Author: therawinformant

Although you may not have guessed it judging by the recent performance of the S&P/ASX 200 Index (ASX: XJO), the economy is about to enter a significant recession. Which means that – in a rational world – another ASX 200 correction could be on the horizon. And whether or not you think we live in a rational world, the jury seems to still be out on that one. However, surely we can all agree that it wouldn’t hurt to start protecting your portfolio against short-term volatility in the share market.

So, with that in mind, here are 3 ASX 200 financial services companies with diverse income streams. These have the possibility of providing your portfolio with downside risk protection coupled with strong, long-term growth potential.

Bravura Solutions Ltd (ASX: BVS)

Bravura Solutions is a software company specialising in wealth management, financial services and funds administration. Its flagship product is Sonata, a scalable software solution for the wealth management industry. The company has grown rapidly over the last few years and now also has a full suite of products supporting the insurance and superannuation industries as well as other areas of the financial sector.

In the last year alone, Bravura has acquired financial planning software company Midwinter, as well as wealth management company FinoComp. The company’s first half FY20 net profit after tax (NPAT) surged 21% higher against 1H19 to $19.8 million. Furthermore, 78% of its total revenues were from recurring sources. Bravura expects its full year NPAT growth rate to be in the mid-teens.

Despite sliding 5.6% lower last week to $4.58, Bravura shares have risen to $4.71 in morning trade today. The Bravura share price has also held up surprisingly well during the coronavirus pandemic. After dropping to an intraday low of $2.92 on 23 March, Bravura shares have since recovered a significant portion of those losses. However, they are still trading well short of the $5.98, 52-week high they reached back in February.

Challenger Ltd (ASX: CGF)

ASX 200 investment management company Challenger is Australia’s largest provider of annuities. Challenger supports individuals throughout retirement by providing products that deliver stable income streams. Volatility in the financial markets caused by the coronavirus pandemic could potentially increase demand for the stability of fixed annuity products. However this also has the potential to hurt Challenger’s funds management business.

This was reflected in Challenger’s performance for the March quarter, which was a bit of a mixed bag. Sales were buoyed by an uptick in the Japanese and Institutional markets. But total assets fell 8% to $79 billion due to the broad market selloff that occurred back in March. Despite this, Challenger still reaffirmed its full year guidance for normalised net profit after tax of between $500 million and $550 million. This would represent year-on-year growth of between 26% and 39%.

Given the fact that Challenger shares are still currently trading at nearly 50% off their pre-coronavirus highs, they could offer a great – if speculative – ASX 200 investment opportunity for new shareholders.

ASX Ltd (ASX:ASX)

Despite a topsy-turvy year for the ASX 200, the share price of the market operator has climbed to new highs. After sliding to a low of $63.02 in mid-March, ASX shares have rebounded strongly. Last week, they even briefly touched a new 52-week high of $89.92.

Although new IPOs have dropped significantly over the last few months, secondary capital raisings have skyrocketed as companies seek to strengthen their balance sheets. For May, secondary capital raisings were up 151% versus May 2019 to a little over $7.5 billion. Trading activity has also been increasing, with the average daily value traded on the market for May up 33% versus the prior comparative period.

The fact that the total number of listed entities on the ASX is declining (down to 2,195 from 2,266 as at May 2019) is a concern for the operator. But it benefits from the income generated by facilitating higher trading volumes and capital raisings.

With the potential for more market volatility around the corner as Australia enters its first recession in 29 years, another correction in the ASX share price could be looming. However, it has proved itself to be a surprisingly defensive stock to have in your portfolio throughout the coronavirus crisis.

More reading

• Why I’d buy Appen and these ASX growth shares for the 2020s
• Could these ASX shares be the future dividend stars that make you rich?
• Top brokers name 3 ASX 200 shares to sell next week
• What ASX shares should you invest in during a bull market?
• 3 defensive ASX shares for a potential September sell-off

Rhys Brock owns shares of Bravura Solutions Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia has recommended Bravura Solutions Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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With so many shares to choose from on the S&P/ASX 200 Index (ASX: XJO), it can be hard to decide which ones to buy.

The good news is that brokers across the country are doing a lot of the hard work for you.

Three top shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

BlueScope Steel Limited (ASX: BSL)

According to a note out of Goldman Sachs, its analysts have upgraded this steel producer’s shares to a buy rating with an increased price target of $14.95. The broker made the move after steel spreads improved in Asia and North America. Goldman expects these improvements to continue over the coming months as supply and demand begins to rebalance again. Especially given increasing demand in Australia following additional government stimulus in the construction sector. While it isn’t a company that I’m a big fan of, I think the broker makes some great points.

