Australian Broker Call *Extra* Edition – Jan 12, 2023

This story features ARENA REIT, and other companies. For more info SHARE ANALYSIS: ARF

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)

ARF   CAI   CGS   CHC   CNI   CQE   CQR   EVS   GMG   GPT   HCW   HDN   HMC   HPI   HT1   IGO   LME   M7T   MGR   NSR   PEX   PTM   PXA   RDY   RGN   RWC   SCG   SGP   SWM   VCX   WPR  

ARF    ARENA REIT

REITs – Overnight Price: $3.78

Goldman Sachs rates ((ARF)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $3.78. Target price not assessed.
Current consensus price target is $4.05, suggesting upside of 7.1%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 17.4, implying annual growth of -80.2%.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY24:

Current consensus EPS estimate is 18.2, implying annual growth of 4.6%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 20.8.

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

CAI    CALIDUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.36

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

Calidus Resources has declared commercial production at the Warrawoona gold mine in WA and Canaccord Genuity reminds investors the company has had a few headwinds to deal with.

Canaccord is adopting a positive view, which is also reflected in the Speculative Buy rating. Target 75c (unchanged).

The broker highlights Calidus' December market update indicated positive cash flow for the month.

This report was published on January 10, 2023.

Target price is $0.75 Current Price is $0.36 Difference: $0.39
If CAI meets the Canaccord Genuity target it will return approximately 108% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.00.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.00.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $1.90

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

Canaccord Genuity believes the announcement by commercial partner Eisai that Lecanemab has been approved for Alzheimer patients by the US FDA effectively de-risks the blue sky growth potential for Cogstate's healthcare division.

From here onwards, highlights the broker, reimboursement will be critical. The impact of this opportunity may not be felt until FY25, or even later, cautions the broker.

No changes to forecasts have been made with Canaccord highlighting tougher comparisons are keeping FY23 growth flat versus FY22, for now. The outlook for FY24, on the broker's assessment, continues to be "strong".

This report was published on January 9, 2023.

Target price is $2.50 Current Price is $1.90 Difference: $0.6
If CGS meets the Canaccord Genuity target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.19.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.36.

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

CHC    CHARTER HALL GROUP

REITs – Overnight Price: $12.41

Goldman Sachs rates ((CHC)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $12.41. Target price not assessed.
Current consensus price target is $14.67, suggesting upside of 18.2%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 93.5, implying annual growth of -51.8%.
Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY24:

Current consensus EPS estimate is 87.9, implying annual growth of -6.0%.
Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 14.1.

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

CNI    CENTURIA CAPITAL GROUP

Diversified Financials – Overnight Price: $1.80

Goldman Sachs rates ((CNI)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $1.80. Target price not assessed.
Current consensus price target is $2.20, suggesting upside of 21.9%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 14.0, implying annual growth of N/A.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY24:

Current consensus EPS estimate is 14.5, implying annual growth of 3.6%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.4.

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

CQE    CHARTER HALL SOCIAL INFRASTRUCTURE REIT

Childcare – Overnight Price: $3.33

Goldman Sachs rates ((CQE)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $3.33. Target price not assessed.

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

CQR    CHARTER HALL RETAIL REIT

REITs – Overnight Price: $3.87

Goldman Sachs rates ((CQR)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $3.87. Target price not assessed.
Current consensus price target is $4.13, suggesting upside of 6.6%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 28.3, implying annual growth of -75.3%.
Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 6.6%.
Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY24:

Current consensus EPS estimate is 29.3, implying annual growth of 3.5%.
Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 6.8%.
Current consensus EPS estimate suggests the PER is 13.2.

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

EVS    ENVIROSUITE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.14

Moelis rates ((EVS)) as Initiation of coverage with Buy (1) –

Moelis has initiated coverage of EnviroSuite with a Buy rating and 17c target price arguing ESG software is transitioning from 'nice-to-have' to 'must-have' and the company's premium software offering should benefit from it.

All in all, EnviroSuite should be enjoying a strong organic growth outlook, the broker surmises, with improving revenue quality.

The gross margin is expected to increase to 66% from 51% in FY23.

This report was published on December 30, 2022.

Target price is $0.17 Current Price is $0.14 Difference: $0.035
If EVS meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 73.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.18.

Forecast for FY24:

Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 36.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.38.

