Tag: Motley Fool Australia

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) looks set to end its positive run with a sizeable decline. The benchmark index is down 1.8% to 5,858.9 points.

Here’s what has been happening on the market today:

Qantas announces $1.9 billion equity raising.

The Qantas Airways Limited (ASX: QAN) share price is in a trading halt today while it undertakes a $1.9 billion equity raising. This equity raising comprises a $1.4 billion fully underwritten placement to institutional investors and a $500 million share purchase plan. The airline operator is raising the funds at $3.65 per share, which represents a 12.9% discount to its last close price.

CSL acquisition.

The CSL Limited (ASX: CSL) share price is pushing higher today after announcing another new acquisition. The biotherapeutics company has agreed to acquire AMT-061 from Nasdaq-listed gene therapy company, uniQure for US$450 million. AMT-061, which is currently in Phase 3 clinical trials, could be one of the first gene therapies to provide potentially long-term benefits to patients with haemophilia B. One dose of AMT-061 has shown to increase Factor IX plasma levels to a degree that reduces or eliminates the tendency for bleeding for many years.

Amazon expansion.

Brickworks Limited (ASX: BKW) and Goodman Group (ASX: GMG) appear to have found a tenant for their warehouse development at Oakdale West. This morning Brickworks responded to speculation that Amazon will be moving into the warehouse, which will be one of the biggest in the country. It advised that it is in advanced discussions with a customer, but gave no assurance as to whether a transaction will occur.

Best and worst ASX 200 shares.

The best performer on the ASX 200 on Thursday is the Polynovo Ltd (ASX: PNV) share price with a 3% gain. This is despite there being no news out of the medical device company. However, earlier this week one fund manager suggested that its shares were undervalued. The worst performer has been the Flight Centre Travel Group Ltd (ASX: FLT) share price with a 7% decline. Investors appear concerned over the state of the domestic travel market.

More reading

• Why Evolution, IDP Education, Oil Search, & Webjet shares are dropping lower
• Why Accent, CSL, Kogan, & Redbubble shares are pushing higher
• Qantas share price on watch as it launches a $2bn cap raise
• CSL share price on watch after US$450 million acquisition news
• Why I would buy these outstanding ASX 50 shares right now

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. and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Brickworks. 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 S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is tumbling lower in morning trade. At the time of writing the benchmark index is down 1% to 5,908.1 points.

Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:

The Evolution Mining Ltd (ASX: EVN) share price is down 3% to $5.44. Investors have been selling Evolution after even the gold price came under pressure overnight during the market selloff. It isn’t just Evolution tumbling lower. The S&P/ASX All Ordinaries Gold index is down 2% at the time of writing.

The IDP Education Ltd (ASX: IEL) share price is down 4% to $15.60. This follows an announcement which reveals that The Board of Education Australia has sold 14,062,999 shares via an underwritten block trade of shares to institutional investors. Education Australia received $219 million for the shares, which equates to $15.55 per share. Following the sale, Education Australia retains 111,334,485 IDP shares, which represents 40% of its issued share capital.

The Oil Search Limited (ASX: OSH) share price is down 3.5% to $3.18. Investors have been selling Oil Search and other energy shares on Thursday after a pullback in oil prices overnight. Concerns over record U.S. crude inventories and a spike in COVID-19 cases led to WTI crude oil falling almost 6% during overnight trade.

The Webjet Limited (ASX: WEB) share price has fallen 5.5% to $3.50. A number of travel companies have come under pressure today amid concerns over the state of the domestic travel market following a spike in COVID-19 cases in Victoria. In addition, this morning Qantas Airways Limited (ASX: QAN) announced a $1.9 billion capital raising. Investors may be interpreting this move as a sign that the domestic travel market recovery might not be as smooth as first hoped.

More reading

• Qantas share price on watch as it launches a $2bn cap raise
• 5 things to watch on the ASX 200 on Thursday
• Why Afterpay, APA, Evolution, & Sonic shares are storming higher
• Why AMP, Qantas, Qube, & Transurban shares are dropping lower
• Coronavirus second wave potential could drive investment portfolio changes

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 Idp Education Pty 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 Redbubble Ltd (ASX: RBL) share price is flying today as investors react to a business update. At the time of writing, Redbubble shares have rocketed 40.13% to $2.20.

