Stock market volatility persisted as the benchmark Nigerian Exchange Limited, NGX, All-Share Index, ASI, closed higher, gaining a modest 11 basis points, bps, Week-on-Week, WoW, at 66,464.57 points last Friday from 66,362.14 points the previous week. Investors are eagerly anticipating policy statements from the fiscal and monetary authorities as the new ministers and apex bank leadership settle down to roll out new economic plans [d842ddd2]. The second-quarter 2023 financial results are being announced, and the third-quarter 2023 reports are expected to start pouring in soon [51ea1f2c]. Analysts are predicting mixed Q3'23 earnings reports due to ongoing fiscal reforms and foreign exchange challenges [3e00a03a]. The market capitalization closed at N36.510 trillion, with a year-to-date growth of 29.89%. Analysts anticipate mixed sentiment in the market with bargain hunting and portfolio repositioning ahead of Q3 corporate earnings reports and the reconvening of the monetary policy meeting by the Central Bank of Nigeria [d842ddd2].
The Sensex dropped 483.24 points (0.73%) to 65,512.39, and the Nifty declined by 141.20 points (0.72%) to 19,512.30. Among Nifty’s biggest losers were Adani Ports, Hero MotoCorp, BPCL, HDFC Life, and M&M, while HCL Technologies, Dr. Reddy’s Laboratories, TCS, Tata Consumer, and HUL emerged as the top gainers [fa3a8bb3].
ASPI closed in the negative territory for the 5th consecutive session as macro-economic worries outweighed the investor sentiment. Turnover improved and recorded at a 2-week high of LKR 1.3Bn. Foreign investors turned net buyers amidst low participation [19d1bcec].
Altisource Portfolio Solutions (ASPS) reported a quarterly loss of $0.44 per share, missing the Zacks Consensus Estimate of a loss of $0.34. The company's revenues for the quarter ended September 2023 were $34.11 million, missing the Zacks Consensus Estimate by 10.99% [04591000]. Altisource Portfolio shares have lost about 53.5% since the beginning of the year. The company's earnings outlook is mixed, resulting in a Zacks Rank #3 (Hold) for the stock [04591000].
Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) released its full-year results, with revenues of US$145m in line with analyst forecasts, but losses of US$2.51 per share, larger than predicted. Analysts have updated their earnings model, with a consensus forecast of revenues of US$175.4m and losses of US$1.07 per share in 2024. The average price target for ASPS rose 20% to US$18.00, indicating a positive outlook for the stock's valuation. ASPS is expected to grow faster in the future, with revenues forecasted to display 21% annualized growth until the end of 2024, compared to a 41% annual decline over the past five years. The analysts also expect ASPS to grow faster than the wider industry. Despite the loss forecast for next year, the analysts believe that the intrinsic value of the business is improving [1ac1357a].
Altius Minerals Corporation reported a decline in its royalty revenue for Q4 2023 and full-year 2023 due to lower commodity prices and operational changes in its portfolio. Q4 2023 royalty revenue decreased to $16.0 million from $23.1 million in Q4 2022, while full-year royalty revenue fell to $73.9 million from $103.5 million in the previous year. The company's EBITDA margin for the Mineral Royalties segment was 81% in the current year, down from 87%. Altius Minerals remains positive about the long-term growth potential of its portfolio, particularly in the renewables sector [29e9c460].
Ahresty Corporation has released its consolidated financial results for the first half of the fiscal year ending March 31, 2024. The company recorded a net sales increase of 16.9% year on year, with operating income, recurring income, and net income all showing positive figures. The Japanese automobile market saw an increase in car production, leading to higher net sales for Ahresty. The North American and Asian automobile markets also experienced recoveries in production and increased volume of orders received. The Aluminum Business segment saw a decrease in net sales due to declining aluminum prices, while the Proprietary Products Business segment saw a significant increase in net sales. Total assets and net assets increased, resulting in an equity ratio of 42.10%. The company has revised its full-year business forecasts and dividend guidance. Ahresty Corporation is primarily engaged in the die casting, aluminum, and finished product businesses [7f9df8a5].
