The Week Ahead: BHP Billiton, Antofagasta, Kaz Minerals, H&T

Monday 15 August

Trading statements

Nakama Group

AGM/EGM

Tuesday 16 August

Ahead of BHP Billiton's full-year results Monday, investment bank UBS asks whether the miner can really grow its value by 70%.

Expecting net profit after tax to fall 89% on the year to $803 million - below the $1.1 billion consensus - and underlying cash profit to half to $11.9 billion, analyst Myles Allsop reckons the final dividend will be kept flat at 16 cents per share.

Net debt is unlikely to have changed much, with the analyst pencilling in $25.4 billion.

Announced in May, BHP briefly set a target to grow the base value of the business by 70%. Allsop reckons this will be achieved through cost efficiency and productivity, releasing low-cost capacity, higher onshore production and medium-term growth projects. Investment in exploration and technology should also help. More details should be given on Monday.

Allsop reckons the shares are worth 1,150p, giving it double-digit upside.

Pawnbroker and cash loan provider H&T will release first-half results the same day, which should show off crucial progress - as expected following its recent trading update.

"Encouragingly, the pledge book is showing signs of growth with the core pawnbroking element advancing to £39 million (2015: £37.4 million), helped by larger average loans, while importantly the personal loans book grew quickly to £6.2 million, up 82.44%," says Duncan Hall at finnCap.

"The rising gold price, if sustained, will also prove helpful."

finnCap shifted H&T from a 'hold' to a 'buy' back in March, when the shares were at 198p, with target price (TP) of 220p. They've hiked 48% since to 294p and the broker, cheerfully keeping its 'buy' sticker, hints at an upgrade next week.

"[We] look forward to reviewing our TP at the time of the interims," says Hall.

Meanwhile, Peel Hunt analyst Peter Mallin-Jones is cautiously optimistic about first-half numbers from South American copper mining colossus Antofagasta, also due on Tuesday.

Impressed with various profitability improvements, especially at the company's Centinela plant in Chile, Mallin-Jones anticipates operating profit growth to $422 million (£325 million) from $329 million in second-half 2015, with earnings per share (EPS) bumped up half-on-half to 3.9 cents, from an underlying loss last time.

"This profitability improvement comes from the lower unit costs seen so far this year, in part cost cutting, and the balance down to the weaker Chilean peso vs. the US dollar," the analyst explains.

Peel Hunt rates the share a 'hold' with target price of 515p. The shares have since overtaken that, closing Thursday at 520p.

Trading Statement

AGM/EGM

Wednesday 17 August

Trading Statement

Lookers, Admiral, Apax Global Alpha

AGM/EGM

Amiad Water Systems, John Laing Environmental Assets

Thursday 18 August

Although copper miner Kaz Minerals will reports its interims on Thursday, broker Peel Hunt reckons its numbers are the last thing investors will be looking at.

Instead, they will want to know the Bozhakol ramp-up is continuing to plan and the Aktogay project is still on track for its 2017 commissioning.

If the Bozhakol project is on track, Kaz will need around $400 million to keep up its debt repayments. Further facilities or changes to its repayment schedule will reassure any investors nervous of this commitment.

Driven by lower East Region output, Peel Hunt reckons first-half unit costs will increase on the year, with cash profit of $71 million before mineral extraction tax - $54 million after - giving earnings per share of 2 cents. Net debt is likely to reach $2.6 billion from the $2.3 billion reported in December.

Trading Statement

Kaz Minerals, UK Commercial Property Trust, Kingfisher, Rank Group

AGM/EGM

Blue Planet Investment Trust, Prospect Japan

Friday 19 August

Trading Statement

AGM/EGM

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.