Redbubble is an owner and operator of two global online marketplaces, Redbubble.com and TeePublic.com, where independent artists can sell their designs on a range of products. This includes everything from apparel and bags to wall art and linen.

This morning, the company provided financial information from unaudited internal management reports on a ‘paid basis’. 

According to the release, this means delivery date adjustments will need to be made to the reports to align with accounting standards, which will ultimately reduce the amount of revenue recognised in the period due to timing differences.

The numbers

For the fourth quarter to 22 June, the company revealed year-over-year marketplace revenue growth of 107%, or 96% on a constant currency basis.

Year to date (again to 22 June), marketplace revenue has grown 42%, or 34% on a constant currency basis.

Redbubble also stated operating expenses for April and May were tracking 7.7% above the first two months of the third quarter (January and February).

This has translated to operating earnings before interest, tax, depreciation and amortisation profit of $11.9 million for the period 1 July 2019 to 31 May 2020. This represents year-over-year growth of 101%, or 86% on a constant currency basis.

Constant currency basis reflects underlying growth before the translation to Australian dollars for reporting purposes. This is relevant since Redbubble sources around 94% of its marketplace revenue in currencies other than Australian dollars. What’s more, TeePublic sources most of its marketplace revenue in US dollars.

Trading conditions

Redbubble advised it has benefited from an acceleration in online activity throughout the fourth quarter of FY20. 

The company has seen increased demand at both of its marketplaces, Redbubble and TeePublic, as well as across core geographies and product categories.

Importantly, the company noted its supply chain has managed the growth and orders are being fulfilled within expectations.

Organisational restructure

Redbubble also detailed an organisational restructure in its announcement this morning, which will involve reductions in headcount and related operating costs.

The reorganised teams will focus on a smaller set of core initiatives to propel profitable growth:

• Artist acquisition, activation and retention;
• User acquisition nd transaction optimisation; and
• Audience understanding and loyalty.

Redbubble expects the reorganisation to generate annualised gross savings of $5.6 million in operating costs, with one-off costs of $2.1 million.

More reading

• Why Accent, CSL, Kogan, & Redbubble shares are pushing higher
• Sezzle shares and 2 other ASX techs soared up to 50% in the past 4 weeks
• These 5 exciting small cap ASX tech shares rose by up to 70% in May

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REDBUBBLE FPO. 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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In morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. At the time of writing the benchmark index is down 1.25% to 5,891.1 points.

Four shares that have not let that hold them back today are listed below. Here’s why they are pushing higher:

The Accent Group Ltd (ASX: AX1) share price is up 4% to $1.41 after the release of a trading update. According to the release, despite the pandemic, the footwear-focused retailer expects to deliver a 10% increase in operating earnings in FY 2020. For the 51 weeks ending 21 June, Accent’s total sales stood at $923 million. Impressively, digital sales were up 150% between April and 21 June.

The CSL Limited (ASX: CSL) share price is up almost 1% to $294.69. Investors have been buying the biotherapeutics company’s shares after it announced the US$450 million acquisition of AMT-061 from Nasdaq-listed gene therapy company, uniQure. The AMT-061 program, which is currently in Phase 3 clinical trials, could be one of the first gene therapies to provide potentially long-term benefits to patients with haemophilia B. One dose of AMT-061 has shown to increase Factor IX plasma levels to a degree that reduces or eliminates the tendency for bleeding for many years.

The Kogan.com Ltd (ASX: KGN) share price is up 0.6% to $15.60 despite there being no news out of the ecommerce company. However, a very positive update from one of its fellow online retailers this morning could have given its shares a boost today.

The Redbubble Ltd (ASX: RBL) share price has jumped 40% to $2.19. This morning the ecommerce company released a trading update which revealed that its sales have been booming over the last few months. Quarter to date, revenue is up 107% on the prior corresponding period. This has led to its operating profit for the 11 months to 31 May increasing 101% to $11.9 million.

More reading

• Redbubble share price rockets 40% on bumper Q4 sales growth
• CSL share price on watch after US$450 million acquisition news
• Why I would buy these outstanding ASX 50 shares right now
• 3 high quality ASX shares I would buy if there were another market crash
• Give your portfolio a boost with these ASX blue chip shares

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. and Kogan.com ltd. The Motley Fool Australia has recommended Accent Group, Kogan.com ltd, and REDBUBBLE FPO. 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 Qantas Airways Limited (ASX: QAN) share price will be in the spotlight this morning for more than one reason.

