By Mark Woodruff
Guide:
The FNArena database tabulates the views of seven major Australian and international stock brokers: Citi, Credit Suisse, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS.
For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio.
Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.
Summary
Total Upgrades: 10
Net Ratings Breakdown: Buy 54.77%; Hold 38.50%; Sell 6.73%
For the week ending Friday 14 May, there were ten upgrades and eight downgrades to ASX-listed companies by brokers in the FNArena database.
Australia: Vali gas joint venture participants granted authorisation for joint marketing
13 May 2021
Vintage Energy,
Br
Vintage, Metgasco and Bridgeport are joint venture partners at the
Vali field, a new gas field in the early stages of development, located in the Queensland Cooper/Eromanga Basin. None of the parties currently produce or sell natural gas.
The ACCC’s authorisation enables the parties to jointly market gas produced from the Vali field for five years and, within this period, to enter into gas supply agreements with customers on common terms and conditions (including price) for terms of up to 15 years. Without authorisation, these joint marketing arrangements would risk breaching competition laws.
Australian coal miners flag finance, insurance difficulties
Australia’s coal industry is suffering from dwindling access to finance and insurance that is raising the costs of doing business and threatening the longevity of the an industry that accounts for the country’s second-most-valuable exports, submissions to a parliamentary inquiry showed.
In submissions to the inquiry into regulation of investment in Australia’s export industries, miners and contractors such as Adani Enterprises Ltd, New Hope Corp and Whitehaven Coal, said worsening access to financial services was unfairly raising business risks and costs.
Global insurers, along with banks and other industries, have come under pressure from shareholders and climate activists to stop facilitating fossil-fuel mining projects.
Published May 6, 2021, 5:00 PM
The domestic bond market is expected to sustain its growth this year driven by government debt issuances to fund its huge expenditures amid falling revenues and the return of companies in the bond market.
Jean De Castro, head of the Fixed Income of Manulife Asset Management and Trust Corporation (MAMTC), in an email interview with Business Bulletin cited the government’s P2.6 trillion Four Pillar Socioeconomic Strategy against COVID-19.
Jean De Castro, head of the Fixed Income of Manulife Asset Management and Trust Corporation (MAMTC). Photo credit: https://assetmanagement.manulife.com.ph
“The Philippines’ economic slowdown has resulted in lower tax revenues, and this shortfall is partially funded by debt issuance, both local and foreign,” said De Castro. She noted that the domestic bond market grew by 28.9 percent in 2020, driven by government borrowings to raise funds for the pandemic.
By Mark Woodruff
Guide:
The FNArena database tabulates the views of seven major Australian and international stock brokers: Citi, Credit Suisse, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS.
For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio.
Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.
Summary
Total Upgrades: 14
Net Ratings Breakdown: Buy 54.32%; Hold 38.36%; Sell 7.33%
For the shortened week ending Thursday 1 April, there were fourteen upgrades and eight downgrades to ASX-listed companies by brokers in the FNArena database.