Azzet reports on three stocks with price moving updates today.
Liontown slides after announcing Canmax offtake deal ~
Shares in Liontown (ASX: LTR) were trading 2.6% lower by 2:05 pm AEDT (3:05 am GMT) after the WA-based battery minerals producer/explorer told the market it had executed a binding offtake agreement with Canmax Technologies - one of the world's leading lithium chemicals companies - for the supply of 150,000 wet tonnes of spodumene concentrate annually over FY27 and FY28.
The deal follows the recent participation of Shenzhen Stock Exchange-listed Canmax - a key buyer of Australian raw lithium - in Liontown's 2025 institutional placement, while pricing is linked to spodumene concentrate indices.
It’s understood that the deal strengthens Liontown’s plans to broaden the geographic reach of its customer base, while also complementing existing arrangements with Tier-1 clients.
Commenting on today’s update, Liontown CEO Tony Ottaviano told the market that the agreement reflects Canmax’s confidence in the long-term potential of the Kathleen Valley project and ensures fair value for Liontown’s products.
He expects this partnership to enable Liontown to further participate in the battery value chain and enhance supply certainty for its Kathleen Valley project output.
In addition to expanding its lithium portfolio in WA, Liontown is aiming to explore new acquisitions or strategic partnerships and additional offtake agreements that can support the long-term growth and sustainability of its operations.
Today’s share price fall follows yesterday’s 14.8% rally triggered by a UBS upgrade last Friday, which was buoyed by optimism about the sector.
Driven by increased demand for battery infrastructure and EVs - with expectations for continued demand growth supported by China's EV industry expansion – the lithium carbonate price has surged 25% in 2025.
As a result, the lithium carbonate price now sits at an 18-month high of around US$13,292 per tonne.
Major global lithium producer Ganfeng expects lithium demand to grow by 30% in the new year, while China is also implementing supportive measures for the EV industry, which will boost lithium demand.
It’s understood that China plans to double EV charging capacity to 180 gigawatts by 2027, supporting lithium-rich energy storage systems with compensation mechanisms for power storage infrastructure.
Meanwhile, the Spodumene Concentrate Index (CIF China) Price has jumped 26% in a month to US$1,162 per tonne, while the Battery-Grade Lithium Hydroxide price is also up about 9.5% in a month to US$10,300.32 per tonne.
Liontown has a market cap of $4.3 billion; the share price is up 144% in the last year and up 46% in the last month.
The stock is in a strong bullish trend, confirmed by multiple indicators.
Consensus is Moderate Sell.
Bapcor dives after lowering earnings guidance again
Shares in Bapcor (ASX: BAP) were trading 20.2% lower after the automotive parts group sliced its first-half earnings guidance and prepped the market to expect softer trading in October and November, with price cuts in its trade division hitting margins and materially impacting its full-year FY26 outlook.
Underlying net profit for full year FY26 is now expected at $44 to $49 million, 17% below previous guidance and 18% below consensus.
Statutory net profit for FY26 is forecast at $31 - 36 million, including one-offs such as the Trade review and restructuring costs, but excluding potential impairments in the NZ segment.
With the downgrade concentrated in the first half, with net profit after tax expected at $5 to $8 million – a 59% cut to prior guidance – there’s considerable emphasis on operational improvements, pricing adjustments and cost savings initiatives to drive the bulk of full-year earnings.
This compares with a $40.8 million statutory profit a year earlier and a previous profit target of between $3 million and $7 million.
Today’s downgrade is not a good look for Bapcor - which owns high-profile retail businesses Autobarn, Autopro, Midas and ABS auto service centres - and only continues the negative momentum that it flagged to the market late October.
What’s flamed broker concerns is the risk that weaker trade margins may take longer to recover, adding greater uncertainty to revised full-year targets.
What remains unclear is when the Trade segment, which underperformed due to price reductions aimed at regaining market share - impacting profit margins temporarily – will see a boost in future volume growth.