BWP Trust (ASX: BWP)

Analysts at Ord Minnett have upgraded this property company’s shares to a buy rating and lifted the price target on them to $4.40. The broker notes that funds are flowing back into the property sector and is recommending investors look at companies with long leases. It believes these are undervalued in comparison to others in the sector. BWP ticks a lot of boxes for the broker, hence its upgrade to buy this morning. I agree with Ord Minnett and would be a buyer of BWP’s shares.

Healius Ltd (ASX: HLS)

A note out of the Macquarie equities desk reveals that its analysts have upgraded this healthcare company’s shares to an outperform rating with an improved price target of $3.00. Macquarie believes that Healius won’t be impacted by the pandemic as much as previously expected. It also feels the company is well-placed to benefit from an increase in activity in the near term. In addition to this, it appears to see the potential divestment of its medical centres as a positive. While not my favourite option in the healthcare sector, I think Healius is still worth a closer look.

More reading

• Flight Centre share price and other ASX 200 travel shares look set to continue rising
• Will ASX 200 shares hit a record high in June?
• ASX 200 jumps 2.5%: Big four banks surge higher, CSL announces an acquisition
• Why Bendigo and Adelaide Bank, BWP, G8 Education, & Westpac are zooming higher
• 2 ASX 200 biotech shares to consider buying today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The LBT Innovations Limited (ASX: LBT) share price is storming higher today after the company announced the achievement of a milestone in the United States.

At the time of writing, LBT Innovations shares last changed hands at 15.5 cents, representing a gain of 10.71%. This takes the company’s current market capitalisation to around $36 million – so we’re very much at the smaller end of the ASX here.

About LBT Innovations

LBT Innovations is a designer of advanced technology solutions for the medical industry. Its core capabilities include artificial intelligence (AI), image analysis, and software engineering solutions that improve medical diagnostic workflows.

The company’s first product, MicroStreak, was a world-first in the automation of the culture plate streaking process. Its second product, the Automated Plate Assessment System (APAS), is currently being commercialised through a 50%-owned joint venture company.

According to LBT, the APAS instrument is the only US FDA-cleared AI technology for automated imaging, analysis and interpretation of culture plates following incubation.

Why the LBT Innovations share price is spiking

This morning, LBT announced the first sale of an APAS Independence instrument in the US to Hennepin County Medical Centre (HCMC).

The sale of the APAS Independence has been completed following the installation of the middleware driver for APAS, which connects the instrument to HCMC’s information management system. This, in turn, enables the automated reporting capability of the APAS technology. 

The APAS driver was developed by Data Innovations and has been successfully interfaced by HCMC. It is now in a testing and validation phase prior to the expected routine clinical use of the urine analysis module.

HCMC is a medium-sized clinical laboratory that provides a full range of diagnostic testing and reporting services. It processes approximately 500 specimens a day, including 300 urine plate analysis.

According to the announcement, the centre has purchased the APAS Independence to support its daily culture plate workflow. With this, HCMC has entered into an annual software license for the FDA-cleared urine analysis model and a 5-year service agreement.

Commenting on the collaboration, HCMC’s director of microbiology, Dr Glen Hansen, said:

“The ability for us to automate the reading of our culture plates with the APAS Independence has increased the work efficiency through the laboratory and has motivated staff who now have more time for other activities.”

Meanwhile, LBT CEO and managing director Brent Barnes said:

“We are thrilled for HCMC to be the site of our first APAS sale in the United States given their status and reputation which will no doubt help provide further commercial validation. Dr Hansen has been a great advocate for the technology and the purchase reflects the positive impact the technology has had within their lab. We continue to work hard with other laboratories in the region as we look to target further U.S. commercial sales.”

More reading

• Leading brokers name 3 ASX 200 shares to buy today
• Flight Centre share price and other ASX 200 travel shares look set to continue rising
• CSL share price drops lower despite announcing a new acquisition
• Are the Rio Tinto, Fortescue and BHP share prices a buy right now?
• Brainchip share price rockets 42% after signing agreement with tier 1 automotive supplier

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Flight Centre Travel Group Ltd (ASX: FLT) and other travel-related shares have soared in recent weeks. Many investors may think these shares have raced past fair value given current travel restrictions and recession woes. I believe the forward-looking nature of the markets, combined with the unprecedented stimulus, could see the Flight Centre share price and other S&P/ASX 200 Index (ASX: XJO) and All Ordinaries (ASX: XAO) travel shares push higher. 