AerSale Corporation (ASLE) reported a quarterly loss of $0.02 per share, missing the Zacks Consensus Estimate of $0.45. This represents an earnings surprise of -104.44%. The company's revenues for the quarter ended December 2023 were $94.42 million, missing the Zacks Consensus Estimate by 40.35%. AerSale Corporation shares have lost about 27.8% since the beginning of the year. The stock's performance will depend on management's commentary on the earnings call. The current consensus EPS estimate for the coming quarter is $0.17 on $94.99 million in revenues. The company belongs to the Aerospace - Defense Equipment industry, which is currently in the top 35% of the 250 plus Zacks industries. Another company in the same industry, AAR, is expected to report quarterly earnings of $0.84 per share, representing a year-over-year change of +12% [f35beeac].
American Vanguard Corporation reported Q4 revenue of $172.2 million, surpassing the consensus estimate of $171 million. The company's stock price rose by 3.02% in after-hours trading. American Vanguard's Chairman and CEO, Eric Wintemute, highlighted the rebound in Q4 amidst challenges such as global destocking, oversupply issues, and supply chain constraints. The company projects 8 to 12% revenue growth for the full year of 2024, with an adjusted EBITDA target range of $70 to $80 million. The increase in net sales reflects the company's resilience and strategic initiatives. American Vanguard aims to meet its financial targets by focusing on efficient factory performance and tight management of operating expenses [a88a3960].
Valeura Energy Inc. reported its financial and operating results for the three-month period and year ended December 31, 2023. The company closed the Mubadala Acquisition for a cash consideration of US$10.4 million, adding three producing offshore Gulf of Thailand fields to the Valeura portfolio. Four producing fields yielded an average oil production of 20,440 bbls/d. The company restarted production from the Wassana field and drilled appraisal wells, which confirmed the presence of oil deeper than previously proven, leading to a potential re-development of the field and extension of the field life beyond 2030. The company replaced more than double the volume of oil produced by all fields in 2023 - 219% through proved (1P) and proved plus probable (2P) reserves additions. The company generated adjusted cash flow from operations of US$152 million. The company fully paid off debt and had accumulated cash of US$151 million as of December 31, 2023. The company further strengthened the balance sheet by reassessing and reducing decommissioning obligation on the balance sheet by 30% to US$129 million. The company increased 2P net present value (NPV) before tax to US$616 million and US$429 million after tax. Considering year-end 2023 cash position, increased 2P net asset value (NAV) after tax to US$579 million, equating to C$7.56 per share [794f1608].
German regional utility EnBW expects its core earnings to fall by up to 28% in 2024, with adjusted EBITDA expected to be between 4.6 billion and 5.2 billion euros ($5.0-5.6 billion), down from 6.4 billion in 2023. The company attributes the decline to lower selling prices for the power it generates. EnBW plans to propose a dividend of 1.50 euros per share for 2023, an increase from the 1.10 euros paid for the prior year. Other European rivals have also forecast falling profits due to normalizing wholesale power prices following market disruption caused by the Ukraine war [6f5db731].
China Datang Corporation Renewable Power (HKG:1798) reported its full year 2023 earnings, which missed expectations. The company's revenue for FY 2023 was CNÂ¥13.2b, up 5.7% from FY 2022. However, its net income decreased by 6.0% to CNÂ¥2.75b compared to the previous year. The profit margin also decreased from 23% in FY 2022 to 21% in FY 2023 due to higher expenses. The earnings per share (EPS) for FY 2023 was CNÂ¥0.31, down from CNÂ¥0.40 in FY 2022. Analyst estimates for revenue and EPS were missed by 2.4% and 18% respectively. Looking ahead, the company is forecasted to have an average annual revenue growth of 11% for the next 3 years, outperforming the 5.0% growth forecast for the Renewable Energy industry in Hong Kong. The company's shares have decreased by 7.5% in the past week. China Datang Corporation Renewable Power is engaged in the development, investment, construction, and management of wind, solar, hydro, and biomass power sources in China [2b59f0e5].
Xinte Energy reported its full year 2023 earnings, with revenues of CNÂ¥30.8b, down 18% from FY 2022. Net income was CNÂ¥4.35b, down 68% from FY 2022. The profit margin decreased from 36% in FY 2022 to 14%. Revenue missed analyst estimates by 1.6%. Looking ahead, revenue is forecasted to grow 6.6% p.a. on average during the next 3 years, compared to an 11% growth forecast for the Construction industry in Hong Kong. Xinte Energy's shares are down 9.8% from a week ago. There are 2 warning signs for Xinte Energy that investors need to consider. The article provides general information and does not constitute financial advice. [0d768506]