Azzet reports on three ASX stock with notable trading updates.
MetalsX rises on Greentech stake
Shares in Metals X (ASX: MLX) were up around 4% at the open after the Tasmanian tin miner - Australia’s largest tin producer - announced a pre-conditional voluntary cash partial offer to acquire 28% of Greentech Technology International Ltd (listed in Hong Kong).
The deal amounts to 382.5 million shares at HK$0.35 per share, for a total of HK$133.9 million.
Subject to regulatory approvals in Hong Kong, the company decided to proceed with the partial offer given that Greentech failed to meet the pre-conditions laid out in an earlier possible offer letter.
The acquisition is expected to improve resource efficiency and operational performance at the Renison tin mine.
While Greentech owns a 50% interest in the Renison Tin Mine in Tasmania via a subsidiary, Metals X does not currently hold shares in Greentech.
Metals X's principal asset is its 50% interest in the unlisted Bluestone Mines Tasmania Joint Venture (BMTJV), which owns and operates the Renison Tin Mine located on Tasmania’s West Coast.
The remaining 50% interest in the BMTJV is indirectly held by Greentech through its non-wholly owned subsidiary.
Today’s announcement follows a mid-May agreement with mine developer Elementos (ASX: ELT) to invest $5 million in the development of the latter’s Oropesa project in Spain.
This investment means Metals X will become a 19.98% shareholder in Elementos, which furthers the opportunity to participate in a global pipeline of developing tin projects.
The most recent analyst rating on Metals X is a Hold with a $0.48 price target.
Metals X has a market cap of $463 million; the share price is up 16% in one year to date, up 25% year to date and down 7% over the last month.
While the stock’s 200-day moving average is trending upwards, the 20-day moving average is falling as the upward momentum wanes.
Metals X is current trading at $0.53.
PointsBet rallies on lift in takeover offer
Shares in PointsBet (ASX: PBH) were up 10% at the open after would-be Japanese acquirer and competitor, MIXI, increased its takeover offer bid from $1.06 to $1.20 a share-which implies an enterprise value of $402 million.
Subject to amendments under the improved bid, the ASX small-cap gambling company’s board unanimously recommends shareholders vote in favour of the MIXI deal.
While not subject to financing, MIXI’s offer is at the higher end of the independent expert’s valuation range of 96c-$1.11 per PointsBet share.
In the unlikely event that its offer is rejected by shareholders on 25 June, MIXI has flagged plans to acquire PointsBet via an off-market takeover bid with a 50.1% minimum acceptance condition.
PointsBet, which entered a trading halt ahead of today’s announcement - previously rejected a $260 million cash and $100 million scrip offer from rival takeover proposal from ASX-listed competitor Betr Entertainment Ltd (ASX: BBT) after acquiring a 19.9% stake.
PointsBet has a market cap of $348 million; the share price is up 54% in one year and up 13% year to date.
The stock appears to be in a strong bullish trend confirmed by multiple indicators.
Consensus is Hold.
Judo Capital rallies another 7%
After rising 4% yesterday on the back of its investor day update, shares in Judo Capital (ASX: JDO) were up another 7% at the open, following what appears to be a delayed reaction to the small business lender's updated guidance for FY25.
During yesterday’s update, Judo’s CEO, Chris Bayliss told investors the bank remains on track to achieve its FY25 guidance, as provided in its trading update on 1 May 2025.
The market appears to have taken some solace in Bayliss’ reassurance that guidance hasn’t again been revised downward in response to deteriorating market conditions.
The stock’s share price shed 6.6% in early May after revised loans and advances expectations to be between $12.4 billion and $12.6 billion - from previous loans and advances guidance of between $12.7 billion and $13 billion for the same period.
Meanwhile, during yesterday’s update the bank reminded investors that:
While the operating environment remains volatile, Judo continues to target FY25 PBT growth of 15% versus FY24. Assuming stable economic conditions, the bank aims to deliver 50% PBT growth as it benefits from significant operating leverage.
Judo Capital’s market cap is $1.7 billion making it an ASX300 stock. The share price is up 21% over one year and down 13% year to date.
The stock’s shares appear to be in a downtrend confirmed by multiple indicators.
Consensus is Moderate Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
