Episode 25: US Summer & 4th July make for quiet week
Global markets were very quiet this week as the US celebrated independence day, the UK went to the polls, and the ASX saw some inter-sector shifts with the new FY
Stock highlights
- Santos: Saudi Aramco and Abu Dhabi National Oil Co are considering bids for Santos, reflecting interest in ASX-listed energy firms despite likely disapproval from the Foreign Investment Review Board (FIRB).
- Regal Partners: Achieved $300 million in net inflows for the June quarter, bringing total funds under management to $12.2 billion. Anticipates earning $55-$56 million in performance fees for financial 2024. Valuation increased by 25% over the past year, with full-year results expected on August 26.
- Liontown: Entered a strategic partnership with LG Energy Solution to boost global lithium collaboration. The agreement includes a $250 million investment and a 15-year offtake deal for lithium spodumene from Liontown’s Kathleen Valley Project, with first production expected by the end of July.
- Booktopia: The online book retailer has gone into voluntary administration, with administrators from McGrathNicol Restructuring assessing its assets for a potential sale or restructure. Shares last traded at $0.045, with significant financial losses and operational challenges impacting the business
Trade of the Week
- Amplo (ALD) – Ampol presents a compelling case for investment due to its significantly undervalued status and attractive valuation metrics, suggesting substantial upside potential. Additionally, Ampol offers a superior dividend yield of 8.5%, enhancing income for the portfolio.
