Australian Broker Call *Extra* Edition – Oct 19, 2022

This story features ACTINOGEN MEDICAL LIMITED, and other companies. For more info SHARE ANALYSIS: ACW

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)

ACW   ALQ   ANG   ARX   BGA   BGL   BOQ   CYG   DRO   NHF   PNV   RMD   SRG  

ACW    ACTINOGEN MEDICAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.12

Bell Potter rates ((ACW)) as Speculative Buy (1) –

Bell Potter has adjusted earnings forecasts for Actinogen Medical post the company re-analysing the data from the 2019 trial of the company's lead product, Xanamem.

The company is now going to conduct a Phase 2 trial in the 34 patients that showed positive results.

Bell Potter considers there is an increased probability of FDA approval for the use of Xanamem in patients with Alzheimers. 

The stock carries a Speculative Buy rating and the target price is raised to 15c from 12c with a lower cost of capital, down to 19% from 22%.

The analyst continues to forecast a capital raising in FY24.

This report was published on October 13, 2022.

Target price is $0.15 Current Price is $0.12 Difference: $0.03
If ACW meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.00.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.14.

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

ALQ    ALS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $11.26

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

Jarden assesses the outlook for ALS and ponders the question "Is ALS's share price discounting from fundamentals?".

At the 2022 Strategy Day in September, ALS informed investors the commodities sector according to sampling flows remains in a growth phase, while Jarden's research infers the market is slowing slightly in Australia and Canada.

The broker considers that ALS has not transcended through peak earnings and the 1H23 results will confirm the view.

Post the FY22 results, the stock price fall has resulted in a -13% contraction in the valuation (PER multiple), while consensus earnings have been upgraded by 5.2% for FY23 and 8.3% for FY24.

The Overweight rating and target price of $13.00 are retained.

This report was published on October 12, 2022.

Target price is $13.00 Current Price is $11.26 Difference: $1.74
If ALQ meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $13.44, suggesting upside of 19.4%(ex-dividends)
The company's fiscal year ends in March.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 37.30 cents and EPS of 61.00 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 58.5%.
Current consensus DPS estimate is 36.7, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 41.50 cents and EPS of 65.50 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.6, implying annual growth of 6.4%.
Current consensus DPS estimate is 38.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 16.9.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.34

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

Shaw and Partners only initiated coverage on Austin Engineering in late September. Post the acquisition of Mainetec, and the company's AGM, the broker has retained its positive view.

The key sentence, summarising the broker's positivity, is probably the following: "Austin Engineering is a very well-run company delivering impressive results under a revised strategy".

Earnings estimates have been slightly scaled back on the back of weakness in commodity prices. Target retained at 45c. Buy.

This report was published on October 14, 2022.

Target price is $0.45 Current Price is $0.34 Difference: $0.11
If ANG meets the Shaw and Partners target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 1.00 cents and EPS of 4.60 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.39.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 1.00 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.54.

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

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.80

Wilsons rates ((ARX)) as Overweight (1) –

Aroa Biosurgery is expected to release its 2Q and 1H23 results later in October notes Wilsons.

The broker anticipates a material FX translation benefit of NZ$6m-NZ$8m which will impact positively on gross profit.

Wilsons considers Aroa Biosurgery as the top pick in the wound care operators, as the company's business model offers the best fit with the direction of the US wound care market.

An Overweight rating is maintained alongside a $1.50 target price.

This report was published on October 10, 2022.

Target price is $1.50 Current Price is $0.80 Difference: $0.7
If ARX meets the Wilsons target it will return approximately 87% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.63.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 200.00.

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

BGA    BEGA CHEESE LIMITED

Dairy – Overnight Price: $3.28

Bell Potter rates ((BGA)) as Hold (3) –

Bell Potter assesses global and local dairy markets for the first quarter of FY23 and highlights the weaker Australian dollar has more than offset the lower USD ingredient prices, although the commodity returns are showing improvement compared to the previous year.

Milk production in SE Australia has fallen by -6% and the Murray area production is down -4%.

