_blank">WAM Leaders Ltd (WLE AU)</a> consisting of a cash and scrip consideration pegged to pre-tax NTA per share.</li>
<li>The indicative value of the cash proposal is A$1.02, and the scrip is A$1.058 (0.7609 WLE shares per QVE share). Shareholders are entitled to an A$0.013 March quarter dividend. </li>
<li>The offer is attractive, and the shareholder structure facilitates the vote. At the last close, the gross spread of the scrip + dividend offer is 8.1%.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Semiconductor 2023 Key Indicators In Review, 2024 Forecasts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/041/original/image?1710233599"/> <ul>
<li>Forecasting PC & Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"</li>
<li>Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers</li>
<li>Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/alumina-awc-au-alcoa-s-binding-proposal-aided-by-alcoa-s-re-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Alumina (AWC AU): Alcoa’s Binding Proposal Aided by Alcoa’s Re-Rating </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/030/original/image?1710229839"/> <ul>
<li>
<a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a> has entered a scheme implementation deed with <a data-smartkarma-citation="entities:6510:1" href="https://www.smartkarma.com/entities/alcoa-corp" rel="noopener" target="_blank">Alcoa (AA US)</a> at 0.02854 Alcoa shares per Alumina share. The scheme meeting is targeted for 3Q.</li>
<li>While the offer is not a knockout bid, the 15% increase in Alcoa shares lowers the headcount risk from retail opposition and lowers the bump potential. </li>
<li>Regulatory approvals are a formality, and <a data-smartkarma-citation="entities:4408:1" href="https://www.smartkarma.com/entities/citic-resources-holdings-limited" rel="noopener" target="_blank">Citic Resources Holdings (1205 HK)</a> lack of support reflects HKEx listing requirements. At the last close, the gross spread was 3.4%.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alumina-alcoa-binding-agreement-on-the-same-terms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Alumina/Alcoa: Binding Agreement On The Same Terms </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/959/original/image_63980033031710203389434.png?1710203390"/> <ul>
<li>On the 26 February, via an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02776932-3A637267" rel="noopener" target="_blank">NBIO</a>, <strong><a data-smartkarma-citation="entities:6510:1" href="https://www.smartkarma.com/entities/alcoa-corp" rel="noopener" target="_blank">Alcoa (AA US)</a></strong> offered 0.02854 of its own shares for each <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a></strong> share, a 13% premium to last close.</li>
<li>Alcoa/Alumina control 60%/40% of the AWAC JV, an owner and operator of global bauxite mines and alumina refineries. Both companies have now entered into a Scheme on the same terms. </li>
<li>Alcoa holds 19.9% in AWC after reaching an agreement with Allan Gray Australia. The key risks to the deal are FIRB approval and how CITIC, holding 18.9%, will respond.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/carly-holdings-limited-growth-accelerating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Carly Holdings Limited - Growth Accelerating </a></h3><p></p><ul><li>Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019, leveraging existing operations, strategic relationships and technology.</li><li>Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.</li><li>Continued fleet growth in the December half year drove strong subscription growth which accelerated further in January 2024 with a 12% increase in subscribers from December. </li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/qv-equities-qve-au-wam-leaders-wle-au-s-binding-scheme-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">QV Equities (QVE AU): WAM Leaders (WLE AU)’s Binding Scheme Proposal</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Semiconductor 2023 Key Indicators In Review, 2024 Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/alumina-awc-au-alcoa-s-binding-proposal-aided-by-alcoa-s-re-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Alumina (AWC AU): Alcoa’s Binding Proposal Aided by Alcoa’s Re-Rating</a></li><li><a href="https://www.smartkarma.com/insights/alumina-alcoa-binding-agreement-on-the-same-terms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Alumina/Alcoa: Binding Agreement On The Same Terms</a></li><li><a href="https://www.smartkarma.com/insights/carly-holdings-limited-growth-accelerating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Carly Holdings Limited - Growth Accelerating</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/qv-equities-qve-au-wam-leaders-wle-au-s-binding-scheme-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. QV Equities (QVE AU): WAM Leaders (WLE AU)’s Binding Scheme Proposal </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/108/original/SID%201.png?1710263289"/> <ul>
<li>
<a data-smartkarma-citation="entities:24284:1" href="https://www.smartkarma.com/entities/qv-equities-ltd" rel="noopener" target="_blank">QV Equities Ltd (QVE AU)</a> has disclosed a binding scheme proposal from <a data-smartkarma-citation="entities:24274:1" href="https://www.smartkarma.com/entities/wam-leaders-ltd" rel="noopener" target="_blank">WAM Leaders Ltd (WLE AU)</a> consisting of a cash and scrip consideration pegged to pre-tax NTA per share.</li>
<li>The indicative value of the cash proposal is A$1.02, and the scrip is A$1.058 (0.7609 WLE shares per QVE share). Shareholders are entitled to an A$0.013 March quarter dividend. </li>
<li>The offer is attractive, and the shareholder structure facilitates the vote. At the last close, the gross spread of the scrip + dividend offer is 8.1%.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Semiconductor 2023 Key Indicators In Review, 2024 Forecasts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/041/original/image?1710233599"/> <ul>
<li>Forecasting PC & Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"</li>
<li>Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers</li>
<li>Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/alumina-awc-au-alcoa-s-binding-proposal-aided-by-alcoa-s-re-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Alumina (AWC AU): Alcoa’s Binding Proposal Aided by Alcoa’s Re-Rating </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/030/original/image?1710229839"/> <ul>
<li>
<a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a> has entered a scheme implementation deed with <a data-smartkarma-citation="entities:6510:1" href="https://www.smartkarma.com/entities/alcoa-corp" rel="noopener" target="_blank">Alcoa (AA US)</a> at 0.02854 Alcoa shares per Alumina share. The scheme meeting is targeted for 3Q.</li>
<li>While the offer is not a knockout bid, the 15% increase in Alcoa shares lowers the headcount risk from retail opposition and lowers the bump potential. </li>
<li>Regulatory approvals are a formality, and <a data-smartkarma-citation="entities:4408:1" href="https://www.smartkarma.com/entities/citic-resources-holdings-limited" rel="noopener" target="_blank">Citic Resources Holdings (1205 HK)</a> lack of support reflects HKEx listing requirements. At the last close, the gross spread was 3.4%.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alumina-alcoa-binding-agreement-on-the-same-terms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Alumina/Alcoa: Binding Agreement On The Same Terms </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/959/original/image_63980033031710203389434.png?1710203390"/> <ul>
<li>On the 26 February, via an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02776932-3A637267" rel="noopener" target="_blank">NBIO</a>, <strong><a data-smartkarma-citation="entities:6510:1" href="https://www.smartkarma.com/entities/alcoa-corp" rel="noopener" target="_blank">Alcoa (AA US)</a></strong> offered 0.02854 of its own shares for each <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a></strong> share, a 13% premium to last close.</li>
<li>Alcoa/Alumina control 60%/40% of the AWAC JV, an owner and operator of global bauxite mines and alumina refineries. Both companies have now entered into a Scheme on the same terms. </li>
<li>Alcoa holds 19.9% in AWC after reaching an agreement with Allan Gray Australia. The key risks to the deal are FIRB approval and how CITIC, holding 18.9%, will respond.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/carly-holdings-limited-growth-accelerating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Carly Holdings Limited - Growth Accelerating </a></h3><p></p><ul><li>Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019, leveraging existing operations, strategic relationships and technology.</li><li>Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.</li><li>Continued fleet growth in the December half year drove strong subscription growth which accelerated further in January 2024 with a 12% increase in subscribers from December. </li></ul>2024-03-13T01:32:37+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "QVE@AU"}, {"term": "WLE@AU"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "BERMUDA"}, {"term": "MEXICO"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2330@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "MU@US"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "AWC@AU"}, {"term": "NHY@NO"}, {"term": "CENX@US"}, {"term": "1205@HK"}, {"term": "AA@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "AWC@AU"}, {"term": "1205@HK"}, {"term": "AA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "CL8@AU"}, {"term": "WLE@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "INTC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CL8@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/7fac0251-93f7-3c3b-b93d-748956683712Brief Australia: Carly Holdings - Growth accelerating and more2024-03-28T08:18:26.756919+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/carly-holdings-growth-accelerating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Carly Holdings - Growth accelerating</a></li><li><a href="https://www.smartkarma.com/insights/qantm-ip-qip-au-adamantem-s-rumoured-non-binding-proposal-at-a-1-817?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Qantm IP (QIP AU): Adamantem’s Rumoured Non-Binding Proposal at A$1.817</a></li><li><a href="https://www.smartkarma.com/insights/pioneer-credit-limited-strengthening-profit-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Pioneer Credit Limited - Strengthening Profit Outlook</a></li><li><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/carly-holdings-growth-accelerating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Carly Holdings - Growth accelerating </a></h3><p></p><ul><li>Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019, leveraging existing operations, strategic relationships and technology.</li><li>Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.</li><li>Continued fleet growth in the December half year drove strong subscription growth which accelerated further in January 2024 with a 12% increase in subscribers from December.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/qantm-ip-qip-au-adamantem-s-rumoured-non-binding-proposal-at-a-1-817?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Qantm IP (QIP AU): Adamantem’s Rumoured Non-Binding Proposal at A$1.817 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/941/original/AFR%201.png?1710182735"/> <ul>
<li>The <a href="https://www.afr.com/street-talk/adamantem-takes-second-swing-at-qantm-ip-offer-pegged-at-58pc-premium-20240311-p5fbk1" rel="noopener" target="_blank">AFR reports</a> that Adamantem Capital had submitted a non-binding indicative offer for <a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a> at A$1.817 per share, a 30.7% premium to the last close. </li>
<li>In response to a <a href="https://www.afr.com/street-talk/qantm-intellectual-property-snares-bid-ma-moelis-on-scene-20240226-p5f7wp" rel="noopener" target="_blank">previous AFR article</a>, Qantm disclosed a non-binding indicative offer from Rouse but declined to reveal a price or the structure (cash or scrip). </li>
<li>AFR reports that other potential interested parties, such as Quadrant Private Equity and IPH, are also in the running. Adamantem’s attractive offer sets a high bar for other potential bidders. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/pioneer-credit-limited-strengthening-profit-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Pioneer Credit Limited - Strengthening Profit Outlook </a></h3><p></p><ul><li>Pioneer Credit Limited (ASX:PNC) is one of the leading acquirers and managers of impaired credit in Australia and has gained its status by maintaining positive customer engagement, an unblemished compliance record with ASIC, and strong relationships with Australia’s largest bank and non-bank lenders.</li><li>PNC purchases debt from numerous Australian vendor partners (18 different vendors in the past 12 months) with long-term partnership purchasing arrangements in place with Commonwealth Bank of Australia (ASX:CBA).</li><li>Pioneer’s success in purchasing large debt portfolios at attractive IRRs since October highlights the strong position the company occupies in the marketplace. </li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/886/original/Pic%201.png?1710147795"/> <ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter. </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History </a></h3><p></p><ul>
<li>Welcome to our flagship editorial! Is it the year 2021, 2007 or 1995?</li>
<li>These historical analogies are often used in sell-side reports, and we are going to jump the bandwagon with a few semi-fishy analogies today.</li>
<li>I do get some vibes that are reminiscent of melt-up years ahead of crisis years.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/carly-holdings-growth-accelerating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Carly Holdings - Growth accelerating</a></li><li><a href="https://www.smartkarma.com/insights/qantm-ip-qip-au-adamantem-s-rumoured-non-binding-proposal-at-a-1-817?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Qantm IP (QIP AU): Adamantem’s Rumoured Non-Binding Proposal at A$1.817</a></li><li><a href="https://www.smartkarma.com/insights/pioneer-credit-limited-strengthening-profit-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Pioneer Credit Limited - Strengthening Profit Outlook</a></li><li><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/carly-holdings-growth-accelerating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Carly Holdings - Growth accelerating </a></h3><p></p><ul><li>Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019, leveraging existing operations, strategic relationships and technology.</li><li>Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.</li><li>Continued fleet growth in the December half year drove strong subscription growth which accelerated further in January 2024 with a 12% increase in subscribers from December.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/qantm-ip-qip-au-adamantem-s-rumoured-non-binding-proposal-at-a-1-817?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Qantm IP (QIP AU): Adamantem’s Rumoured Non-Binding Proposal at A$1.817 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/941/original/AFR%201.png?1710182735"/> <ul>
<li>The <a href="https://www.afr.com/street-talk/adamantem-takes-second-swing-at-qantm-ip-offer-pegged-at-58pc-premium-20240311-p5fbk1" rel="noopener" target="_blank">AFR reports</a> that Adamantem Capital had submitted a non-binding indicative offer for <a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a> at A$1.817 per share, a 30.7% premium to the last close. </li>
<li>In response to a <a href="https://www.afr.com/street-talk/qantm-intellectual-property-snares-bid-ma-moelis-on-scene-20240226-p5f7wp" rel="noopener" target="_blank">previous AFR article</a>, Qantm disclosed a non-binding indicative offer from Rouse but declined to reveal a price or the structure (cash or scrip). </li>
<li>AFR reports that other potential interested parties, such as Quadrant Private Equity and IPH, are also in the running. Adamantem’s attractive offer sets a high bar for other potential bidders. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/pioneer-credit-limited-strengthening-profit-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Pioneer Credit Limited - Strengthening Profit Outlook </a></h3><p></p><ul><li>Pioneer Credit Limited (ASX:PNC) is one of the leading acquirers and managers of impaired credit in Australia and has gained its status by maintaining positive customer engagement, an unblemished compliance record with ASIC, and strong relationships with Australia’s largest bank and non-bank lenders.</li><li>PNC purchases debt from numerous Australian vendor partners (18 different vendors in the past 12 months) with long-term partnership purchasing arrangements in place with Commonwealth Bank of Australia (ASX:CBA).</li><li>Pioneer’s success in purchasing large debt portfolios at attractive IRRs since October highlights the strong position the company occupies in the marketplace. </li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/886/original/Pic%201.png?1710147795"/> <ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter. </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History </a></h3><p></p><ul>
<li>Welcome to our flagship editorial! Is it the year 2021, 2007 or 1995?</li>
<li>These historical analogies are often used in sell-side reports, and we are going to jump the bandwagon with a few semi-fishy analogies today.</li>
<li>I do get some vibes that are reminiscent of melt-up years ahead of crisis years.</li>
