Charter Hall Group (CHC):
Charter Hall Group is eyeing more opportunities to partner with not-for-profits and religious groups to develop land they own, after starting construction on the $600 million Wesley Place office project in the Melbourne CBD. The Charter Hall Prime Office Fund’s development at 130 Lonsdale Street, in partnership with the Uniting Church, will add a 35-floor tower, retail and dining options and a park to a site that features the oldest neo-Gothic church in Victoria. Charter Hall head of office development Andrew Borger said part of the group’s strategy was to work with long-term landowners whose expertise was not in property development but who offered access to the “scarce commodity” of CBD land.
Crown Resorts Ltd (CWN):
Crown Resorts’ plan to sell more than $700 million of assets is tipped to push the company into a net cash position next year and help fund investment in its Australian casinos. The James Packer-backed company surprised the market last night with news of several transactions underway to reduce its exposure to international assets and non-casino interests. The sales include its Las Vegas property and also two floors of its Crown Sydney casino project to Mr. Packer for his future Australian home. Investors have backed the asset sales, with shares in the company up 3.45 per cent in midmorning trade at $12.88
Genworth Mortgage Insurance Australia (GMA):
Genworth Mortgage Insurance Australia said on Friday its 2017 net earned premium is now expected to fall by about 17 per cent to 19 per cent due to a change in its premium earning pattern following the completion of an annual review. The company had previously expected its net earned premiums to drop in the range of 10 per cent to 15 per cent. The insurer said the modified premium earning pattern reflected an expectation of risks principally from factors including losses from mining related regions, and also improved its underwriting quality in response to regulatory actions. The company added that the changes to the earning pattern would not affect the total amount of revenue expected to be earned over time from premiums it had already written. The insurer expected its 2017 loss ratio to remain between 35 per cent and 40 per cent, and added that its regulatory solvency ratio would also remain relatively unchanged. The insurer's net earned premium dropped 13.6 per cent to A$100.1 million ($77 million) for the third quarter of 2017.
Macquarie Group Ltd (MQG):
Macquarie Group is selling most of its stake in the $4.62 billion toll road operator Macquarie Atlas. The group is divesting 76 million shares or 11.3 per cent. The stake Macquarie is selling is worth $440 million. Shares are being sold at between $5.80 and $6.10. Shares closed at $6.36. It comes after Macquarie recently announced it would move towards an internalisation of the fund whereby it would no longer be its manager.
Mineral Resources Limited (MIN):
Mineral Resources has detailed plans for a network of gas-fuelled processing plants that will generate an estimated $1.4 billion a year of revenue, as it attempts to build traction for its takeover bid for gas play AWE. The Perth-based company, which owns a diverse mix of contracting businesses and mining operations, earlier this week launched an all-scrip bid for AWE that if successful would substantially expand the group’s exposure to oil and gas. MinRes boss Chris Ellison said the gas from AWE’s promising Waitsia gas project would help fuel the spodumene concentrate plant and lithium carbonate plant that MinRes plans to build at its Wodgina lithium mine in the Pilbara, as well as a synthetic graphite plant. All three are planned for construction in the next two to three years. Mr. Ellison said the gas from Waitsia would provide a reliable and low-cost energy source for the plants and help position them at the bottom end of the cost curve.
Orica Ltd (ORI):
Explosives maker Orica has called for the federal government to be mindful of the nation’s trade relationship with China and says it is “vital” that corporate taxes here are cut. Orica chairman Malcolm Broomhead’s comments to the company’s annual general meeting in Melbourne come amid tensions between Australia and China over foreign interference laws, and remarks by Turnbull government ministers that earned a rebuke from Beijing officials. Shares plunged on November 6 when Orica (ORI) released its full-year results. Orica chief Alberto Calderon said at the time the company had been too conservative with its production guidance. Today, he confirmed Orica had won a contract to supply BHP’s iron ore mines in Western Australia, which rival Incitec Pivot earlier this month announced it had lost, resulting in a forecast $34m net profit hit for Incitec in 2020 and 2021.
Tabcorp Holdings Limited (TAH):
Tabcorp chair Paula Dwyer says the company will unveil its new leadership team to spearhead the integration of Tatts Group next week, as she admits her team had to remain focussed on the end game during the protracted deal, or risk it being hijacked. Ms. Dwyer said the deal to create an $11 billion gaming giant, which received its final tick yesterday, was a transformational transaction on any level, given the size and scope. The Tabcorp chairman, who flagged she would remain in the top job to see through the integration, added that the new expanded company gave the company the scale to not only be competitive in the domestic market but also potentially build something that could be competitive further afield.
