As of the close on Friday, $S&P/ASX 200(XJO.AU)$ closed at 7,943.20 on Friday, up 0.28% in the past 5 days.
1. $STAR ENTERTAINMENT GRP LTD/T(SGR.AU)$ +9.8%
the Star Entertainment Group share price has rallied 9% over the past week. Shares in the casino operator are up 14% to 56 cents apiece from the week's low. This is a market-trouncing performance, though the origins of the optimism caught the attention of the Australian Securities Exchange.
There's no shortage of stimulus to move the Star Entertainment share price these days. Shrouded in regulatory investigations, the Australian casino operator bounces around headlines like a steel sphere in a pinball machine.
It seems the company knows as much, blaming the abnormal increase in share price and volume on a recent article published by The Australian. The article suggests that four separate parties have recently kicked Star Entertainment's tyres, contemplating an acquisition of the troubled company. Although the piece states these talks have 'largely gone cold,' the mere contemplation might have been enough to rejuvenate interest in the Star Entertainment share price.
2. $CREDIT CORP GROUP LTD(CCP.AU)$ +7.84%
This week Credit Corp emerged as a focal point after revealing an 11% reduction in underlying profit to $81 million, attributed to challenging US conditions and a runoff in its ANZ debt-buying business. Despite this downturn and a competitive market, the firm projects a net profit between $90 and $100 million by FY25.
Unusually, Credit Corp's stock ascended by 7.5%, reflecting less severe results than many anticipated, which highlighted overly pessimistic market sentiments previously. The company's evolution towards a significant role in consumer credit also drew attention. This discussion extended to broader financial sector trends, where a cautious approach towards banks was noted despite their strong outcomes, suggesting a misalignment between market valuations and actual business performance.
3. $TECHNOLOGY ONE LTD(TNE.AU)$ +7.8%
Technology One shares gained on the ASX as analysts were left impressed by new ambitions set out by the enterprise software provider at its 2024 investor on Tuesday.
RBC Capital Markets upgraded its rating on Technology One to 'outperform', bumping its price target from $20 to $24. Wilsons Advisory analysts retained their 'overweight' rating and increased their target price 15% to $22.28.
RBC analyst Garry Sherriff said that Technology One provided a "detailed and useful investor day experience", with customer presentations and software demonstrations to better understand the company's product set.RBC's upgrade reflected a "clearer understanding of the product suite, go-to-market and higher outer year estimates", he said.
4. $SPARK NEW ZEALAND LTD(SPK.AU)$ +7.73%
With earnings that are retreating more than the market's of late, Spark New Zealand has been very sluggish. One possibility is that the P/E is moderate because investors think the company's earnings trend will eventually fall in line with most others in the market.
The only time you'd be comfortable seeing a P/E like Spark New Zealand's is when the company's growth is tracking the market closely. Taking a look back first, the company's earnings per share growth last year wasn't something to get excited about as it posted a disappointing decline of 60%. Regardless, EPS has managed to lift by a handy 8.3% in aggregate from three years ago, thanks to the earlier period of growth.
Shifting to the future, estimates from the eight analysts covering the company suggest earnings should grow by 3.2% per year over the next three years. Meanwhile, the rest of the market is forecast to expand by 17% per year, which is noticeably more attractive.
5. $PINNACLE INVESTMENT MANAGEME(PNI.AU)$ +7.6%
Pinnacle Investment Management Group Ltd a prominent multi-affiliate investment firm, has achieved a historic milestone by reporting a record AU$110.1 billion in funds under management (FUM) for the financial year ending June 30. This figure marks a 20 percent increase from the previous year.
The Pinnacle Investment Management Group Ltd share price has risen in response to its impressive FY24 result.
Looking ahead, Pinnacle’s management is likely to continue focusing on expanding its global reach and leveraging its multi-affiliate model to sustain growth. The firm’s ability to attract substantial new inflows, particularly from international markets, suggests a strong future trajectory and ongoing success in achieving its investment goals.
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