Daily Market Reports | Oct 08 2024
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.
Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.
COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
AD8 AGN AIA ALD AMP APE ASX BMT CGF CIA CLV CPU CWY DOW EXR FCL HMC HUB IFL IFT KAR MFG (2) NWL OCL PME PPT PTM QUB STN TCL
AD8 AUDINATE GROUP LIMITED
Hardware & Equipment - Overnight Price: $9.72
Moelis rates ((AD8)) as Initiation of coverage with Hold (3) -
As well as hardware and software to connect audio visual (AV) devices, Audinate Group also provides network management
software tools, highlights Moelis. Value and functionality are driving adoption of IP based network infrastructure (AVoIP) solutions.
Simplifying the task of setting up an installation, AVoIP allows the transmission and switching of audio and video signals over existing ethernet IP networks, explains the broker.
The broker initiates research coverage with a Hold rating due to an opaque near-term outlook as supply chains normalise following covid. It's felt earnings will be skewed to the 2H of FY25. For the longer-term, the analyst sees significant strategic value and growth.
This report was published on October 3, 2024.
Target price is $10.50 Current Price is $9.72 Difference: $0.78
If AD8 meets the Moelis target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $11.53, suggesting upside of 19.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 231.43.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.2, implying annual growth of -90.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 801.7.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 109.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.8, implying annual growth of 550.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 123.3.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AGN ARGENICA THERAPEUTICS LIMITED
Pharmaceuticals & Biotech/Lifesciences - Overnight Price: $0.70
Petra Capital rates ((AGN)) as Buy (1) -
Petra Capital observes Argenica Therapeutics' intention to file its IND with the FDA by the end of 2024 for the stroke drug ARG-007 as the company has finished the non-clinical studies to enable the next phase of the approval process.
The broker expects FDA approval for the ARG-007 stroke treatment in 1Q2025.
Buy rating and $1.14 target price retained.
This report was published on October 4, 2024.
Target price is $1.14 Current Price is $0.70 Difference: $0.435
If AGN meets the Petra Capital target it will return approximately 62% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.95.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.65.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AIA AUCKLAND INTERNATIONAL AIRPORT LIMITED
Infrastructure & Utilities - Overnight Price: $6.70
Goldman Sachs - Cessation of coverage
This report was published on October 4, 2024.
Forecast for FY25:
Current consensus EPS estimate is 18.0, implying annual growth of N/A.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 37.2.
Forecast for FY26:
Current consensus EPS estimate is 19.6, implying annual growth of 8.9%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 34.1.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ALD AMPOL LIMITED
Consumer Products & Services - Overnight Price: $31.27
Goldman Sachs rates ((ALD)) as Buy (1) -
Goldman Sachs is Neutral rated with a $35.60 target price for Ampol.
The analyst points to risks around "compression" on fuel and refining margins with restricted scope for improved margins as Lytton finishes its turnaround.
Challenges on margins could see a return to 2022 levels, the broker highlights with consensus estimates perceived as too high possibly in 2024.
This report was published on October 4, 2024.
Target price is $35.60 Current Price is $31.27 Difference: $4.33
If ALD meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $34.46, suggesting upside of 11.4%(ex-dividends)
Forecast for FY24:
Current consensus EPS estimate is 193.7, implying annual growth of -15.9%.
Current consensus DPS estimate is 157.5, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 16.0.
Forecast for FY25:
Current consensus EPS estimate is 226.0, implying annual growth of 16.7%.
Current consensus DPS estimate is 219.5, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 13.7.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AMP AMP LIMITED
Wealth Management & Investments - Overnight Price: $1.33
Jarden rates ((AMP)) as Neutral (3) -
Jarden makes positive revisions of around 1% on average after marking-to-market asset under management (AUM) forecasts across the broker's coverage of wealth managers and asset managers.
These changes follow softer interest rates and positive equity markets over the September quarter.
Across the wealth managers, Hub24 and Insignia Financial benefit the most, reflecting higher platform revenue margins and
leverage from thinner margins, respectively, explain the analysts.
The target price for AMP rises to $1.35 from $1.30. Neutral.
This report was published on October 4, 2024.
Target price is $1.35 Current Price is $1.33 Difference: $0.02
If AMP meets the Jarden target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.35, suggesting upside of 1.5%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 5.50 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 4.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.62.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.6, implying annual growth of 1106.3%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 17.5.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 7.50 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.9, implying annual growth of 30.3%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 13.4.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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