Jefferies raises Imdex PT on strong HY results, continued earnings growth

Imdex

07/02/2022 21:07

** Jefferies raises PT on Australia's Imdex Ltd  IMD.AX  to
A$3.30 from A$3.20; keeps rating at "buy"
    ** Mining services provider posted HY net profit after tax
of A$24.4 mln ($17.38 mln), up 80.8%, beating Jefferies estimate
by 2%-4%  urn:newsml:reuters.com:*:nL4N2UH0V0
    ** Brokerage sees earnings growth to continue in FY23/24 on
commodity price environment being highly supportive in addition
to company-specific drivers
    ** Expects second-half revenue to increase on H1 as drillers
deploy new rigs; flags potential material risk to industry
looming from Omicron variant of COVID-19
    ** Raises 2022 adjusted net profit by 4.2% to A$50.0 mln
    ** Four of five analysts rate stock "buy" or higher, one
"hold"; their median PT is A$3.00 – Refinitiv Eikon data 
    ** IMD down 2% this year, as of last close


($1 = 1.4043 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))