Bell Potter retains the earnings forecasts for Bega Cheese in FY23 and FY24, however the valuation is lower due to a higher cost of capital as well as adjusting for a global compression in dairy industry valuations.

The Hold rating is unchanged and the price target is lowered to $3.70 from $4.05.

This report was published on October 13, 2022.

Target price is $3.70 Current Price is $3.28 Difference: $0.42
If BGA meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 11.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 11.00 cents and EPS of 10.50 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of 56.6%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 26.2.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 11.00 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 51.2%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 17.4.

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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $0.70

Canaccord Genuity rates ((BGL)) as Speculative Buy (1) –

Canaccord Genuity notes Bellevue Gold has achieved two significant "milestones" recently with the signing of an early works agreement with Energy Development Australia for the supply of 80% renewable energy for the Bellevue Gold project as well as signing a Native Title Agreement with the Tjiwari (Aboriginal Corporation).

The latter allows the company to accelerate development of the project for first gold in the first half of FY24.

Canaccord Genuity considers Bellevue Gold as one of the best gold development companies, which is trading on a low price to NAV of 0.52x.

A Speculative Buy rating is retained and the target price is adjusted to $1.40 from $1.45, reflecting a slight trim in FY23 ramp-up forecasts.

This report was published on October 13, 2022.

Target price is $1.40 Current Price is $0.70 Difference: $0.7
If BGL meets the Canaccord Genuity target it will return approximately 100% (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 0.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7000.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.14 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 500.00.

Market Sentiment: 1.0
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: $7.70

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

Bank of Queensland reported 'mixed' FY22 results according to Jarden but is benefiting from higher margins and industry tailwinds.

Looking to FY23, the broker points to a reduction in lower margin fixed rate mortgages; more deposit tailwinds and a full year contribution from rising rates.

Jarden adjusts earnings forecasts by 8% for FY23 and 7% for FY24 to account for higher costs offset by improved margins.

Bank of Queensland's Overweight rating is maintained while the target is raised to $8.50 from $8.00.

This report was published on October 12, 2022.

Target price is $8.50 Current Price is $7.70 Difference: $0.8
If BOQ meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.79, suggesting upside of 14.2%(ex-dividends)
The company's fiscal year ends in August.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 49.00 cents and EPS of 75.10 cents.
At the last closing share price the estimated dividend yield is 6.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.2, implying annual growth of 18.0%.
Current consensus DPS estimate is 52.3, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 49.00 cents and EPS of 74.80 cents.
At the last closing share price the estimated dividend yield is 6.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.2, implying annual growth of -3.8%.
Current consensus DPS estimate is 54.4, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 10.2.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CYG    COVENTRY GROUP LIMITED

Hardware & Equipment – Overnight Price: $1.30

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

Coventry Group's Q1 trading update showed strong top line growth and Shaw and Partners has grabbed the opportunity to reiterate its Buy rating. Target remains $2.14, substantially above the share price.

Q1 revenue growth beat the broker's expectation, with margin expansion on top.

The broker lauds management's successful turnaround effort over the four years past. Targeted acquisitions should only add to the growth potential.

Equally noteworthy: the balance sheet carries Australian tax losses of -$76.6m along with $9.9m of franking credits.

This report was published on October 14, 2022.

Target price is $2.14 Current Price is $1.30 Difference: $0.84
If CYG meets the Shaw and Partners target it will return approximately 65% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 4.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.13.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 5.00 cents and EPS of 20.10 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.47.

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

DRO    DRONESHIELD LIMITED

Hardware & Equipment – Overnight Price: $0.20

Bell Potter rates ((DRO)) as Buy (1) –

Bell Potter notes DroneShield reported Appendix 4C for the 3Q22 with results in line with expectations.

The company's results revealed an improvement in operating cash flow to $1.2m compared to -$1.2m and -$1.4m in the prior two quarters.

DroneShield reaffirmed a strong 4Q22 with Bell Potter expecting more contracts to be announced.

There are no significant changes to forecasts. The Buy rating and a target price of $0.24 are maintained.

