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Investor Reaction to Northern Star's Report

Investor Reaction to Northern Star's Report

投资者对北极星报告的反应
sharecafe ·  04/23 01:23

Sometimes, some investors are not bright, and others do not really read what companies put out to the ASX.

有时,一些投资者并不聪明,而另一些投资者则不真正了解公司向澳大利亚证券交易所的投入。

Take Northern Star Resources (ASX:NST), which yesterday issued its March quarterly report, and the shares sold off because it supposedly 'missed' forecasts.

以北极星资源(澳大利亚证券交易所股票代码:NST)为例,该公司昨天发布了3月份的季度报告,该股被抛售是因为据称 “未达到” 预期。

The company revealed that it sold just over 401,000 ounces in the three months to March 31, while the market was expecting 424,000.

该公司透露,在截至3月31日的三个月中,其销量略高于40.1万盎司,而市场预期为42.4万盎司。

Additionally, the company saw a rise in costs for the quarter, which boosted the key All-In Sustaining Cost per ounce (AISC) for the year to June 30. That's because the big wet restricted tonnages processed, so costs rose.

此外,该公司本季度的成本有所上升,这提高了截至6月30日的年度关键的每盎司全额维持成本(AISC)。这是因为大型湿法限制了加工的吨位,因此成本上升了。

Standard stuff; the shares fell 5%, much of which was related to the 3% slump in gold prices overnight.

标准股价下跌了5%,其中大部分与隔夜金价下跌3%有关。

But there were some investors who seemed concerned about the 'miss', except it wasn't new news—Northern Star revealed the sales figure and the rise in costs in an early update on April 11, as well as the reason for the higher costs.

但是,有些投资者似乎对这次 “失误” 感到担忧,只是这不是什么新消息——北极星在4月11日的早期更新中透露了销售数字和成本上涨以及成本上涨的原因。

"Gold sold for the March quarter totaled 401 koz, impacted by significant weather events across the Northern Goldfields," the company said in the one-page release.

该公司在一页新闻稿中表示:“受北方金矿重大天气事件的影响,3月份季度的黄金总售量为401koz。”

"With these disruptions behind us, the June quarter has started with strong operational momentum, including at the Kalgoorlie Production Centre with increased access to high-grade Golden Pike North material, early access to first ore at Wonder underground in the Yandal Production Centre, and grade improvements at Pogo Production Centre.

“随着这些中断的过去,6月的季度开始时运营势头强劲,包括卡尔古利生产中心增加了获得高品位金派克北方原料的机会,在扬达尔生产中心Wonder地下提前获得第一批矿石,以及Pogo生产中心的品位提高。

"At 31 March, Northern Star remains in a strong financial position with net cash of A$174 million. Cash and bullion totaled A$1,076 million (vs December quarter: A$1,089 million) after the payment of the FY24 interim dividend of A$169 million.

“截至3月31日,北极星保持强劲的财务状况,净现金为1.74亿澳元。在支付了1.69亿澳元的24财年中期股息后,现金和金银总额为10.76亿澳元(与去年同期相比:10.89亿澳元)。

"Northern Star remains on track to deliver its FY24 Group gold sold guidance of 1.60-1.75 Moz (9 months to date: 1.18 Moz) based on positive momentum leading into an expected strong June quarter, driven predominantly by increased grade and mill utilization rates.

“Northern Star仍有望实现其24财年集团黄金卖出指引为1.60-1.75 Moz(迄今9个月:1.18 Moz),这是基于预期的6月季度强劲势头,这主要是由品位和工厂利用率提高所推动的。

"The events during the quarter have led the Company to revise its FY24 AISC guidance to A$1,810-1,860/oz, up from A$1,730-1,790/oz. Cost pressures remain prevalent across our sector as well as costs linked to the buoyant gold price.

“本季度发生的事件导致公司将其24财年AISC指引从每盎司1,730-1,790澳元上调至每盎司1,810-1,860澳元。成本压力仍然普遍存在于我们行业中,与金价上涨相关的成本也很高。

"Northern Star maintains its FY24 growth capital guidance of A$1,150-1,250 million and exploration budget of A$150 million," the main part of the statement ended.

声明的主要部分最后说:“北极星维持其24财年增长资本预期为11.5亿澳元至12.5亿澳元,勘探预算为1.5亿澳元。”

That is what the company repeated in Tuesday's release. The company, like many of the groups operating across the goldfields, was hit on one, two, or even three occasions by the wet weather events in the quarter—that's stuff media and analysts failed to follow up to any degree.

这就是该公司在周二的新闻稿中重申的内容。与许多在金矿区开展业务的集团一样,该公司在本季度曾一次、两次甚至三次受到潮湿天气事件的冲击,而媒体和分析师在任何程度上都没有对此采取后续行动。

The extra information in Tuesday's release was the sale price for those near 401,000 ounces. Northern Star said it realized an average gold price of A$3,024 per ounce, leading to sales revenue of A$1.212 billion and free cash flow of A$143 million. The latter was up from A$102 million in the second quarter.

周二发布的额外信息是接近40.1万盎司的售价。北极星表示,其平均黄金价格为每盎司3024澳元,销售收入为12.12亿澳元,自由现金流为1.43亿澳元。后者高于第二季度的1.02亿澳元。

Interestingly, the AISC pressures were broken down into the company's three main production areas - The Super Pit and surrounds near Kalgoorlie, the Yandal mines, and the Pogo mine in Alaska - costs were higher at the latter but not at the Super Pit where Northern Star is spending heavily to expand production to more than a million ounces a year.

有趣的是,AISC的压力被分解到该公司的三个主要产区——超级矿坑和卡尔古利附近的周边、扬达尔矿山和阿拉斯加的波戈矿——后者的成本较高,但超级矿的成本却不高,北极之星正在投入大量资金将产量扩大到每年超过一百万盎司。

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