Daily Market Reports | Apr 15 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
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
BPT BXB CNI CPU DMP ELD IAG MAC NWL QBE SFR SUN
BPT BEACH ENERGY LIMITED
Crude Oil - Overnight Price: $1.63
Wilsons rates ((BPT)) as Overweight (1) -
Wilsons flags the potential risk to operations after recent flooding around Beach Energy's exploration and production interests in the Cooper basin, but notes the difficulty of gauging the impact at this stage.
Vintage Energy ((VEN)) has reported flooding at its Cooper Basin acreage, which will likely impact operations several weeks.
The impact to production for Beach Energy is most likely minor, and the broker intends to monitor the situation as it evolves. More clarity is expected at quarterly results on April 24.
The Overweight rating and $1.87 target are unchanged.
This report was published on April 12, 2024.
Target price is $1.87 Current Price is $1.63 Difference: $0.24
If BPT meets the Wilsons target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.95, suggesting upside of 19.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 5.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.4, implying annual growth of -6.7%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 9.9.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 8.00 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 4.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.25.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.9, implying annual growth of 51.8%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 6.5.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BXB BRAMBLES LIMITED
Transportation & Logistics - Overnight Price: $15.77
Jarden rates ((BXB)) as Overweight (2) -
Market concern about pricing growth for Brambles turning negative continues, creating an unfounded overhang on the stock according to Jarden.
Despite Brambles reporting 11% price and mix growth over the first half, the broker notes concern has steadily grown since the result.
The broker points out the current pricing cycle is markedly different from FY10, when Brambles last reported negative pricing growth following a two year economic crisis. The broker anticipates pricing growth will slow, but remain positive.
The Overweight rating and target price of $15.70 are retained.
This report was published on April 11, 2024.
Target price is $15.70 Current Price is $15.77 Difference: minus $0.07 (current price is over target).
If BXB meets the Jarden target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.44, suggesting downside of -2.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 80.94 cents and EPS of 81.85 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 90.8, implying annual growth of N/A.
Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 17.4.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 85.50 cents and EPS of 90.37 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.45.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 101.4, implying annual growth of 11.7%.
Current consensus DPS estimate is 55.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 15.6.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
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: $1.75
Moelis rates ((CNI)) as Buy (1) -
Centuria Capital has shelled out -$57m (half in cash and half in share scrip at $1.775/share) to acquire 30% of Bass Capital, bringing total ownership to 80%.
The transaction implies to the broker management's high conviction in growth prospects for Bass Capital, which has increased assets under management (AUM) to $1.7bn from $0.3bn since April 2021.
Management also reaffirmed FY24 guidance for OEPS of 11.5-12.0cps and DPS of 10.0cps.
The Buy rating is maintained and the target creeps up to $1.95 from $1.94.
This report was published on April 11, 2024.
Target price is $1.94 Current Price is $1.75 Difference: $0.195
If CNI meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $1.69, suggesting downside of -3.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Moelis forecasts a full year FY24 dividend of 10.00 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 5.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 11.8, implying annual growth of -11.1%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 14.8.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 10.50 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 6.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.5, implying annual growth of 5.9%.
Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 5.8%.
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
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