Category: Stock Market

There aren’t many companies catering to vegans on the ASX, but Pure Foods Tasmania Ltd (ASX: PFT) may be giving it a go. Its share price is up today after it shared news it has acquired another plant-based food brand. The company announced its acquisition of Cashew Creamery, which follows its acquisition of Lauds Plant Based Foods last month. It also holds ownership of plant-based cheese brand New Pastures.

The company stated in this morning’s announcement its strategy is to grow into the plant-based market through acquisitions.

The Pure Foods share price is up after today’s news. At the time of writing, shares are trading for 83 cents, up 4.4% marking an intraday high.

Let’s look further into Pure Foods’ plant-based approach.

Growing through acquisitions

Pure Foods announced it has acquired Cashew Creamery this morning.

The latest acquisition is another step for the company’s growth into the plant-based food market, which it states is set to be worth $3.9 billion by 2024.

According to Pure Foods, the cashew-based ice cream brand has grown its year to date sales by more than 50% over the year ending on 8 March 2021.

The acquisition is estimated to cost Pure Foods around $420,000, with approximately 52% to be paid in cash and 48% in shares.

On 2 February, Pure Foods announced it had acquired Lauds Plant-Based Foods.

It stated that doing so would grow the brand significantly in the short term due to Pure Foods’ extensive distribution channels. Additionally, it also said that it hoped its ownership of Lauds gives it access to its niche market network.

Pure Foods’ CEO Michael Cooper commented on the company’s plant-based focus when announcing its acquisition of Lauds:

We believe we can build an amazing business that can bring more and more plant-based food and beverages to Australia and distributed to our core export customers, principally in Hong Kong and Singapore.

While it’s only early days for Pure Food’s vegan approach, its future may be interesting.

Pure Food’s share price snapshot  

The Pure Foods share price hasn’t necessarily shown the same optimism in the plant-based food sector as the company. It is currently down by 20% year to date. Though, it is up 220% over the last 12 months.

The company has a market capitalisation of around $38 million, with approximately 53 million shares outstanding.

More reading

• Gascoygne (ASX:GCY) share price rises after huge debt clearance
• Qantas (ASX:QAN) share price takes off after latest COVID updates
• Afterpay (ASX:APT) also signs deal with JB Hi-Fi & The Good Guys
• The A2 Milk (ASX:A2M) share price was down almost every day in March
• Vanguard Australian Property ETF (ASX:VAP) announces dividend

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Qantas Airways Limited (ASX: QAN) share price is flying high today. At the time of writing, shares in the national carrier are trading at $5.15 – up 3%.

And Qantas is not alone in its trip to the skies. Other ASX travel shares are all moving in the right direction today. Currently, Flight Centre Travel Group Ltd (ASX: FLT) shares are up 2.67% ($18.10), the Webjet Limited (ASX: WEB) share price is 2.75% higher ($5.61), Sydney Airport Holdings Pty Ltd (ASX: SYD) shares have jumped 4.19% ($6.21), and Helloworld Travel Ltd (ASX: HLO) is 2.37% higher ($2.16).

For comparative purposes, the S&P/ASX 200 Index (ASX: XJO) is up 1.59%. So, ASX travel shares, including Qantas shares, are booming. While the market in general is also having a rip-roaring day, each of these companies is rising over and above the index. One likely factor is the positive COVID-19 update out of Queensland this morning.

Let’s take a closer look at that announcement.

Qantas share price turbulence

On Tuesday, Queensland Premier Annastacia Palaszczuk announced that the Greater Brisbane Area would go into a 3-day lockdown from 5pm that day. This news sent ASX travel shares, including the Qantas share price, tumbling.

Speculation was rife overnight that the lockdown could be extended by length and regions included, according to 9 News. But at 9 am local time (10 am Sydney time, i.e. at market open) today, Premier Palaszczuk and Queensland Chief Health Officer Dr Jeannette Young announced only two new cases, both linked to existing clusters. 

No extended restrictions were announced during the press conference. In addition, Queensland Health advised it had conducted 33,000 tests over the previous 24 hours, which provides some reassurance that no new COVID cases have been missed.

Investors seemingly enjoyed the news. The Qantas share price enjoyed its single biggest gain since the federal government announced it would be subsidising airfares to certain domestic locations.

