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Mid-Cap

Two falls on ASX – AMP and WorleyParsons

August 11, 2016 | Team Kalkine
Two falls on ASX – AMP and WorleyParsons

 
AMP Limited



AMP Details
  • Impact on market sentiments: AMP Limited (ASX: AMP) stock fell over 3.8% on August 11, 2016 while AMP Limited lowered its voting power to 1.44% from 1.47% with respect to its voting shares in the company under Corporations Act Sub-section 259C(2) Exemption and disclosed substantial holding (7.82%) in Viva Energy REIT. Investors have been worried over the higher fund managers’ fees even though the fund faced challenges due to volatility created from Brexit. Further, the stock has been negatively impacted by recent disappointing updates regarding insurance claims from the Commonwealth Bank and Westpac. AMP stock surged over 17% (as of August 10, 2016) in the last six months and generated over 9.5% in the last four weeks, placing the stock at higher levels.
  • Recommendation: We give an “Expensive” recommendation on the stock at the current price of $5.65
 
WorleyParsons Limited



WOR Details
  • Ongoing contract wins: WorleyParsons Limited (ASX: WOR) stock corrected over 0.8% on August 11, 2016 although UBS Group increased their interests to 9.04% from 7.76% in terms of voting power. The group has been otherwise adding strong contracts for generating revenue streams in the future. Moreover, the group’s venture with the Kazakh Institute of Oil and Gas, Engineering Company KAZGIPRONEFTETRANS LLP and Flour received the sanction from Tengizchevroil LLP (TCO) forengineering, procurement and construction management with regard to the Future Growth Project and Wellhead Pressure Management Project. The Project is estimated to finish by 2021 when first oil is expected to be achieved. On the other side, the stock generated over 127.73% in the last six months and delivered over 43.5% in the last three months (as of August 10, 2016).
  • Recommendation: We still believe that the stock has potential to generate further returns going forward despite some market volatile conditions. We maintain our “Buy” recommendation on this stock at the current price of $7.66
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The information given by Kalkine Pty Ltd ABN34 154 808 312 (Australian Financial Services License Number 425376) on this website is general information or advice only.

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