</ul>2024-03-12T07:00:08+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "CL8@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "QIP@AU"}, {"term": "KEYS@LN"}, {"term": "IPH@AU"}, {"term": "GTLY@LN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "PNC@AU"}, {"term": "Thematic (Sector/Industry)"}, {"term": "CHINA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "4507@JP"}, {"term": "137310@KS"}, {"term": "4151@JP"}, {"term": "CIPLA@IN"}, {"term": "EBO@AU"}, {"term": "MEGA@TB"}, {"term": "6960@JP"}, {"term": "BOOT@IN"}, {"term": "ZYDUSLIF@IN"}, {"term": "4887@JP"}, {"term": "SANL@IN"}, {"term": "4521@JP"}, {"term": "SUNP@IN"}, {"term": "9987@JP"}, {"term": "4551@JP"}, {"term": "096530@KS"}, {"term": "4547@JP"}, {"term": "SQUARE@BD"}, {"term": "3933@HK"}, {"term": "NTCPH@IN"}, {"term": "Macroeconomics"}, {"term": "SWEDEN"}, {"term": "GERMANY"}, {"term": "KOREA"}, {"term": "JAPAN"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "USDSEK@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "GT10@GOVT"}, {"term": "USD@CURNCY"}, {"term": "CL8@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GTLY@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PNC@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NTCPH@IN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/920ea495-0e2d-358b-8ede-4add7f314ee1Brief Australia: Pioneer Credit Ltd - Strengthening profit outlook and more2024-03-28T08:18:26.741481+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/pioneer-credit-ltd-strengthening-profit-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Pioneer Credit Ltd - Strengthening profit outlook</a></li><li><a href="https://www.smartkarma.com/insights/pro-medicus-ltd-pme-au-expanding-footprint-in-north-america-is-making-the-image-crystal-clear?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Pro Medicus Ltd (PME AU): Expanding Footprint in North America Is Making The Image Crystal Clear</a></li><li><a href="https://www.smartkarma.com/insights/clearview-wealth-limited-cvw-1h24-update-discount-to-embedded-value-and-growing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ClearView Wealth Limited (CVW) - 1H24 Update – Discount to Embedded Value and Growing</a></li><li><a href="https://www.smartkarma.com/insights/adacel-technologies-limited-ada-1h24-results-disappoint-but-its-all-about-fy25?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Adacel Technologies Limited (ADA) - 1H24 – Results Disappoint but Its All About FY25</a></li><li><a href="https://www.smartkarma.com/insights/gr-engineering-services-limited-gng-1h24-result-another-good-half?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">GR Engineering Services Limited (GNG) - 1H24 Result – Another Good Half</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/pioneer-credit-ltd-strengthening-profit-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Pioneer Credit Ltd - Strengthening profit outlook </a></h3><p></p><ul><li>Pioneer Credit Limited (ASX:PNC) is one of the leading acquirers and managers of impaired credit in Australia and has gained its status by maintaining positive customer engagement, an unblemished compliance record with ASIC, and strong relationships with Australia’s largest bank and non-bank lenders.</li><li>PNC purchases debt from numerous Australian vendor partners (18 different vendors in the past 12 months) with long-term partnership purchasing arrangements in place with Commonwealth Bank of Australia (ASX:CBA).</li><li>Pioneer’s success in purchasing large debt portfolios at attractive IRRs since October highlights the strong position the company occupies in the marketplace.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/pro-medicus-ltd-pme-au-expanding-footprint-in-north-america-is-making-the-image-crystal-clear?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Pro Medicus Ltd (PME AU): Expanding Footprint in North America Is Making The Image Crystal Clear </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/718/original/Pic%201.png?1710081610"/> <ul>
<li>
<a data-smartkarma-citation="entities:13516:1" href="https://www.smartkarma.com/entities/pro-medicus-ltd" rel="noopener" target="_blank">Pro Medicus Ltd (PME AU)</a> reported record high revenue and net profit in H1FY24. The result was largely driven by a 37% YoY increase in revenue from North America.</li>
<li>In H1FY24, PME won four key contracts. These contracts have a total contract value of A$200M (at committed minimum exam volumes) with contract terms ranging from 7 to 10 years.</li>
<li>PME believes H2FY24 will be stronger than H1FY24. Assuming key contracts up for renewal are renewed at same rate, PME sees forward revenue of >A$608M over the next five years. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/clearview-wealth-limited-cvw-1h24-update-discount-to-embedded-value-and-growing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. ClearView Wealth Limited (CVW) - 1H24 Update – Discount to Embedded Value and Growing </a></h3><p></p><ul><li>CVW’s share price relative to its embedded value per share has continued to widen, now trading at a 33% discount (EV/share at 9% discount rate of $0.88).</li><li>This is despite CVW: Gaining new business market share – now at 10.9% (up from 9.2%)</li><li>Growing gross premium income (revenue) 12.5%. Growing underlying net profit 37%</li></ul><p><em>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.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/adacel-technologies-limited-ada-1h24-results-disappoint-but-its-all-about-fy25?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Adacel Technologies Limited (ADA) - 1H24 – Results Disappoint but Its All About FY25 </a></h3><p></p><ul><li>We believe the recent sell off in ADA following its 1H24 results, presents an opportunity for investors.</li><li>Whilst we acknowledge the financial results for the period were below expectations, the strategic contract wins announced by ADA will be cash generative and enable dividends to recommence in FY25.</li><li>Recently signed multiple 5-year contracts, with high quality government or quasi-government entities</li></ul><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/gr-engineering-services-limited-gng-1h24-result-another-good-half?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. GR Engineering Services Limited (GNG) - 1H24 Result – Another Good Half </a></h3><p></p><ul><li>Clean energy mineral demand is underwritten by long-dated global changes that in many cases are non-discretionary due to regulatory changes and the desire to move towards a lower carbon energy future.</li><li>Given the expected duration of this cycle, and its potential to provide consistent profits / high labour utilisation, we believe the return on GNG at the current share price will prove to be attractive.</li><li>GNG is run by an experienced management team with a long-term track record for managing risk through the cycle. </li></ul><p><em>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.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/pioneer-credit-ltd-strengthening-profit-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Pioneer Credit Ltd - Strengthening profit outlook</a></li><li><a href="https://www.smartkarma.com/insights/pro-medicus-ltd-pme-au-expanding-footprint-in-north-america-is-making-the-image-crystal-clear?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Pro Medicus Ltd (PME AU): Expanding Footprint in North America Is Making The Image Crystal Clear</a></li><li><a href="https://www.smartkarma.com/insights/clearview-wealth-limited-cvw-1h24-update-discount-to-embedded-value-and-growing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ClearView Wealth Limited (CVW) - 1H24 Update – Discount to Embedded Value and Growing</a></li><li><a href="https://www.smartkarma.com/insights/adacel-technologies-limited-ada-1h24-results-disappoint-but-its-all-about-fy25?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Adacel Technologies Limited (ADA) - 1H24 – Results Disappoint but Its All About FY25</a></li><li><a href="https://www.smartkarma.com/insights/gr-engineering-services-limited-gng-1h24-result-another-good-half?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">GR Engineering Services Limited (GNG) - 1H24 Result – Another Good Half</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/pioneer-credit-ltd-strengthening-profit-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Pioneer Credit Ltd - Strengthening profit outlook </a></h3><p></p><ul><li>Pioneer Credit Limited (ASX:PNC) is one of the leading acquirers and managers of impaired credit in Australia and has gained its status by maintaining positive customer engagement, an unblemished compliance record with ASIC, and strong relationships with Australia’s largest bank and non-bank lenders.</li><li>PNC purchases debt from numerous Australian vendor partners (18 different vendors in the past 12 months) with long-term partnership purchasing arrangements in place with Commonwealth Bank of Australia (ASX:CBA).</li><li>Pioneer’s success in purchasing large debt portfolios at attractive IRRs since October highlights the strong position the company occupies in the marketplace.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/pro-medicus-ltd-pme-au-expanding-footprint-in-north-america-is-making-the-image-crystal-clear?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Pro Medicus Ltd (PME AU): Expanding Footprint in North America Is Making The Image Crystal Clear </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/718/original/Pic%201.png?1710081610"/> <ul>
<li>
<a data-smartkarma-citation="entities:13516:1" href="https://www.smartkarma.com/entities/pro-medicus-ltd" rel="noopener" target="_blank">Pro Medicus Ltd (PME AU)</a> reported record high revenue and net profit in H1FY24. The result was largely driven by a 37% YoY increase in revenue from North America.</li>
<li>In H1FY24, PME won four key contracts. These contracts have a total contract value of A$200M (at committed minimum exam volumes) with contract terms ranging from 7 to 10 years.</li>
<li>PME believes H2FY24 will be stronger than H1FY24. Assuming key contracts up for renewal are renewed at same rate, PME sees forward revenue of >A$608M over the next five years. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/clearview-wealth-limited-cvw-1h24-update-discount-to-embedded-value-and-growing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. ClearView Wealth Limited (CVW) - 1H24 Update – Discount to Embedded Value and Growing </a></h3><p></p><ul><li>CVW’s share price relative to its embedded value per share has continued to widen, now trading at a 33% discount (EV/share at 9% discount rate of $0.88).</li><li>This is despite CVW: Gaining new business market share – now at 10.9% (up from 9.2%)</li><li>Growing gross premium income (revenue) 12.5%. Growing underlying net profit 37%</li></ul><p><em>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.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/adacel-technologies-limited-ada-1h24-results-disappoint-but-its-all-about-fy25?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Adacel Technologies Limited (ADA) - 1H24 – Results Disappoint but Its All About FY25 </a></h3><p></p><ul><li>We believe the recent sell off in ADA following its 1H24 results, presents an opportunity for investors.</li><li>Whilst we acknowledge the financial results for the period were below expectations, the strategic contract wins announced by ADA will be cash generative and enable dividends to recommence in FY25.</li><li>Recently signed multiple 5-year contracts, with high quality government or quasi-government entities</li></ul><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/gr-engineering-services-limited-gng-1h24-result-another-good-half?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. GR Engineering Services Limited (GNG) - 1H24 Result – Another Good Half </a></h3><p></p><ul><li>Clean energy mineral demand is underwritten by long-dated global changes that in many cases are non-discretionary due to regulatory changes and the desire to move towards a lower carbon energy future.</li><li>Given the expected duration of this cycle, and its potential to provide consistent profits / high labour utilisation, we believe the return on GNG at the current share price will prove to be attractive.</li><li>GNG is run by an experienced management team with a long-term track record for managing risk through the cycle. </li></ul><p><em>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.</em></p>2024-03-11T08:08:16+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "PNC@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "PME@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "CVW@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "ADA@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "GNG@AU"}, {"term": "PNC@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PME@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CVW@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ADA@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GNG@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/8aabb2df-5aba-34c7-9363-109744abce7dBrief Australia: Clarity Pharmaceuticals (CU6) - Lesion Size: A New Potential Differentiator and more2024-03-28T08:18:26.728553+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-lesion-size-a-new-potential-differentiator?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Clarity Pharmaceuticals (CU6) - Lesion Size: A New Potential Differentiator</a></li><li><a href="https://www.smartkarma.com/insights/smart-parking-limited-wheeling-in-earnings-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Smart Parking Limited - Wheeling in Earnings Growth</a></li><li><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Silicon Wafers Area Shipments Decline 14.3% YoY in 2023</a></li><li><a href="https://www.smartkarma.com/insights/eureka-group-egh-au-aspen-s-offer-is-a-non-starter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Eureka Group (EGH AU): Aspen's Offer Is A Non-Starter</a></li><li><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-1st-commonw-bk-austr-rio-tinto-seven-group-hold-wesfarmers-igo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ASX Short Interest Weekly (Mar 1st): Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-lesion-size-a-new-potential-differentiator?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Clarity Pharmaceuticals (CU6) - Lesion Size: A New Potential Differentiator </a></h3><p></p><ul><li>Clarity have released further data from their Phase II COBRA trial evaluating their 64Cu-SAR- bisPSMA PET diagnostic agent in suspected biochemical recurrent (BCR) prostate cancer.</li><li>Recently reported data was met by the market with mixed reviews, and highlighted the challenge Clarity have ahead of them in proving out the potential of their Dx agent versus approved PET agents (as it looked too good to be true).</li><li>Given the strong sensitivity and specificity reported in their PROPELLER trial (vs other agents in primary staging) and the next-day imaging functionality (and overall logistical benefits), we remain positive on 64Cu-SAR-bisPSMA to offer distinct advantages to other agents. In terms of overall superiority, we of course need to wait to see this proven now in a Phase III registrational program – which is being planned as we write. </li></ul><p><em>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.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/smart-parking-limited-wheeling-in-earnings-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Smart Parking Limited - Wheeling in Earnings Growth </a></h3><p></p><ul><li>SPZ announced the acquisition of UK-based Local Parking Security (LPS) for $5.8m cash consideration.</li><li>The transaction represents a 4.1x trailing EBITDA multiple, relative to SPZ's pre-transaction multiple of 6x EBITDA.</li><li>The acquisition will be funded by its existing cash balance (1H24 $10m)</li></ul><p><em>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.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Silicon Wafers Area Shipments Decline 14.3% YoY in 2023 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/379/original/image?1709880467"/> <ul>
<li>Silicon wafers area shipments (in MSI) declined by 14.3% YoY in 2023</li>
<li>Wafer revenues also declined by 10.9% to $12.3 billion over the same period</li>
<li>We expect Q124 revenues to be down ~20% QoQ and anticipate a further 5% YoY decline in full year 2024 shipments</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eureka-group-egh-au-aspen-s-offer-is-a-non-starter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Eureka Group (EGH AU): Aspen's Offer Is A Non-Starter </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/347/original/image_68518055861709869777636.png?1709869778"/> <ul>
<li>On the 23 January, <strong><a data-smartkarma-citation="entities:20680:1" href="https://www.smartkarma.com/entities/aspen-group" rel="noopener" target="_blank">Aspen (APZ AU)</a></strong> improved its scrip terms to<a href="https://announcements.asx.com.au/asxpdf/20240123/pdf/05zngm8r3lkrrw.pdf" rel="noopener" target="_blank"> 0.26 Aspen</a> shares per <strong><a data-smartkarma-citation="entities:20321:1" href="https://www.smartkarma.com/entities/eureka-group-holdings-ltd" rel="noopener" target="_blank">Eureka (EGH AU)</a></strong> share, up from 0.225 Aspen shares on the<a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02648987-2A1440407" rel="noopener" target="_blank"> 2 March 2023</a>.</li>
<li>Two weeks later, Eureka said they still had not received a formal Offer. Aspen has now released its <a href="https://announcements.asx.com.au/asxpdf/20240308/pdf/06198jktm69v50.pdf" rel="noopener" target="_blank">Bidder's Statement</a>. Its Offer has a 50.1% acceptance condition.</li>
<li>Complicating the Offer was the recent disclosures from FDC Group that it held a 12.89% stake, preventing Aspen compulsory acquiring shares.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-1st-commonw-bk-austr-rio-tinto-seven-group-hold-wesfarmers-igo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. ASX Short Interest Weekly (Mar 1st): Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/366/original/RIO_TINTO_LTD%28RIO_AU%29_Stock_Short_Interest2024-03-08_11_58_05.png?1709870852"/> <ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 1st (reported today) which has an aggregated short interest worth USD19.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo, Yancoal Australi, Macquarie, Xero, Lovisa.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-lesion-size-a-new-potential-differentiator?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Clarity Pharmaceuticals (CU6) - Lesion Size: A New Potential Differentiator</a></li><li><a href="https://www.smartkarma.com/insights/smart-parking-limited-wheeling-in-earnings-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Smart Parking Limited - Wheeling in Earnings Growth</a></li><li><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Silicon Wafers Area Shipments Decline 14.3% YoY in 2023</a></li><li><a href="https://www.smartkarma.com/insights/eureka-group-egh-au-aspen-s-offer-is-a-non-starter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Eureka Group (EGH AU): Aspen's Offer Is A Non-Starter</a></li><li><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-1st-commonw-bk-austr-rio-tinto-seven-group-hold-wesfarmers-igo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ASX Short Interest Weekly (Mar 1st): Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/clarity-pharmaceuticals-cu6-lesion-size-a-new-potential-differentiator?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Clarity Pharmaceuticals (CU6) - Lesion Size: A New Potential Differentiator </a></h3><p></p><ul><li>Clarity have released further data from their Phase II COBRA trial evaluating their 64Cu-SAR- bisPSMA PET diagnostic agent in suspected biochemical recurrent (BCR) prostate cancer.</li><li>Recently reported data was met by the market with mixed reviews, and highlighted the challenge Clarity have ahead of them in proving out the potential of their Dx agent versus approved PET agents (as it looked too good to be true).</li><li>Given the strong sensitivity and specificity reported in their PROPELLER trial (vs other agents in primary staging) and the next-day imaging functionality (and overall logistical benefits), we remain positive on 64Cu-SAR-bisPSMA to offer distinct advantages to other agents. In terms of overall superiority, we of course need to wait to see this proven now in a Phase III registrational program – which is being planned as we write. </li></ul><p><em>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.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/smart-parking-limited-wheeling-in-earnings-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Smart Parking Limited - Wheeling in Earnings Growth </a></h3><p></p><ul><li>SPZ announced the acquisition of UK-based Local Parking Security (LPS) for $5.8m cash consideration.</li><li>The transaction represents a 4.1x trailing EBITDA multiple, relative to SPZ's pre-transaction multiple of 6x EBITDA.</li><li>The acquisition will be funded by its existing cash balance (1H24 $10m)</li></ul><p><em>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.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Silicon Wafers Area Shipments Decline 14.3% YoY in 2023 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/379/original/image?1709880467"/> <ul>