NSW puts COVID restrictions on Byron Bay region

In related news, a hen’s party attended by two positive coronavirus cases from the Brisbane cluster has led to a new outbreak on the New South Wales North Coast. While only one case has been identified in the region so far, it has sparked some concern from the NSW Government.

From 5 pm today, face masks will again be mandatory in certain settings in the Tweed Shire, Ballina Shire, Byron Shire, and Lismore City council areas. In addition, hospitality venues will revert back to the one person per four square metre rule.

PUBLIC HEALTH ALERT – please view media release for full details. pic.twitter.com/lD4BrcIupB

— NSW Health (@NSWHealth) March 31, 2021

https://platform.twitter.com/widgets.js

While the NSW Premier has not locked down the region, she is strongly recommending tourists postpone plans to travel there over the long weekend. The Byron Bay Bluesfest is due to start tomorrow.

If the situation in the region deteriorates, investors will be keeping a close eye on the Qantas share price and other ASX travel stocks.

More reading

• What’s driving the Sydney Airport (ASX:SYD) share price today?
• The Flight Centre (ASX:FLT) share price is a “top pick” in the travel sector
• ASX 200 dips lower, Webjet drops, REA bids for Mortgage Choice
• Flight Centre, Qantas, & Webjet shares fall on Brisbane COVID lockdown news
• These are the 10 most shorted shares on the ASX

Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Helloworld Limited. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Helloworld Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This morning Zip Co Ltd (ASX: Z1P) announced a partnership with JB Hi-Fi Limited (ASX: JBH) that will see it provide a fully integrated payments solution for both JB HI-FI and The Good Guys.

It notes that this will allow customers with the ability to shop, both in-store and online, and pay with Zip’s interest free buy now pay later (BNPL) payment solutions. The retailer has not previously offered BNPL options.

Zip’s Co-founder and Chief Operations Officer, Peter Gray, commented: “We are delighted to partner with the JB HI-FI Group. We look forward to providing customers with choice at checkout, empowering them to own the way they pay at JB HIFI and The Good Guys. This strategic partnership provides Zip customers with access to even more of Australia’s favourite brands, further delivering on Zip’s mission to be the first payment choice everywhere and every day.”

Is this good news for Zip?

Initially, this news went down well with the market, sending the Zip share price almost 3% higher. Since then, the BNPL provider’s shares have given back these gains and more.

This may be due to the fact that Zip isn’t the only BNPL solution that JB Hi-Fi is taking on board.

On Tuesday, rival Afterpay Ltd (ASX: APT) also announced a partnership with the retail giant for both JB HI-FI and The Good Guys brands.

It commented: “Customers will soon be able to shop in-store and online and spend up to $1,000 at all JB HIFI and Good Guys stores nationwide. By using Afterpay at checkout customers can spread their payment over four fortnightly instalments without ever incurring interest or fees if they pay on time.”

Afterpay’s EVP of Sales ANZ and Global Instore, Rachel Kelly, stated: “We are delighted to welcome the JB Hi-Fi group, with two of Australia’s most iconic retail brands, to Afterpay. Afterpay customers will be thrilled to be able to buy big ticket items such as electronics, whitegoods, appliances and home entertainment in a responsible manner, without incurring interest or fees.”

This appears to have taken the shine off Zip’s announcement. Furthermore, it highlights the fact that it remains unclear whether JB Hi-Fi has also taken on other BNPL providers such as Openpay Group Ltd (ASX: OPY) or Klarna.

More reading

• The A2 Milk (ASX:A2M) share price was down almost every day in March
• The Zip (ASX:Z1P) share price is seesawing today on partnership news
• ASX 200 jumps 1.35%: Zip inks deal with JB Hi-Fi, Suncorp’s flood update
• 4 ASX shares with director buys this month
• Airtasker and Zip were among the most traded ASX shares last week

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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Investors might want to look away from the A2 Milk Company Ltd (ASX: A2M) share price. Shares in the dairy company have been red for almost every single day since March 4. At the time of writing, the A2 Milk share price is trading at $7.88, up 0.9%.  

How A2 Milk went sour 

After multiple earnings downgrades and rising geopolitical tensions between Australia and China, the A2 Milk share price looks like it has slumped to the point of no return. Its shares are down ~10.6% in March. Additionally, the share price is down ~32% year-to-date. 

Gone are the days where A2 Milk held an Afterpay Ltd (ASX: APT) or CSL Ltd (ASX: CSL) like status. 