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

GMG    GOODMAN GROUP

Infra & Property Developers – Overnight Price: $18.35

Goldman Sachs rates ((GMG)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $18.35. Target price not assessed.
Current consensus price target is $21.59, suggesting upside of 16.5%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 93.2, implying annual growth of -49.1%.
Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY24:

Current consensus EPS estimate is 99.9, implying annual growth of 7.2%.
Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 18.6.

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

GPT    GPT GROUP

Infra & Property Developers – Overnight Price: $4.34

Goldman Sachs rates ((GPT)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $4.34. Target price not assessed.
Current consensus price target is $4.70, suggesting upside of 6.3%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 32.1, implying annual growth of -56.6%.
Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY23:

Current consensus EPS estimate is 31.5, implying annual growth of -1.9%.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HCW    HEALTHCO HEALTHCARE & WELLNESS REIT

REITs – Overnight Price: $1.78

Goldman Sachs rates ((HCW)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $1.78. Target price not assessed.
Current consensus price target is $1.80, suggesting upside of 0.2%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 6.8, implying annual growth of -55.4%.
Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY24:

Current consensus EPS estimate is 8.0, implying annual growth of 17.6%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 22.5.

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

HDN    HOMECO DAILY NEEDS REIT

REITs – Overnight Price: $1.29

Goldman Sachs rates ((HDN)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $1.29. Target price not assessed.
Current consensus price target is $1.37, suggesting upside of 5.1%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 8.8, implying annual growth of -68.6%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY24:

Current consensus EPS estimate is 8.9, implying annual growth of 1.1%.
Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 14.6.

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

HMC    HMC CAPITAL LIMITED

Wealth Management & Investments – Overnight Price: $4.49

Goldman Sachs rates ((HMC)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $4.49. Target price not assessed.
Current consensus price target is $5.61, suggesting upside of 22.9%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 22.0, implying annual growth of -16.5%.
Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY24:

Current consensus EPS estimate is 25.5, implying annual growth of 15.9%.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 17.9.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HPI    HOTEL PROPERTY INVESTMENTS LIMITED

Infra & Property Developers – Overnight Price: $3.60

Goldman Sachs rates ((HPI)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $3.60. 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

HT1    HT&E LIMITED

Out of Home Advertising – Overnight Price: $1.18

Canaccord Genuity rates ((HT1)) as Buy (1) –

HT&E sold its 25% stake in Soprano Design for $66m in cash, a (much) better-than-anticipated outcome as far as Canaccord Genuity is concerned.

The broker has grabbed the opportunity to also lower its forecasts for the Audio operations. Buy rating remains in place, while the price target drops to $1.85 from $2.10.

In support of its Buy rating, the broker highlights HT&E is highly cash generative, with a net cash balance sheet and an attractive dividend yield on the back of depressed valuation multiples.

This report was published on January 4, 2023.

Target price is $1.85 Current Price is $1.18 Difference: $0.675
If HT1 meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $1.53, suggesting upside of 23.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 10.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 8.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of 153.7%.
Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 10.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 8.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.0, implying annual growth of -11.8%.
Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 10.3.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $14.63

Canaccord Genuity rates ((IGO)) as Hold (3) –

The Tianqi Lithium Energy Australia (TLEA) JV, of which IGO owns 49%, has negotiated an agreement to acquire Essential Metals ((ESS)) for $136m.

It is Canaccord Genuity's view this deal once again highlights the pressure for companies to secure future lithium supply.

The broker also highlights the price of lithium is falling, in line with its earlier forecast that lithium prices would likely peak in the December quarter past.

Canaccord Genuity does not believe this signals a market in surplus, but sees this rather as a result of better supply dynamics. Price target $14.25. Hold.

This report was published on January 9, 2023.

Target price is $14.25 Current Price is $14.63 Difference: minus $0.38 (current price is over target).
If IGO meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.44, suggesting upside of 4.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 20.00 cents and EPS of 190.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.6, implying annual growth of 370.5%.
Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 7.2.

Forecast for FY24:

Canaccord Genuity forecasts a full year FY24 dividend of 20.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 203.1, implying annual growth of -1.2%.
Current consensus DPS estimate is 101.8, implying a prospective dividend yield of 6.9%.
Current consensus EPS estimate suggests the PER is 7.3.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

LME    LIMEADE INC

Cloud services – Overnight Price: $0.30

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

Now that Limeade has announced two additional contracts, Shaw and Partners posits the company is virtually secured to deliver organic growth in contracted annual recurring revenue in FY22 (December year-end).

