The ASX ticked up today, even as CSL Ltd and Seek Ltd dropped 4.67% and 7.37% respectively. The S&P/ASX200 gained 13.1 points or 0.16% to 7,826.8. Over the last five days, the index has gained 1.89% and is currently 3.96% off its 52-week high.
Top-performing stocks in this index are Orora Ltd and Sims Ltd, up 19.16% and 9.49% respectively.
There were more sectors in the green than in the red today, with Health Care the hardest hit down 2.92%. Energy, Financial and Real Estate were all around 0.60-0.80% to the green.
Looking at the small cap index, the S&P/ASX Small Ordinaries (XSO) gained 0.48% to 2,957.50. Over the past five days, it is 2.39% higher.
CSL guidance disappoints
Farhan Badami, market analyst at eToro, says that despite CSL’s dip today, there is an overall positive outlook for the company.
"CSL reported a strong full-year profit increase of 15%, driven primarily by the robust performance of its core immunoglobulin business. The company's net profit after tax attributable reached $3.01 billion, up from $2.86 billion the previous year.
"Total revenue from CSL Behring, its largest division, surged 14% to $10.61 billion, reflecting the growing demand for its immunoglobulin products. This impressive growth underscores CSL's position as a leader in the global biotech industry, particularly in the immunoglobulin market, which remains a critical driver of its financial success.
“In addition to the strong results from CSL Behring, the company also saw growth across other segments - CSL Seqirus reported a 4% revenue increase and CSL Vifor continued to show resilience with increased iron volumes across Europe and successful product launches in China.
"The diverse growth across its business segments highlights CSL’s strategic focus on innovation and market expansion, contributing to a 20% rise in net profit after driven by strong operational performance and new product approvals.
“Looking ahead, CSL remains optimistic about its growth trajectory, projecting revenue growth of 5% to 7% for FY25. The company also expects net profit to rise by 10% to 13%, reaching between $3.2 billion and $3.3 billion.
"With a final dividend of $1.45 per share declared, CSL continues to deliver substantial value to its shareholders, reinforcing its commitment to long-term sustainable growth. As the company further capitalises on its market-leading products and global expansion efforts, investors can anticipate continued strong performance in the coming years."
Orora rejects offer
Orora Ltd received and subsequently rejected a conditional and non-binding indicative proposal from Lone Star Fund XII Acquisitions, LLC to acquire 100% of Orora’s issued shares through a scheme of arrangement.
The proposal offered Orora shareholders $2.55 per share, minus any dividends declared or payable. After thorough consideration with its advisers, the Board of Orora determined that the proposal significantly undervalued the company and was not in the best interests of its shareholders.
As a result, Orora decided not to engage further with Lone Star regarding the proposal. Orora shareholders are not required to take any action in response to this proposal.
Orora will release its financial results for the year ending June 30, 2024 on Wednesday, 14 August 2024, where it will provide an update on its strategic progress.
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