Are brokers still positive on A2 Milk? 

Big brokers are still divided on the growth trajectory and recovery path for A2 Milk. There have been two broker notes in March with a diverging buy and sell rating. 

First came the UBS note on 4 March. This retained a buy rating and a NZ$16.00 target price for the dual-listed company. The broker expects a meaningful recovery in indirect infant formula sales in the next two years. In addition, the broker expects substantial market share gains for its China label infant nutrition. The note also highlighted that online brand strength remains strong in China with high WeChat engagement.

The A2 Milk share price is currently fetching NZ$8.61 on the NZX. This represents an upside of 85.8% from the broker’s target price. 

The Citi note on 23 March seems to be giving the optimistic UBS a run for its money. The broker retained a sell rating and a $7.15 target price.  

Citi has paid close attention to Feihe – the largest and most highly recognised Chinese infant milk formula company with a reported 17.20% market share in Q3 2020. The broker believes that competition is likely to intensify for foreign infant formula players like A2. It believes the expansion of the market share of Chinese brands is likely to drag A2’s growth. The A2 Milk share price would need to fall another 9.50% to reach Citi’s target price. 

Commonwealth Bank of Australia (ASX: CBA) reduces its stake 

While brokers might still be divided on where the A2 Milk share price will go next. CBA announced on 23 March that it had reduced its stake in A2 Milk from 46.9 million shares or 6.34% of the company to 39.5 million shares or 5.32%. Luckily for CBA, the A2 Milk share price has slumped another 6% since. 

 

More reading

• Afterpay (ASX:APT) also signs deal with JB Hi-Fi & The Good Guys
• Here’s why the Spirit (ASX: ST1) share price is up 5% this morning
• Here are the US shares ASX investors have been buying
• Over 1 in 4 Australians are investing in the ASX: report
• Are red-hot house prices good for ASX 200 shares?

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Vanguard Australian Property Securities Index ETF (ASX: VAP) is on the move today. At the time of writing, this exchange-traded fund (ETF) has gained a healthy 1.48% and is currently (at the time of writing) trading for $82.24 per unit.

Investors have something of interest to ponder over the Vanguard Property ETF today as well. The ETF provider has just released the details of this ETF’s upcoming dividend distribution. This ETF, unlike most ASX shares, pays a dividend distribution every quarter, rather than every six months.

How much will VAP units pay in distributions?

Vanguard has announced that the Vanguard Australian Property Securities Index ETF will pay a distribution of 52.7758 cents per unit for the quarter ending 31 March 2021. The ex-distribution date will be 1 April, while the distribution itself will be paid out on 20 April.

That amount comes in right in the middle of the company’s last few distributions. Over the corresponding quarter last year, the distribution was 66.24 cents. For the past three distributions (for the quarters ending 30 June, 30 September and 31 December respectively), Vanguard’s ETF had paid out 75.45 cents, 13.26 cents and 75.29 cents per unit respectively.

If we annualise this most recent distribution of 57.78 cents per share, we get to a yield of 2.82% on the current ETF unit price. If we add this most recent distribution amount to the previous 3 payments, we get a trailing yield of 2.7%.

About the Vanguard Australian Property Securities Index ETF

As its name implies, this ETF tracks a basket of ASX shares that operate as real estate investment trusts (REITs). It currently holds 30 of these REITs. These are spread over the categories of retail, industrial, office, residential and health care.

Goodman Group (ASX: GMG) is by far the largest holding in this ETF, with a weighting of 23.4%. Scentre Group (ASX: SCG), Stockland Corporation Ltd (ASX: SGP), Dexus Property Group (ASX: DXS) and Mirvac Group (ASX: MGR) are also amongst the largest holdings.

The Vanguard Australian Property Securities Index ETF has had a rough year as a result of the pandemic. VAP units have returned -11.32% over the past year. But they have also averaged 5.66% over the past 3 years, and 9.75% per annum over the past 10. It charges a management fee of 0.23%.

More reading

• Retail shares: buy what you know, but who owns what you buy?
• 2 of the best ASX 50 shares to buy in April
• Where to reinvest your Telstra (ASX:TLS) dividends
• 2 ASX retail shares delivering strong growth
• 2 ASX REITs to grab (and 2 to avoid): fundie

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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There are some ASX dividend shares with really big forecast yields for FY21 right now.

