Transurban Group

Positive Outlook in Long Run: Transurban Group (ASX: TCL) shares witnessed an uplift by about 0.17% on March 08, 2018, while the company has acknowledged that a Victorian House of Parliament voted to revoke the Planning Scheme Amendment (PSA) GC65 for the West Gate Tunnel Project. Further, the Victorian Government has confirmed its intention to reissue planning approval for the project and allowing major construction work to recommence. Meanwhile, Transurban announced that activities that do no require the PSA will continue. After nearly three years of planning, development & public consultation, the company has an agreement with the State to build the West Gate Tunnel Project and is committed to offer Melbourne with needed infrastructure as soon as possible. The company will be investing approximately $4 Bn on the construction on the West Gate Tunnel and expects that it will save travel timing by up to 20 minutes. The Group has spent over $530 Mn till date.

Recently, the company announced that the Virginia Department of Transportation has accepted its offer to extend the I-95 Express Lanes to Fredericksburg under the existing 95 Express Lanes concession agreement and the financial close on US$565 million project is scheduled for the first half of 2019. Once it completes the projects, its Express Lanes Network in the Greater Washington Area will be the largest connected network in the United States. The group had reiterated its FY18 interim dividend guidance including distribution of 28 cents for six months ending December 31, 2017. Meanwhile, the stock price has fallen by 6% in the past three months (as at March 07, 2018). TCL is expected to benefit from its investment plans, while interest rates need to be watched out for any impact. Nonetheless, we give a “Buy” at the current market price of $11.65
 

Non-Recourse Debt Maturities (Source: Company Reports)
 

Clean Teq Holdings Limited

Focusing on Clean Teq Sunrise Nickel/Cobalt/Scandium Project: The securities of Clean Teq Holdings Limited were placed in a Trading Halt Session State on March 08, 2018, at the request of the Company and later the group announced that it will undertake an underwritten institutional placement to raise a minimum of A$150m at A$1.15 per share. Proceeds from the Placement will be used to fund early works and long lead items to accelerate the development of its 100% owned Clean Teq Sunrise Nickel/Cobalt/Scandium Project, located 350km west of Sydney. This will provide an opportunity to the Company so that it can commence the production of high quality cobalt and nickel sulphate approximately 12 months earlier than expected. The offer Price for the placement represents 6.1% discount at the closing price of A$1.225 per share on the ASX as on March 07, 2018 and 6.4% discount to the 10-day volume-weighted average price (VWAP) that is A$1.229 per share on ASX as on March 07, 2018. It will complete the Definitive Feasibility Study in Q2 2018. The share prices climbed up by 25.64% in the past six months, and we give a “Hold” recommendation at the current market price of $1.225

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