Lean and cashed-up businesses 

The likes of Flight Centre, Webjet Limited (ASX: WEB) and Corporate Travel Management Ltd (ASX: CTD) reacted quickly to COVID-19. The companies promptly scaled-back capital expenditure, reduced headcount and raised capital to keep business alive. 

Corporate Travel Management has a very capital-light model. Over 70% of its costs are people-related and 50% of the remaining costs are variable. It has a small physical footprint and has the flexibility to hibernate its business. Its pre-COVID-19 business conditions also saw domestic travel account for approximately 60% of group revenues. This may allow the business to benefit from reopening domestic borders. 

Webjet has implemented a broad range of interim business initiatives. These have included the deferral of its $12.2 million dividend payment for 1H20, over 440 redundancies and 4-day working weeks for the majority of its remaining staff. It recently raised a total of $275 million from an institutional placement and entitlement offer. This lifts the company’s cash and cash equivalents position from $58 million to $333 million. 

Likewise, Flight Centre opted to raise $700 million, a significant amount relative to its ~$1.5 billion market capitalisation back in April. But instead of the share price continuing to slump post-capital raise, Flight Centre is not far off doubling from its March lows and it’s up more than 28% in June alone. 

A slow recovery on the cards 

Webjet commented on China’s early signs of normalisation with hotel bookings leading into March surging 40% from the previous week. Peak daily bookings for domestic flights also soared 230% from the lowest level recorded in February. 

The Sydney Morning Herald reported that Qantas Airways Limited (ASX: QAN) “is preparing to scale up its domestic flying from its current 5 per cent of pre-pandemic levels to 40 per cent by the end of July, pending the reopening of state borders.”

Qantas CEO, Alan Joyce has also suggested there is pent-up demand for travel and the airline had already experienced a surge in intrastate bookings. 

This all spells good news for the Flight Centre share price and travel-related cohorts. I believe the market has largely priced-in the negative economic impact of the coronavirus. The travel industry recovery is imminent and consumers are eager for more than just crowded shopping centres and long queues. 

More reading

• Leading brokers name 3 ASX 200 shares to buy today
• Will ASX 200 shares hit a record high in June?
• ASX 200 jumps 2.5%: Big four banks surge higher, CSL announces an acquisition
• 2 ASX 200 biotech shares to consider buying today
• 3 ASX 200 shares to watch this week

Motley Fool contributor Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The CSL Limited (ASX: CSL) share price has continued its poor form and has been unable to climb higher with the market on Tuesday.

This is even after the release of a promising announcement this morning.

At the time of writing the biotherapeutics company’s shares are down 2.5% to $277.99.

What did CSL announce?

This morning CSL announced that it has agreed to exercise its right to acquire clinical-stage biotechnology company Vitaeris.

Vitaeris is currently focused on the phase 3 development of a treatment for rejection in solid organ kidney transplant patients.

Both companies entered into a strategic partnership in 2017 to speed up the development of this program. This partnership included the option for CSL to acquire Vitaeris in full at a later date.

It has now exercised this option, which means Vitaeris’ research assets will now join CSL842 and CSL964 as part of CSL’s portfolio of products in late-stage development to address significant unmet needs in the transplant community.

What is Vitaeris’ treatment?

According to the release, Vitaeris’ lead phase 3 program is investigating the role that a monoclonal antibody called clazakizumab has in treating a naturally occurring inflammatory gene (interleukin6 or IL-6).

This inflammatory gene is the leading cause of long-term rejection in kidney transplant recipients.

CSL’s Executive Vice President and Head of Research and Development, Bill Mezzanotte, spoke positively about the acquisition.

He said: “Clazakizumab has been a promising monoclonal antibody in the Transplant therapeutic area since we started working with Vitaeris several years ago.”

“Acquiring Vitaeris and their associate expertise helps us to continue to grow our strategic scientific platform of recombinant proteins and antibodies. We look forward to continuing to advance this treatment candidate as a potential option for people experiencing rejection, an area where current treatment options for transplant recipients are limited, at best,” he added.

What now?

CSL notes that the cost of acquisition is modest and does not materially change its profit expectation for FY 2020.