Trying to find high-yield businesses comes with its own set of risks and opportunities. Dividends can be less volatile than share prices, but they are certainly not guaranteed.

These two businesses are expected to pay very big dividends in FY21:

Fortescue Metals Group Limited (ASX: FMG)

Fortescue is one of Australia’s, and the world’s, biggest iron ore miners. It is generating high levels of profit right now thanks to the demand from China and the high iron ore price.

The broker Credit Suisse rates the Fortescue share price as a buy and has a price target of $23.50 on Fortescue. For income investors, Credit Suisse is expecting Fortescue to pay a dividend of $3.63 per share in FY21, which translates to a grossed-up dividend yield of 25%.

One of the main changes about the ASX dividend share recently has been its announced plan that it wants to be carbon neutral by 2030. A key part of this is Fortescue Future Industries, which is looking to develop green electricity, green hydrogen and green ammonia projects in Australia.

Fortescue Chair Dr Andrew Forrest explained:

We are trialling and demonstrating green hydrogen technologies in global-scale commercial environments, while also rapidly evolving into a green hydrogen and electricity producer of similar scale.

Our commitment to demonstrate green hydrogen’s economic value in world-scale operations, and become a major energy exporter, while implementing the considerable facilities to support both, means that Fortescue has emerged not simply as a thought-leader and investor, but uniquely as an executor of major green hydrogen projects.

Our aim is to provide the two “missing links” in the climate change battle, to create both the demand and the supply of green hydrogen. Due to its high energy performance and environmental neutrality, green hydrogen and direct green electricity has the potential to eliminate fossil fuels from supply chains. Once established, these advances will also substantially reduce Fortescue’s operating costs.

Adairs Ltd (ASX: ADH)

Adairs is one of the leading home furnishings retailers in the country. The broker Morgans has a buy rating on Adairs, with a price target of $4.50. Morgans is expecting Adairs to pay a dividend of $0.31 per share, which translates to a grossed-up dividend yield of 11.6%.

The ASX share generated a lot of operating leverage in the first half of FY21 where it saw an improvement of the gross profit margin of 500 basis points, with the Adairs division seeing an improvement of 690 basis points, whilst the Mocka division improved the gross margin by 230 basis points to 53.4%.

It’s generating a lot of sales growth through its online channel at the moment. Online sales increased by 95.3% to $62.2 million.

The ASX dividend share’s management is particularly pleased with its ‘linen lover club’ membership, which now has more than 900,000 members. Adairs says these customers are the most engaged and the company can individually provide offers based on historic purchases and preferred shopping channel. The linen lovers continue to account for around 75% of all sales.

An area of future improvement is the national distribution centre in Melbourne, which is currently under construction and should be operational in the first quarter of FY22. It’s expected to deliver annual savings of around $3.5 million per annum once fully operational. This will improve stock flow and online fulfilment as well as stock availability.

According to Morgans, the Adairs share price is valued at 9x FY21’s estimated earnings.

More reading

• Is the Fortescue share price ring-fenced by Twiggy and its climate targets?
• Why Macquarie thinks the BHP (ASX:BHP) share price and 2 others will outperform
• ‘Remarkable resilience’ in Aussie farmland a tailwind for ASX agriculture shares
• Why the South32 (ASX:S32) share price is outperforming today
• ASX 200 Weekly Wrap: ASX 200 gets its mojo back

Tristan Harrison owns shares of Fortescue Metals Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends ADAIRS FPO. The Motley Fool Australia has recommended ADAIRS FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is well and truly back on form and surging higher. The benchmark index is currently up 1.65% to 6,848.9 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

AGL Energy Limited (ASX: AGL)

The AGL share price is down almost 1.5% to $9.68. Investors have been selling the energy company’s shares after analysts suggested its plan to split into two might not be a good move. Goldman Sachs named seven concerns it has with the proposal this morning. Elsewhere, Ord Minnett responded by downgrading its shares to a hold rating and slashing its price target by 22% to $11.00.

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is down a further 2% to 48 cents. Investors have been selling the infant formula company’s shares this year due to its poor performance in the first half and concerns over its outlook. Although its shares hit a 52-week low today, one broker believes they can go even lower. Citi recently reaffirmed its sell rating and 35 cents price target.

