Bingo Industries Limited

Received Final Development Approval to Build a Recycling Facility at Minto Resource: Bingo Industries Limited (ASX: BIN) has announced the receipt of final development consent to increase throughput limits and build a recycling facility at Minto resource recovery centre in Sydney, together with a construction underway at Patons Lane site. According to the release, the Department of Planning and Environment NSW approved the site to increase from 30,000 tonnes of recycling per annum (pa) to 220,000 tonnes per annum (tpa). This is part of the company’s journey in having 3.4 million tonne network capacity by the end of FY20. The approved development scope of works includes the extension of the existing shed to fully enclose the processing facility. Development works will begin in Q1FY19 and it is expected that the site will be redeveloped and operationalized in Q3FY19. However, the company’s development program and resulting capacity uplift remain largely on track, with 3 of the 11 redevelopment projects already delivered in the first half of the year and the key sites in Victoria and New South Wales are progressing well.


Network Capacity (MTPA) (Source: Company Reports)

On the other hand, the company has recently appointed Mr. Barry Buffier to the Board as an independent non-executive director of the company. With his appointment, the company will be beneficiary in terms of regulatory operations related to sustainable waste management practices and higher levels of recycling.Further, as per the June 2018 quarter rebalance of S&P/ASX indices, BIN has been added to S&P/ASX All Australian 200 Index, effective from June 18, 2018. Moreover, Credit Suisse Holdings (Australia) Limited became the substantial holder of the Group since 18 June 2018 by holding 5.26 per cent of the voting power.  In the last one year, the stock price was up by 44.13 per cent and trading at the higher PE level of 53.80x as compared to industry median. Hence, we maintain our “Expensive” recommendation on the stock at the current market price of $ 2.680.

 
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