The flying kangaroo went into a trading halt as it tapped investors on the shoulder for an extra $1.9 billion in capital.

The resurgence of COVID-19 cases in the US that will pressure travel-related stocks and the S&P/ASX 200 Index (Index:^AXJO) may have influenced its decision to raise capital now and go into a trading halt.

Flying through the second COVID-19 wave

It won’t be a pretty day for ASX shares, particularly those exposed to international travel like Flight Centre Travel Group Ltd (ASX: FLT), Sydney Airport Holdings Pty Ltd (ASX: SYD) and Webjet Limited (ASX: WEB).

At least Qantas will be spared the carnage. It’s undertaking a $1.4 billion fully underwritten placement to institutional investors and is looking for up to $500 million more through a share purchase plan (SPP).

The new shares will be sold at $3.65 a pop, or a 12.9% discount to yesterday’s close of $4.19.

Coronavirus flight plan

The extra cash will be used to fund its post-coronavirus recovery plan and provide itself with an extra cash buffer to weather the unpredictable crisis.

The airline outlined plans to shave $15 billion in costs over the next three years and to achieve $1 billion a year in extra savings from FY23 onwards.

It’s also prepared to ground around 100 aircraft for 12 months or longer and flagged job losses and extended stand downs, particularly in its international division.

Not letting a pandemic go to waste

While there’s no denying that the global pandemic is pushing the sector into a corner, I can’t help but feel Qantas is acting opportunistically.

I am not suggesting that the extra cash won’t help, but make no mistake, its chief executive Alan Joyce is making the most of the crisis to get ahead.

Firstly, Qantas is capitalising on the near doubling in its share price from the bear market low in March to sell scrip.

Our largest carrier wants the extra capital flexibility to ensure it grows even bigger as we emerge from the other side of the COVID-19 crisis with archrival Virgin Australia Holdings Limited (ASX: VAH) on its knees.

It’s also using COVID-19 as a cover to undertake a big industrial relations shake-up that’s sure to anger trade unions. Qantas could never get away with such a move if not for the crisis.

Qantas is the real winner

The discount is also looking pretty skinny when compared to what was on offer in the sector at the height of the crisis. Qantas turned to the debt market to shore up its balance sheet while the likes of Webjet did a desperate cap raise.

But those who participated in desperate cap raises in the past few months have been well rewarded as their shares have surged well ahead of the offer price. This isn’t only confined to the travel sector. The National Australia Bank Ltd. (ASX: NAB) share price is only but one example.

That will likely mean Qantas’ new share sale is likely to be met with fervour in this climate. This is despite the airline selling new shares near its pandemic trading highs when others did the opposite.

Love of loath Qantas, this is a well-played move in my view

More reading

• You don’t have to time the market to get rich with ASX shares
• Could one of these ASX shares be ‘the next Afterpay’?
• Why I would buy CBA and these ASX dividend shares
• 3 star ASX shares to buy for the rest of 2020
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Brendon Lau owns shares of National Australia Bank Limited and Webjet Ltd. Connect with me on Twitter @brenlau.

The Motley Fool Australia owns shares of and has recommended 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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Many investors in ASX shares think you have to time the market to build wealth. That’s simply not the case, and in fact, I believe market timing could cause your portfolio more harm than good.

Here’s why the tried and tested ‘buy and hold’ strategy can often work out best in the long run.

Why you don’t have to time the market to get rich

The February/March bear market was the perfect illustration of why trying to time the market can be so dangerous.

As ASX shares plummeted, many investors panicked and sold their positions. This would trigger a capital gains event (assuming you had picked some winners), meaning there’s tax implications, as well as the requirement to pay brokerage.

Let’s say your average investor didn’t sell on the first day of the market falling, which was around 20 February. Instead, they might have waited until the S&P/ASX 200 Index (ASX: XJO) had fallen 25.9% by mid-March.

And if they were the type of flighty investor that was willing to sell at the first sign of trouble, they may have also had a particularly bearish outlook on ASX shares for the remainder of 2020. This means they probably would have waited for a strong upward trend before buying back into the market.