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price has fallen almost 4% to $5.73. This decline is almost entirely attributable to the retail giant’s shares going ex-dividend this morning for its interim dividend. Eligible Harvey Norman shareholders can look forward to receiving its fully franked 20 cents per share dividend on 3 May.

Openpay Group Ltd (ASX: OPY)

The Openpay share price has returned from its trading halt and tumbled 5% to $2.29. This morning the buy now pay later provider announced a $67.5 million funding package. This comprises a $37.5 million institutional placement, a $25 million corporate debt facility, and a $5 million share purchase plan. The placement was undertaken at $2.03 per new share, which represents a 15.8% discount to its last close price. Management intends to use the funds to accelerate its international expansion following its partnership with Worldpay.

More reading

• ASX 200 jumps 1.35%: Zip inks deal with JB Hi-Fi, Suncorp’s flood update
• Why the Openpay (ASX:OPY) share price is sinking 8% lower today
• 7 reasons the AGL (ASX:AGL) demerger might be bad for its share price
• 5 things to watch on the ASX 200 on Wednesday
• Why an AGL Energy (ASX:AGL) demerger might be a problem

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 BUBS AUST FPO. The Motley Fool Australia has recommended BUBS AUST FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The New Zealand King Salmon Co Ltd (ASX: NZK) share price is steady at $1.52 per share today despite the company announcing a $7.1 million loss for the 7 months to January.

The South Island aquaculture company has remained within 5 cents of its current share price for more than a month now, after falling more than 65 cents over the past 12 months.

New Zealand King Salmon also posted revenue of $95.2 million, and pro forma earnings before interest, tax, depreciation and amortisation (EBITDA) of $10.0m (7 months), compared to $25.1m in FY20 (12 months) in its FY21 results.

New Zealand King Salmon share price recovering

Chairman John Ryder said that the company’s recovery was strong considering its external challenges.

It is a creditable outcome considering we are recovering from the challenges of the COVID-19 pandemic. The full financial impact of excess inventory, caused by the pandemic, has been absorbed into these results with appropriate contingencies built in.

Going forward, our average price will return to pre-COVID levels, however margins will still be affected by higher freight and distribution costs. We are seeking to increase prices globally around the middle of the calendar year with a view to recovering some of these ongoing costs.

About the aquaculture company

New Zealand King Salmon is the world’s largest producer of the King salmon species, operating under Ora King, Regal, Southern Ocean and Omega Plus, and the New Zealand King Salmon label.

It employs 500 staff in New Zealand and is seeking to play its part in the country’s economic rebound from the coronavirus pandemic. It’s currently submitting a Blue Endeavour application to farm in the Cook Strait, 7km north of Cape Lambert.

CEO Grant Rosewarne says if successful, the project will deliver “hundreds of green jobs” to the nation.

Rosewarne said the company had expanded into Italian fine food retailers and was also marketing dog treats to North American “specialty” pet retailers.

The New Zealand King Salmon board has not yet decided whether to reinstate its dividends. 

More reading

• Why AGL, Bubs, Harvey Norman, & Openpay are tumbling lower
• What’s driving the Sydney Airport (ASX:SYD) share price today?
• Why the Oneview (ASX:ONE) share price is rocketing 29% today
• SpaceX Starship rocket explodes during reentry
• Home Consortium (ASX:HMC) share price success. What’s next?

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Sydney Airport Holdings Pty Ltd (ASX: SYD) shares are up today, and with no news from the airport, some investors are scratching their heads.  

Having risen 3.94% from yesterday’s closing price, the Sydney Airport share price is currently trading at $6.20.

While today’s rise is the most significant in a while, the airport’s share price has been climbing since late February. Interestingly, Australians began receiving COVID-19 vaccines around the same time.

Let’s take a deep dive into how the Sydney Airport share price has been behaving lately.

We’ve got lift off

The Sydney Airport share price is once again launching towards a positive year-to-date return. At the time of writing, it’s down by just 3.59% in 2021.

The only news we’ve heard out of the airport this month is its traffic performance report for February. It stated there was a considerable increase in domestic traffic last month when compared with January. The number of domestic travellers using the airport in January 2021 was down 91% compared to January 2020. Whereas February saw only 70% less domestic traffic than the same period last year.  

Perhaps this increase in traffic is helping to drive the airport’s share price.

Additionally, its shares have been trending upwards since the first COVID-19 vaccination was given to an Australian on 23 February. Currently, it is 10.95% higher than it was the day before vaccinations began.