Meanwhile, Citi – which is cautious on Bapcor after this latest profit warning – was surprised by today’s downgrade, given that the five directors all bought shares on-market following the last AGM.
Commenting on today’s performance update, Bapcor’s CEO, Angus McKay, told the market that while the business is taking longer than expected turnaround, management is committed to doing the difficult work that will result in a stronger, more sustainable company.
“I am excited by the appointment of Craig Magill and Dean Austin to key EGM roles in the Trade and Retail segments respectively. Craig has significant Bapcor and automotive experience and Dean brings extensive retailing and merchandising experience,” he said.
The bottom-line loss for the December half is expected to be driven by a $19 million pre-tax impairment, which includes $15 million for its tools and equipment business - within the Trade segment - which is $3 million higher than expected.
However, this excludes potential impairments in the group’s NZ business announced in October.
The NZ segment is being hit by changes to the group’s distribution footprint, which Bapcor expects to generate about $20 million in pre-tax savings in the second half.
Late November saw Bapcor CEO Angus McKay demoted from holding a dual role of being the group’s executive chairman and CEO.
In McKay’s place, Bapcor appointed restructuring specialist Lachlan Edwards to chair the board. Edwards was previously the chairman and president of the Turnaround Management Association.
The move came following pressure from Tanarra Capital, which holds about a 10% stake in Bapcor and had been agitating for the company to appoint a non-executive chair so that McKay could focus solely on being CEO.
McKay’s demotion followed on the heels of an exit by one of his strongest backers, Mark Powell, who resigned from the board last Friday.
Senior executives Simon Bromell and Megan Foster, who were hired as part of McKay’s push to overhaul the business, have also left in the past month.
Bapcor has a market cap of $649 million; the share price is down 58% in one year and down 17% in the last week.
The stock’s shares appear to be in a long-term bearish trend, confirmed by multiple indicators. Long-term, the 200-day moving average is falling and shows that demand for this stock is low.
Consensus is Moderate Buy.
Immutep soars after landing efti licensing deal
Shares in Immutep (ASX: IMM; NASDAQ: IMMP) were up 23.5% after the clinical-stage biotechnology company updated the market on an exclusive licensing and commercialisation partnership with Dr Reddy’s Laboratories for its late-stage immunotherapy eftilagimod alfa (“efti”) across all territories outside North America, Europe, Japan, and Greater China.
Under the terms of the deal, Immutep receives an upfront US$20 million with potential milestone payments up to US$349.5 million plus double-digit royalties, while retaining manufacturing rights and all rights in key Western markets.
Efti, a first-in-class APC-activating LAG-3 immunotherapy currently in Phase III (TACTI-004) for metastatic NSCLC, is also being explored across several solid tumour indications.
Efti is also being investigated in other indications, including head & neck cancer, breast cancer, and soft tissue sarcoma.
Commenting on today’s update, Marc Voigt, CEO of Immutep, told the market that this agreement with Dr Reddy’s further validates the potential of efti.
“Dr. Reddy’s proven capabilities and reach in the licensed markets make them an ideal partner to maximise the impact of our innovation and serve a large number of patients across the globe,” he said.
“Additionally, this partnership allows us to capture significant value for efti in the licensed markets, while retaining full rights in key markets such as North America, Europe, and Japan, and ensures we remain very well-positioned for future value creation.”
To the uninitiated, Immutep is a biotech company focused on developing novel Lymphocyte Activation Gene-3-related immunotherapies for cancer and autoimmune diseases in Australia.
Immutep has a market cap of $490 million; the share price has been trading flat over one year and is up 30% in the last month.
The stock’s sentiment among investors has been weak, resulting in a bearish-sloping 200-day moving average.
More recently, the stock has fallen dramatically enough to register in the oversold region of the Stochastic Oscillator.
This is positive in that it means the recent momentum is unsustainable and there could be a near-term rally.
Consensus is Strong Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
