Weekly Reports | Nov 24 2023
This story features SELECT HARVESTS LIMITED, and other companies. For more info SHARE ANALYSIS: SHV
For a more comprehensive preview of next week's events, please refer to "The Monday Report", published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the FNArena Calendar.
By Rudi Filapek-Vandyck
In the absence of Wall Street leading the way, the local share market is grabbing its chance for a positive day.
At least, such is the impression from afar. Take a closer look underneath the bonnet, and a much more diverse picture emerges. Energy stocks are in fashion on a rebound in the prices for crude oil.
Diverse is also the label that best applies to AGM updates and financial results. This morning Select Harvests ((SHV)) released a sizable loss but it's not like that was a complete surprise. FY24 should be a better year and drier conditions under El Nino might just make that forecast a little more realistic.
Nevertheless, Select Harvests shares are under pressure this morning (-3%). They are joined by Wisetech Global ((WTC)) where the CEO told shareholders near-term EBITDA will be slightly lower while large acquisitions are being integrated. The EBITDA margin is expected to rise above 50% again in FY26, but traders are putting downward pressure on the shares.
Wisetech Global shares opened nearly -5% lower this morning, but have since embarked on a slow-moving recovery. As I write these sentences, the loss has already been reduced to less than -4%.
It'll be interesting to see whether afternoon trading might pull back the apparent early morning enthusiasm. It's Friday, after all.
Hamas and Israel are planning for a brief cease fire and exchanging of hostages; 50 against 150. All are women and children.
Did you know prices of lithium are now down by -75% in 2023? Bloomberg is reporting Chinese pricing of lithium carbonate fell by -2.3% overnight, but more importantly; prices are now down -20% in November. The last time a daily price gain was witnessed was on October 25th.
The week ahead sees more AGMs on the local calendar, but the numbers are dwindling. Financial results are due from Aroa Biosurgery ((ARX)), Collins Foods ((CKF)), Fisher & Paykel Healthcare ((FPH)), and Eroad ((ERD)). Anyone else noticing most are based in New Zealand?
In terms of economic data releases, it seems there's very little prospect for a major upset with maybe the PCE inflation reading due for Thursday in the USA worth looking out for. The US also reports new homes sales on Monday.
For a calendar of earnings result releases and a summary of earnings results to date, refer to FNArena's Corporate Results Monitor (https://www.fnarena.com/index.php/reporting_season/)
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For more info SHARE ANALYSIS: ARX - AROA BIOSURGERY LIMITED
For more info SHARE ANALYSIS: CKF - COLLINS FOODS LIMITED
For more info SHARE ANALYSIS: ERD - EROAD LIMITED
For more info SHARE ANALYSIS: FPH - FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED
For more info SHARE ANALYSIS: SHV - SELECT HARVESTS LIMITED
For more info SHARE ANALYSIS: WTC - WISETECH GLOBAL LIMITED