There was a visible dip on Thursday last week which still hasn’t quite corrected itself yet. The ASX is a complex beast, but the dip aligns with news of the initial COVID case confirmed in Brisbane, which eventually resulted in the region’s 3-day lockdown.

On that note, perhaps today’s rise reflects this morning’s more positive news from Queensland.

It’s also worth mentioning the Auckland International Airport Limited (ASX: AIA) share price is tracking very similarly. Its currently up by 3.32% today.

What does the future hold?

It would be lovely to have a crystal ball right now, or any time when trying to predict the ASX.

Nearly a fortnight ago, Motley Fool looked at international airport stocks’ share price trajectory. What we are seeing from Sydney Airport shares recently is similar to how many international airport shares rose in value after vaccinations began in other countries.

In fact, Corporacion America Airports (NYSE: CAAP), which operates more airports globally than any other company, saw its share price rise by 20% since US vaccinations began.

No one can predict if, when or where virus outbreaks will pop up in Australia again, particularly since Brisbane is currently in lockdown.

But, if our relatively small COVID-19 outbreaks continue to be but bumps in the road and the global vaccination rollout continues, investors will be hoping to soon see the light at the end of the tunnel for the Sydney Airport share price.

Sydney Airport share price snapshot

The Sydney Airport share price is up by 13.76% over the last 12 months.  

It has a market capitalisation of around $16 billion, with 2.7 billion shares outstanding.

More reading

• ASX 200 Weekly Wrap: ASX 200 gets its mojo back
• ASX 200 travel shares poised to see pent up travel demand unleashed
• Did Powell just blink first in the Fed’s staring contest with inflation?
• Is the Sydney Airport (ASX:SYD) share price set for a recovery?
• ASX 200 Weekly Wrap: Inflation fears hold ASX down

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Oneview Healthcare PLC (ASX: ONE) shares are among the best performers on the ASX today. The healthcare software company’s shares have rocketed to 37 cents, up 25.9% underpinned by the launch of its cloud-based platform. This brings the Oneview share price within sights of its multi-year high of 48.5 cents.

CXP Cloud Enterprise launch

Consequently, investors are driving Oneview shares higher after the company’s latest update.

According to its release, Oneview advised that it has launched the world’s first cloud-based care experience platform, CXP Cloud Enterprise.

Available on Microsoft Azure, the CXP Cloud Enterprise platform offers in-patient care services across health systems such as hospitals. This also includes patient education, meal ordering, patient service requests, apps and digital services, virtual rounding, visitation, and translation services.

Furthermore, Oneview highlighted that its newest platform seeks to reduce non-clinical demands on care teams. This is particularly important given the current digital needs for patients during the pandemic.

The platform was developed in partnership with New York leading academic medical centre, NYU Langone Health. Both parties collaborated on an initial cloud-based version. This partnership saw NYU Langone rollout key capabilities of the platform to over 400 beds in a few weeks. Additionally, this was used to respond to the strain put on healthcare systems, freeing up care teams for other duties.

Today, however, the launch of the CXP Cloud Enterprise platform delivers a full suite of options for patients.

Management commentary

Oneview CEO James Fitter commented:

The cloud-based platform is a key pillar of our growth strategy.

Being the first and only cloud-based care experience solution gives us a strong competitive advantage and means health systems can rapidly implement the capabilities that meet their needs today while providing the agility, scalability and investment protection to grow as their health system changes.

We are excited to know that CXP Cloud Enterprise will help transform the hospital experience for patients, families and care teams.

Microsoft Australia healthcare industry executive Dr. Simon Kos added:

The cloud enablement of Oneview’s patient experience platform is a game changer.

It means that health organisations can deploy more quickly, with greater predictability and less specialised resources, all on the trusted Azure cloud. This is a win for patients, clinicians and healthcare organisations that put patient experience and outcomes first.

Oneview share price review

Over the past 12 months, the Oneview share price has increased by over 900%. In particular, this is mostly attributed to year-to-date gains.

Based on the current share price, Oneview presides a market capitalisation of around $141.2 million, with 397.7 million shares outstanding.

More reading

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• The Oneview Healthcare (ASX:ONE) share price rockets 650% this year
• Here’s why the Oneview (ASX:ONE) share price has exploded 106% higher

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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