<li>Silicon wafers area shipments (in MSI) declined by 14.3% YoY in 2023</li>
<li>Wafer revenues also declined by 10.9% to $12.3 billion over the same period</li>
<li>We expect Q124 revenues to be down ~20% QoQ and anticipate a further 5% YoY decline in full year 2024 shipments</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eureka-group-egh-au-aspen-s-offer-is-a-non-starter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Eureka Group (EGH AU): Aspen's Offer Is A Non-Starter </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/347/original/image_68518055861709869777636.png?1709869778"/> <ul>
<li>On the 23 January, <strong><a data-smartkarma-citation="entities:20680:1" href="https://www.smartkarma.com/entities/aspen-group" rel="noopener" target="_blank">Aspen (APZ AU)</a></strong> improved its scrip terms to<a href="https://announcements.asx.com.au/asxpdf/20240123/pdf/05zngm8r3lkrrw.pdf" rel="noopener" target="_blank"> 0.26 Aspen</a> shares per <strong><a data-smartkarma-citation="entities:20321:1" href="https://www.smartkarma.com/entities/eureka-group-holdings-ltd" rel="noopener" target="_blank">Eureka (EGH AU)</a></strong> share, up from 0.225 Aspen shares on the<a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02648987-2A1440407" rel="noopener" target="_blank"> 2 March 2023</a>.</li>
<li>Two weeks later, Eureka said they still had not received a formal Offer. Aspen has now released its <a href="https://announcements.asx.com.au/asxpdf/20240308/pdf/06198jktm69v50.pdf" rel="noopener" target="_blank">Bidder's Statement</a>. Its Offer has a 50.1% acceptance condition.</li>
<li>Complicating the Offer was the recent disclosures from FDC Group that it held a 12.89% stake, preventing Aspen compulsory acquiring shares.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-mar-1st-commonw-bk-austr-rio-tinto-seven-group-hold-wesfarmers-igo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. ASX Short Interest Weekly (Mar 1st): Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/366/original/RIO_TINTO_LTD%28RIO_AU%29_Stock_Short_Interest2024-03-08_11_58_05.png?1709870852"/> <ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 1st (reported today) which has an aggregated short interest worth USD19.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo, Yancoal Australi, Macquarie, Xero, Lovisa.</li>
</ul>2024-03-08T19:55:13+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "CU6@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "SPZ@AU"}, {"term": "Thematic (Sector/Industry)"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "ARGENTINA"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MEXICO"}, {"term": "CHILE"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "4063@JP"}, {"term": "WAF@GR"}, {"term": "6488@TT"}, {"term": "3436@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "REAL ESTATE"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "EGH@AU"}, {"term": "APZ@AU"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "DHG@AU"}, {"term": "YAL@AU"}, {"term": "CBA@AU"}, {"term": "LTR@AU"}, {"term": "IMU@AU"}, {"term": "WBT@AU"}, {"term": "MQG@AU"}, {"term": "TAH@AU"}, {"term": "RIO@AU"}, {"term": "ABC@AU"}, {"term": "WES@AU"}, {"term": "LOV@AU"}, {"term": "NWL@AU"}, {"term": "PLS@AU"}, {"term": "SVW@AU"}, {"term": "WBC@AU"}, {"term": "TPG@AU"}, {"term": "IGO@AU"}, {"term": "BOQ@AU"}, {"term": "IEL@AU"}, {"term": "XRO@AU"}, {"term": "KLS@AU"}, {"term": "FLT@AU"}, {"term": "BHP@AU"}, {"term": "CU6@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SPZ@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "3436@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "APZ@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BHP@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/59ab04f9-61cc-3d95-b804-42cd34542afeBrief Australia: Azure Min (AZS AU): Trading Wide Ahead Of 8th April Vote and more2024-03-28T08:18:26.717756+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/azure-min-azs-au-trading-wide-ahead-of-8th-april-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Azure Min (AZS AU): Trading Wide Ahead Of 8th April Vote</a></li><li><a href="https://www.smartkarma.com/insights/dear-covid-darling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Dear COVID Darling</a></li><li><a href="https://www.smartkarma.com/insights/azure-minerals-azs-au-scheme-vote-on-8-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Azure Minerals (AZS AU): Scheme Vote on 8 April</a></li><li><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Global Semi Sales Decline 2.3% MoM In January</a></li><li><a href="https://www.smartkarma.com/insights/wrkr-limited-h1-ebitda-loss-halves-ive-ebitda-forecast-for-2h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Wrkr Limited - H1 EBITDA Loss Halves, +ive EBITDA Forecast for 2H</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/azure-min-azs-au-trading-wide-ahead-of-8th-april-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Azure Min (AZS AU): Trading Wide Ahead Of 8th April Vote </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/150/original/image_69818501321709773056747.png?1709773057"/> <ul>
<li>Back on the 19th Dec, <a data-smartkarma-citation="entities:24555:1" href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-c" rel="noopener" target="_blank"><strong>Sociedad Quimica y Minera (SQM/B CI</strong>)</a>/Hancock offered <strong><a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a></strong> shareholders A$3.70/share by way of a Scheme, a ~52% premium to the undisturbed price.</li>
<li>Creasy Group (12.64%) and Delphi Group (10.15%) gave irrevocables. <strong><a data-smartkarma-citation="entities:15103:1" href="https://www.smartkarma.com/entities/mineral-resources-ltd" rel="noopener" target="_blank">Mineral Resources (MIN AU)</a></strong>'s 14.5% stake was unclear; but they exited on the 21 Feb. "<em>Arbitrageurs should arb. Corporations should Corp</em>".</li>
<li>The Transaction Booklet is now out with a Scheme Meeting on the 8th April. The IE says fair. Expected implementation on the 18 April.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dear-covid-darling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Dear COVID Darling </a></h3><p></p><ul><li>Redbubble was a bubble. On the wings of pandemic mania, the stock price increased 13 times from March 2020 to January 2021.</li><li>Reaching a 1.9B market cap. Today, the situation looks quite different.</li><li>The stock is down 93% from its highs of 7 AUD and currently sits at 0.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/azure-minerals-azs-au-scheme-vote-on-8-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Azure Minerals (AZS AU): Scheme Vote on 8 April </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/027/original/Vote%202.png?1709712671"/> <ul>
<li>The <a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a> IE considers <a data-smartkarma-citation="entities:27977:1" href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-chile-sa" rel="noopener" target="_blank">Sociedad Quimica y Minera de Chile (SQM US)</a>/Hancock’s scheme and takeover offer fair and reasonable as it is above its A$2.03-2.93 valuation range. </li>
<li>The scheme is conditional on FIRB approval, which should be forthcoming as Azure’s key asset (Andover) will be majority-owned by Australian entities.</li>
<li>The scheme vote will get up due to irrevocables and retail support. At the last close and for the 18 April payment, the gross/annualised spread was 3.1%/29.2%.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Global Semi Sales Decline 2.3% MoM In January </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/962/original/image?1709695818"/> <ul>
<li>It's the first MoM decline in semi sales since February 2023, but it's a seasonal thing & YoY comparisons continue to grow stronger. </li>
<li>Forecasting 10% YoY growth in 2024 semiconductor sales, in line with TSMC's outlook</li>
<li>$1 trillion in annual semiconductor sales will likely happen in 2032 based on a 7.7% CAGR over the coming decade. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/wrkr-limited-h1-ebitda-loss-halves-ive-ebitda-forecast-for-2h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Wrkr Limited - H1 EBITDA Loss Halves, +ive EBITDA Forecast for 2H </a></h3><p></p><ul><li>Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.</li><li>WRK has reported a H1 FY24 adjusted EBITDA loss of $0.53m, half that of H1 FY23 and in line with RaaS estimates. The result benefitted from both operating leverage (43% revenue growth against a 6% increase in operating costs) and some reallocation of employee costs to capitalised product development.</li><li>We forecast positive H2 FY24 EBITDA on the back of continued operating leverage, and in particular significant Hong Kong implementation fees (estimated at $1.4m), higher float interest and continued cost control.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/azure-min-azs-au-trading-wide-ahead-of-8th-april-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Azure Min (AZS AU): Trading Wide Ahead Of 8th April Vote</a></li><li><a href="https://www.smartkarma.com/insights/dear-covid-darling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Dear COVID Darling</a></li><li><a href="https://www.smartkarma.com/insights/azure-minerals-azs-au-scheme-vote-on-8-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Azure Minerals (AZS AU): Scheme Vote on 8 April</a></li><li><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Global Semi Sales Decline 2.3% MoM In January</a></li><li><a href="https://www.smartkarma.com/insights/wrkr-limited-h1-ebitda-loss-halves-ive-ebitda-forecast-for-2h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Wrkr Limited - H1 EBITDA Loss Halves, +ive EBITDA Forecast for 2H</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/azure-min-azs-au-trading-wide-ahead-of-8th-april-vote?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Azure Min (AZS AU): Trading Wide Ahead Of 8th April Vote </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/150/original/image_69818501321709773056747.png?1709773057"/> <ul>
<li>Back on the 19th Dec, <a data-smartkarma-citation="entities:24555:1" href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-c" rel="noopener" target="_blank"><strong>Sociedad Quimica y Minera (SQM/B CI</strong>)</a>/Hancock offered <strong><a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a></strong> shareholders A$3.70/share by way of a Scheme, a ~52% premium to the undisturbed price.</li>
<li>Creasy Group (12.64%) and Delphi Group (10.15%) gave irrevocables. <strong><a data-smartkarma-citation="entities:15103:1" href="https://www.smartkarma.com/entities/mineral-resources-ltd" rel="noopener" target="_blank">Mineral Resources (MIN AU)</a></strong>'s 14.5% stake was unclear; but they exited on the 21 Feb. "<em>Arbitrageurs should arb. Corporations should Corp</em>".</li>
<li>The Transaction Booklet is now out with a Scheme Meeting on the 8th April. The IE says fair. Expected implementation on the 18 April.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dear-covid-darling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Dear COVID Darling </a></h3><p></p><ul><li>Redbubble was a bubble. On the wings of pandemic mania, the stock price increased 13 times from March 2020 to January 2021.</li><li>Reaching a 1.9B market cap. Today, the situation looks quite different.</li><li>The stock is down 93% from its highs of 7 AUD and currently sits at 0.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/azure-minerals-azs-au-scheme-vote-on-8-april?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Azure Minerals (AZS AU): Scheme Vote on 8 April </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/027/original/Vote%202.png?1709712671"/> <ul>
<li>The <a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a> IE considers <a data-smartkarma-citation="entities:27977:1" href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-chile-sa" rel="noopener" target="_blank">Sociedad Quimica y Minera de Chile (SQM US)</a>/Hancock’s scheme and takeover offer fair and reasonable as it is above its A$2.03-2.93 valuation range. </li>
<li>The scheme is conditional on FIRB approval, which should be forthcoming as Azure’s key asset (Andover) will be majority-owned by Australian entities.</li>
<li>The scheme vote will get up due to irrevocables and retail support. At the last close and for the 18 April payment, the gross/annualised spread was 3.1%/29.2%.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Global Semi Sales Decline 2.3% MoM In January </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/962/original/image?1709695818"/> <ul>
<li>It's the first MoM decline in semi sales since February 2023, but it's a seasonal thing & YoY comparisons continue to grow stronger. </li>
<li>Forecasting 10% YoY growth in 2024 semiconductor sales, in line with TSMC's outlook</li>
<li>$1 trillion in annual semiconductor sales will likely happen in 2032 based on a 7.7% CAGR over the coming decade. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/wrkr-limited-h1-ebitda-loss-halves-ive-ebitda-forecast-for-2h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Wrkr Limited - H1 EBITDA Loss Halves, +ive EBITDA Forecast for 2H </a></h3><p></p><ul><li>Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.</li><li>WRK has reported a H1 FY24 adjusted EBITDA loss of $0.53m, half that of H1 FY23 and in line with RaaS estimates. The result benefitted from both operating leverage (43% revenue growth against a 6% increase in operating costs) and some reallocation of employee costs to capitalised product development.</li><li>We forecast positive H2 FY24 EBITDA on the back of continued operating leverage, and in particular significant Hong Kong implementation fees (estimated at $1.4m), higher float interest and continued cost control.</li></ul>2024-03-07T10:26:19+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "AZS@AU"}, {"term": "ABB@AU"}, {"term": "SQM@US"}, {"term": "ORG@AU"}, {"term": "LTR@AU"}, {"term": "LPI@AU"}, {"term": "MIN@AU"}, {"term": "SQM/B@CI"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "RBL@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "AZS@AU"}, {"term": "GL1@AU"}, {"term": "LTR@AU"}, {"term": "SYA@AU"}, {"term": "CXO@AU"}, {"term": "PLS@AU"}, {"term": "LTHM@US"}, {"term": "AKE@AU"}, {"term": "MIN@AU"}, {"term": "SQM@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2330@TT"}, {"term": "INTC@US"}, {"term": "AMD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "WRK@AU"}, {"term": "SQM/B@CI", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RBL@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SQM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WRK@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/6cea6a90-40d1-38a8-a223-901a43b68e46Brief Australia: MVIS Australia Equal Weight Index Rebalance Preview: Three Close Deletions and more2024-03-28T08:18:26.688218+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mvis-australia-equal-weight-index-rebalance-preview-three-close-deletions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MVIS Australia Equal Weight Index Rebalance Preview: Three Close Deletions</a></li><li><a href="https://www.smartkarma.com/insights/mvis-australia-a-reits-index-rebalance-preview-one-deletion-capping-changes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MVIS Australia A-REITs Index Rebalance Preview: One Deletion & Capping Changes</a></li><li><a href="https://www.smartkarma.com/insights/eml-payments-looking-to-a-brighter-future?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">EML Payments - Looking to a brighter future</a></li><li><a href="https://www.smartkarma.com/insights/alumina-awc-au-further-thoughts-on-alcoa-s-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Alumina (AWC AU): Further Thoughts on Alcoa’s Proposal</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-reporting-season-vs-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Commodities - Overall - Reporting season vs. Commodities</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mvis-australia-equal-weight-index-rebalance-preview-three-close-deletions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. MVIS Australia Equal Weight Index Rebalance Preview: Three Close Deletions </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/901/original/image_56485068081709670957550.png?1709670959"/> <ul>
<li>With the review period complete, there are 3 stocks that are close to the deletion zone and could be removed from the index at the March rebalance.</li>
<li>Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.4% and a one-way trade of A$97m.</li>
<li>There are 9 stocks with over A$5m to trade from passive trackers but the impact on the stocks is not very high.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/mvis-australia-a-reits-index-rebalance-preview-one-deletion-capping-changes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. MVIS Australia A-REITs Index Rebalance Preview: One Deletion & Capping Changes </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/890/original/image_89084033931709665625871.png?1709665627"/> <ul>
<li>With the review period for the March rebalance complete, <a data-smartkarma-citation="entities:39857:1" href="https://www.smartkarma.com/entities/abacus-storage-king" rel="noopener" target="_blank">Abacus Storage King (ASK AU)</a> could be deleted from the index and there will be capping changes.</li>