The broker has penciled in a 7% increased in CARR and doesn't see too much of wiggle room either way, even with the absence of more details about churn, etc.

Despite a ginormous rally in the share price since late October (up by 170%-plus), the broker reiterates its Buy rating as the stock is still seen trading on less than 1x annual revenues.

Target price 56c.

This report was published on January 12, 2023.

Target price is $0.56 Current Price is $0.30 Difference: $0.26
If LME meets the Shaw and Partners target it will return approximately 87% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.77 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.43.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.16 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.88.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

M7T    MACH7 TECHNOLOGIES LIMITED

Healthcare services – Overnight Price: $0.74

Shaw and Partners rates ((M7T)) as Buy (1) –

Mach7 Technologies's announcement of two new contracts has substantially de-risked forecasts for FY23, argues Shaw and Partners. The broker reiterates its positive view and Buy rating for the stock.

Mach7 Technologies remains one of the broker's top picks for the year ahead. The CFO has unexpectedly stepped down with Dyan O'Herne, current Global Controller, appointed interim CFO.

This report was published on January 12, 2023.

Target price is $1.20 Current Price is $0.74 Difference: $0.46
If M7T meets the Shaw and Partners target it will return approximately 62% (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 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 35.24.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 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 35.24.

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

MGR    MIRVAC GROUP

Infra & Property Developers – Overnight Price: $2.18

Goldman Sachs rates ((MGR)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $2.18. Target price not assessed.
Current consensus price target is $2.42, suggesting upside of 8.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 15.3, implying annual growth of -33.4%.
Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY24:

Current consensus EPS estimate is 15.0, implying annual growth of -2.0%.
Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 14.9.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NSR    NATIONAL STORAGE REIT

REITs – Overnight Price: $2.29

Goldman Sachs rates ((NSR)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $2.29. Target price not assessed.
Current consensus price target is $2.28, suggesting downside of -1.8%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 11.5, implying annual growth of -77.9%.
Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 20.2.

Forecast for FY24:

Current consensus EPS estimate is 11.1, implying annual growth of -3.5%.
Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 20.9.

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

PEX    PEEL MINING LIMITED

Mining – Overnight Price: $0.20

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

Canaccord Genuity remains of the view Peel Mining has the potential to develop into a successful copper miner, meanwhile lauding the detailed reporting from the explorer about its resources and findings to date.

Speculative Buy rating retained, alongside a target price of 50c. The broker does highlight its current valuation is preliminary in nature given the absence of formal mining studies.

Peel Mining will also need additional funding along the way.

This report was published on January 9, 2023.

Target price is $0.50 Current Price is $0.20 Difference: $0.3
If PEX meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).

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

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $2.07

Jarden rates ((PTM)) as Underweight (4) –

The latest market update by Platinum Asset Management has not convinced Jarden that better times lay ahead. The broker observes net outflows at 11% of funds under management in December remain high, and in line with the trend over the past twelve months.

Jarden suggests outflows are likely to continue dominating, despite significant improvement in flagship fund performance.

The broker's base assumption is that outflows may persist for another 1-2 years as investors assess the sustainability of the asset manager's performance.

Underweight. Target price has gained 5c to $1.60. Minor increases have been implemented to earnings estimates.

This report was published on January 10, 2023.

Target price is $1.60 Current Price is $2.07 Difference: minus $0.47 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.89, suggesting downside of -11.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 13.30 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of -7.6%.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 11.70 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of -6.8%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 14.0.

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

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $12.15

Jarden rates ((PXA)) as Underweight (4) –

On observation that settlement activity, overall, continues to weaken in NSW and Queensland, Jarden expresses the view that weak transfer activity is likely to persist into H2 this calendar year.

The broker sees -11% downside risk to the market consensus forecast for FY23 EPS. Underweight rating retained. Target price remains $12.70.

This report was published on January 10, 2023.

Target price is $12.70 Current Price is $12.15 Difference: $0.55
If PXA meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $17.75, suggesting upside of 44.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 0.00 cents and EPS of 30.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of 173.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 36.5.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 35.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.8, implying annual growth of 9.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 33.4.

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

RDY    READYTECH HOLDINGS LIMITED

Software & Services – Overnight Price: $3.36

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

ReadyTech abandoned take-over discussions with its suitor in December and Shaw and Partners argues this now allows management at the firm to fully focus on the company's growth strategy.

The company reconfirmed its stated FY23 guidance as well as its FY26 revenue target of over $160m. Noting the share price has not kept pace with peers including TechnologyOne ((TNE)) and Hansen Technologies ((HSN)), the broker sees a buying opportunity.