(Source: AIMS)
Charter Hall Group is eyeing more opportunities to partner with not-for-profits and religious groups to develop land they own, after starting construction on the $600 million Wesley Place office project in the Melbourne CBD. The Charter Hall Prime Office Fund’s development at 130 Lonsdale Street, in partnership with the Uniting Church, will add a 35-floor tower, retail and dining options and a park to a site that features the oldest neo-Gothic church in Victoria. Charter Hall head of office development Andrew Borger said part of the group’s strategy was to work with long-term landowners whose expertise was not in property development but who offered access to the “scarce commodity” of CBD land.
Crown Resorts Ltd (CWN):
Crown Resorts’ plan to sell more than $700 million of assets is tipped to push the company into a net cash position next year and help fund investment in its Australian casinos. The James Packer-backed company surprised the market last night with news of several transactions underway to reduce its exposure to international assets and non-casino interests. The sales include its Las Vegas property and also two floors of its Crown Sydney casino project to Mr. Packer for his future Australian home. Investors have backed the asset sales, with shares in the company up 3.45 per cent in midmorning trade at $12.88
Genworth Mortgage Insurance Australia (GMA):
Genworth Mortgage Insurance Australia said on Friday its 2017 net earned premium is now expected to fall by about 17 per cent to 19 per cent due to a change in its premium earning pattern following the completion of an annual review. The company had previously expected its net earned premiums to drop in the range of 10 per cent to 15 per cent. The insurer said the modified premium earning pattern reflected an expectation of risks principally from factors including losses from mining related regions, and also improved its underwriting quality in response to regulatory actions. The company added that the changes to the earning pattern would not affect the total amount of revenue expected to be earned over time from premiums it had already written. The insurer expected its 2017 loss ratio to remain between 35 per cent and 40 per cent, and added that its regulatory solvency ratio would also remain relatively unchanged. The insurer's net earned premium dropped 13.6 per cent to A$100.1 million ($77 million) for the third quarter of 2017.
Macquarie Group Ltd (MQG):
Macquarie Group is selling most of its stake in the $4.62 billion toll road operator Macquarie Atlas. The group is divesting 76 million shares or 11.3 per cent. The stake Macquarie is selling is worth $440 million. Shares are being sold at between $5.80 and $6.10. Shares closed at $6.36. It comes after Macquarie recently announced it would move towards an internalisation of the fund whereby it would no longer be its manager.
Mineral Resources Limited (MIN):
Mineral Resources has detailed plans for a network of gas-fuelled processing plants that will generate an estimated $1.4 billion a year of revenue, as it attempts to build traction for its takeover bid for gas play AWE. The Perth-based company, which owns a diverse mix of contracting businesses and mining operations, earlier this week launched an all-scrip bid for AWE that if successful would substantially expand the group’s exposure to oil and gas. MinRes boss Chris Ellison said the gas from AWE’s promising Waitsia gas project would help fuel the spodumene concentrate plant and lithium carbonate plant that MinRes plans to build at its Wodgina lithium mine in the Pilbara, as well as a synthetic graphite plant. All three are planned for construction in the next two to three years. Mr. Ellison said the gas from Waitsia would provide a reliable and low-cost energy source for the plants and help position them at the bottom end of the cost curve.
Orica Ltd (ORI):
Explosives maker Orica has called for the federal government to be mindful of the nation’s trade relationship with China and says it is “vital” that corporate taxes here are cut. Orica chairman Malcolm Broomhead’s comments to the company’s annual general meeting in Melbourne come amid tensions between Australia and China over foreign interference laws, and remarks by Turnbull government ministers that earned a rebuke from Beijing officials. Shares plunged on November 6 when Orica (ORI) released its full-year results. Orica chief Alberto Calderon said at the time the company had been too conservative with its production guidance. Today, he confirmed Orica had won a contract to supply BHP’s iron ore mines in Western Australia, which rival Incitec Pivot earlier this month announced it had lost, resulting in a forecast $34m net profit hit for Incitec in 2020 and 2021.
Tabcorp Holdings Limited (TAH):
Tabcorp chair Paula Dwyer says the company will unveil its new leadership team to spearhead the integration of Tatts Group next week, as she admits her team had to remain focussed on the end game during the protracted deal, or risk it being hijacked. Ms. Dwyer said the deal to create an $11 billion gaming giant, which received its final tick yesterday, was a transformational transaction on any level, given the size and scope. The Tabcorp chairman, who flagged she would remain in the top job to see through the integration, added that the new expanded company gave the company the scale to not only be competitive in the domestic market but also potentially build something that could be competitive further afield.
(Source: AIMS)
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