WineCollector, lets cut to the chase, the information was supplied from Aegis Daily Research Update on the 25th September.
You have as much hope in finding an artical as referenced by Aegis as me. If this bothers you so much, you may want to chase up the artical through Aegis.
the hole Aegis Daily Research Update document is posted for your information. You can also find the email address in which you can contact Aegis personally to seek out your information.
The clourofmoney has come good, will you?????
Aegis Daily Research Updateþ From: Commonwealth Securities ([email protected]) Sent: Friday, 25 September 2009 5:40:05 AM To: CommSec CommSec
*******************************************************************Aegis Daily Research Update - 25 September 2009******************************************************************* RECOMMENDATION CHANGES 12 MONTH VIEW Ten Network (TEN) - from REDUCE to NEUTRAL Brickworks (BKW) - from REDUCE to NEUTRAL LONG TERM VIEW David Jones (DJS) - from ADD to NEUTRAL Ten Network (TEN) - from REDUCE to NEUTRAL Brickworks (BKW) - from REDUCE to NEUTRAL EARNINGS CHANGES Company 2009 2010 2011 --David Jones (DJS) Up Up Changes made to EPS in the last day by more than 3%
COMPANY UPDATES Ten Network (TEN)---- Canwest to exit register...we upgrade to Neutral 24-Sep-09 17:44 Canwest is selling its entire 50.1% stake in TEN to institutions, exposing the stock to potential corporate activity. TEN has also confirmed FY09 EBITDA of $151M, 3% above our forecast. The advertising market remains difficult, but fundamentals are picking up according to the Exec. Chairman. We have increased earnings forecasts and our 12 mth target price rises by 29%. TEN's ratings are improving and the Aug-09 capital raising has strengthened its balance sheet. We upgrade to ST and LT NEUTRAL.
WorleyParsons Ltd (WOR)-- Forecasts reviewed... no change to view 24-Sep-09 17:03 WOR's share price has risen ~13% since the FY09 result release on 24 August 2009 and is significantly up from its lows in late 2008. Accordingly, we have reviewed our forecasts and recommendation. We have increased our long-term forecasts and taken a more bullish view then previously. Whilst there is no material change to our FY10 and FY11 EPS forecasts, our long-term EPS forecasts increase. Our 12-month price target increases 15% to $34.32. We retain our ST and LT ADD recommendations.
Goodman Group (GMG)------ Goodman ratifies granting of options and hybrid securities at EGM 24-Sep-09 16:58 GMG advised that the granting of 414M options over GMG securities, with a $0.2464 exercise price and 255.3M options with a $0.3464 exercise price were approved at its Extraordinary General Meeting. At the some meeting, GMG shareholders voted in favour of issuing $0.5B in exchangeable securities to the Chinese Investment Corporation.
Integra Mining Ltd (IGR)----- FY09 Result: Next stop is producing gold 24-Sep-09 16:46 IGR reported a net operating loss of $4.5M, almost 60% lower than the previous year. The underlying operating loss, after adjusting for the exploration impairment, was $2.3M. This is in line with FY08. Operating cashflow was a negative $1.8M, a slight improvement on FY's $2.1M outflow. Capitalised exploration declined 23% YoY to $11.3M. Equity raising's of $15.9M (85M shares at 19.5c/share) funded the exploration and operating cash outflow. No dividend was declared.
Port Bouvard (PBD)----- FY09 Result: Value driver to come from refinancing outcome 24-Sep-09 16:30 PBD announced a FY09 loss of $28.9M compared to a profit of $3.2M in FY08. Adjusted NPAT (excluding non-recurring items) was a loss of $0.8M compared to the $3.2M profit achieved in FY08. The main contributor to the headline statutory loss was inventory impairments of $41M against both core and non-core assets. At the operating level, EBIT ended up at a break-even level of $46K. As a result of asset impairments, PBD's NTA has fallen from $1.14 to $0.86 in the 12 months to June 2009.
Oil Search (OSH)---- Drilling update 24-Sep-09 16:29 OSH reports the A1-18/01 (Caliph) wildcat well (OSH 30%) is currently at 4,230m and the operator is preparing to run logs. The target depth for this well is 4,700m. Also, the Tubb'a-1 well (OSH 60% and operator) in Block 3, Yemen, has passed a depth of 1,978m and is drilling ahead toward a target depth of 3,300m. The well is expected to take ~60 to 65 days to drill.
David Jones (DJS)--- FY09 Result: A strong result, with FY10 guidance likely to be exceeded 24-Sep-09 15:38 Despite a 5.4% fall in total sales, DJS reported FY09 NPAT of $156.5M, up 14.2% on FY08 and marginally ahead of our forecast. Underpinning the improved profit performance was the company’s ability to maintain gross margin levels whilst lowering its CODB by 90bps. A final dividend of 17cps (ff) was declared, bringing the total FY09 payout to 28cps (ff). FY10 guidance for 0%-5% NPAT growth was reaffirmed. The stock is fairly valued at current levels and, therefore, we hold a Neutral view.