This report was published on October 13, 2022.

Target price is $0.24 Current Price is $0.20 Difference: $0.04
If DRO meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.22.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 200.00.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $6.74

Jarden rates ((NHF)) as Neutral (3) –

Jarden considers the acquisition of Maple Plan with an associated $150m equity raising as a positive strategic move for nib Holdings as the company expands into the high growth NDIS PM market.

The acquisition has the potential to add $25m-plus to group profits by FY25 and raise EPS by 5%.

nib Holdings' 1Q23 earnings of $41.6m are slightly below the 1H23 consensus earnings notes Jarden, due to the higher M2M investment.

The broker upgrades earnings by 7.7% for FY23 and 1.4% for FY24, to reflect the contribution from NDIS PM. 

The Neutral rating is retained and the target price adjusts to $7.45 from $7.30.

This report was published on October 12, 2022.

Target price is $7.45 Current Price is $6.74 Difference: $0.71
If NHF meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $7.60, suggesting upside of 12.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 27.00 cents and EPS of 38.40 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.7, implying annual growth of 37.5%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 29.00 cents and EPS of 41.70 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.7, implying annual growth of 4.9%.
Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 15.8.

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

PNV    POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.00

Wilsons rates ((PNV)) as Underweight (5) –

PolyNovo's 1Q23 trading update for the BTM business revealed total sales some 16% ahead of Wilsons' forecasts. 

US sales were also better than expected as higher patient volumes with larger burns drove sales growth some 12% higher than estimates.

Wilsons, however, remains downbeat on the outlook for PolyNovo viewing the consensus earnings forecasts as "challenging" without new product launches until FY24 and development of new marketing channels for the BTM/MTX franchise.

The broker's earnings forecasts are increased to reflect the 1Q23 results and changes in the FX assumptions to AUD/USD 0.65c over FY23 to FY25.

Underweight rating and the price target is revised to $1.20 from $1.11.

This report was published on October 13, 2022.

Target price is $1.20 Current Price is $2.00 Difference: minus $0.8 (current price is over target).
If PNV meets the Wilsons target it will return approximately minus 40% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 166.67.

Forecast for FY24:

Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 83.33.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $34.35

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

Jarden considers the Philips (not covered) pre-release of 3Q22 results, ahead of the October 24 announcement in relation to ResMed.

Of note, the broker highlights there is no change to the total number of recall units for Philips and the company would not achieve the 90%-plus target for the repair and replacement of the 5.5m units until early February, 2023.

The forecast final financial impairment is circa -Euro1.3bn to Philip's sleep business.

Jarden assesses the final terms of the consent decree from the Department of Justice may result in a more sticky and permanent shift in market share to ResMed.

An Overweight rating is retained and the target price rises to $35.90 from $34.24.

This report was published on October 12, 2022.

Target price is $35.90 Current Price is $34.35 Difference: $1.55
If RMD meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $36.83, suggesting upside of 7.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 248.45 cents and EPS of 971.77 cents.
At the last closing share price the estimated dividend yield is 7.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.7, implying annual growth of N/A.
Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 32.2.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 271.03 cents and EPS of 1109.54 cents.
At the last closing share price the estimated dividend yield is 7.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.5, implying annual growth of 16.7%.
Current consensus DPS estimate is 29.7, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 27.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SRG    SRG GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.70

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

SRG Global reaffirmed FY23 guidance at its AGM which should see EBITDA growth of circa 25%. Shaw and Partners notes management believes the strength and diversity of the business provides ongoing protection against labour and other cost pressures.

The broker finds this company is well-positioned for long-term sustainable growth with two thirds annuity-style earnings, supported by positive exposure to broader macro-economic growth drivers.

The broker also highlights the company beat its own guidance in FY22. Buy rating retained as the shares are seen trading at a material discount to the $1.05 price target.

This report was published on October 14, 2022.

Target price is $1.05 Current Price is $0.70 Difference: $0.35
If SRG meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 4.00 cents and EPS of 6.70 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 10.45.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 4.30 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 6.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.72.

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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