Equities

We have reviewed commodity drivers, milk flows and farmgate pricing (FMP) for Bega Cheese, and have downgraded our rating from Buy to Hold.

On 23 June 2022 MCR announced that it had received its first payment from nickel concentrate sales for FY22 of 1,003t (vs 962 BPe).

Our analysis of YTD wholesale, retail and export pricing for CGC suggests reasonable pricing outcomes across most categories, with our Buy rating remaining unchanged.

Eagers Automotive released a trading update and provided 1H2022 guidance of underlying operating PBT b/w $183-189m which is 12-15% below the pcp on a like-forlike basis (i.e. excluding the Daimler Trucks contribution in 1H2021).

COE has released updated details of its near-term Otway Basin development plans, outlining a path to more than double existing output and extend the project’s life.

AIS has entered into a binding agreement with Washington H. Soul Pattinson (WHSP), to acquire Round Oak Minerals (ROM) for total consideration of $234m.