<li>The index changes will lead to a one-way turnover of 3.6% resulting in a one-way trade of A$21m. There are three stocks with over A$4m to trade.</li>
<li>
<a data-smartkarma-citation="entities:959:1" href="https://www.smartkarma.com/entities/goodman-group" rel="noopener" target="_blank">Goodman Group (GMG AU)</a> is an inclusion to a global index in March and that buying will far outweigh the selling from the <a data-smartkarma-citation="entities:30998:1" href="https://www.smartkarma.com/entities/vaneck-vectors-australian-property-etf" rel="noopener" target="_blank">Vaneck Vectors Australian Property ETF (MVA AU)</a>. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/eml-payments-looking-to-a-brighter-future?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. EML Payments - Looking to a brighter future </a></h3><p></p><p>EML Payments reported good growth in revenue and underlying EBITDA in H124, mainly due to the benefit of higher interest income. Management’s focus has been on the underperforming PCSIL General Purpose Reloadable (GPR) business, now in liquidation, resulting in the cost cutting programme shifting to H224. With that obstacle removed, management can now shift its sights to growing the remaining Gifting and GPR businesses and rightsizing the cost base.</p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alumina-awc-au-further-thoughts-on-alcoa-s-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Alumina (AWC AU): Further Thoughts on Alcoa’s Proposal </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/873/original/Thoughts%201.png?1709649961"/> <ul>
<li>I have received several questions from readers on <a data-smartkarma-citation="entities:6510:1" href="https://www.smartkarma.com/entities/alcoa-corp" rel="noopener" target="_blank">Alcoa (AA US)</a>’s non-binding proposal for <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a> in the context of the current gross spread of 9.2%. </li>
<li>The questions primarily concerned <a data-smartkarma-citation="entities:4408:1" href="https://www.smartkarma.com/entities/citic-resources-holdings-limited" rel="noopener" target="_blank">Citic Resources Holdings (1205 HK)</a> voting intentions, the probability of a bump and the likelihood of Aloca shareholders supporting the transaction. </li>
<li>CITIC Resources' lack of public endorsement of the transaction is due to HKEx listing requirements and not an indication of a NO vote risk. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodities-overall-reporting-season-vs-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Commodities - Overall - Reporting season vs. Commodities </a></h3><p></p><ul><li>Our sector’s monster miners have all reported their various 2023/2H23/4Q23 numbers.</li><li>So, for commodity analysts at least, reporting season’s over.</li><li>Here, we list the big themes + growth strategies + outlook statements of BHP, Rio Tinto, Vale, FMG, Glencore, Anglo American, S32 – explaining the risks they pose to our S/D/price forecasts...</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mvis-australia-equal-weight-index-rebalance-preview-three-close-deletions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MVIS Australia Equal Weight Index Rebalance Preview: Three Close Deletions</a></li><li><a href="https://www.smartkarma.com/insights/mvis-australia-a-reits-index-rebalance-preview-one-deletion-capping-changes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MVIS Australia A-REITs Index Rebalance Preview: One Deletion & Capping Changes</a></li><li><a href="https://www.smartkarma.com/insights/eml-payments-looking-to-a-brighter-future?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">EML Payments - Looking to a brighter future</a></li><li><a href="https://www.smartkarma.com/insights/alumina-awc-au-further-thoughts-on-alcoa-s-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Alumina (AWC AU): Further Thoughts on Alcoa’s Proposal</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-reporting-season-vs-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Commodities - Overall - Reporting season vs. Commodities</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mvis-australia-equal-weight-index-rebalance-preview-three-close-deletions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. MVIS Australia Equal Weight Index Rebalance Preview: Three Close Deletions </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/901/original/image_56485068081709670957550.png?1709670959"/> <ul>
<li>With the review period complete, there are 3 stocks that are close to the deletion zone and could be removed from the index at the March rebalance.</li>
<li>Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.4% and a one-way trade of A$97m.</li>
<li>There are 9 stocks with over A$5m to trade from passive trackers but the impact on the stocks is not very high.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/mvis-australia-a-reits-index-rebalance-preview-one-deletion-capping-changes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. MVIS Australia A-REITs Index Rebalance Preview: One Deletion & Capping Changes </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/890/original/image_89084033931709665625871.png?1709665627"/> <ul>
<li>With the review period for the March rebalance complete, <a data-smartkarma-citation="entities:39857:1" href="https://www.smartkarma.com/entities/abacus-storage-king" rel="noopener" target="_blank">Abacus Storage King (ASK AU)</a> could be deleted from the index and there will be capping changes.</li>
<li>The index changes will lead to a one-way turnover of 3.6% resulting in a one-way trade of A$21m. There are three stocks with over A$4m to trade.</li>
<li>
<a data-smartkarma-citation="entities:959:1" href="https://www.smartkarma.com/entities/goodman-group" rel="noopener" target="_blank">Goodman Group (GMG AU)</a> is an inclusion to a global index in March and that buying will far outweigh the selling from the <a data-smartkarma-citation="entities:30998:1" href="https://www.smartkarma.com/entities/vaneck-vectors-australian-property-etf" rel="noopener" target="_blank">Vaneck Vectors Australian Property ETF (MVA AU)</a>. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/eml-payments-looking-to-a-brighter-future?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. EML Payments - Looking to a brighter future </a></h3><p></p><p>EML Payments reported good growth in revenue and underlying EBITDA in H124, mainly due to the benefit of higher interest income. Management’s focus has been on the underperforming PCSIL General Purpose Reloadable (GPR) business, now in liquidation, resulting in the cost cutting programme shifting to H224. With that obstacle removed, management can now shift its sights to growing the remaining Gifting and GPR businesses and rightsizing the cost base.</p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alumina-awc-au-further-thoughts-on-alcoa-s-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Alumina (AWC AU): Further Thoughts on Alcoa’s Proposal </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/873/original/Thoughts%201.png?1709649961"/> <ul>
<li>I have received several questions from readers on <a data-smartkarma-citation="entities:6510:1" href="https://www.smartkarma.com/entities/alcoa-corp" rel="noopener" target="_blank">Alcoa (AA US)</a>’s non-binding proposal for <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a> in the context of the current gross spread of 9.2%. </li>
<li>The questions primarily concerned <a data-smartkarma-citation="entities:4408:1" href="https://www.smartkarma.com/entities/citic-resources-holdings-limited" rel="noopener" target="_blank">Citic Resources Holdings (1205 HK)</a> voting intentions, the probability of a bump and the likelihood of Aloca shareholders supporting the transaction. </li>
<li>CITIC Resources' lack of public endorsement of the transaction is due to HKEx listing requirements and not an indication of a NO vote risk. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodities-overall-reporting-season-vs-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Commodities - Overall - Reporting season vs. Commodities </a></h3><p></p><ul><li>Our sector’s monster miners have all reported their various 2023/2H23/4Q23 numbers.</li><li>So, for commodity analysts at least, reporting season’s over.</li><li>Here, we list the big themes + growth strategies + outlook statements of BHP, Rio Tinto, Vale, FMG, Glencore, Anglo American, S32 – explaining the risks they pose to our S/D/price forecasts...</li></ul>2024-03-06T05:20:03+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "IEL@AU"}, {"term": "MTS@AU"}, {"term": "TNE@AU"}, {"term": "MVW@AU"}, {"term": "PME@AU"}, {"term": "FLT@AU"}, {"term": "TPG@AU"}, {"term": "ORA@AU"}, {"term": "BOQ@AU"}, {"term": "PLS@AU"}, {"term": "WES@AU"}, {"term": "JBH@AU"}, {"term": "GMG@AU"}, {"term": "CAR@AU"}, {"term": "NXT@AU"}, {"term": "REH@AU"}, {"term": "WTC@AU"}, {"term": "ALU@AU"}, {"term": "QAN@AU"}, {"term": "BHP@AU"}, {"term": "WOW@AU"}, {"term": "APA@AU"}, {"term": "LYC@AU"}, {"term": "LTM@AU"}, {"term": "EVN@AU"}, {"term": "NHF@AU"}, {"term": "LLC@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "REAL ESTATE"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "ASK@AU"}, {"term": "HMC@AU"}, {"term": "ABG@AU"}, {"term": "SGP@AU"}, {"term": "SCG@AU"}, {"term": "GPT@AU"}, {"term": "MGR@AU"}, {"term": "CHC@AU"}, {"term": "DXS@AU"}, {"term": "VCX@AU"}, {"term": "MVA@AU"}, {"term": "GMG@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "EML@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "AWC@AU"}, {"term": "NHY@NO"}, {"term": "CENX@US"}, {"term": "RAP@AU"}, {"term": "1205@HK"}, {"term": "AA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UNITED KINGDOM"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "BHP@LN"}, {"term": "RIO@LN"}, {"term": "GLEN@LN"}, {"term": "AAL@LN"}, {"term": "LLC@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GMG@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EML@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AAL@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/9a94da59-45b6-3f83-beb6-a2ce14a343e0Brief Australia: H1 EBITDA loss halves, +ive EBITDA forecast for 2H and more2024-03-28T08:18:26.675882+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/h1-ebitda-loss-halves-ive-ebitda-forecast-for-2h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">H1 EBITDA loss halves, +ive EBITDA forecast for 2H</a></li><li><a href="https://www.smartkarma.com/insights/mining-restock-indicator-slips-on-inventories?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Mining - Restock Indicator slips on inventories</a></li><li><a href="https://www.smartkarma.com/insights/genex-power-gnx-au-j-power-s-dual-track-non-binding-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Genex Power (GNX AU): J-Power’s Dual-Track Non-Binding Proposal</a></li><li><a href="https://www.smartkarma.com/insights/genex-gnx-au-j-power-s-indicative-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Genex (GNX AU): J-Power's Indicative Offer</a></li><li><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Nowcasting Nearly Half of Global GDP</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/h1-ebitda-loss-halves-ive-ebitda-forecast-for-2h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. H1 EBITDA loss halves, +ive EBITDA forecast for 2H </a></h3><p></p><ul><li>Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.</li><li>WRK has reported a H1 FY24 adjusted EBITDA loss of $0.53m, half that of H1 FY23 and in line with RaaS estimates.</li><li>The result benefitted from both operating leverage (43% revenue growth against a 6% increase in operating costs) and some reallocation of employee costs to capitalised product development.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/mining-restock-indicator-slips-on-inventories?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Mining - Restock Indicator slips on inventories </a></h3><p></p><ul><li>Following a tactical upgrade in November on short-term iron ore bullishness, we are downgrading BHP/RIO to Hold as our Restocking Indicator falls to a Hold signal and other seasonal kicks, such as Australia/Brazil supply disruption, fail to materialise.</li><li>We are not expecting any fireworks from the NPC meeting, with just more of the same around targeted economic stabilisation and support.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/genex-power-gnx-au-j-power-s-dual-track-non-binding-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Genex Power (GNX AU): J-Power’s Dual-Track Non-Binding Proposal </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/539/original/JP%201.png?1709543605"/> <ul>
<li>
<a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a> has disclosed a non-binding scheme proposal from <a data-smartkarma-citation="entities:292:1" href="https://www.smartkarma.com/entities/electric-power-development-c" rel="noopener" target="_blank">Electric Power Development C (9513 JP)</a> at A$0.275, a 48.6% premium to the undisturbed price of A$0.185.</li>
<li>If the scheme fails, J-Power will launch an off-market takeover offer with a 50.1% minimum acceptance condition at A$0.270 per share. The dual-track bid is meant to counter Skip's stake.</li>
<li>The Board has granted exclusive due diligence until 31 March. The offer is attractive, but the scheme's completion hinges on Skip Capital’s acceptance. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/genex-gnx-au-j-power-s-indicative-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Genex (GNX AU): J-Power's Indicative Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/460/original/image_95103597151709513758027.png?1709513758"/> <ul>
<li>Back in July 2022, Aussie renewable energy player <strong><a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex (GNX AU)</a></strong> announced an A$0.23/share NBIO from Skip Enterprises and Stonepeak, subsequently bumped to A$0.25/share, and confirmatory due diligence provided.</li>
<li>Negotiations <a href="https://announcements.asx.com.au/asxpdf/20221228/pdf/45k724cgztnf80.pdf" rel="noopener" target="_blank">ceased</a> in December that year. As of today, Scott Farquhar's Skip Enterprises continues to hold a 19.9% stake in Genex. </li>
<li>This morning, Genex <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02780585-2A1509187" rel="noopener" target="_blank">announced</a> an A$0.275/share NBIO from <strong><a data-smartkarma-citation="entities:292:1" href="https://www.smartkarma.com/entities/electric-power-development-c" rel="noopener" target="_blank">Electric Power Development (9513 JP)</a></strong> (J-Power), by way of a Scheme. A concurrent off-market A$0.27/share is in place.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Nowcasting Nearly Half of Global GDP </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/459/original/image_20093687931709513198026.png?1709513198"/> <ul>
<li>My hybrid nowcasting framework tracks the inflation-adjusted or real GDP growth rates of US, Euro Area and Japan</li>
<li>My nowcasts for the individual G3 economies are prospectively diverging at the beginning of 2024</li>
<li>But in aggregate, my nowcast suggests that G3 GDP growth is potentially tracking softer through the first-half of 2024 on average </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/h1-ebitda-loss-halves-ive-ebitda-forecast-for-2h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">H1 EBITDA loss halves, +ive EBITDA forecast for 2H</a></li><li><a href="https://www.smartkarma.com/insights/mining-restock-indicator-slips-on-inventories?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Mining - Restock Indicator slips on inventories</a></li><li><a href="https://www.smartkarma.com/insights/genex-power-gnx-au-j-power-s-dual-track-non-binding-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Genex Power (GNX AU): J-Power’s Dual-Track Non-Binding Proposal</a></li><li><a href="https://www.smartkarma.com/insights/genex-gnx-au-j-power-s-indicative-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Genex (GNX AU): J-Power's Indicative Offer</a></li><li><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Nowcasting Nearly Half of Global GDP</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/h1-ebitda-loss-halves-ive-ebitda-forecast-for-2h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. H1 EBITDA loss halves, +ive EBITDA forecast for 2H </a></h3><p></p><ul><li>Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.</li><li>WRK has reported a H1 FY24 adjusted EBITDA loss of $0.53m, half that of H1 FY23 and in line with RaaS estimates.</li><li>The result benefitted from both operating leverage (43% revenue growth against a 6% increase in operating costs) and some reallocation of employee costs to capitalised product development.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/mining-restock-indicator-slips-on-inventories?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Mining - Restock Indicator slips on inventories </a></h3><p></p><ul><li>Following a tactical upgrade in November on short-term iron ore bullishness, we are downgrading BHP/RIO to Hold as our Restocking Indicator falls to a Hold signal and other seasonal kicks, such as Australia/Brazil supply disruption, fail to materialise.</li><li>We are not expecting any fireworks from the NPC meeting, with just more of the same around targeted economic stabilisation and support.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/genex-power-gnx-au-j-power-s-dual-track-non-binding-proposal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Genex Power (GNX AU): J-Power’s Dual-Track Non-Binding Proposal </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/539/original/JP%201.png?1709543605"/> <ul>
<li>
<a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a> has disclosed a non-binding scheme proposal from <a data-smartkarma-citation="entities:292:1" href="https://www.smartkarma.com/entities/electric-power-development-c" rel="noopener" target="_blank">Electric Power Development C (9513 JP)</a> at A$0.275, a 48.6% premium to the undisturbed price of A$0.185.</li>
<li>If the scheme fails, J-Power will launch an off-market takeover offer with a 50.1% minimum acceptance condition at A$0.270 per share. The dual-track bid is meant to counter Skip's stake.</li>
<li>The Board has granted exclusive due diligence until 31 March. The offer is attractive, but the scheme's completion hinges on Skip Capital’s acceptance. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/genex-gnx-au-j-power-s-indicative-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Genex (GNX AU): J-Power's Indicative Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/460/original/image_95103597151709513758027.png?1709513758"/> <ul>
<li>Back in July 2022, Aussie renewable energy player <strong><a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex (GNX AU)</a></strong> announced an A$0.23/share NBIO from Skip Enterprises and Stonepeak, subsequently bumped to A$0.25/share, and confirmatory due diligence provided.</li>