The terms of agreement include sales-based milestones and the company will incur additional research and development expenses. These are associated with the completion of the phase 3 clinical trial.

In FY 2021, these additional expenses are estimated to be between US$30 million to US$50 million. While this might seem like a large expense, it isn’t in comparison to its overall research and development spend.

CSL traditionally spends in the region of 11% to 12% of sales on research and development activities. This led to the company pumping US$832 million into these activities in FY 2019.

More reading

• ASX 200 jumps 2.5%: Big four banks surge higher, CSL announces an acquisition
• Why CSL, Elders, Evolution, & Xero shares are dropping lower
• 2 ASX 200 biotech shares to consider buying today
• ASX 200 Weekly Wrap: ASX bulls crash through 6,000 points
• ASX shares could be the best way to grow your wealth in 2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The iron ore spot price continues to go from strength to strength, topping US$100 per tonne for the first time this year. China’s iron ore futures market opened more than 6% higher on Monday after top miner Vale SA was ordered to shut operations at a site that accounts for approximately 10% of its output.

Could supply woes make the Rio Tinto Limited (ASX: RIO), Fortescue Metals Group Limited (ASX: FMG) and BHP Group Ltd (ASX: BHP) share prices a buy?

Vale SA to close multiple sites 

The Australian Financial Review (AFR) reports that a Brazilian labor court judge ordered Vale SA to close multiple sites after a COVID-19 outbreak among workers.

Investors may remember Vale’s tailings dam collapse in late January 2019. This tragic incident killed 237, left 33 missing and nearly 1,000 displaced. The closure of this mine site resulted in significant supply woes for the global iron ore market. This supply imbalance caused the iron ore spot price to soar from ~US$70 to more than US$120 per tonne in July 2019. This also saw the Rio Tinto, Fortescue and BHP share prices hit record highs or price levels not seen since the GFC.  

Australia is the largest iron ore producing country in the world and is also fortunate enough to have largely tackled the spread of the coronavirus. However, other producers that play a vital role in the iron ore supply chain such as Brazil, Russia and India are still at various stages of the curve and ranked 2nd, 4th and 5th, respectively, for active cases globally. This is likely to see an impact on various parts of their economies, including mining. 

Aussie miners to benefit 

The Rio Tinto, Fortescue and BHP share prices are likely to continue to push higher following strong spot prices. Elevated iron ore prices will continue to support the market-leading dividends paid by Aussie miners. At the time of writing, Rio Tinto currently pays a dividend yield of 5.77%, BHP pays 5.87% and Fortescue pays 6.88%.

From a risk/reward perspective, it may be challenging for investors to buy Fortescue at its current record all-time high prices. Alternatively, I believe it is feasible for the Rio Tinto and BHP share prices to revisit their previous highs. This can be further supported by the swift recovery of other commodities such as copper, coal and oil that make up a small proportion of the ASX 200 miners’ materials portfolios.

More reading

• ASX 200 Weekly Wrap: ASX bulls crash through 6,000 points
• 3 high quality ASX dividend shares you can buy today
• 5 things to watch on the ASX 200 on Tuesday
• 2 strong ASX dividend shares to bolster your income
• Want high-paying dividends? Try Wesfarmers shares and these 2 other ASX options

Motley Fool contributor Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Brainchip Holdings Ltd (ASX: BRN) share price is charging higher today after the small-cap ASX tech share announced a joint development agreement with a tier 1 automotive supplier.

About Brainchip

Brainchip produces a neuromorphic processor that brings artificial intelligence to the edge in a way it believes is beyond the capabilities of other products. 

By mimicking brain processing, BrainChip has been able to pioneer a spiking neural network called Akida, which is both scalable and flexible to address the requirements in edge devices. Simply put, an edge device is any piece of hardware that controls data flow at the boundary between two networks, such as a router or a smartphone. 

Akida has been designed to provide a complete ultra-low power and fast AI Edge Network for vision, audio, olfactory and smart transducer applications. The reduction in system latency provides faster response and a more power-efficient system that can reduce the large carbon footprint of data centres.

Why is the Brainchip share price spiking?

This morning, the company announced it has signed a joint development agreement with Valeo Corporation that utilises Brainchip’s Akida neuromorphic System-on-Chip (SoC).

Valeo Corporation is a tier 1 European automotive supplier of sensors and systems for autonomous vehicles (AV) and advanced driver assistance systems (ADAS).

