Macquarie Conference warps up
Appen (APX)-21.1%, one of the worst hit across the board today, the presentation was labelled ‘uninspiring.’ They talked to competitors encroaching on business as well as customers taking things in-house. The market was spooked and sent the stock to a 2-year low.
Nuix (NXL) -3.14%, talked to a “transitionary downsell,” a fancy way of saying customers were transitioning to lower value consumption plans. While the deals are longer term, it has created a hole relative to their prospects forecasts.
Star Entertainment Group (SGR) -2.99%, fell partially on the presentation but also on news restrictions were returning to Sydney. They noted that the 3rd quarter revenue was down 12% vs 3Q19 – pre-COVID and VIP turnover remains negligible given boarder restrictions.
Austal (ASB) +1.72%, the shipbuilder that we own in the Emerging Portfolio was higher today. They spoke to media reports that it is eyeing off a stake in a Philippines shipyard to expand its steel capabilities in the region, saying a deal is still 1-2 months away. The market was keen on the update on US operations given the issues earlier in the year. Austal spoke to half a dozen upcoming opportunities which seems to have eased concerns around the outlook there.