PMP Ltd (PMP)---- Franklins awards PMP a $25M printing and distribution contract 24-Sep-09 15:34 PMP advised that it has been awarded a $25M contract to print and distribute Franklins retail catalogues for the next 3.5 year, commencing 1 October 2009. The contract follows a seven year printing and distribution relationship between Franklins and PMP.
Centro Properties Group (CNP)------- Strong rally amidst M&A speculation 24-Sep-09 24:29 CNP's spectacular rally appears to be at the back of speculation of a possible bid from Colonial First State (as commented in The Australian today). Also appearing in the same article is speculation that John Schroeder, currently COO at Stockland, could take up the role of CEO to replace incumbent CEO, Glen Rufarno. CNP remains in a tenuous financial position as highlighted in its FY09 accounts and therefore a highly speculative and turnaround proposition.
Envestra (ENV)---- Response to ASX price query 24-Sep-09 11:45 In response to an ASX price query ENV advised that it is not aware of any information concerning it that has not been announced which, if known, could be an explanation for the recent trading in the securities of Envestra. Stuart Petroleum Limited
(STU)---- Suspension from trading pending capital raising 24-Sep-09 11:03 The securities of STU have been suspended from quotation on the ASX pending the finalisation of a capital raising. STU has requested its securities remain suspended until the earlier of the commencement of normal trading on 1 October 2009, or the release of an announcement by the company.
CSR Limited (CSR)------ - Update on demerger: Board, management and timeline (pt 2 of 2) 24-Sep-09 10:42 CSR’s post-demerger Board and Management plans are as follows: CSR Ltd: Ian Blackburne to remain as chairman of CSR Ltd; Jerry Maycock to retire post-demerger and be succeeded as CEO by Rob Sindel, currently EGM of CSR Lightweight Systems; Shane Gannon to remain as CFO. Sugar business: Richard Lee to be Chairman, Ian Glasson (CEO of CSR Sugar) to be CEO. CSR expects to present further details in Nov-09 and the demerger proposal remains on track to be completed by 31-Mar-10.
CSR Limited (CSR)----- Update on demerger: General issues (pt 1 of 2) 24-Sep-09 10:40 CSR has released an update on its proposed demerger. Based on the “substantial” due diligence carried out, the Board believes a split into two ASX-listed companies is the outcome most likely to be recommended to shareholders, although the Board retains an open mind and has yet to formally sign off on the demerger. CSR Ltd will be the Building Products business while the Sugar company will have a “refreshed corporate identity” but retain the CSR brand in Australia and the Chelsea brand in NZ.
Woolworths (WOW)---- WOW confirms 75% take-up to-date for Danks acquisition 24-Sep-09 09:51 WOW has confirmed that shareholders holding 75.09% of the issued capital in Danks Holdings Ltd (Danks) have so far accepted the takeover offer for the company. WOW and US home improvement retailer Lowe’s Corp. have established a JV to launch the offer for Danks. The offer is scheduled to close on 20 October 2009, unless extended. Major shareholders have accepted the offer, including the Danks family company (representing 48.89%) and Perpetual Ltd (13.46%). The offer price is $13.50 per share.
Brickworks (BKW)------- Announces a $15K per shareholder SPP at $12.40 per share 24-Sep-09 08:57 BKW announced a non-underwritten share purchase plan (SPP) under which eligible shareholders will be able to buy up to $15K worth of shares at $12.40 per share. This is a 7.5% discount to daily VWAP over the 5-day period from 17-Sep-09 to 23-Sep-09, rounded down to the nearest $0.10. Offers under the SPP will open on 1-Oct-09 and close on 23-Oct-09. Proceeds will be used to provide “additional financial flexibility to pursue opportunities in both the building products and property divisions”.
Brickworks (BKW)------- FY09 Result: In line with expectations; FY10 expected to be "solid" 24-Sep-09 08:53 BKW’s reported FY09 NPAT was $305.2M (pcp: $101.5M), helped by a one-off gain from SOL. Management-adjusted NPAT was $113.7M, up 5.1% and in line with expectations. EBIT (inc. associates) fell 6.9%. Building Products and Land & Development EBIT were well down on pcp; however, Investments EBIT was up and recurring taxes fell. Total FY09 dividends were 39cps (pcp: 39cps). BKW expects FY10 to be “solid… boosted by an expected recovery in Building Products and another solid return from Investments”.
Beach Petroleum Limited (BPT)------- Drilling update 24-Sep-09 08:18 The Wakefield-1 oil exploration well (BPT 23.33%) in the Cooper / Eromanga Basins has reached a total depth of 2298m and is preparing to run wireline logs. The well is targeting oil in the Namur and Hutton Sandstones and BPT reports fair hydrocarbon shows have been observed. In Egypt, the NS 394-3 Burtocal North offshore oil exploration well has reached 1,315m and the NS377-3 oil development well is due to spud later this week. BPT has a 20% interest in the two Egyptian wells.
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