Ideas

We initiate coverage of Austral Limited (ASB) with a Price Target of $3.10 and a Buy rating. ASB is an Australian shipbuilder and defence contractor providing design, manufacturing and support capabilities for defence and commercial customers.

We initiate coverage of COSOL, a company that specialises in digital IT solutions, focusing on enterprise asset management software platforms and data management, with a buy recommendation and a 12 month price target of $1.00.

At headline level AVG’s FY23e revenue and EBITDAS guidance were broadly in-line with BPe expectations. We retain our Hold recommendation.

CWP announced lower guidance for FY23 NPAT to approximately $30.0m, which compares to previous guidance of meeting or exceeding FY22 NPAT of $37.4m.

SHV reported an underlying 1H23 EBITDA loss of -$55.6m, and we have outlined the key points including operating results, crop assumptions, and cashflow and balance sheet.

Immigration, Refugees and Citizenship Canada (IRCC) has announced the approval of several other English language tests (CAEL, PTE Academic, TOEFL iBT and CELPIP General) for the Student Direct Stream (SDS) visa program starting from 10 August 2023. As a result of the announcement we have reduced our price target to $27.40.