Australian Broker Call *Extra* Edition – Apr 11, 2022

This story features ATLAS ARTERIA, and other companies. For more info SHARE ANALYSIS: ALX

An additional news report on the recommendation, valuation, forecast and opinion changes 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)

AKE   ALG   ALX   AMN   AMS   ASX   BOQ (2)   GOR   MFG   OPY   PGH   WSA  

AKE    ALLKEM LIMITED

New Battery Elements – Overnight Price: $13.09

Canaccord Genuity rates ((AKE)) as Buy (1) –

Allkem has outlined long-term growth plans to maintain 10% market share through to 2030 by leveraging its large-scale resource base, and Canaccord Genuity estimates this implies a production increase to 240,000 tonnes in 2030, from an expected 40,000 tonnes in 2022.

The company highlighted resource upgrades and expansion potential at Olaroz, and accelerated and enlarged development planned for Sal de Vida, as drivers of the growth strategy. The broker noted the 22m tonne Olaroz resource, one of the world's largest deposits, will support significant expansion. 

The Buy rating is retained and the target price increases to $18.00 from $16.00.

This report was published on April 7, 2022.

Target price is $18.00 Current Price is $13.09 Difference: $4.91
If AKE meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 51.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.67.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 104.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ALG    ARDENT LEISURE GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $1.34

Canaccord Genuity rates ((ALG)) as No Rating (-1) –

Ardent Leisure has announced the sale of its Main Event segment to Dave and Buster's for US$835m, and Canaccord Genuity notes the company intends to distribute 90 cents per share should the deal complete, retaining 31 cents per share to support business growth.

The company noted multiple offers were received but Dave and Buster's was deemed to be in the best interest of shareholders. The broker highlights the offer will result in cash proceeds of $640m to Ardent Leisure, -13-15% lighter than the broker had hoped for.

The broker's rating and target price are under review.

This report was published on April 7, 2022.

Current Price is $1.34. Target price not assessed.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ALX    ATLAS ARTERIA

Infrastructure & Utilities – Overnight Price: $6.47

Jarden rates ((ALX)) as Buy (2) –

Jarden notes concerns have arisen around Atlas Arteria (and other French companies with French toll road concession assets) due to plans for French motorways to be nationalised by potential French President Marine Le Pen. 

The broker points out the company's share price recovered strongly after such reports first appeared last September. To nationalise, the French government is required to pay a fair price for the APPR asset based on a discounted cash flow methodology.

Jarden maintains its Overweight rating and $7.20 target price.

This report was published on April 7, 2022.

Target price is $7.20 Current Price is $6.47 Difference: $0.73
If ALX meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.78, suggesting upside of 4.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 37.30 cents and EPS of 39.10 cents.
At the last closing share price the estimated dividend yield is 5.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 204.6%.
Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 49.60 cents and EPS of 48.20 cents.
At the last closing share price the estimated dividend yield is 7.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.0, implying annual growth of 9.6%.
Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

AMN    AGRIMIN LIMITED

Agriculture – Overnight Price: $0.47

Canaccord Genuity rates ((AMN)) as Buy (1) –

Agrimin has secured offtake agreements for 315,000 tonnes sulphate of potash per annum, or 70% of the Mackay Potash Project's expected production capacity. Canaccord Genuity has pushed back its expected first production from the project to the first half of FY26.

The company's latest agreement with Gavilon Fertilizer adds to offtake agreements already made with SinoChem Fertiliser and Nitron Group for 150,000 tonnes and 115,000 tonnes per annum respectively. 

The Speculative Buy rating is retained and the target price decreases to $0.89 from $1.57 given recent capital raisings.

This report was published on April 7, 2022.

Target price is $0.89 Current Price is $0.47 Difference: $0.42
If AMN meets the Canaccord Genuity target it will return approximately 89% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.33.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.38.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

AMS    ATOMOS LIMITED

Consumer Electronics – Overnight Price: $0.93

Shaw and Partners rates ((AMS)) as Buy (1) –

Shaw and Partners believes the present time is a good opportunity to acquire shares in Atomos. There's a catalyst is the upcoming product launch likely to occur prior to management's attendance at the National Association of Broadcasters Show in Las Vegas (23 and 27 April).

