IMD - Imdex Limited

[finicky]

Delayed 1H24 Half report compared to last year - will not come until 19 Feb.

IMDEX Limited (IMDEX or the Company) is pleased to release its half
year results for the 2024 financial year (1H24) on Monday 19 February 2024. The results will be presented via a live teleconference and webcast at 9:00AM AWST (12 noon AEST).
IMDEX’s Chief Executive Officer, Paul House, together with Chief Financial Officer, Paul Evans, will provide an
overview of the Company’s 1H24 performance and progress with its growth strategy.

 

[finicky]

Getting hit left and right today. EHL is the other.
Imdex has broken local support, gone as far as 1.675, was down 0.035 or 2%.

Held

 

[finicky]

Fairly updated chart. Lost my longer post, got obliterated somehow.
Volume not high, but lower looks likely now to me.
Might be just buyers being cautious with H1 report to come in February?
Interested to add as I see it as undervalued fwiw, caveat an unpleasant material surprise in Feb H1 of course.

Held and Holding

DAILY

 

[divs4ever]

i am still up roughly 100% on this

i doubt i will be rushing to buy extra any time soon

now your other tragic for the day EHL ( where i am down about 30% ) that is starting to get me thinking ( on calculating a 'top up' price )

but is this commodity super-cycle starting to deflate , that is the big question

 

[finicky]

3 years published short sales on IMD with the T+4 trading days lag. So it has spiked recently but still only reached 2% of quoted shares.

 

[finicky]

IMD might be readying to pump again as it's moved outside the 6 weeks downtrend resistance, albeit low volume. I cant see this more than one month downtrend being more than buyer reluctance while anticipating the Dec Half report, or possibly some broker downgrade, as negative volume has been so low.

Held

DAILY

 

[finicky]

IMD might be readying to pump again

Um .. no
IMD @ 1.65
Volume is low
I did think that 1.60 - 1.65 was a chance after the break of 1.80 so giving it a spin for 2,500 more @ 1.62 - bid in. All rests on the 1H report to come 19 Feb.

DAILY

 

[sptrawler]

Um .. no
IMD @ 1.65
Volume is low
I did think that 1.60 - 1.65 was a chance after the break of 1.80 so giving it a spin for 2,500 more @ 1.62 - bid in. All rests on the 1H report to come 19 Feb.

DAILY

It will be interesting to watch, there is a huge contraction happening in mining ATM in the West, I will wait until the dust settles.

 

[finicky]

@sptrawler warning noted. My backup rationale is it should be ok for the long term at this price. It's not really rational for me to be buying anything, as I subscribe to the likelihood of the light in the tunnel being an oncoming train, speaking of the broad markets.

 

[sptrawler]

@sptrawler warning noted. My backup rationale is it should be ok for the long term at this price. It's not really rational for me to be buying anything, as I subscribe to the likelihood of the light in the tunnel being an oncoming train, speaking of the broad markets.

I agree, I'm moving a lot into term deposit and VAS, I'm no where near smart enough to beat the market in these shaky times.

 

[finicky]

I get bored, buying helps

 

[finicky]

Well, I didn't pick it. Has fallen as far as 1.51 today and my bid for more @ 1.62 filled @ 1.61 for some reason. I've reached my goal amount of shares. 1.51 is well below my worst secenario which was 1.60.
Yet, again the volume isn't all that strong - am I reading too much into that?
I will be p*ssd off if the forthcoming Dec Half report is dire, leaving open the impression that an insto has got a signal beforehand. Imdex has strong insto ownership.

Held

DAILY

 

[finicky]

Simpler explanation from goss elsewhere is a broker downgrade, namely Bell Potter. I can't verify it from free online sources but reasons suggested for the downgrade resonate with @sptrawler's doubts. Mentioned are miners tightening their belts with some commodity prices lower and for explorers/developers, a very tight equity raising environment - hence less money going into drilling.

Held and Holding
I might buy more b4 the Feb H2 report comes out
.

 

[finicky]

Lol, still searching for clues and came upon this almost exactly one year old article on Market Index in which Bell potter was the most bullish broker covering Imdex with a price target of $3 - double the low of today.

Why brokers are positive on this ASX-listed drilling services provider (it isn’t DDH)

Imdex is set to benefit from strong commodity prices as explorers race to hit payloads

www.marketindex.com.au

 

[finicky]

Gap down hammer candlestick. That has got to be the low.

DAILY

 

[finicky]

Has just appeared under 'Broker Notes' in Market Index's evening wrap today:

• Imdex (IMD) downgraded to sell from hold at Bell Potter; Price Target: $1.50 from $1.60

 

[finicky]

Well I'll take that as a positive but not sure.
L1 Capital increases its substantial holding - from 16% to 17.2%. Has been buying for 5 months, no net selling days. But it is not above short strategies and is associated with big U.S investment banks, like Morgan Stanley, Goldman.

 

[finicky]

Positive day.

UBS announced cessation of substantial holding a few days after announcing substantial holding. That substantial holding announcement attached 44 pages of buy/sell trades since November. There are mentions of rehypothecastion and resturn of rehypothecated positions, return of collateral.

@Chuckbass elshwhere a few days ago offered some insight I guess:
"Someone short-selling the stock via UBS' desk.
UBS has borrowed the stock from Colonial First Stage and Regal, on behalf of the short seller."

So if right, is the short seller looking to build an eventual position via wrecking the share price or is it looking to profit from an anticipated decline in the share price - perhaps in anticipation of a poor H1 report?

Held

DAILY - the low to date is 1.49

 

[divs4ever]

if scenario one , be watchful of an opportunistic take-over offer , OR the short-seller is hoping to cash in via a Cap. raise

 

[finicky]

IMD reports in Monday. Strong price lead in today and strong positive volume yesterday.

Held and Holding