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Catalpa Resources Ltd (CAH.ASX)
CAH announced construction at Edna May is one month ahead of schedule and first gold pour at the 100kozpa operation is now expected in May 2010. We also note 100kt of ore is already on the ROM pad and the operation remains Lost Time Injury Free.
03/03/2010
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Panoramic Resources Ltd (PAN.ASX)
1HFY10 NPAT was $23.1m (FSBe - $24.9m), 15% above previously given guidance of $20m. The difference was additional sales revenue due to QP adjustments, lower than expected D&A charges and reduced income tax due to tax concessions on R&D expenditure.
26/02/2010
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Austar United Communications Ltd (AUN.ASX)
Austar’s CY09 result exhibited solid operating leverage in a tough consumer market. The company achieved 11% EBITDA growth on 7% revenue growth against a weak macro backdrop and natural disasters (fires and floods) in regional Australia.
24/02/2010
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Industrea Ltd (IDL.ASX)
Industrea reported 1HFY10 NPAT adj of $17.8m, down 31% yoy. This was 3% ahead of our forecast (FSBe $17.3m) and at the top end of the guidance range provided on 25 January 2010 ($17.3m-$17.8m).
18/02/2010
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Imdex Ltd (IMD.ASX)
Imdex reported 1HFY10 adjusted NPAT of $4.6m, down 65% yoy (FSBe $7.0m). The reported NPAT figure of -$24.6m (pcp $11.6m) included significant items such as a low effective tax rate, non-cash amortisation charges, and non-operating fx movements. Imdex elected not to pay an interim dividend.
22/02/10
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Ammtec Ltd (AEC.ASX)
Ammtec reported 1HFY10 adjusted NPAT of $2.6m, down 33% on the pcp, and slightly below our forecast (FSBe $2.8m). The reported NPAT figure (pre-minorities) of $2.9m was pre-announced on 21 December 2009.
16/02/10
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Catalpa Resources Ltd (CAH.ASX)
CAH is an emerging mid tier Australian gold producer with a 30% interest in the ~100kozpa Cracow gold mine in Queensland and a 100% interest in the ~100kozpa Edna May gold mine in Western Australia which is expected to pour first gold in June 2010.
11/02/10
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Industrea Ltd (IDL.ASX)
IDL announced a record $18.8m gas drainage order to China. The contract is for the delivery of 8 AMT directional drilling and methane gas drainage systems with the client being a new Chinese customer, Yangquan Coal Industry (Group) Co.
10/02/10
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Iron Ore Holdings Ltd (IOH.ASX)
IOH announced a maiden resource for Buckland Hills of 47.9mt @ 58% Fe in line with our estimate of40-60mt in December 2009.
02/02/10
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Panoramic Resources Ltd (PAN.ASX)
PAN released its December 2009 quarterly (2QFY10) report. Production at Savannah was 1,917 tonnes of nickel in concentrate, 3% lower than 1QFY10. Production at Lanfranchi was 2,161 tonnes of nickel in ore, 15% lower than 1QFY10
01/02/10
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Industrea Ltd (IDL.ASX)
IDL provided guidance of:
• 1HFY10 NPAT adj of $17.2m-$17.8m, down ~30% pcp (FSBe $17.3m)
• FY10 Revenue of $300m-$330m, up ~22% yoy (FSBe $292.2m)
• FY10 NPAT adj of $48m-$54m, up 12% yoy (FSBe $52.6m)
• Interim Dividend expected (undisclosed, pcp 0.25cps)
25/01/10
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Krucible Metals (KRB.ASX)
- Initiation
Krucible Metals (ASX:KRB) is an Australian, ASX-listed phosphate developer and base/precious metal explorer focused in Qld. The company has a 5mt @ 30.8% P2O5 JORC resource within a larger 19.3mt @ 19.0% P2O5 resource located adjacent to Incitec Pivot’s (IPL) Phosphate Hill deposit and fertiliser processing plant in Queensland.
17/12/09
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Iron Ore Holdings Ltd (IOH.ASX)
IOH has made significant progress since our Initiation on 27 October 2009.
Specifically, IOH announced on 24 November:
- A major new discovery at its Buckland Hills project;
- A 20% resource upgrade at Iron Valley;
- An exclusive negotiating agreement with Rio Tinto for 6 months over Iron Valley; &
- It has reached agreement on commercial terms for Phil’s Creek iron ore sales which is expected to commence mining in late 2010.
03/12/09
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Iron Ore Holdings (IOH.ASX)
IOH’s focus is extracting value from its ~169mt of high quality direct shipping iron ore resources in the Pilbara. In July 2008 the Company entered into a Memorandum of Understanding (MOU) with Rio Tinto (RIO) for an annual Mine Gate Sale of up to 1.5mtpa of DSO pisolite from the Phil’s Creek Project.