Let’s say they waited until the ASX 200 benchmark was up 20.7% from its 23 March lows on 14 April before buying back in.

That investor would be in a very similar position to what they would’ve been in had they held their investment over the entire period. Only they would have paid brokerage twice and taxes on their gains.

Trying to time the market is honestly a mug’s game. If you’re a serious investor, I believe it’s best to purchase high-quality companies and hold them for the long term.

Which ASX shares should I be buying?

Which ASX shares to buy is the next question. Rather than day trading, which is essentially gambling with your money, remember that you’re investing in actual companies.

The shares you end up buying will depend on your investment goals and current portfolio construction. I personally like the look of a couple of blue-chips in the current market.

BHP Group Ltd (ASX: BHP), for example, could be a strong buy ahead of a potential infrastructure boom. Alternatively, picking up Woolworths Group Ltd (ASX: WOW) on the back of its strong turnover figures could be a consideration.

Whatever your strategy, trying to time the market should not be a big part of it. Keep your eye on the prize and with a touch of luck you could build a sizeable portfolio over time.

More reading

• Qantas share price on watch as it launches a $2bn cap raise
• Could one of these ASX shares be ‘the next Afterpay’?
• Why I would buy these outstanding ASX 50 shares right now
• 3 star ASX shares to buy for the rest of 2020
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Woolworths 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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More reading

• Qantas share price on watch as it launches a $2bn cap raise
• You don’t have to time the market to get rich with ASX shares
• CSL share price on watch after US$450 million acquisition news
• Could one of these ASX shares be ‘the next Afterpay’?
• Why I would buy these outstanding ASX 50 shares right now

The post ASX to drop as Wall Street sinks overnight; CSL makes US$450m acquisition appeared first on Motley Fool Australia.

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The CSL Limited (ASX: CSL) share price will be on watch on Thursday after a promising announcement out of the biotherapeutics company.

What did CSL announce?

Hot on the heels of its decision to acquire clinical-stage biotechnology company Vitaeris earlier this month, this morning the company announced plans to make another acquisition.

CSL has agreed to acquire the exclusive global license rights to commercialise an adenoassociated virus (AAV) gene therapy program, AMT-061 (etranacogene dezaparvovec), for the treatment of haemophilia from Nasdaq-listed gene therapy company, uniQure .

According to the release, the AMT-061 program, which is currently in Phase 3 clinical trials, could be one of the first gene therapies to provide potentially long-term benefits to patients with haemophilia B.

Management explained that one dose of AMT-061 has shown to increase Factor IX (FIX) plasma levels to a degree that reduces or eliminates the tendency for bleeding for many years. FIX is the blood clotting protein lacking in people with haemophilia B.

This means that should AMT-061’s trials be successful, appropriate candidate haemophilia B patients will be able to have a one-time treatment to restore FIX activity to functional levels capable of eliminating the need for frequent and ongoing replacement therapies.

CSL’s CEO and Managing Director, Paul Perreault, commented: “Our vision for haemophilia B patients is to offer transformational treatment paradigms that help free them from the lifelong burden of this disease. With more than three decades of providing lifesaving innovations for the global bleeding disorders community, we are well positioned to maximise the potential benefit of this therapy.”

What is CSL paying for AMT-061?

Under the agreement with the gene therapy company, CSL will have the exclusive global right to commercialise AMT-061.

It will pay uniQure an upfront cash payment of US$450 million, followed by regulatory and commercial sales milestone payments and royalties.

In addition, uniQure will complete the Phase 3 trial and scale up manufacture for early commercial supply under an agreed plan with CSL. The transaction remains subject to customary regulatory clearances before closing.

Mr. Perreault concluded: “Upon approval, we believe this next-generation therapy would be highly complementary to our existing haemophilia B product portfolio. We hope that it provides patients with an alternate best-in-class treatment option, building on our legacy of delivering lifesaving innovations in hematology.”

More reading

• Why I would buy these outstanding ASX 50 shares right now
• Give your portfolio a boost with these ASX blue chip shares
• Australian businesses are running out of cash
• 3 ASX shares I’d buy if the market crashes again
• Consider these 3 quality ASX healthcare shares to buy now

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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There aren’t many ASX shares on the market like Afterpay Ltd (ASX: APT).

The Afterpay share price has nearly doubled in value this year while the S&P/ASX 200 Index (ASX: XJO) has slumped 10.8% lower.

