FNArena Reporting Season Monitor

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Welcome to the daily FNArena Reporting Season Monitor for the February result season 2017. The Monitor takes the form of a constantly updated Excel table (attached) made available to subscribers on a daily basis. The table includes broker ratings and consensus target price changes and a brief commentary for each reporting company. For further information on the relevance of this information, please see the Guide below.

Latest Reports: 3P Learning ((3PL)), Adelaide Brighton ((ABC)), Air New Zealand ((AIZ)), Alumina Ltd ((AWC)), Ardent Leisure Group ((AAD)), Asaleo Care ((AHY)), Auswide Bank ((ABA)), Beacon Lighting Group ((BLX)), Breville Group ((BRG)), Cleanaway Waste Management ((CWY)), ClearView Wealth ((CVW)), Costa Group Holdings ((CGC)), Crown Resorts ((CWN)), Data#3 ((DTL)), ERM Power ((EPW)), Estia Health ((EHE)), Flight Centre ((FLT)), Freelancer ((FLN)), Hotel Property Investments ((HPI)), Iluka Resources ((ILU)), Integral Diagnostics ((IDX)), Investa Office Fund ((IOF)), InvoCare ((IVC)), Kina Securities ((KSL)), Lovisa Holdings ((LOV)), Macquarie Atlas Roads ((MQA)), Melbourne IT ((MLB)), Mortgage Choice ((MOC)), MYOB ((MYO)), Nine Entertainment Co ((NEC)), OceanaGold ((OGC)), OZ Minerals ((OZL)), Peet & Company ((PPC)), Perpetual ((PPT)), Qantas Airways ((QAN)), Ramsay Health Care ((RHC)), RCR Tomlinson ((RCR)), Reece Australia ((REH)), Reliance Worldwide Corp ((RWC)), Salmat ((SLM)), Somnomed ((SOM)), Southern Cross Media ((SXL)), Tox Free Solutions ((TOX)), Trade Me Group ((TME)), Viva Energy REIT ((VVR)), Webjet ((WEB)), Westfield Corp ((WFD)), Xenith IP Group ((XIP))

Guide:

Each day of the Australian six-monthly reporting season, FNArena provides a summary of broker responses to the previous day's profit result releases from companies under coverage. Readers are reminded that it matters not what actual profit/loss result is posted by each company but by how much that result exceeded/fell short of stock analysts' consensus forecasts. Stock price movements on the day of release, and in many cases for the months following the release, will often be determined by the extent of "beats" and "misses" of underlying earnings as well as company guidance and analyst/management outlook.

A rolling summary table (Excel) is attached to each day's report and will build as the season progresses. Additions are made each day, consistent with release dates, and stocks will then be listed in alphabetical order for ease of use until the full picture of the reporting season emerges.

Note that companies assessed include only those covered by the eight major stockbrokers in the FNArena database and that ratings changes and targets are those provided only by the database brokers.

Note also that "beat" and "miss" assessments are open to an element of subjectivity and not simply a result-versus-consensus-forecast comparison. Mitigating factors include one-off items, top line versus bottom line relevance, forward guidance as an important consideration and so forth. In many cases "profit" per se is not the most relevant performance indicator.

Australian corporate results tend to focus on the profit line, with all its inherent potential for accounting vagaries, tax changes, asset write-downs and other "one-off" impacts. FNArena has focused mostly on underlying earnings results (more in line with Wall Street practice) as a more valuable indicator of whether or not a company has outperformed or underperformed broker expectations. There is also a level of "quality" assessment here rather than simple blind "quantity".

Disclaimer:

While FNArena's Reporting Season Monitor is being compiled with great care and our best endeavours, investors should note that we cannot guarantee that all data and information gathered and on display is 100% accurate at all times. FNArena does not accept any responsibility for errors and omissions that can occur. Investors should always do their own research and consult with a financial expert before making investment decisions. FNArena's Reporting Season Monitor is an informative tool, it does not not contain investment advice and should not be treated as such.

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