Asia
Jarden Research Adjusts Select Harvests' Price Target to AU$5.40 from AU$4.70, Keeps at Overweight
Select Harvests (ASX:SHV) has an average rating of overweight and mean price target of AU$5.77, according to analysts polled by FactSet.
ASX:SHV
ASX:SHV
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Asia
Select Harvests' Fiscal 2027 Earnings to Benefit From Higher Almond Prices, Jarden Says
Select Harvests (ASX:SHV) issued a mixed trading update, pointing to continued strength in almond prices but also noting additional costs driven by the wet harvest season, Jarden said in a Tuesday note.The company said more drying than previously expected, an extended processing period, and other non-recurring items contributed to a further AU$7 million in costs in the fiscal second half, in addition to the AU$6.9 million forecast earlier.Jarden said it was "surprised by the magnitude of this step-up" given that the company's harvest window falls around February to April, well before it provided outlook commentary in late May."That said, we understand the intensity of the wet harvest led to slower production and more extended periods of hulling and shelling than expected, which increased costs," the investment firm said.Jarden cut its fiscal 2026 EPS forecast for Select Harvests by 15%, largely due to higher one-off wet harvest costs, but raised the fiscal 2027 and fiscal 2028 EPS estimates by 9% on higher almond prices."Our bullish thesis on rising almond prices is on track," the equity research firm said, adding that the macro backdrop is also very positive despite some potential for commodity price volatility after a strong rally.Jarden maintained an overweight rating on Select Harvests and raised its target price to AU$5.40 from AU$4.70.The company's shares fell 7% in recent Wednesday trade.
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Asia
Australian Shares Fall; Amplitude Energy Intersects Gas-Bearing Reservoir at Victoria Well
Australian shares declined on Tuesday as oil prices continued to climb.The S&P/ASX 200 Index fell by 1%, or 90.10 points, to close at 8,920.80.Brent crude oil futures rose further to trade around $97 per barrel, with the Middle East conflict no closer to a resolution.Trading on Wall Street was closed for a public holiday.On the domestic front, Australian consumer confidence fell to its lowest level since late July last week as the ANZ-Roy Morgan Australian consumer confidence fell 3 points to 71.9 in the week of Aug. 31 to Sept. 6.Australia's Westpac-Melbourne Institute Consumer Sentiment Index fell 5.2% to 84.4 in September from 88.9 in August, as higher fuel prices, rate rise fears, and a housing downturn weighed on consumers.Business conditions in Australia fell 5 points to negative 1 in August, the lowest level since August 2020, as slowing activity and persistent cost pressures weighed on businesses, National Australia Bank said.In company news, Amplitude Energy (ASX:AEL) intersected a high-quality gas-bearing reservoir at the Juliet-1 exploration well in the Offshore Otway Basin, Victoria.Select Harvests (ASX:SHV) now expects a 2026 crop size of 28,800 to 29,600 metric tonnes, down from previous guidance of 28,000 to 31,000 metric tonnes, describing the result as "exceptional" given the unusually wet weather in late February and early March.Lastly, Sunrise Energy Metals (ASX:SRL) logged AU$0.11 in loss per share for fiscal 2026, compared with a loss of AU$0.07 per share a year ago.
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Asia
Select Harvests Cuts 2026 Crop Guidance, Flags AU$7 Million in Additional Costs; Shares Up 4%
Select Harvests (ASX:SHV) now expects a 2026 crop size of 28,800 to 29,600 metric tonnes, down from previous guidance of 28,000 to 31,000 metric tonnes, describing the result as "exceptional" given the unusually wet weather in late February and early March, according to a Tuesday Australian bourse filing.The company said more drying than previously expected, an extended processing period and other non-recurring items contributed to a further AU$7 million in costs in the second half, in addition to the AU$6.9 million forecast at the first half, with the additional costs driven by the wet harvest season, the Middle East conflict and general inflationary pressures.Continued strength in the almond price resulted in the pool price increasing from AU$10.21 per kilogram to AU$10.26 per kilogram, with 91% of the crop now hedged at $0.665 per pound and 81% of the 2026 crop sold or contracted, the filing added.Despite delays caused by the wet and late harvest, net debt is on track to be below AU$65 million at year end with gearing below 11%, the company said.The company's shares gained 4% in recent Tuesday trade.
ASX:SHV
Asia
ASX Preview: Australian Shares to Fall as Oil Hits Six-Week High; Select Harvests Raises Fiscal 2026 Almond Crop Outlook
Australian shares are poised to fall on Tuesday as oil prices climbed to a six-week high after Iran threatened to strike energy infrastructure across the Middle East, heightening concerns over global supply disruptions and escalating tensions in the region.In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence fell 3 points to 71.9 in the week of Aug. 31 to Sept. 6.In corporate news, Select Harvests (ASX:SHV) expects a near-record fiscal 2026 almond crop of 28,800 to 29,600 metric tonnes, up 16% to 19% year on year, revised from its previous guidance of 28,000 to 31,000 metric tonnes.Sunrise Energy Metals (ASX:SRL) reported Tuesday a fiscal 2026 loss of AU$0.11 per share on interest income of AU$2.6 million, compared with a loss of AU$0.07 on interest income of AU$269,000 a year earlier.Australia's benchmark index was little changed to close at 9,010.90 on Monday.
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Asia
Select Harvests Appoints CEO
Select Harvests (ASX:SHV) appointed Kristina Hermanson as chief executive, effective Aug. 3, according to a Monday filing with the Australian bourse.Hermanson most recently worked at Nuveen Natural Capital, per the filing.Hermanson will succeed David Surveyor as CEO, who will step down on July 31, the filing added.
ASX:SHV
Asia
Select Harvests Reports Higher Underlying Earnings, Lower Revenue for Fiscal H1
Select Harvests (ASX:SHV) reported Thursday fiscal first-half underlying earnings of AU$0.205 per share, up from AU$0.153 a year earlier.Revenue for the six months ending March 31 was about AU$59 million, down from AU$104.5 million a year earlier, which the company attributed to a lower carryover crop and the impact of a late 2026 harvest due to wet weather.Select Harvests is launching an on-market share repurchase program for up to 10% of its issued capital over a 12-month period.Additionally, the company declared a fully franked interim dividend of AU$0.035 per share, payable July 15 to shareholders of record as of June 18.
ASX:SHV
Asia
Rivco Australia Signs Nearly AU$12 Million Water Lease Agreement With Select Harvests Unit
Rivco Australia (ASX:RIV) signed a five-year water lease agreement valued at around AU$11.7 million with Kyndalyn Park, a wholly owned subsidiary of Select Harvests (ASX:SHV), strengthening its long-term water access arrangements, according to a Wednesday filing with the Australian bourse.The agreement covers a mix of water entitlement zones and is scheduled to start on July 1, per the filing.The company expects this long-term agreement to expand its lease portfolio and strengthen its contracted revenue base, with about 82% of its portfolio by value leased from July 1, following execution of the deal, the filing added.Rivco Australia's shares gained about 2% in recent Wednesday trade, while Select Harvests' shares added 1%.
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