<li>Negotiations <a href="https://announcements.asx.com.au/asxpdf/20221228/pdf/45k724cgztnf80.pdf" rel="noopener" target="_blank">ceased</a> in December that year. As of today, Scott Farquhar's Skip Enterprises continues to hold a 19.9% stake in Genex. </li>
<li>This morning, Genex <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02780585-2A1509187" rel="noopener" target="_blank">announced</a> an A$0.275/share NBIO from <strong><a data-smartkarma-citation="entities:292:1" href="https://www.smartkarma.com/entities/electric-power-development-c" rel="noopener" target="_blank">Electric Power Development (9513 JP)</a></strong> (J-Power), by way of a Scheme. A concurrent off-market A$0.27/share is in place.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Nowcasting Nearly Half of Global GDP </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/459/original/image_20093687931709513198026.png?1709513198"/> <ul>
<li>My hybrid nowcasting framework tracks the inflation-adjusted or real GDP growth rates of US, Euro Area and Japan</li>
<li>My nowcasts for the individual G3 economies are prospectively diverging at the beginning of 2024</li>
<li>But in aggregate, my nowcast suggests that G3 GDP growth is potentially tracking softer through the first-half of 2024 on average </li>
</ul>2024-03-05T15:00:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "WRK@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UNITED KINGDOM"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "BHP@LN"}, {"term": "RIO@LN"}, {"term": "GLEN@LN"}, {"term": "ANTO@LN"}, {"term": "AAL@LN"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "UTILITIES"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "GNX@AU"}, {"term": "CEN@NZ"}, {"term": "INE@CN"}, {"term": "AGL@AU"}, {"term": "BLX@CN"}, {"term": "NPI@CN"}, {"term": "MCY@NZ"}, {"term": "JLG@LN"}, {"term": "NEOEN@FP"}, {"term": "GNE@NZ"}, {"term": "AY@US"}, {"term": "IBE@SM"}, {"term": "IFN@AU"}, {"term": "MEL@NZ"}, {"term": "FKR@IM"}, {"term": "TLT@NZ"}, {"term": "002266@CH"}, {"term": "9513@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "UTILITIES"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "GNX@AU"}, {"term": "9513@JP"}, {"term": "Macroeconomics"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "WRK@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AAL@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "9513@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "9513@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/1bb87e47-930a-3883-8d9b-b0ea8d4c40c5Brief Australia: Cash Converters International Ltd - H1 FY24 a Milestone Result and more2024-03-28T08:18:26.667361+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/cash-converters-international-ltd-h1-fy24-a-milestone-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Cash Converters International Ltd - H1 FY24 a Milestone Result</a></li><li><a href="https://www.smartkarma.com/insights/h1-fy24-a-milestone-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">H1 FY24 a milestone result</a></li><li><a href="https://www.smartkarma.com/insights/s-p-asx-index-rebalance-mar-2024-changes-flows-impact-shorts-positioning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">S&P/ASX Index Rebalance (Mar 2024): Changes, Flows, Impact, Shorts & Positioning</a></li><li><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Global Macro Research: Waiting on Words (And Data)</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Portfolio Watch: What if We Add a Rate Cut to This Fire..</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/cash-converters-international-ltd-h1-fy24-a-milestone-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Cash Converters International Ltd - H1 FY24 a Milestone Result </a></h3><p></p><ul><li>Cash Converters International (ASX:CCV) is a consumer finance company operating as a service provider, owner and franchisor of second-hand goods and financial services stores in Australia and internationally.</li><li>CCV has delivered a solid H1 FY24 with revenue growth of 34% to $191.5m (in line with RaaS $192.5) and EBITDA growth of 13% to $32.6m (15% ahead of RaaS $28.4) and NPAT of $9.8m (7% ahead of RaaS $9.2m).</li><li>The gross loan book has grown 15% to $294m, which is all the more impressive as the business transitions away from SACC products due to regulatory change, more than offset by growth in all other products, domestically and internationally. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/h1-fy24-a-milestone-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. H1 FY24 a milestone result </a></h3><p></p><ul><li>Cash Converters International (ASX:CCV) is a consumer finance company operating as a service provider, owner and franchisor of second-hand goods and financial services stores in Australia and internationally.</li><li>CCV has delivered a solid H1 FY24 with revenue growth of 34% to $191.5m (in line with RaaS $192.5) and EBITDA growth of 13% to $32.6m (15% ahead of RaaS $28.4) and NPAT of $9.8m (7% ahead of RaaS $9.2m).</li><li>The gross loan book has grown 15% to $294m, which is all the more impressive as the business transitions away from SACC products due to regulatory change, more than offset by growth in all other products, domestically and internationally.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/s-p-asx-index-rebalance-mar-2024-changes-flows-impact-shorts-positioning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. S&P/ASX Index Rebalance (Mar 2024): Changes, Flows, Impact, Shorts & Positioning </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/228/original/image_54101201851709372804184.png?1709372805"/> <ul>
<li>There is 1 change for the S&P/ASX20 Index, 2 changes for the S&P/ASX100 Index, 4 changes for the <a data-smartkarma-citation="entities:22901:1" href="https://www.smartkarma.com/entities/s-p-asx-200" rel="noopener" target="_blank">S&P/ASX200 INDEX</a> and 14 adds/10 deletes for the S&P/ASX300 Index in March.</li>
<li>The largest impact is expected on the changes to the <a data-smartkarma-citation="entities:22901:1" href="https://www.smartkarma.com/entities/s-p-asx-200" rel="noopener" target="_blank">S&P/ASX 200 (AS51 INDEX)</a> while flows are large among changes to the S&P/ASX 20 Index and S&P/ASX 100 Index too.</li>
<li>There has been a steady increase in cumulative excess volume for most stocks but there are a few where there has been a spike recently.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Global Macro Research: Waiting on Words (And Data) </a></h3><p></p><ul><li>Chair Powell set to deliver semiannual testimony in Congress, February employment data on Friday</li><li>ECB decision on Thursday with potential impact on US rates and currencies</li><li>Revision of rates forecast to reflect Fed easing expectations and QT process, potential for rates to decline if February data does not repeat January strength</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Portfolio Watch: What if We Add a Rate Cut to This Fire.. </a></h3><p></p><ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/cash-converters-international-ltd-h1-fy24-a-milestone-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Cash Converters International Ltd - H1 FY24 a Milestone Result</a></li><li><a href="https://www.smartkarma.com/insights/h1-fy24-a-milestone-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">H1 FY24 a milestone result</a></li><li><a href="https://www.smartkarma.com/insights/s-p-asx-index-rebalance-mar-2024-changes-flows-impact-shorts-positioning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">S&P/ASX Index Rebalance (Mar 2024): Changes, Flows, Impact, Shorts & Positioning</a></li><li><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Global Macro Research: Waiting on Words (And Data)</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Portfolio Watch: What if We Add a Rate Cut to This Fire..</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/cash-converters-international-ltd-h1-fy24-a-milestone-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Cash Converters International Ltd - H1 FY24 a Milestone Result </a></h3><p></p><ul><li>Cash Converters International (ASX:CCV) is a consumer finance company operating as a service provider, owner and franchisor of second-hand goods and financial services stores in Australia and internationally.</li><li>CCV has delivered a solid H1 FY24 with revenue growth of 34% to $191.5m (in line with RaaS $192.5) and EBITDA growth of 13% to $32.6m (15% ahead of RaaS $28.4) and NPAT of $9.8m (7% ahead of RaaS $9.2m).</li><li>The gross loan book has grown 15% to $294m, which is all the more impressive as the business transitions away from SACC products due to regulatory change, more than offset by growth in all other products, domestically and internationally. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/h1-fy24-a-milestone-result?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. H1 FY24 a milestone result </a></h3><p></p><ul><li>Cash Converters International (ASX:CCV) is a consumer finance company operating as a service provider, owner and franchisor of second-hand goods and financial services stores in Australia and internationally.</li><li>CCV has delivered a solid H1 FY24 with revenue growth of 34% to $191.5m (in line with RaaS $192.5) and EBITDA growth of 13% to $32.6m (15% ahead of RaaS $28.4) and NPAT of $9.8m (7% ahead of RaaS $9.2m).</li><li>The gross loan book has grown 15% to $294m, which is all the more impressive as the business transitions away from SACC products due to regulatory change, more than offset by growth in all other products, domestically and internationally.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/s-p-asx-index-rebalance-mar-2024-changes-flows-impact-shorts-positioning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. S&P/ASX Index Rebalance (Mar 2024): Changes, Flows, Impact, Shorts & Positioning </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/228/original/image_54101201851709372804184.png?1709372805"/> <ul>
<li>There is 1 change for the S&P/ASX20 Index, 2 changes for the S&P/ASX100 Index, 4 changes for the <a data-smartkarma-citation="entities:22901:1" href="https://www.smartkarma.com/entities/s-p-asx-200" rel="noopener" target="_blank">S&P/ASX200 INDEX</a> and 14 adds/10 deletes for the S&P/ASX300 Index in March.</li>
<li>The largest impact is expected on the changes to the <a data-smartkarma-citation="entities:22901:1" href="https://www.smartkarma.com/entities/s-p-asx-200" rel="noopener" target="_blank">S&P/ASX 200 (AS51 INDEX)</a> while flows are large among changes to the S&P/ASX 20 Index and S&P/ASX 100 Index too.</li>
<li>There has been a steady increase in cumulative excess volume for most stocks but there are a few where there has been a spike recently.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Global Macro Research: Waiting on Words (And Data) </a></h3><p></p><ul><li>Chair Powell set to deliver semiannual testimony in Congress, February employment data on Friday</li><li>ECB decision on Thursday with potential impact on US rates and currencies</li><li>Revision of rates forecast to reflect Fed easing expectations and QT process, potential for rates to decline if February data does not repeat January strength</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Portfolio Watch: What if We Add a Rate Cut to This Fire.. </a></h3><p></p><ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul>2024-03-04T07:35:48+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "CCV@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "CCV@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "FLT@AU"}, {"term": "LLL@AU"}, {"term": "MMS@AU"}, {"term": "APX@AU"}, {"term": "AGY@AU"}, {"term": "REG@AU"}, {"term": "SLR@AU"}, {"term": "LKE@AU"}, {"term": "PFP@AU"}, {"term": "RGN@AU"}, {"term": "RDX@AU"}, {"term": "PDI@AU"}, {"term": "SSR@AU"}, {"term": "LRS@AU"}, {"term": "MEI@AU"}, {"term": "MRM@AU"}, {"term": "TUA@AU"}, {"term": "AWC@AU"}, {"term": "BMN@AU"}, {"term": "NMT@AU"}, {"term": "SWM@AU"}, {"term": "PBH@AU"}, {"term": "WC8@AU"}, {"term": "BCB@AU"}, {"term": "LOT@AU"}, {"term": "MVF@AU"}, {"term": "DVP@AU"}, {"term": "WBT@AU"}, {"term": "SYA@AU"}, {"term": "CXO@AU"}, {"term": "CHN@AU"}, {"term": "SMR@AU"}, {"term": "SDR@AU"}, {"term": "RED@AU"}, {"term": "AD8@AU"}, {"term": "PME@AU"}, {"term": "NEM@AU"}, {"term": "QBE@AU"}, {"term": "AS51@INDEX"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "KOREA"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "JAPAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "ARGENTINA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "USDEUR@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "KOREA"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "JAPAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "ARGENTINA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SOL@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "ETHE@US"}, {"term": "XBTUSD@CURNCY"}, {"term": "GBTC@US"}, {"term": "USDSEK@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "TUR@US"}, {"term": "EWW@US"}, {"term": "MXMX@INDEX"}, {"term": "EWJ@US"}, {"term": "EWQ@US"}, {"term": "EWP@US"}, {"term": "MXWO@LN"}, {"term": "EWG@US"}, {"term": "EDEN@US"}, {"term": "EWN@US"}, {"term": "EPOL@US"}, {"term": "INDA@US"}, {"term": "INDIA@SP"}, {"term": "EWZ@US"}, {"term": "MCHI@US"}, {"term": "EWD@US"}, {"term": "@EWT@US"}, {"term": "TAMSCI@INDEX"}, {"term": "XLV@US"}, {"term": "XLRE@US"}, {"term": "XLC@US"}, {"term": "XLI@US"}, {"term": "SPY@US"}, {"term": "XLF@US"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "KMS1@INDEX"}, {"term": "KOSPI2@INDEX"}, {"term": "KOSPI@INDEX"}, {"term": "USDKRW@CURNCY"}, {"term": "XLE@US"}, {"term": "XLP@US"}, {"term": "XHB@US"}, {"term": "XLB@US"}, {"term": "XLY@US"}, {"term": "XLK@US"}, {"term": "CCV@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CCV@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AS51@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XLK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/1071e94a-bc5f-31a0-ba5e-efda8f447ce5Brief Australia: Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names and more2024-03-28T08:18:26.656642+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/quiddity-asx-mar-24-index-rebal-many-high-impact-names?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Semiconductor WFE 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/sensen-networks-clear-path-to-sustainable-cash-generation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">SenSen Networks - Clear path to sustainable cash generation</a></li><li><a href="https://www.smartkarma.com/insights/acusensus-ltd-building-the-global-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Acusensus Ltd - Building the Global Pipeline</a></li><li><a href="https://www.smartkarma.com/insights/maxiparts-limited-mxi-green-shoots-operationally-despite-messy-reporting-period?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MaxiPARTS Limited (MXI) - Green Shoots Operationally Despite Messy Reporting Period</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/quiddity-asx-mar-24-index-rebal-many-high-impact-names?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/256/original/blobid0.png?1709381447"/> <ul>
<li>The results for the March 2024 index rebal event for ASX indices were announced after the close on Friday 1st March 2024.</li>
<li>There is one change for ASX 20, two changes for ASX 100, and four changes for ASX 200.</li>
<li>There are 14 ADDs and 10 DELs for ASX 300 and while most of these are small-size flow names some of them have more than 15x ADV to trade.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Semiconductor WFE 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/210/original/image?1709364435"/> <ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan & ~2x Korea</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/sensen-networks-clear-path-to-sustainable-cash-generation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. SenSen Networks - Clear path to sustainable cash generation </a></h3><p></p><p>In H124 SenSen delivered positive free cash flow for the first time, a key milestone. The group’s Smart Cities focus and standardised business model supported steady top-line progression, as well as strong gross margin expansion and loss reduction. As end-H1 cash was boosted by an annual Australian development grant, we believe reaching positive free cash flow from the group’s core operating assets remains a key target. Below we outline a pathway for SenSen to deliver this target in Q4, underpinned by consistent top-line growth on a lower cost base. </p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/acusensus-ltd-building-the-global-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Acusensus Ltd - Building the Global Pipeline </a></h3><p></p><div><div><div><div><ul style="list-style-type: disc;"><li><p>ACE reported its 1H24, recording revenue of $25m (pcp $20m; +25% revg.)<br/>with 2Q24 representing +28% revg.</p></li><li><p>Gross profit increased +41% to $12m (47% gross profit margin (pcp 43%) with adj. EBITDA of +$2.5m (+14% pcp; +10% margin).</p></li><li><p>The company is globalising its product offering with the headcount increase leading to a +45% uplift in opex to $10m. </p></li></ul></div></div></div></div><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/maxiparts-limited-mxi-green-shoots-operationally-despite-messy-reporting-period?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. MaxiPARTS Limited (MXI) - Green Shoots Operationally Despite Messy Reporting Period </a></h3><p></p><ul><li>Our underlying FY24/FY25e are unchanged at 16.4cps and 21.1cps respectively.</li><li>Some nerves have been settled from January’s downgrade, with confirmation that positive industry conditions are also being experienced by MXI in early 2H24.</li><li>It is comforting that Independent Parts (“IP”) is performing inline with early business case expectations, although it isn’t without execution risk. </li></ul><p><em>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.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/quiddity-asx-mar-24-index-rebal-many-high-impact-names?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Semiconductor WFE 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/sensen-networks-clear-path-to-sustainable-cash-generation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">SenSen Networks - Clear path to sustainable cash generation</a></li><li><a href="https://www.smartkarma.com/insights/acusensus-ltd-building-the-global-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Acusensus Ltd - Building the Global Pipeline</a></li><li><a href="https://www.smartkarma.com/insights/maxiparts-limited-mxi-green-shoots-operationally-despite-messy-reporting-period?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">MaxiPARTS Limited (MXI) - Green Shoots Operationally Despite Messy Reporting Period</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/quiddity-asx-mar-24-index-rebal-many-high-impact-names?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/256/original/blobid0.png?1709381447"/> <ul>