Apart from this catalyst, the analyst notes shares are trading at a -50% valuation discount to relevant multiples. The Buy rating and $1.80 target price are maintained.

This report was published on April 6, 2022.

Target price is $1.80 Current Price is $0.93 Difference: $0.87
If AMS meets the Shaw and Partners target it will return approximately 94% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.24.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ASX    ASX LIMITED

Wealth Management & Investments – Overnight Price: $82.64

Jarden rates ((ASX)) as Underweight (2) –

From March trading statistics released by the ASX, Jarden notes futures volumes remain surprisingly weak, while elevated market volatility raised cash equity turnover 26% on the previous corresponding period.

The broker retains its Underweight rating due to a currently elevated valuation and ongoing technology issues at the exchange. The target rises to $75.35 from $74.75.

This report was published on April 6, 2022.

Target price is $75.35 Current Price is $82.64 Difference: minus $7.29 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $81.62, suggesting downside of -1.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 231.80 cents and EPS of 257.50 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 258.5, implying annual growth of 4.1%.
Current consensus DPS estimate is 231.6, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 32.0.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 246.50 cents and EPS of 273.80 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.5, implying annual growth of 7.0%.
Current consensus DPS estimate is 246.7, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 29.9.

Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BOQ    BANK OF QUEENSLAND LIMITED

Banks – Overnight Price: $8.40

Goldman Sachs rates ((BOQ)) as Buy (1) –

All eyes will be on margins at Bank of Queensland' first half results according to Goldman Sachs, noting the emergence of a rising rate environment following FY21 results could impact on the -5-7 net interest margin basis point decline anticipated by the bank. 

Also of interest will be detail on synergies realised from the ME Bank acquisition, with the broker continuing to forecast $35m in synergies for the full year. 

Ahead of the results release, Goldman Sachs expects first half earnings to be down -17% on the previous comparable period but increases earnings per share forecasts 4.7%, 9.8% and 13.7% through to FY24.

The Buy rating is retained and the target price increases to $9.84 from $9.67.

This report was published on April 7, 2022.

Target price is $9.84 Current Price is $8.40 Difference: $1.44
If BOQ meets the Goldman Sachs target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $10.17, suggesting upside of 21.0%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 45.00 cents and EPS of 67.50 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.8, implying annual growth of 10.2%.
Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY23:

Goldman Sachs forecasts a full year FY23 dividend of 49.00 cents and EPS of 73.50 cents.
At the last closing share price the estimated dividend yield is 5.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.3, implying annual growth of 6.1%.
Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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Jarden rates ((BOQ)) as Overweight (2) –

In anticipation of 1H results from Bank of Queensland due on April 14, Jarden expects expect mixed operating trends. Margin compression is expected to largely offset strong asset growth, benign credit quality and a recovery by ME Bank.

The broker forecasts a year-on-year rise in cash profit of 44% to $238m, due mainly to a full contribution by ME Bank over the period.

The Overweight rating and $9.50 target price are maintained.

This report was published on April 6, 2022.

Target price is $9.50 Current Price is $8.40 Difference: $1.1
If BOQ meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $10.17, suggesting upside of 21.0%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 47.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 5.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.8, implying annual growth of 10.2%.
Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 48.00 cents and EPS of 69.60 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.3, implying annual growth of 6.1%.
Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.57

Canaccord Genuity rates ((GOR)) as Buy (1) –

Gold Road Resources has made a takeover bid for DGO Gold ((DGO)), offering 2.16 Gold Road Resources share per DGO Gold share, implying an offer of $3.55 per share. Canaccord Genuity notes the DGO Gold board has suggested it will accept the offer.

DGO Gold holds interest in a number of gold companies with holdings valued at $294m, including a 14.4% stake in De Grey Mining ((DEG)) with exposure to the 9m ounce Mallina Gold Project, a 6.8% stake in Dacian Gold ((DCN)) and a 20.1% stake in Yandal Resources ((YRL)).

The broker notes Gold Road Resources' main objective in its takeover bid is likely obtaining a strategic stake in De Grey Mining. 

The Buy rating and target price of $2.20 are retained.

This report was published on April 7, 2022.

