Argonaut | The Natural Choice in Resources

Morning Notes

U.S. stocks rose overnight following a report that the Trump’s administration officials are pushing for an easing of trade tensions with China. The S&P 500 climbed 0.8% to 2,636 and the Dow Jones gained 0.7% to 24,370;  The government shutdown is exacerbating concerns for U.S. companies already paying tariffs for steel and aluminium. Key producers warned that President Donald Trump’s tariffs on steel and aluminium will force them to continue cutting workers; Brent crude fell 0.2% to US$ 61.19/bbl. overnight; Palladium maintained gains after rocketing through $1,400 an ounce, extending its rally despite signs of softening global vehicle sales

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Latest Research

With all geographic regions contributing for Austal, we have long expected a solid performance in FY19. Recent share price moves reflect this positive outlook. In our view, consistent margins and earnings in the US, together with a growing level of group Support work (>$200m in FY18), helps underpin earnings. Meanwhile, investment in new designs and technology, and expanding capacity in Australasia, sets ASB up to take advantage of growing demand in the commercial ferry market. BUY maintained on a $2.30 blended valuation (prior $2.25).

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Latest News

Argonaut is pleased to announce the successful $12.5 million Initial Public Offering (“IPO”) on the ASX of Stealth Global Holdings Ltd (“Stealth” or “the Company”). Stealth is a fast-growing sales and distribution group supplying safety, industrial, workplace and healthcare consumable products and customised supply solutions to business customers across the resources, engineering, transport and general industrial sectors.

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