<li>The results for the March 2024 index rebal event for ASX indices were announced after the close on Friday 1st March 2024.</li>
<li>There is one change for ASX 20, two changes for ASX 100, and four changes for ASX 200.</li>
<li>There are 14 ADDs and 10 DELs for ASX 300 and while most of these are small-size flow names some of them have more than 15x ADV to trade.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Semiconductor WFE 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/210/original/image?1709364435"/> <ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan & ~2x Korea</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/sensen-networks-clear-path-to-sustainable-cash-generation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. SenSen Networks - Clear path to sustainable cash generation </a></h3><p></p><p>In H124 SenSen delivered positive free cash flow for the first time, a key milestone. The group’s Smart Cities focus and standardised business model supported steady top-line progression, as well as strong gross margin expansion and loss reduction. As end-H1 cash was boosted by an annual Australian development grant, we believe reaching positive free cash flow from the group’s core operating assets remains a key target. Below we outline a pathway for SenSen to deliver this target in Q4, underpinned by consistent top-line growth on a lower cost base. </p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/acusensus-ltd-building-the-global-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Acusensus Ltd - Building the Global Pipeline </a></h3><p></p><div><div><div><div><ul style="list-style-type: disc;"><li><p>ACE reported its 1H24, recording revenue of $25m (pcp $20m; +25% revg.)<br/>with 2Q24 representing +28% revg.</p></li><li><p>Gross profit increased +41% to $12m (47% gross profit margin (pcp 43%) with adj. EBITDA of +$2.5m (+14% pcp; +10% margin).</p></li><li><p>The company is globalising its product offering with the headcount increase leading to a +45% uplift in opex to $10m. </p></li></ul></div></div></div></div><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/maxiparts-limited-mxi-green-shoots-operationally-despite-messy-reporting-period?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. MaxiPARTS Limited (MXI) - Green Shoots Operationally Despite Messy Reporting Period </a></h3><p></p><ul><li>Our underlying FY24/FY25e are unchanged at 16.4cps and 21.1cps respectively.</li><li>Some nerves have been settled from January’s downgrade, with confirmation that positive industry conditions are also being experienced by MXI in early 2H24.</li><li>It is comforting that Independent Parts (“IP”) is performing inline with early business case expectations, although it isn’t without execution risk. </li></ul><p><em>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.</em></p>2024-03-03T06:05:04+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "QBE@AU"}, {"term": "NEM@US"}, {"term": "NEM@AU"}, {"term": "NCM@AU"}, {"term": "REG@AU"}, {"term": "WBT@AU"}, {"term": "CHN@AU"}, {"term": "SYA@AU"}, {"term": "AD8@AU"}, {"term": "FLT@AU"}, {"term": "PME@AU"}, {"term": "LLL@AU"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "8035@JP"}, {"term": "ASML@NA"}, {"term": "LRCX@US"}, {"term": "KLAC@US"}, {"term": "AMAT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "SNS@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "ACE@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "MXI@AU"}, {"term": "LLL@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMAT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SNS@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ACE@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MXI@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/f0085284-4788-3eed-83bf-c13173006b5dBrief Australia: IPD Group (IPG) - Organic Sales Blip No Cause for Concern and more2024-03-28T08:18:26.647056+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ipd-group-ipg-organic-sales-blip-no-cause-for-concern?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">IPD Group (IPG) - Organic Sales Blip No Cause for Concern</a></li><li><a href="https://www.smartkarma.com/insights/kinatico-ltd-kyp-1h24-result-limited-new-info-gp-margin-expanding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Kinatico Ltd (KYP) - 1H24 Result – Limited New Info, GP Margin Expanding</a></li><li><a href="https://www.smartkarma.com/insights/capral-limited-caa-inherent-value-remains-as-slowdown-commences?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Capral Limited (CAA) - Inherent Value Remains as Slowdown Commences</a></li><li><a href="https://www.smartkarma.com/insights/mach7-technologies-m7t-1h24-launch-pending?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Mach7 Technologies (M7T) - 1H24: Launch Pending</a></li><li><a href="https://www.smartkarma.com/insights/4dmedical-limited-significant-progress-in-1h24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4Dmedical Limited - Significant Progress in 1H24</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ipd-group-ipg-organic-sales-blip-no-cause-for-concern?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. IPD Group (IPG) - Organic Sales Blip No Cause for Concern </a></h3><p></p><ul>
<li>The CMI acquisition almost makes this result moot, but we can’t help feeling slightly underwhelmed.</li>
<li>Organic sales growth was a mere 3% in the absence of major project supply this half. >20% adj.</li>
<li>NPAT growth was driven by gross profit margin expansion linked to a higher day-to-day business skew, which will mean revert next half.</li>
</ul>
<p><em>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.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/kinatico-ltd-kyp-1h24-result-limited-new-info-gp-margin-expanding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Kinatico Ltd (KYP) - 1H24 Result – Limited New Info, GP Margin Expanding </a></h3><p></p><ul><li>Reg-Tech software provider KYP has released its complete 1H24 results subsequent to its preliminary revenue and profit figures announced in January.</li><li>To recap, SaaS revenue surged to $4.4m, an increase of 159% pcp and NPAT improved to $0.4m from a full year $0.2m.</li><li>We don’t see any surprises within the result but are pleased with the persistent GP margin expansion from 66.9% (2H23) to 67.7% (1H24) or 320bps compared to 1H23. </li></ul><p><em>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.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/capral-limited-caa-inherent-value-remains-as-slowdown-commences?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Capral Limited (CAA) - Inherent Value Remains as Slowdown Commences </a></h3><p></p><ul><li>In spite of the awaited slowdown commencing, CAA’s value proposition continues.</li><li>Demonstrating its more agile operations with underlying EBITDA up $0.3m v. FY22 despite declining revenue, CAA appears determined to convey the efficacy of its structural changes.</li><li>A concerted effort to signal value through continuation of an on-market share buyback in FY24 combined with an unfranked dividend policy is an attractive offering. </li></ul><p><em>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.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mach7-technologies-m7t-1h24-launch-pending?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Mach7 Technologies (M7T) - 1H24: Launch Pending </a></h3><p></p><ul><li>We maintain our OVERWEIGHT rating and $1.05/sh PT on Mach7.</li><li>Mach7 has been in stasis whilst their capital -> subscription contract transition has occurred faster than expected, with FY24 revenue and earnings taking a blow (a near term impact).</li><li>As we look out to the remainder of FY24, we expect share price to be driven by new contract wins, which will see M7T deliver on >$60M in total sales orders for the year, whilst sticking to cash-flow breakeven.</li></ul><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4dmedical-limited-significant-progress-in-1h24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. 4Dmedical Limited - Significant Progress in 1H24 </a></h3><p></p><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><p><em>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.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ipd-group-ipg-organic-sales-blip-no-cause-for-concern?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">IPD Group (IPG) - Organic Sales Blip No Cause for Concern</a></li><li><a href="https://www.smartkarma.com/insights/kinatico-ltd-kyp-1h24-result-limited-new-info-gp-margin-expanding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Kinatico Ltd (KYP) - 1H24 Result – Limited New Info, GP Margin Expanding</a></li><li><a href="https://www.smartkarma.com/insights/capral-limited-caa-inherent-value-remains-as-slowdown-commences?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Capral Limited (CAA) - Inherent Value Remains as Slowdown Commences</a></li><li><a href="https://www.smartkarma.com/insights/mach7-technologies-m7t-1h24-launch-pending?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Mach7 Technologies (M7T) - 1H24: Launch Pending</a></li><li><a href="https://www.smartkarma.com/insights/4dmedical-limited-significant-progress-in-1h24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4Dmedical Limited - Significant Progress in 1H24</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ipd-group-ipg-organic-sales-blip-no-cause-for-concern?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. IPD Group (IPG) - Organic Sales Blip No Cause for Concern </a></h3><p></p><ul>
<li>The CMI acquisition almost makes this result moot, but we can’t help feeling slightly underwhelmed.</li>
<li>Organic sales growth was a mere 3% in the absence of major project supply this half. >20% adj.</li>
<li>NPAT growth was driven by gross profit margin expansion linked to a higher day-to-day business skew, which will mean revert next half.</li>
</ul>
<p><em>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.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/kinatico-ltd-kyp-1h24-result-limited-new-info-gp-margin-expanding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Kinatico Ltd (KYP) - 1H24 Result – Limited New Info, GP Margin Expanding </a></h3><p></p><ul><li>Reg-Tech software provider KYP has released its complete 1H24 results subsequent to its preliminary revenue and profit figures announced in January.</li><li>To recap, SaaS revenue surged to $4.4m, an increase of 159% pcp and NPAT improved to $0.4m from a full year $0.2m.</li><li>We don’t see any surprises within the result but are pleased with the persistent GP margin expansion from 66.9% (2H23) to 67.7% (1H24) or 320bps compared to 1H23. </li></ul><p><em>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.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/capral-limited-caa-inherent-value-remains-as-slowdown-commences?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Capral Limited (CAA) - Inherent Value Remains as Slowdown Commences </a></h3><p></p><ul><li>In spite of the awaited slowdown commencing, CAA’s value proposition continues.</li><li>Demonstrating its more agile operations with underlying EBITDA up $0.3m v. FY22 despite declining revenue, CAA appears determined to convey the efficacy of its structural changes.</li><li>A concerted effort to signal value through continuation of an on-market share buyback in FY24 combined with an unfranked dividend policy is an attractive offering. </li></ul><p><em>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.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mach7-technologies-m7t-1h24-launch-pending?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Mach7 Technologies (M7T) - 1H24: Launch Pending </a></h3><p></p><ul><li>We maintain our OVERWEIGHT rating and $1.05/sh PT on Mach7.</li><li>Mach7 has been in stasis whilst their capital -> subscription contract transition has occurred faster than expected, with FY24 revenue and earnings taking a blow (a near term impact).</li><li>As we look out to the remainder of FY24, we expect share price to be driven by new contract wins, which will see M7T deliver on >$60M in total sales orders for the year, whilst sticking to cash-flow breakeven.</li></ul><p><em>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.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4dmedical-limited-significant-progress-in-1h24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. 4Dmedical Limited - Significant Progress in 1H24 </a></h3><p></p><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><p><em>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.</em></p>2024-03-01T19:45:21+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "IPG@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "KYP@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "CAA@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "M7T@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4DX@AU"}, {"term": "IPG@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "KYP@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CAA@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "M7T@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "4DX@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/2d839442-efa2-3b93-969b-6fa30c449778Brief Australia: Nickel Industries - Earnings Flash - FY 2023 Results - Lucror Analytics and more2024-03-28T08:18:26.638366+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nickel-industries-earnings-flash-fy-2023-results-lucror-analytics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Nickel Industries - Earnings Flash - FY 2023 Results - Lucror Analytics</a></li><li><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">The Big Question: Can Today's AI Surge Last?</a></li><li><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-feb-23rd-bluescope-steel-treasury-wine-domino-s-pizza?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ASX Short Interest Weekly (Feb 23rd): Bluescope Steel, Treasury Wine, Domino's Pizza</a></li><li><a href="https://www.smartkarma.com/insights/morning-views-asia-nickel-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Morning Views Asia: Nickel Industries</a></li><li><a href="https://www.smartkarma.com/insights/actinogen-medical-pressing-forward-with-xanamem?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Actinogen Medical - Pressing forward with Xanamem</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nickel-industries-earnings-flash-fy-2023-results-lucror-analytics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Nickel Industries - Earnings Flash - FY 2023 Results - Lucror Analytics </a></h3><p></p><p><br/> Nickel Industries Limited has released sound FY 2023 numbers, driven by a series of capital-raising initiatives that have strengthened the company’s balance sheet. The operating results were satisfactory, with capacity growth and competitive first-quartile cash costs more than offsetting lower nickel prices (down c. 50% in the past year). NIC is also making good progress in the transition away from nickel pig iron (NPI) production to Class 1 nickel production.<br/><br/> Group EBITDA increased 19% y-o-y to USD 403 mn, due to robust production volume growth. Net debt fell to USD 66 mn from USD 415 mn, thanks to material cash proceeds from the capital-raising initiatives. Gross Debt/EBITDA and Net Debt/EBITDA were 2.2x and 0.2x, respectively, at FYE 2023. EBITDA/Interest stood at 5.7x. Liquidity is adequate, with USD 779 mn cash and c. USD 200 mn available credit lines (vs. USD 845 mn total debt).<br/><br/> We continue to expect robust double-digit EBITDA growth of c. 20% in FY 2024 and c. 2x Gross Debt/EBITDA. This will likely be supported by capacity expansion.<br/></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. The Big Question: Can Today's AI Surge Last? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/962/original/image_96342575621709268603132.png?1709268606"/> <ul>
<li>The AI GPU market has been exploding, and this has turned the DRAM market's downturn into a strong upturn</li>
<li>With this growth, DRAM manufacturers have seen their business turn around, thanks to increased use of HBM</li>
<li>Two questions concern us: Will AI growth last? Will increased competition in HBM DRAM create a price collapse?</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-feb-23rd-bluescope-steel-treasury-wine-domino-s-pizza?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. ASX Short Interest Weekly (Feb 23rd): Bluescope Steel, Treasury Wine, Domino's Pizza </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/945/original/image_148334741111709260713361.png?1709260713"/> <ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 23rd (reported today) which has an aggregated short interest worth USD18.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bluescope Steel, Treasury Wine, Domino's Pizza.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/morning-views-asia-nickel-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Morning Views Asia: Nickel Industries </a></h3><p></p><p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href="#lucror-entity-30639">Nickel Industries </a></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/actinogen-medical-pressing-forward-with-xanamem?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Actinogen Medical - Pressing forward with Xanamem </a></h3><p></p><p>Having shown cognitive activity in prior trials, Actinogen began its XanaMIA Phase IIb study of lead candidate Xanamem in patients with cognitive impairment (CI) associated with mild-to-moderate Alzheimer’s disease (AD). The study will assess c 220 biomarker-positive AD patients, with interim results expected in H1 CY25. Actinogen recently reported results from a human positron emission tomography (PET) imaging study, which affirm the drug’s mechanism of action (MoA) in healthy subjects and patients with AD, by showing that Xanamem exhibited high target enzyme occupancy designed to impede cortisol production, as well as favourable safety and tolerability. Our risk-adjusted net present value (rNPV) remains essentially unchanged at A$528m.</p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nickel-industries-earnings-flash-fy-2023-results-lucror-analytics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Nickel Industries - Earnings Flash - FY 2023 Results - Lucror Analytics</a></li><li><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">The Big Question: Can Today's AI Surge Last?</a></li><li><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-feb-23rd-bluescope-steel-treasury-wine-domino-s-pizza?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">ASX Short Interest Weekly (Feb 23rd): Bluescope Steel, Treasury Wine, Domino's Pizza</a></li><li><a href="https://www.smartkarma.com/insights/morning-views-asia-nickel-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Morning Views Asia: Nickel Industries</a></li><li><a href="https://www.smartkarma.com/insights/actinogen-medical-pressing-forward-with-xanamem?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Actinogen Medical - Pressing forward with Xanamem</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nickel-industries-earnings-flash-fy-2023-results-lucror-analytics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Nickel Industries - Earnings Flash - FY 2023 Results - Lucror Analytics </a></h3><p></p><p><br/> Nickel Industries Limited has released sound FY 2023 numbers, driven by a series of capital-raising initiatives that have strengthened the company’s balance sheet. The operating results were satisfactory, with capacity growth and competitive first-quartile cash costs more than offsetting lower nickel prices (down c. 50% in the past year). NIC is also making good progress in the transition away from nickel pig iron (NPI) production to Class 1 nickel production.<br/><br/> Group EBITDA increased 19% y-o-y to USD 403 mn, due to robust production volume growth. Net debt fell to USD 66 mn from USD 415 mn, thanks to material cash proceeds from the capital-raising initiatives. Gross Debt/EBITDA and Net Debt/EBITDA were 2.2x and 0.2x, respectively, at FYE 2023. EBITDA/Interest stood at 5.7x. Liquidity is adequate, with USD 779 mn cash and c. USD 200 mn available credit lines (vs. USD 845 mn total debt).<br/><br/> We continue to expect robust double-digit EBITDA growth of c. 20% in FY 2024 and c. 2x Gross Debt/EBITDA. This will likely be supported by capacity expansion.<br/></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. The Big Question: Can Today's AI Surge Last? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/962/original/image_96342575621709268603132.png?1709268606"/> <ul>
