During these uncertain times, when most companies listed on ASX have witnessed a significant drop in the share price, a few of them have delivered a decent return. In 2023, ASX 200 delivered a return of just 2.56%. However, there are a few stocks that surpassed their benchmark index performance. These stocks gained huge market attention. In this article, we will look into two such stocks that have delivered over 10% in 2023 so far and cover the recent announcements from these companies.
United Malt Group Limited (ASX: UMG), the leading global maltster, with approximately 1.3Mtpa of capacity across 12 processing plants in Canada, the USA, Australia, and the UK, delivered a YTD return of 35.45%.
Recently, on 28 March 2023, the Company announced that it has entered into a process and exclusivity deed with Malteries Soufflet SAS. The parties entered into the agreement after Malteries Soufflet submitted a conditional, non-binding, and indicative proposal to acquire 100% ordinary shares on issue in United Malt for AU$5.00 per United Malt Share via a members’ scheme of arrangement (Potential Transaction) (Indicative Proposal).
UMG board considers the proposal is in the best interest of the shareholders as a whole for UMG to engage with and provide due diligence access to Malteries Soufflet to support it to provide a binding proposal regarding the Potential Transaction to the United Malt Board.
On 06 April 2023, UMG shares settled at AU$4.700, up 0.427% from the previous close. The Company has a market cap of AU$1.40 billion.
Cyclopharm Limited, the world’s leading diagnostic imaging company, delivered a YTD return of ~62%. On 30 March 2023, the Company announced the submission of the formal reply to the US Food and Drug Administration Complete Response Letter for its proprietary functional lung ventilation imaging agent Technegas.
Post the submission, there would be a review process of six months. It is the final major approval hurdle for Technegas in the USA. This approval will open the path for CYC to enter the US market. It will create an initial addressable market of US$180 million per annum for the product in the diagnosis of Pulmonary Embolism.
During 1H FY2023, Technegas™ sales grew by 4.1% to AU$13.66 million. The Technegas™ division was benefited from the more than doubling of third-party distribution revenues to AU$9.08 million. Third-party revenue was driven by a strong performance in Europe and exceptional growth in the Asia-Pacific.
On 06 April 2023, CYC shares settled at AU$1.895, down 0.427% from the previous close. The Company has a market cap of AU$1.40 billion.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.