Daily Market Reports | Jan 30 2024
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.
Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.
COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
ACL COE CXO HLS IEL JDO KAR (2) NAN (2) QOR SHL TCL THL VEA
ACL AUSTRALIAN CLINICAL LABS LIMITED
Healthcare services - Overnight Price: $3.07
Goldman Sachs rates ((ACL)) as No Rating (-1) -
Eighteen months have elapsed and Goldman Sachs still awaits a recovery in base business volume across pathology companies under coverage. The recovery is needed to help offset the sharp decline in covid testing and compensate for ongoing cost pressures.
There are positive signs (across most geographies) of improving hospital volumes and access to physicians, which the broker suggests could relieve some of the referral bottlenecks restricting volume growth.
Goldman reinstates coverage on Australian Clinical Labs after a period of research restriction with a Neutral rating and $3.30 target. It's expected the company will return to a period of steady market share gains.
This report was published on January 24, 2024.
Target price is $3.30 Current Price is $3.07 Difference: $0.23
If ACL meets the Goldman Sachs target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.37, suggesting upside of 9.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 10.30 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.25.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.0, implying annual growth of 0.6%.
Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.1.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 13.10 cents and EPS of 21.80 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.9, implying annual growth of 16.1%.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 14.7.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
COE COOPER ENERGY LIMITED
Crude Oil - Overnight Price: $0.14
Jarden rates ((COE)) as Neutral (3) -
Jarden assesses a positive 2Q operational update by Cooper Energy with production numbers in line and FY24 guidance unchanged.
While the broker's unchanged 15c target includes a -20% discount for equity raising risk, management (on a post-result conference call) stated it saw no need to raise equity, with the company having sufficient funding in place.
The Neutral rating is maintained.
This report was published on January 24, 2024.
Target price is $0.15 Current Price is $0.14 Difference: $0.015
If COE meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 45.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.3.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 67.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.1, implying annual growth of 57.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.3.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CXO CORE LITHIUM LIMITED
New Battery Elements - Overnight Price: $0.19
Wilsons rates ((CXO)) as Underweight (5) -
As Core Lithium's 2Q lithium costs (before inventory movements) were around $2000/t, it's clear to Wilsons why operations were
not sustainable (and suspended earlier in January) as spodumene prices fell.
Although somewhat irrelevant following the suspension, suggests the analyst, spodumene concentrate shipments of around 31kt were in line with the broker's forecast.
Underweight. Target 45c.
This report was published on January 24, 2024.
Target price is $0.45 Current Price is $0.19 Difference: $0.26
If CXO meets the Wilsons target it will return approximately 137% (excluding dividends, fees and charges).
Current consensus price target is $0.25, suggesting upside of 29.8%(ex-dividends)
Forecast for FY24:
Current consensus EPS estimate is 3.0, implying annual growth of 341.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.3.
Forecast for FY25:
Current consensus EPS estimate is 0.6, implying annual growth of -80.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 31.7.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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