<li>The AI GPU market has been exploding, and this has turned the DRAM market's downturn into a strong upturn</li>
<li>With this growth, DRAM manufacturers have seen their business turn around, thanks to increased use of HBM</li>
<li>Two questions concern us: Will AI growth last? Will increased competition in HBM DRAM create a price collapse?</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/asx-short-interest-weekly-feb-23rd-bluescope-steel-treasury-wine-domino-s-pizza?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. ASX Short Interest Weekly (Feb 23rd): Bluescope Steel, Treasury Wine, Domino's Pizza </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/945/original/image_148334741111709260713361.png?1709260713"/> <ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 23rd (reported today) which has an aggregated short interest worth USD18.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bluescope Steel, Treasury Wine, Domino's Pizza.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/morning-views-asia-nickel-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Morning Views Asia: Nickel Industries </a></h3><p></p><p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href="#lucror-entity-30639">Nickel Industries </a></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/actinogen-medical-pressing-forward-with-xanamem?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Actinogen Medical - Pressing forward with Xanamem </a></h3><p></p><p>Having shown cognitive activity in prior trials, Actinogen began its XanaMIA Phase IIb study of lead candidate Xanamem in patients with cognitive impairment (CI) associated with mild-to-moderate Alzheimer’s disease (AD). The study will assess c 220 biomarker-positive AD patients, with interim results expected in H1 CY25. Actinogen recently reported results from a human positron emission tomography (PET) imaging study, which affirm the drug’s mechanism of action (MoA) in healthy subjects and patients with AD, by showing that Xanamem exhibited high target enzyme occupancy designed to impede cortisol production, as well as favourable safety and tolerability. Our risk-adjusted net present value (rNPV) remains essentially unchanged at A$528m.</p>2024-03-01T14:03:26+08:00[{"term": "Credit"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "NIC@AU"}, {"term": "Thematic (Sector/Industry)"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "SAUDI ARABIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "SHORTS"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"term": "BABA@US"}, {"term": "BIDU@US"}, {"term": "MSFT@US"}, {"term": "AMZN@US"}, {"term": "META@US"}, {"term": "GOOG@US"}, {"term": "MU@US"}, {"term": "000660@KS"}, {"term": "SMSN@LI"}, {"term": "NVDA@US"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "YAL@AU"}, {"term": "IEL@AU"}, {"term": "BGA@AU"}, {"term": "DMP@AU"}, {"term": "PLS@AU"}, {"term": "PSI@AU"}, {"term": "MGH@AU"}, {"term": "WBT@AU"}, {"term": "BLD@AU"}, {"term": "FLT@AU"}, {"term": "MQG@AU"}, {"term": "REH@AU"}, {"term": "EVT@AU"}, {"term": "LTR@AU"}, {"term": "TWE@AU"}, {"term": "MIN@AU"}, {"term": "WES@AU"}, {"term": "SGM@AU"}, {"term": "WBC@AU"}, {"term": "IRE@AU"}, {"term": "CBA@AU"}, {"term": "LOV@AU"}, {"term": "IMU@AU"}, {"term": "LIC@AU"}, {"term": "BSL@AU"}, {"term": "BHP@AU"}, {"term": "RIO@AU"}, {"term": "Credit"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "NIC@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "ACW@AU"}, {"term": "NIC@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RIO@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NIC@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ACW@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/318349e6-2049-3cc4-a67b-e1fb4f321f27Brief Australia: Freelancer - Primed for margin expansion and more2024-03-28T08:18:26.628619+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/freelancer-primed-for-margin-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Freelancer - Primed for margin expansion</a></li><li><a href="https://www.smartkarma.com/insights/uncovering-precious-and-critical-metals-in-central-nsw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Uncovering precious and critical metals in central NSW</a></li><li><a href="https://www.smartkarma.com/insights/pureprofile-ltd-better-than-forecast-result-on-track-to-meet-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Pureprofile Ltd - Better-Than-Forecast Result, on Track to Meet Guidance</a></li><li><a href="https://www.smartkarma.com/insights/godolphin-resources-limited-uncovering-precious-and-critical-metals-in-central-nsw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Godolphin Resources Limited - Uncovering Precious and Critical Metals in Central NSW</a></li><li><a href="https://www.smartkarma.com/insights/alkane-resources-limited-on-the-cusp-of-potential-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Alkane Resources Limited - On the Cusp of Potential Expansion</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/freelancer-primed-for-margin-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Freelancer - Primed for margin expansion </a></h3><p></p><p>Freelancer’s FY23 results marked a key milestone as the group moved to positive operating EBITDA. Profitability was driven by lower opex than we anticipated as gross marketplace volume (GMV) and revenue declined due to a delayed recovery in the core retail platform and Escrow. Loadshift momentum following its transition to a more value-driven marketplace model, along with Enterprise growth, softened the size of the revenue decline. While Escrow volumes and revenue were down, lead indicators remain positive, with two major e-commerce platforms expected to deploy the Escrow service in H124. Loadshift, Enterprise and the retail platform also provide diverse levers to drive a return to growth, where delivery on a lower cost base will be key to a re-rating.</p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/uncovering-precious-and-critical-metals-in-central-nsw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Uncovering precious and critical metals in central NSW </a></h3><p></p><ul><li>Godolphin Resources Limited (ASX:GRL) is an ASX-listed green metals and critical minerals explorer with a focus on central west New South Wales.</li><li>The company’s projects include the Narraburra rare earths element (REE) project, the Goodrich copper prospect, the Yeoval copper-gold-molybdenum project and the Gundagai gold project.</li><li>The projects are predominantly located on the Lachlan Fold Belt, a highly prospective province for the discovery of rare earth elements, copper, gold and base metal deposits.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/pureprofile-ltd-better-than-forecast-result-on-track-to-meet-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Pureprofile Ltd - Better-Than-Forecast Result, on Track to Meet Guidance </a></h3><p></p><ul><li>Pureprofile Ltd (ASX:PPL) is a data analytics, consumer insights and media company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers.</li><li>Pureprofile has confirmed, as previously announced on 30 January, that H1 FY24 revenue was $24.0m, with platform revenue contributing $4.4m, a 104% increase on the previous corresponding period (pcp).</li><li>EBITDA, adjusted for significant and non-cash items, increased 9.6% to $2.37m. Reported NPAT for the half was $3,888, a $509k turnaround on the pcp. </li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/godolphin-resources-limited-uncovering-precious-and-critical-metals-in-central-nsw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Godolphin Resources Limited - Uncovering Precious and Critical Metals in Central NSW </a></h3><p></p><ul><li>Godolphin Resources Limited (ASX:GRL) is an ASX-listed green metals and critical minerals explorer with a focus on central west New South Wales.</li><li>The company’s projects include the Narraburra rare earths element (REE) project, the Goodrich copper prospect, the Yeoval copper-gold-molybdenum project and the Gundagai gold project.</li><li>The projects are predominantly located on the Lachlan Fold Belt, a highly prospective province for the discovery of rare earth elements, copper, gold and base metal deposits. </li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/alkane-resources-limited-on-the-cusp-of-potential-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Alkane Resources Limited - On the Cusp of Potential Expansion </a></h3><p></p><ul><li>Alkane Resources Limited (ASX:ALK) is an ASX-listed gold producer and explorer with a focus on central west New South Wales.</li><li>The Perth-headquartered company owns and operates the Tomingley gold mine and processing facilities, south-west of Dubbo and the Northern Molong porphyry project in central west NSW which includes the highly prospective Boda and Kaiser deposits.</li><li>ALK recently announced high-grade results from the Kaiser resource upgrade drilling programme and upgraded the Boda resource to 6.6mn ounces of gold equivalent (AuEq), with 4.4Moz AuEq inferred. </li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/freelancer-primed-for-margin-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Freelancer - Primed for margin expansion</a></li><li><a href="https://www.smartkarma.com/insights/uncovering-precious-and-critical-metals-in-central-nsw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Uncovering precious and critical metals in central NSW</a></li><li><a href="https://www.smartkarma.com/insights/pureprofile-ltd-better-than-forecast-result-on-track-to-meet-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Pureprofile Ltd - Better-Than-Forecast Result, on Track to Meet Guidance</a></li><li><a href="https://www.smartkarma.com/insights/godolphin-resources-limited-uncovering-precious-and-critical-metals-in-central-nsw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Godolphin Resources Limited - Uncovering Precious and Critical Metals in Central NSW</a></li><li><a href="https://www.smartkarma.com/insights/alkane-resources-limited-on-the-cusp-of-potential-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Alkane Resources Limited - On the Cusp of Potential Expansion</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/freelancer-primed-for-margin-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Freelancer - Primed for margin expansion </a></h3><p></p><p>Freelancer’s FY23 results marked a key milestone as the group moved to positive operating EBITDA. Profitability was driven by lower opex than we anticipated as gross marketplace volume (GMV) and revenue declined due to a delayed recovery in the core retail platform and Escrow. Loadshift momentum following its transition to a more value-driven marketplace model, along with Enterprise growth, softened the size of the revenue decline. While Escrow volumes and revenue were down, lead indicators remain positive, with two major e-commerce platforms expected to deploy the Escrow service in H124. Loadshift, Enterprise and the retail platform also provide diverse levers to drive a return to growth, where delivery on a lower cost base will be key to a re-rating.</p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/uncovering-precious-and-critical-metals-in-central-nsw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Uncovering precious and critical metals in central NSW </a></h3><p></p><ul><li>Godolphin Resources Limited (ASX:GRL) is an ASX-listed green metals and critical minerals explorer with a focus on central west New South Wales.</li><li>The company’s projects include the Narraburra rare earths element (REE) project, the Goodrich copper prospect, the Yeoval copper-gold-molybdenum project and the Gundagai gold project.</li><li>The projects are predominantly located on the Lachlan Fold Belt, a highly prospective province for the discovery of rare earth elements, copper, gold and base metal deposits.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/pureprofile-ltd-better-than-forecast-result-on-track-to-meet-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Pureprofile Ltd - Better-Than-Forecast Result, on Track to Meet Guidance </a></h3><p></p><ul><li>Pureprofile Ltd (ASX:PPL) is a data analytics, consumer insights and media company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers.</li><li>Pureprofile has confirmed, as previously announced on 30 January, that H1 FY24 revenue was $24.0m, with platform revenue contributing $4.4m, a 104% increase on the previous corresponding period (pcp).</li><li>EBITDA, adjusted for significant and non-cash items, increased 9.6% to $2.37m. Reported NPAT for the half was $3,888, a $509k turnaround on the pcp. </li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/godolphin-resources-limited-uncovering-precious-and-critical-metals-in-central-nsw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Godolphin Resources Limited - Uncovering Precious and Critical Metals in Central NSW </a></h3><p></p><ul><li>Godolphin Resources Limited (ASX:GRL) is an ASX-listed green metals and critical minerals explorer with a focus on central west New South Wales.</li><li>The company’s projects include the Narraburra rare earths element (REE) project, the Goodrich copper prospect, the Yeoval copper-gold-molybdenum project and the Gundagai gold project.</li><li>The projects are predominantly located on the Lachlan Fold Belt, a highly prospective province for the discovery of rare earth elements, copper, gold and base metal deposits. </li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/alkane-resources-limited-on-the-cusp-of-potential-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Alkane Resources Limited - On the Cusp of Potential Expansion </a></h3><p></p><ul><li>Alkane Resources Limited (ASX:ALK) is an ASX-listed gold producer and explorer with a focus on central west New South Wales.</li><li>The Perth-headquartered company owns and operates the Tomingley gold mine and processing facilities, south-west of Dubbo and the Northern Molong porphyry project in central west NSW which includes the highly prospective Boda and Kaiser deposits.</li><li>ALK recently announced high-grade results from the Kaiser resource upgrade drilling programme and upgraded the Boda resource to 6.6mn ounces of gold equivalent (AuEq), with 4.4Moz AuEq inferred. </li></ul>2024-03-01T07:10:16+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "FLN@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "GRL@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "PPL@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "GRL@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "ALK@AU"}, {"term": "FLN@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GRL@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PPL@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GRL@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALK@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/e18c624a-2563-3208-af90-a2e427f0988eBrief Australia: Semiconductor Memory 2023 In Review, 2024 Outlook and more2024-03-28T08:18:26.621049+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Semiconductor Memory 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/better-than-forecast-result-on-track-to-meet-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Better-than-forecast result, on track to meet guidance</a></li><li><a href="https://www.smartkarma.com/insights/tapping-into-historic-nsw-tin-for-new-resources?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Tapping into historic NSW tin for new resources</a></li><li><a href="https://www.smartkarma.com/insights/on-the-cusp-of-potential-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">On the cusp of potential expansion</a></li><li><a href="https://www.smartkarma.com/insights/goodman-group-gmg-au-positioned-for-outperformance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Goodman Group (GMG AU): Positioned for Outperformance</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Semiconductor Memory 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/756/original/image?1709186910"/> <ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/better-than-forecast-result-on-track-to-meet-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Better-than-forecast result, on track to meet guidance </a></h3><p></p><ul><li>Pureprofile Ltd (ASX:PPL) is a data analytics, consumer insights and media company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers.</li><li>Pureprofile has confirmed, as previously announced on 30 January, that H1 FY24 revenue was $24.0m, with platform revenue contributing $4.4m, a 104% increase on the previous corresponding period (pcp).</li><li>EBITDA, adjusted for significant and non-cash items, increased 9.6% to $2.37m.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tapping-into-historic-nsw-tin-for-new-resources?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Tapping into historic NSW tin for new resources </a></h3><p></p><ul><li>Sky Metals Limited (ASX:SKY) is an ASX-listed base metals explorer focused on a portfolio of assets in New South Wales with the most advanced being the Tallebung tin project in central NSW. The company recently made material progress on the expansion of the mineral resource estimate (MRE) at Tallebung which positions it to be scoped for a bulk-mining operation.</li><li>SKY says it is now planning a further drilling programme on a defined exploration target of approximately 23Mt-32Mt at a grade of between 0.14%-0.17% tin to build out the indicated resource for the mine scoping studies.</li><li>The cash balance of $1.12m at the end of December 2023 suggests to us that the company may need to raise capital to complete its programme.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/on-the-cusp-of-potential-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. On the cusp of potential expansion </a></h3><p></p><ul><li>Alkane Resources Limited (ASX:ALK) is an ASX-listed gold producer and explorer with a focus on central west New South Wales.</li><li>The Perth-headquartered company owns and operates the Tomingley gold mine and processing facilities, south-west of Dubbo and the Northern Molong porphyry project in central west NSW which includes the highly prospective Boda and Kaiser deposits.</li><li>ALK recently announced high-grade results from the Kaiser resource upgrade drilling programme and upgraded the Boda resource to 6.6mn ounces of gold equivalent (AuEq), with 4.4Moz AuEq inferred.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/goodman-group-gmg-au-positioned-for-outperformance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Goodman Group (GMG AU): Positioned for Outperformance </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/694/original/image_74077327531709162361898.png?1709162362"/> <ul>
