Argonaut welcomes Sofia Rostankowska
Argonaut is pleased to welcome Sofia Rostankowska to the Corporate Finance Team as Director, Debt & Corporate Advisory. In her role, Sofia will focus on generating and executing debt and corporate advisory opportunities with Nick McDonough. Argonaut sees Debt Advisory and the Debt Capital Markets as a tremendous opportunity and complimentary to the other services offered by Argonaut.
The provisional Chinese manufacturing data for August released yesterday was a shocker. Purchasing Managers’ Index (PMI) was 50.3, trailing all 22 estimates of Bloomberg’s survey pool (median projection 51.5). Noting that numbers above 50 indicate expansion and July PMI was 51.7. The news prompted an initial sell off of the AUD before rallying as investors continued to back the carry trade. The silver lining to this negative result is the potential for protracted Chinese stimulus measures which would be regarded positively for the Australian Resource Sector.More >
A strong balance sheet, dividend and top line were key positives from the result, however declining margins are concerning and lead us to reduce our forecasts and target price. The order book and revenue guidance remain solid but we remain cautious about the outlook for NWH. Maintain Hold recommendation, target price $1.15.More >