The agreement will see the two companies collaborate on the development of neural network processing solutions for AV and ADAS.

Brainchip believes the validation of its Akida device by a tier 1 supplier of this nature is a significant development.

In AV and ADAS applications, real-time processing of data is critical for the safety and reliability of autonomous systems. Suppliers and manufacturers in the automotive industry have reportedly recognised that the Akida SoC is ideally suited to process data at the “Edge” for their advanced system solutions.

According to Brainchip, by combining the Akida neural network processor with sensors, the resulting system can achieve ultra-low power, minimum latency, maximum reliability, and incremental learning.

“The Akida neural processor’s game-changing high performance and ultra-low power consumption, enables smart sensor integration by solving power and footprint challenges for a variety of sensor technologies,” the announcement read. 

Brainchip was a little light on details but stated the agreement provides for specific performance milestones and payments that are expected to cover the company’s expenses. The term of the agreement is defined by the achievement of performance milestones and the availability of the Akida device.

At the time of writing, the Brainchip share price has surged 42.04% higher to 12.5 cents per share. This takes the company’s current market capitalisation to around $183 million.

More reading

• CSL share price drops lower despite announcing a new acquisition
• Are the Rio Tinto, Fortescue and BHP share prices a buy right now?
• The ANZ share price has soared 37% in 2 weeks. Here’s why.
• Will ASX 200 shares hit a record high in June?
• ASX 200 jumps 2.5%: Big four banks surge higher, CSL announces an acquisition

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Australia and New Zealand Banking Group Limited (ASX: ANZ) share price has risen over 37% in the period since close of trading on Friday 22 May. This is the largest rise of all the four major banks. The larger National Australia Bank Ltd. (ASX: NAB) follows closely behind with a rise of just over 33% for the same period. 

Why are bank shares rising?

Across the world, it’s starting to look like the economic fallout from COVID-19 could be less significant than originally anticipated. This is particularly the case in Australia. On 26 May, UBS analyst Jonathan Mott, a known market bear, raised his expectations of the banking sector. Jonathan pointed out the current underperformance of bank shares given the better than expected outlook. 

Many economic factors point to a recovery in bank performance. Not least of which was the $60 billion saving in JobKeeper due largely to clerical errors. An additional $10.6 billion in household spending power after early superannuation withdrawals and improvements in card and retail data are also contributing to optimism surrounding the sector. 

It remains to be seen what will happen in September when the government assistance comes to an end. Still, the share prices of all major banks have all been relatively slow to rise since the March low point. 

On 27 May, National Australia Bank announced it was increasing its capital raising to $4.25 billion, including an additional $1.25 billion for retail investors. This announcement appeared to carry the NAB share price higher along with the other major banks. 

Tier 1 capital fueling the ANZ share price rise

On 2 June, ANZ announced it had sold its New Zealand business UDC Finance for 1.2x tangible asset value. This will provide an additional ~$439 million of Tier 1 capital, or available cash from retained earnings, in this case. This saw the ANZ share price rise even further. 

In the ANZ chairman’s report on 28 May, we learned that statutory profit after tax was down 51% for the first half of 2020. Accordingly, the board agreed to defer the decision on dividend payments. While this does not close the door on a dividend payment, it definitely reduces the certainty around whether it will eventuate. The chairman, David Gonski, acknowledged the value shareholders place on the regular payment of bank dividends and promised further information in August. 

Foolish takeaway

It appears that the bank share prices are starting to level up to pre-pandemic levels. However, the ANZ share price is still down 14.9% year to date. Based on its current price of $20.97 at the time of writing, it would still require an increase of nearly 30% to reach the levels we saw in February prior to the crash. I’m not sure how long it will take, but I am confident the ANZ share price will return to these former levels. 

Furthermore, ANZ’s twelve month trailing dividend yield is 8.09%. This is a very healthy dividend payout. Nevertheless, it remains to be seen when or even if the banks will recommence dividend payouts at or near pre-pandemic levels. Though, I believe this is likely. 

In my view, it is the size and stability of the dividend payment that attracts fund managers and retail investors. 

More reading

• ASX 200 jumps 2.5%: Big four banks surge higher, CSL announces an acquisition
• ASX 200 Weekly Wrap: ASX bulls crash through 6,000 points
• ‘Westpac share price undervalued’, says analyst
• Is the Macquarie share price the best ASX bank to buy?
• Top brokers name 3 ASX 200 shares to buy next week

Motley Fool contributor Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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