Daily Market Reports | Mar 08 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.
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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)
ABC ALU ANG AWC (2) CCX (2) CDP CMM CNU COE (2) COL (2) CTD DDR (2) EDV EML FLT FWD HLI HLS KGN LYC MAQ MTO (2) NEU NHF NXS NXT QOR RDY RMC SDF (2) SDR (2) STX SUN TPG TYR WDS (2)
CCX CITY CHIC COLLECTIVE LIMITED
Apparel & Footwear - Overnight Price: $0.43
Jarden rates ((CCX)) as Neutral (3) -
Whilst disappointed in the weak trading update from City Chic Collective, Jarden notes momentum in gross margins continued into the first eight weeks of 2024, and this highlights potential upside if the company is able to stabilise the decline in sales now that inventory is more aligned with target customer preferences.
The broker reduces FY24 EBITDA forecast by -13% but this is offset by a forecast increase of 28% for FY25. Neutral retained. Target edges up to $0.51 from $0.50.
This report was published on February 28, 2024.
Target price is $0.51 Current Price is $0.43 Difference: $0.08
If CCX meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $0.59, suggesting upside of 36.3%(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 9.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -7.6, 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 N/A.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.3, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 18.7.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Petra Capital rates ((CCX)) as Buy (1) -
City Chic Collective had pre-released the first half result so the focus was on the trading in the second half to date. The first eight weeks of revenue proved below Petra Capital's expectations.
Continued challenges in the online channel overshadowed an improved performance in Australasian stores. The broker considers the latter is key, demonstrating continued strong sell-through of new ranges and, hence, brand integrity.
With the largest seasonal months ahead, the company expects to trade profitably. The broker retains a Buy rating with a $0.60 target.
This report was published on February 28, 2024.
Target price is $0.60 Current Price is $0.43 Difference: $0.17
If CCX meets the Petra Capital target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $0.59, suggesting upside of 36.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Petra Capital forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 9.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.43.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -7.6, 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 N/A.
Forecast for FY25:
Petra Capital forecasts a full year FY25 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 107.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.3, implying annual growth of N/A.
Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 18.7.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CDP CARINDALE PROPERTY TRUST
REITs - Overnight Price: $4.29
Moelis rates ((CDP)) as Buy (1) -
Carindale Property Trust delivered a first half result that was slightly stronger than Moelis expected.
Gearing decreased marginally to 30.5% and a payout ratio of 75% will mean gearing goes below 30% even as the company funds its -$10m capital expenditure contribution to upgrade the food court.
The broker considers the result demonstrates the quality and resilience of the asset, and the stock is a stand-out investment given its deep discount to net tangible assets. Gearing is expected to continue trending lower. Buy rating retained. Target is $6.22.
This report was published on February 28, 2024.
Target price is $6.22 Current Price is $4.29 Difference: $1.93
If CDP meets the Moelis target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 27.10 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.62.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 27.90 cents and EPS of 33.50 cents.
At the last closing share price the estimated dividend yield is 6.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.81.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CMM CAPRICORN METALS LIMITED
Gold & Silver - Overnight Price: $5.21
Goldman Sachs rates ((CMM)) as Neutral (3) -
Capricorn Metals delivered underlying EBITDA in the first half that was ahead of Goldman Sachs' estimates. The company has ended the first half with a net cash position at $106m.
Guidance for Karlawinda is unchanged and a strong operating performance is expected to continue in the second half with gold production guidance for FY24 of 115-125,000 ounces.
Goldman Sachs retains a Neutral rating and raises the target to $4.65 from $4.60.
This report was published on February 28, 2024.
Target price is $4.65 Current Price is $5.21 Difference: minus $0.56 (current price is over target).
If CMM meets the Goldman Sachs target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 0.00 cents and EPS of 34.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.32.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.65.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CNU CHORUS LIMITED
Telecommunication - Overnight Price: $7.48
Jarden rates ((CNU)) as Underweight (4) -
Jarden found the first half results from Chorus solid and expects the company will comfortably hit the top end of the EBITDA guidance range of $680-700m in FY24.
The broker believes withdrawal of the $200m capital expenditure allocation for fibre extension from its RP2 submission is "sensible", given the cost of passing withdrawn premises and risk of competition.
Jarden retains an Underweight rating because of a large gap to fundamental value and raises the target to NZ$7.56 from NZ$7.47.
This report was published on February 27, 2024.
Current Price is $7.48. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 44.04 cents and EPS of 2.23 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 336.18.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 48.68 cents and EPS of 4.27 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 175.38.
This company reports in NZD. 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
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