Edition 460 of lcc asia pacific's Australian market update on the engineering, industrial services and contracting sector.
With reporting season now well underway there are clear winners and losers in the performance of companies over the previous 12 months
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1. LCC Asia Pacific Research | Australian Engineering, Contractors & Services Page 1
LCC Asia Pacific
Macro Market Research
Australian Market
Weekly Market Update
Industry Sector
Engineering, Contracting
& Industrial Technology
Week Ending 19 August 2022
Edition Number 460
Bulk Commodities Weaken Amid Fresh
Fears on China Economic Health
Nicholas Assef
Industry Lead
naa@lccapac.com
Joe Brereton
Manager
jmb@lccapac.com
Ticker News/ Event
ORI Increase in substantial ownership from 14.34% to 15.44% (Australian Super).
LLC
LendLease released FY22 financial report. Core OPAT of $276m, statutory loss after tax of $99m,
final distribution of 11 cents/share.
MLD
NRW announced unsolicited acquisition proposal for all of MACA’s shares for an implied
consideration of $1.085/share. MACA Board concluded the proposal was NOT superior to the
existing offer from Thiess. MACA has also been awarded a number of new contracts worth
approximately $90m. MACA reported FY22 Revenue of $1.65bn and EBITDA of $189m.
MGH
MAAS Group has completed a Follow-on Equity Offering in the amount of $6.4m. MGH also
released financial results for FY22. Revenue of $539.1m (+90% vs FY21), EBITDA of $125.1m
(+65% vs FY21), NPAT of $61.6m (+77% vs FY21).
EHL
Emeco released FY22 financial results. Revenue of $754m (+22% vs FY21), Operating EBITDA of
$250m (+5% vs FY21), FCF of $67m with cash conversion of 96%, ROE of 16%, Net leverage of
0.98x.
DOW
Downer released FY22 financial results. Revenue of A$11.99bn (down 2%), Net Profit of
A$151.6m (down 17%), EBIT A$323.3m (down 3.5%), Final Dividend of 12 cents/share. Downer
expects underlying net profit to be up 10-20% in FY23
ANG Austin engineering appoints David Bonomini as CFO, effective November 2022.
ASB Austal upgrades expected EBIT guidance for FY22 to $120.7m.
MIL
Millennium Services Group reported earnings results for FY22. Revenue of $260.6m (compared
to 273.7m in FY21), Net Income of $2.2m (compared to $17.4m FY21), Basic EPS of $0.0478
(compared to $0.3766 FY21).
NRW
NRW released FY22 financial results. Net Profit of $97.4m (+79% vs FY21), Revenue of $2.4bn
(+7% vs FY21), Final Dividend of 7 cents/share.
Index
Percentage change %
Fixed income Yield
Change in basis point
Week YTD 12-months Week YTD 12-months
S&P ASX 200 Price 1.17 (4.44) (4.69) 2Y Australian Note 2.83 (0.02) 3.77 127.59
Tokyo Price Index Price 1.08 0.11 5.13 5Y Australian Note 3.19 (0.01) 1.40 4.94
Straits Times Index Price (0.70) 3.93 5.17 10Y Australian Note 3.41 (0.01) 1.04 2.15
Hang Seng Index Price (2.00) (15.49) (21.90)
KOSPI 200 Index Price (1.17) (17.10) (19.30) Rate Week YTD 12-months
S&P 500 Price (1.21) (11.28) (4.02) AUD to USD 0.69 (3.32) (5.56) (4.13)
Dow Jones Industrial Price (0.16) (7.24) (3.40)
FTSE 100 (GBP) Price 0.66 2.25 6.96