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Australasian Equities

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Core

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Entitlement on offer Woodside Petroleum (ASX:WPL) is offering its shareholders the opportunity to be involved in the ongoing development of the company through a pro rata accelerated renounceable entitlement offer. The shareholder offering comes at a time when the company is acquiring a further interest in the Scarborough gas field in Western Australia. The following figure shows the location of the Scarborough blocks and gas fields: Source: Woodside Petroleum (ASX:WPL) The company plans to raise circa A$2.5 billion through a one (1) for

AWE (ASX:AWE)

Speculative

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CERCG persists as Mitsui sets the date China Energy Reserve and Chemical Australia (CERCG) has now lodged a supplementary Bidders Statement in support of its offer to acquire AWE (ASX:AWE). In the meantime, Mitsui & Co (Mitsui), a late entrant into the AWE battle has set the record date to determine those AWE shareholders who will receive the documentation pertinent to its takeover offer. But wait the market is now bidding A97.5 cents. CERCG was directed by the Australian Government Takeover Panel

Silver Chef (ASX:SIV)

Core

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Perhaps a Silver Lining? Equipment financier Silver Chef (ASX:SIV) has recently released to the market a trading update covering the performance of its core business as well as the execution of a new $200 million securitisation funding arrangement with Westpac. This will be the primary focus of today’s report, as we peruse the details of the new financing arrangement and the overall update of trading conditions to 31 December 2017. Recap Before we proceed to the company’s trading update, we make a brief

BWP Trust (ASX:BWP)

Core

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Showing resilience In what has been a relatively quiet period for BWP Trust (ASX:BWP) over the past year, the stock has drifted sideways. Nonetheless, the Trust is well managed and judging by the interim results has once again managed to eke some minor gains in several key metrics and defend its dividend profile despite headwinds. Transaction news flow from BWP Trust has been relatively quiet since our last review, so the focus of our report today is the recently reported interim results. 1H18

National Australia Bank (ASX:NAB)

Core

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On track National Australia Bank’s (ASX:NAB) first quarter trading update was relatively positive, albeit typically brief. The bank reported a 3% year-on-year rise in cash earnings to $1.65 billion and said it was on track to hit targets for the fiscal year. Asset quality was sound and although expenses ticked up due to investment in technology and higher salaries, management continues to target more than $1 billion in cost savings by the end of FY2020. NAB has lagged its peers on several

IMF Bentham (ASX:IMF)

Speculative

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Spreading the wings In a span of a couple of months since our last coverage in December (FAT-AUS-852), IMF Bentham (ASX:IMF) has provided numerous updates, mostly operational in nature and generally positive in our opinion. In fact, this is also a view shared by the market as can be seen with the company’s share price rallying around 18% in that time. A few key developments also support the rerating to the upside in our view. What’s New Since our last update, IMF has

Evolution Mining (ASX:EVN)

Speculative

high

A bump on the production road The December quarter was not one of Evolution Mining’s best, with its operations delivering a fall in headline gold production for the quarter. The sale of assets had an impact on the numbers, but some of the company’s operations stepped back over the quarter. Guidance for 2018 was however unchanged which provides confidence in the remainder of the year. Cost outs however remained upbeat for the quarter, while the balance sheet retained its robust characteristic. Headline

Select Harvests (ASX:SHV)

Speculative

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Planting for a Brighter 2018 As Australia’s largest almond grower, accounting for over 20% of all almond farms in Australia, and a leader in the processing of nut products, Select Harvests (ASX, SHV) faced some headwinds in 2017. The shares fell due to unfavourable weather conditions and lower orchard yields. Nevertheless, management has pushed for growth and de-risking with the latest round of capital raising positioning the company well for 2018. Recap As we’ve noted in our previous reports on Select Harvests (ASX:SHV),

About these archived stock reports

These are archived Fat Prophets equity research stock reports and share analysis. They do not constitute current investment advice, financial product advice, or a recommendation to buy, sell or hold any financial product. They are provided for historical reference only, and reflect the market conditions, company information, forecasts and opinions available at its original publication date. The information may no longer be current or applicable. Past performance is not a reliable indicator of future performance.

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About these archived stock reports

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