Independence Group NL


IGO Details

·       Change in the interests:Independence Group NL (ASX: IGO) stock rose 4.1% on 19 September 2016 after the company reported the increase in the interests of the substantial holder Van Eck Associates Corporation. On the other hand, IGO has reported a 16% in fall in the revenue to $417 million and the net loss after tax of $58.8 million, which was heavily impacted by expensing of after tax business acquisition costs of $64 million, and after tax exploration asset impairment losses of $24.9 million. However, the development at the Nova Project is nearing completion and IGO expects to produce the first concentrates, on time, and on budget, in December 2016. Meanwhile, IGO stock has risen over 17.63% (as on 16th September, 2016; Source: ASX) in the last six months.
·       Recommendation:We give a “Hold” recommendation on the stock at the current price of $3.82
 

FY16 Financial Performance (Source: Company Reports)
 
Santos Ltd


STO Details

·       Appointment of CFO:Santos Ltd (ASX: STO) stock rose over 3.2% on 19 September 2016 after the company announced the appointment of Mr Anthony Neilson as its new Chief Financial Officer (CFO). Mr Neilson has over 14 years’ experience in upstream and downstream oil and gas and has strong financial and risk management skills as he is a Chartered Accountant. Anthony would join a new Executive Committee in December 2016 and has the technical capabilities needed to transform Santos into a reliable, low cost and high performance business. Presently, he is a Chief Executive Officer of Roc Oil Company Limited (ROC), which was acquired in 2014 by Hong Kong-listed investor Fosun International Limited. We believe the stock would regain its momentum given their cost reduction efforts and positive exploration results.

·       Recommendation:We maintain a “Buy” recommendation on the stock at the current price of $3.59

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