Price target $4.60.

This report was published on January 12, 2023.

Target price is $4.60 Current Price is $3.36 Difference: $1.24
If RDY meets the Shaw and Partners target it will return approximately 37% (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 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 37.75.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.40.

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

RGN    REGION GROUP

Overnight Price: $2.64

Goldman Sachs rates ((RGN)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $2.64. Target price not assessed.

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

RWC    RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services – Overnight Price: $3.31

Jarden rates ((RWC)) as Neutral (3) –

Jarden only initiated coverage with a Neutral rating in December, with both Boral ((BLD)) and CSR ((CSR)) preferred exposures in the sector.

As the US has experienced a deep freeze in the lead up to Christmas in December, the broker highlights such events have historically been to the benefit of Reliance Worldwide, as more repairs are required.

Having said so, the broker also cautions not to extrapolate the experience from 2021 suggesting this year's tailwind will be of lesser magnitude.

Also, the US Climate Prediction Center is anticipating a milder than usual weather in January 2023, the broker adds. Jarden continues to expect negative forecast earnings revisions over the six months ahead for the company.

Target retained at $3.40.

This report was published on January 10, 2023.

Target price is $3.40 Current Price is $3.31 Difference: $0.09
If RWC meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.84, suggesting upside of 16.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY23:

Jarden forecasts a full year FY23 dividend of 13.26 cents and EPS of 24.78 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.5, implying annual growth of N/A.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY24:

Jarden forecasts a full year FY24 dividend of 10.37 cents and EPS of 21.03 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.5, implying annual growth of 3.6%.
Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 11.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SCG    SCENTRE GROUP

REITs – Overnight Price: $2.94

Goldman Sachs rates ((SCG)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $2.94. Target price not assessed.
Current consensus price target is $2.96, suggesting upside of 0.7%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 19.9, implying annual growth of 16.2%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY23:

Current consensus EPS estimate is 20.7, implying annual growth of 4.0%.
Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SGP    STOCKLAND

Infra & Property Developers – Overnight Price: $3.72

Goldman Sachs rates ((SGP)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $3.72. Target price not assessed.
Current consensus price target is $3.98, suggesting upside of 7.1%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 33.5, implying annual growth of -42.2%.
Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY24:

Current consensus EPS estimate is 30.7, implying annual growth of -8.4%.
Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 12.1.

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

SWM    SEVEN WEST MEDIA LIMITED

Print, Radio & TV – Overnight Price: $0.45

Goldman Sachs rates ((SWM)) as Sell (5) –

Goldman Sachs has retained its Sell rating and 42c price target for Seven West Media following the announced extension of cricket sports rights through a fresh seven year package worth $1.512bn.

The broker sees less upside because of fewer BBL games and revenue share with Cricket Australia.

This report was published on January 3, 2023.

Target price is $0.42 Current Price is $0.45 Difference: minus $0.025 (current price is over target).
If SWM meets the Goldman Sachs target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.66, suggesting upside of 47.4%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 11.5, implying annual growth of -13.7%.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 3.9.

Forecast for FY24:

Current consensus EPS estimate is 10.6, implying annual growth of -7.8%.
Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 4.2.

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

VCX    VICINITY CENTRES

REITs – Overnight Price: $2.03

Goldman Sachs rates ((VCX)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $2.03. Target price not assessed.
Current consensus price target is $1.93, suggesting downside of -5.2%(ex-dividends)

Forecast for FY23:

Current consensus EPS estimate is 13.6, implying annual growth of -49.1%.
Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY24:

Current consensus EPS estimate is 14.2, implying annual growth of 4.4%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WPR    WAYPOINT REIT LIMITED

REITs – Overnight Price: $2.73

Goldman Sachs rates ((WPR)) as No Rating (-1) –

Internal changes inside the team of analysts have left Goldman Sachs with no active coverage for ASX-listed REITs.

As a result, coverage of all previously covered A-REITs has been suspended for the time being.

This report was published on January 10, 2023.

Current Price is $2.73. Target price not assessed.
Current consensus price target is $2.65, suggesting downside of -3.5%(ex-dividends)

Forecast for FY22:

Current consensus EPS estimate is 16.3, implying annual growth of -71.5%.
Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY23:

Current consensus EPS estimate is 16.5, implying annual growth of 1.2%.
Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 6.0%.
Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Disclaimer:
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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