<li>
<a data-smartkarma-citation="entities:959:1" href="https://www.smartkarma.com/entities/goodman-group" rel="noopener" target="_blank">Goodman Group (GMG AU)</a> has been moving higher recently and the stock has outperformed its peers handily over the last year.</li>
<li>The stock trades marginally expensive compared to its peers and that could be partially attributed to the stock being a part of large indices.</li>
<li>There is another index inclusion to come and that could lead to further outperformance in the short term.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Semiconductor Memory 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/better-than-forecast-result-on-track-to-meet-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Better-than-forecast result, on track to meet guidance</a></li><li><a href="https://www.smartkarma.com/insights/tapping-into-historic-nsw-tin-for-new-resources?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Tapping into historic NSW tin for new resources</a></li><li><a href="https://www.smartkarma.com/insights/on-the-cusp-of-potential-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">On the cusp of potential expansion</a></li><li><a href="https://www.smartkarma.com/insights/goodman-group-gmg-au-positioned-for-outperformance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Goodman Group (GMG AU): Positioned for Outperformance</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. Semiconductor Memory 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/756/original/image?1709186910"/> <ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/better-than-forecast-result-on-track-to-meet-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. Better-than-forecast result, on track to meet guidance </a></h3><p></p><ul><li>Pureprofile Ltd (ASX:PPL) is a data analytics, consumer insights and media company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers.</li><li>Pureprofile has confirmed, as previously announced on 30 January, that H1 FY24 revenue was $24.0m, with platform revenue contributing $4.4m, a 104% increase on the previous corresponding period (pcp).</li><li>EBITDA, adjusted for significant and non-cash items, increased 9.6% to $2.37m.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tapping-into-historic-nsw-tin-for-new-resources?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. Tapping into historic NSW tin for new resources </a></h3><p></p><ul><li>Sky Metals Limited (ASX:SKY) is an ASX-listed base metals explorer focused on a portfolio of assets in New South Wales with the most advanced being the Tallebung tin project in central NSW. The company recently made material progress on the expansion of the mineral resource estimate (MRE) at Tallebung which positions it to be scoped for a bulk-mining operation.</li><li>SKY says it is now planning a further drilling programme on a defined exploration target of approximately 23Mt-32Mt at a grade of between 0.14%-0.17% tin to build out the indicated resource for the mine scoping studies.</li><li>The cash balance of $1.12m at the end of December 2023 suggests to us that the company may need to raise capital to complete its programme.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/on-the-cusp-of-potential-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. On the cusp of potential expansion </a></h3><p></p><ul><li>Alkane Resources Limited (ASX:ALK) is an ASX-listed gold producer and explorer with a focus on central west New South Wales.</li><li>The Perth-headquartered company owns and operates the Tomingley gold mine and processing facilities, south-west of Dubbo and the Northern Molong porphyry project in central west NSW which includes the highly prospective Boda and Kaiser deposits.</li><li>ALK recently announced high-grade results from the Kaiser resource upgrade drilling programme and upgraded the Boda resource to 6.6mn ounces of gold equivalent (AuEq), with 4.4Moz AuEq inferred.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/goodman-group-gmg-au-positioned-for-outperformance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Goodman Group (GMG AU): Positioned for Outperformance </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/694/original/image_74077327531709162361898.png?1709162362"/> <ul>
<li>
<a data-smartkarma-citation="entities:959:1" href="https://www.smartkarma.com/entities/goodman-group" rel="noopener" target="_blank">Goodman Group (GMG AU)</a> has been moving higher recently and the stock has outperformed its peers handily over the last year.</li>
<li>The stock trades marginally expensive compared to its peers and that could be partially attributed to the stock being a part of large indices.</li>
<li>There is another index inclusion to come and that could lead to further outperformance in the short term.</li>
</ul>2024-02-29T14:22:19+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2344@TT"}, {"term": "WDC@US"}, {"term": "6600@JP"}, {"term": "2408@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "MU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "PPL@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "SKY@AU"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "ALK@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "REAL ESTATE"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "GMG@AU"}, {"term": "CIP@AU"}, {"term": "MU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PPL@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SKY@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALK@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CIP@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/australia.rss/f00b0354-9280-3f2d-839c-3ea3b2f232fbBrief Australia: APM (APM AU): CVC’s Revised Non-Binding Proposal at A$2.00 and more2024-03-28T08:18:26.608604+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/apm-apm-au-cvc-s-revised-non-binding-proposal-at-a-2-00?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">APM (APM AU): CVC’s Revised Non-Binding Proposal at A$2.00</a></li><li><a href="https://www.smartkarma.com/insights/qantm-qip-au-rouse-makes-an-offer-but-at-what-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">QANTM (QIP AU): Rouse Makes An Offer - But At What Price?</a></li><li><a href="https://www.smartkarma.com/insights/apm-human-services-apm-au-cvc-s-141-offer-premium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">APM Human Services (APM AU): CVC's 141% Offer Premium</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-finally-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Positioning Watch – Commodities Are Finally Moving</a></li><li><a href="https://www.smartkarma.com/insights/adbri-abc-au-crh-and-barro-s-binding-a-3-20-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/apm-apm-au-cvc-s-revised-non-binding-proposal-at-a-2-00?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. APM (APM AU): CVC’s Revised Non-Binding Proposal at A$2.00 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/546/original/Non-binding%201.png?1709106688"/> <ul>
<li>
<a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>’s revised non-binding proposal from CVC is A$2.00 per share, a 141.0% premium to the undisturbed price of A$0.83 per share (16 February).</li>
<li>CVC has been granted a four-week exclusivity period to 27 March. The proposal allows shareholders to receive scrip in an unlisted HoldCo. The Board will recommend a binding proposal.</li>
<li>While not a knockout offer, a concentrated and seemingly supportive shareholder register facilitates a binding proposal. At the last close, the gross spread was 25.0%. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/qantm-qip-au-rouse-makes-an-offer-but-at-what-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. QANTM (QIP AU): Rouse Makes An Offer - But At What Price? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/482/original/image_11834401871709091618586.png?1709091618"/> <ul>
<li>Yesterday morning, <strong><a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a></strong><a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02777780-3A637461" rel="noopener" target="_blank"> announced</a> it had received a non-binding indicative proposal from UK-based Rouse International Holdings Limited.</li>
<li>In what only can be described as a (s)crappy announcement, no price was disclosed, nor the due diligence period. Not even if this was a cash/scrip Offer.</li>
<li>In any event, QANTM considers Rouse's ops to be highly complementary in both geographic and service lines to QANTM. QANTM shares gained 17% yesterday to close at A$1.34.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/apm-human-services-apm-au-cvc-s-141-offer-premium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. APM Human Services (APM AU): CVC's 141% Offer Premium </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/454/original/image_27247103851709086679346.png?1709086679"/> <ul>
<li>Back on the 19th Feb, employment and disability services play <strong><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a></strong> rejected PE-outfit CVC Asia Pacific's A$1.60 proposal, a 93% premium to undisturbed.</li>
<li>Undeterred, CVC has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02778428-6A1195770" rel="noopener" target="_blank">returned</a> with A$2.00/share indicative Offer, by way of a Scheme, a 141% premium to undisturbed; yet a 44% discount to APM's November 2021 IPO price of A$3.55/share.</li>
<li>APM has determined it will engage and provide CVC with a four-week period of exclusivity. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-finally-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Positioning Watch – Commodities Are Finally Moving </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch! We have been all about the possibility of a cyclical rebound with the US economy showing great signs at the moment, and China is also potentially looking to beat the fairly bearish expectations (and why barely anyone has been net long cyclicals in all asset spaces).</li><li>This leaves markets with a great divergence, as Europe is yet to show the same signs of momentum, and inflation expectations (between USD and EUR) are also starting to diverge, but positioning has not followed accordingly.</li><li>Let’s rerun our current trades to kick things off: Equities: Long Materials and Long Korea (as a China proxy).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/adbri-abc-au-crh-and-barro-s-binding-a-3-20-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/412/original/Binding%201.png?1709044380"/> <ul>
<li>
<a data-smartkarma-citation="entities:20166:1" href="https://www.smartkarma.com/entities/adbri-ltd" rel="noopener" target="_blank">Adbri (ABC AU)</a> has entered a scheme implementation deed with <a data-smartkarma-citation="entities:28655:1" href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" rel="noopener" target="_blank">CRH (CRH US)</a> and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).</li>
<li>The offer requires shareholder and FIRB approval. FIRB approval for the bidder, CRH, should be forthcoming as it is a Fortune 500 company with HQ in Ireland. </li>
<li>The offer is attractive vs. peer multiples and historical ranges. At the last close and for a mid-June payment, the gross/annualised spread is 1.9%/6.6%.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/apm-apm-au-cvc-s-revised-non-binding-proposal-at-a-2-00?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">APM (APM AU): CVC’s Revised Non-Binding Proposal at A$2.00</a></li><li><a href="https://www.smartkarma.com/insights/qantm-qip-au-rouse-makes-an-offer-but-at-what-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">QANTM (QIP AU): Rouse Makes An Offer - But At What Price?</a></li><li><a href="https://www.smartkarma.com/insights/apm-human-services-apm-au-cvc-s-141-offer-premium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">APM Human Services (APM AU): CVC's 141% Offer Premium</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-finally-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Positioning Watch – Commodities Are Finally Moving</a></li><li><a href="https://www.smartkarma.com/insights/adbri-abc-au-crh-and-barro-s-binding-a-3-20-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/apm-apm-au-cvc-s-revised-non-binding-proposal-at-a-2-00?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">1. APM (APM AU): CVC’s Revised Non-Binding Proposal at A$2.00 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/546/original/Non-binding%201.png?1709106688"/> <ul>
<li>
<a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>’s revised non-binding proposal from CVC is A$2.00 per share, a 141.0% premium to the undisturbed price of A$0.83 per share (16 February).</li>
<li>CVC has been granted a four-week exclusivity period to 27 March. The proposal allows shareholders to receive scrip in an unlisted HoldCo. The Board will recommend a binding proposal.</li>
<li>While not a knockout offer, a concentrated and seemingly supportive shareholder register facilitates a binding proposal. At the last close, the gross spread was 25.0%. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/qantm-qip-au-rouse-makes-an-offer-but-at-what-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">2. QANTM (QIP AU): Rouse Makes An Offer - But At What Price? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/482/original/image_11834401871709091618586.png?1709091618"/> <ul>
<li>Yesterday morning, <strong><a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a></strong><a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02777780-3A637461" rel="noopener" target="_blank"> announced</a> it had received a non-binding indicative proposal from UK-based Rouse International Holdings Limited.</li>
<li>In what only can be described as a (s)crappy announcement, no price was disclosed, nor the due diligence period. Not even if this was a cash/scrip Offer.</li>
<li>In any event, QANTM considers Rouse's ops to be highly complementary in both geographic and service lines to QANTM. QANTM shares gained 17% yesterday to close at A$1.34.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/apm-human-services-apm-au-cvc-s-141-offer-premium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">3. APM Human Services (APM AU): CVC's 141% Offer Premium </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/454/original/image_27247103851709086679346.png?1709086679"/> <ul>
<li>Back on the 19th Feb, employment and disability services play <strong><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a></strong> rejected PE-outfit CVC Asia Pacific's A$1.60 proposal, a 93% premium to undisturbed.</li>
<li>Undeterred, CVC has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02778428-6A1195770" rel="noopener" target="_blank">returned</a> with A$2.00/share indicative Offer, by way of a Scheme, a 141% premium to undisturbed; yet a 44% discount to APM's November 2021 IPO price of A$3.55/share.</li>
<li>APM has determined it will engage and provide CVC with a four-week period of exclusivity. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-finally-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">4. Positioning Watch – Commodities Are Finally Moving </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch! We have been all about the possibility of a cyclical rebound with the US economy showing great signs at the moment, and China is also potentially looking to beat the fairly bearish expectations (and why barely anyone has been net long cyclicals in all asset spaces).</li><li>This leaves markets with a great divergence, as Europe is yet to show the same signs of momentum, and inflation expectations (between USD and EUR) are also starting to diverge, but positioning has not followed accordingly.</li><li>Let’s rerun our current trades to kick things off: Equities: Long Materials and Long Korea (as a China proxy).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/adbri-abc-au-crh-and-barro-s-binding-a-3-20-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=AUSTRALIA">5. Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/412/original/Binding%201.png?1709044380"/> <ul>
<li>
<a data-smartkarma-citation="entities:20166:1" href="https://www.smartkarma.com/entities/adbri-ltd" rel="noopener" target="_blank">Adbri (ABC AU)</a> has entered a scheme implementation deed with <a data-smartkarma-citation="entities:28655:1" href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" rel="noopener" target="_blank">CRH (CRH US)</a> and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).</li>
<li>The offer requires shareholder and FIRB approval. FIRB approval for the bidder, CRH, should be forthcoming as it is a Fortune 500 company with HQ in Ireland. </li>
<li>The offer is attractive vs. peer multiples and historical ranges. At the last close and for a mid-June payment, the gross/annualised spread is 1.9%/6.6%.</li>
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