Target price is $2.20 Current Price is $1.57 Difference: $0.63
If GOR meets the Canaccord Genuity target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $1.80, suggesting upside of 14.6%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 10.8, implying annual growth of 158.4%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY23:

Current consensus EPS estimate is 12.7, implying annual growth of 17.6%.
Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 12.4.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MFG    MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $16.95

Jarden rates ((MFG)) as Upgrade to Underweight from Sell (2) –

Despite better than expected flows to March 31 by Magellan Financial, Jarden feels it's too early to become bullish on prospects, especially as outflows are likely to persist for some time.

Institutional outflows slowed materially towards the end of the quarter, notes the analyst.

The broker maintains its Underweight rating and reduces its price target to $12.55 from $12.65, to reflect minor EPS revisions, as well as amendments to risk-free rates and market multiples.

This report was published on April 7, 2022.

Target price is $13.60 Current Price is $16.95 Difference: minus $3.35 (current price is over target).
If MFG meets the Jarden target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.80, suggesting downside of -18.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 196.80 cents and EPS of 216.40 cents.
At the last closing share price the estimated dividend yield is 11.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 219.0, implying annual growth of 51.5%.
Current consensus DPS estimate is 188.7, implying a prospective dividend yield of 11.1%.
Current consensus EPS estimate suggests the PER is 7.7.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 121.10 cents and EPS of 137.20 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.1, implying annual growth of -35.1%.
Current consensus DPS estimate is 123.6, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

OPY    OPENPAY GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.37

Shaw and Partners rates ((OPY)) as Buy (1) –

The 3Q trading update from Openpay Group revealed all key metrics exceeded Shaw and Partners' prior estimates. It's estimated the group is trading at an attractive -35% discount to BNPL peers.

Among many positives, the analyst highlights continuing momentum in A&NZ, the US ramp-up, and now the B2B SaaS offering is also contributing.

The broker retains is Buy rating and $1.25 target price.

This report was published on April 6, 2022.

Target price is $1.25 Current Price is $0.37 Difference: $0.88
If OPY meets the Shaw and Partners target it will return approximately 238% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 41.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.89.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 24.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1.52.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PGH    PACT GROUP HOLDINGS LIMITED

Paper & Packaging – Overnight Price: $2.20

Jarden rates ((PGH)) as Buy (2) –

Jarden sees short-term catalysts for a rise in Pact Group's share price from earnings upside from near-term margin expansion and further deleveraging. Longer-term upside is expected to derive from greater accounting transparency.

In addition, the analyst estimates a transformation of the company's ESG profile could result in a 135% share price re-rate. This may be achieved via further joint ventures and M&A in Recycling. 

The Overweight rating and $4.25 target price are retained.

This report was published on April 8, 2022.

Target price is $4.25 Current Price is $2.20 Difference: $2.05
If PGH meets the Jarden target it will return approximately 93% (excluding dividends, fees and charges).
Current consensus price target is $3.29, suggesting upside of 49.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Jarden forecasts a full year FY22 dividend of 9.00 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.7, implying annual growth of -14.7%.
Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 10.50 cents and EPS of 24.90 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 14.7%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 8.8.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WSA    WESTERN AREAS LIMITED

Nickel – Overnight Price: $3.65

Shaw and Partners rates ((WSA)) as Buy (1) –

Western Areas' takeover bid from IGO ((IGO)) has stalled as both parties work to bridge the gap between the bid and Western Areas' rising valuation on the back of nickel strength. 

Shaw and Partners notes Western Areas' 19.9% share in nickel miner Panoramic Resources ((PAN)) has delivered a 20 cent per share increase to net present value in recent months, while a 10% long term price lift for nickel could drive a further 50 cent per share increase. 

IGO argues drivers of high nickel pricing – the Russia-Ukraine conflict and a current short squeeze – are short-term, and unlikely to impact on a longer term outlook.

The Buy rating is retained and the target price increases to $4.40 from $3.20.

This report was published on April 8, 2022.

Target price is $3.20 Current Price is $3.65 Difference: minus $0.45 (current price is over target).
If WSA meets the Shaw and Partners target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting upside of 0.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 16.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of 1.1%.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

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