While many investors think the ship has sailed on the buy now, pay later leader, given its current $59.38 per share valuation, could either of these candidates be ‘the next Afterpay’?

An Afterpay Competitor

Let’s start with an obvious candidate and one of Afterpay’s top rivals: Openpay Group Ltd (ASX: OPY).

Openpay is another buy now, pay later provider that differentiates itself based on its repayment schedule flexibility. Unlike Afterpay’s fairly rigid 8-week schedule, Openpay’s repayment period can stretch as long as 18 months.

The ASX buy now, pay later share listed in December 2019 and has traded around its first closing price of $1.33 for most of the time since then.

However, the last month or so has been a different story for Openpay. From the beginning of June, the Openpay share price began surging and is now trading at $2.48 per share with a market capitalisation of $267.5 million.

The buy now, pay later sector is competitive and I think we’ll see more consolidation in the months and years ahead. While Openpay may not be the next Afterpay, the company could still attract the interest of buyers on the acquisition trail.

Of course, betting on acquisitions is a purely speculative game. If Openpay can execute its expansion plans, then it may be able to continue climbing as a top ASX growth share in 2020.

An ASX Biotech share

Of course, it’s not just competitors that could be the ‘next Afterpay’ in terms of share price growth. I think the biotechnology sector could harbour some hidden gems in the current market.

In particular, Pro Medicus Limited (ASX: PME) has caught my eye right now. The Pro Medicus share price climbed 1.5% higher yesterday and is up 23.3% for the year.

The Aussie biotech company is a leading imaging technology company specialising in radiology IT services. It boasts a current market capitalisation of $2.9 billion.

In the short-term, I think demand for Pro Medicus’ services will be high given the backlog of medical work arising from COVID-19 lockdowns. Thinking longer-term, there’s a huge addressable market for Pro Medicus due to increasing use of imagery and medical technology overall.

Foolish takeaway

These are just a couple of the ASX shares I’ve got my eye on right now. I think both Openpay and Pro Medicus could have strong growth trajectories going forward.

There aren’t many companies like Afterpay out there, and it can take both savvy investing and a bit of luck to find them.

More reading

• Why Xero and these ASX tech shares just hit record highs
• 3 high quality ASX shares I would buy if there were another market crash
• 3 star ASX shares to buy for the rest of 2020
• 5 things to watch on the ASX 200 on Thursday
• Why the risks of a market correction for the ASX 200 is rising

Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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One of the most important large cap equity indices is the S&P/ASX 50 index. It represents 50 of the largest and most liquid shares listed on the ASX by market capitalisation.

Among these 50 companies are a number that I believe are outstanding long term investment options. Three ASX 50 shares that I would buy today are listed below:

BHP Group Ltd (ASX: BHP)

I think BHP is an ASX 50 share to consider buying. I believe the mining giant is the most outstanding option in the resources sector. This is due to the diversity of its world class operations and their extremely low costs. The latter means that BHP is able to fully benefit from favourable prices of many commodities it produces such as iron ore. I believe this leaves it well-placed to generate strong free cash flows again this year and in FY 2021. And given how strong its balance sheet is, this is likely to mean generous dividends being paid to shareholders.

CSL Limited (ASX: CSL)

A second ASX 50 share to look at is biotherapeutics giant CSL. I think CSL is the highest quality option on the index and well-placed to deliver solid earnings growth over the next decade. This is due to its leading and lucrative therapies, growing plasma collection network, and its impressive research and development (R&D) pipeline. The latter contains a number of therapies which have the potential to generate billions of dollars in sales over the next decade if their trials are successful.

Goodman Group (ASX: GMG)

A final ASX 50 share to consider buying is Goodman Group. It owns, develops, and manages industrial real estate across several countries. I’m a big fan of the company because of its high quality portfolio and exposure to markets with very positive long term outlooks. The latter includes its exposure to ecommerce through relationships with giant such as Amazon, DHL, and Walmart. I expect these assets to be in demand for a long time to come.

More reading

• CSL share price on watch after US$450 million acquisition news
• Give your portfolio a boost with these ASX blue chip shares
• Australian businesses are running out of cash
• 3 ASX shares I’d buy if the market crashes again
• This top fund manager believes dividend yields are going to 0%. Where should you invest?

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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