27/10/09
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Austar United Communications (AUN.ASX)
Austar delivered a strong 3QCY09 operating result with solid subscriber and ARPU growth coupled with low churn. The business added 10.5k subscribers net of churn in 3QCY09, more than the entire first half of 8.4k and beating our estimate of 8.5k.
22/10/09
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Coal of Africa Ltd (CZA.ASX)
Thermal coal sales achieved in Sep 2009. CZA’s Mooiplaats thermal coal mine loaded its first coal in September bound for the Port of Matola where the company anticipates a shipping program to commence in the Dec quarter.
09/10/09
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CuDeCo Ltd (CDU.ASX)
- Initiation of coverage
CDU’s primary asset is the Rocklands copper project, located 15km from Cloncurry, Qld. An initial JORC resource of 25mt @ 1.57% Cu, 818g/t Co and 0.2g/t Au was announced in July 2006 with an additional target of 34mt at similar grades.
26/08/09
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Energy Resources of Australia Ltd (ERA.ASX)
ERA reported NPAT for 1HCY09 of $127.6m (FSBe $123.6m), up 228% on 1HCY08. ERA’s profit was in line with company guidance given recently of $120m - $130m. Therefore, the headline profit was no great surprise to the market.
03/08/09
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Austar United Communications (AUN.ASX)
Austar delivered yet another strong operating result, clearly displaying the resilience of the pay-tv model during challenging economic conditions. The key business metrics of subscriber growth, ARPU and churn all pleased on the upside, driving revenue growth and operating leverage. The stronger than expected sales in June reads well for third quarter momentum. 2QCY09 net adds of 6.5k beat guidance of 5k.
30/07/09
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Panoramic Resources Ltd (PAN.ASX)
Event. Last week we visited PAN’s Savannah and Lanfranchi nickel operations in W.A.
In brief, we came away with increased confidence that production at Savannah and Lanfranchi is highly likely to continue for approximately 10 and 8 years respectively.
15/06/09
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Mirabela Nickel Ltd (MBN.ASX)
MBN released its March Q MD&A and Interim Financial Report. The headline loss was $6.4m. However, given the company is in a ramp up stage, we view short term earnings as largely insignificant in determining the company’s value. Cash outflow for the quarter of $13.2m was largely due to the acquisition of PP&E for MBN’s Santa Rita nickel project.
18/05/09
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Paladin Energy Ltd (PDN.ASX)
3QFY09 U3O8 production of 686k lbs was up 2% on 2QFY09, driven from increased mill throughput, but partially offset by reduced recoveries. As a result of minor delays at both projects, PDN revised its forecast production for FY09 down from 3.35M lbs to a range of 3 – 3.1M lbs.
28/04/09
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The MAC Services Group Ltd (MSL.ASX)
The MAC delivered a solid 1HFY09 result with NPAT of $12.1m, up 34% on the pcp, 18% ahead of our forecast (FSBe $10.3m). Once again, the profit figure was clean, requiring no adjustments.
09/02/09
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Po Valley Energy Ltd (PVE.ASX)
PVE announced on 5 January 2009 that it has secured its first gas off-take sales agreement totalling €38m (~A$76m). The terms of the agreement cover PVE’s initial commissioning period for Castello and Sillaro and three years of supply until September 2012.
09/01/09
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Silex Systems Ltd (SLX.ASX)
-Initiation of Coverage
Silex Systems (SLX) is a research and development company whose assets are its proprietary rights in technologies, primarily the Silex technology, as well as the Translucent technology and Chronologic Inc. (formerly Fibrebyte).
04/09/08
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Geodynamics Ltd (GDY.ASX)
Geodynamics is one of Australia’s largest emerging renewable energy producers developing emission-free, base-load electricity from known hot fractured rocks (HFR). The company has HFR in geothermal tenements in NSW, QLD and SA. South Australia’s Cooper Basin has some of the highest geothermal gradients in the world. The thermal resource equivalent at GDY’s tenements in the Cooper Basin is estimated to be 50 billion barrels of oil. To put this into context, Australia’s current total oil reserves are 2.9 billion barrels.
22/04/08
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Biota Holdings Ltd (BTA.ASX)
Biota reported NPAT of $5.5m for 1H08, up 35% on pcp and 177% higher than our forecast of $2.0m. This was driven by Relenza royalties received by BTA which increased to $16.5m, up 30% on pcp and 26% higher than our estimates. This is a strong result for the company and long-awaited by the market. We believe that GSK’s renewed interest in marketing Relenza will translate to stronger than expected 2H08 sales.
20/02/08
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