Daily Market Reports | 12:26 PM
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)
ASG ASX BKT HSN IAG (2) MAY MYX NAB NXD PXA RHC SFX SHA SLC TNE VNT WTC XRO
ASG AUTOSPORTS GROUP LIMITED
Automobiles & Components - Overnight Price: $2.05
Jarden rates ((ASG)) as Overweight (2) -
Jarden points out industry feedback and data up to May 24 this year have been mixed as luxury and large vehicles have underperformed the broader new car sales market.
While the broker sees risk to luxury new car margins, given a recent deterioration in used car sales/prices, margins for luxury are expected to be more resilient than those for the broader market.
The Overweight rating is maintained. The target is reduced to $3.20 from $3.25.
This report was published on July 1, 2024.
Target price is $3.20 Current Price is $2.05 Difference: $1.15
If ASG meets the Jarden target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $3.08, suggesting upside of 47.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 19.10 cents and EPS of 33.20 cents.
At the last closing share price the estimated dividend yield is 9.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 35.4, implying annual growth of 8.8%.
Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 9.3%.
Current consensus EPS estimate suggests the PER is 5.9.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 18.70 cents and EPS of 32.60 cents.
At the last closing share price the estimated dividend yield is 9.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.7, implying annual growth of -13.3%.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 8.5%.
Current consensus EPS estimate suggests the PER is 6.8.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASX ASX LIMITED
Wealth Management & Investments - Overnight Price: $60.74
Jarden rates ((ASX)) as Neutral (3) -
Jarden states the 2H24 preliminary average futures trading volume growth has come in at around 13% based on the 18% growth in June, 44% in April, with 28% in May. This compares with consensus at 7% and the broker at 10%.
However, equity turnover was down -4% in June, leading to a -1.5% contraction in 2H24, below consensus of -0.5%.
ASX cost growth is expected to outpace revenue growth in the future, limiting EPS growth to 4% compound growth through to FY26, according to the analyst's expectations.
The broker believes the company's earnings remain at risk (potentially) due to lower trading volumes, problems with the CHESS replacement, and higher investment and operating costs.
Neutral rating with $61.10 target price unchanged.
This report was published on July 1, 2024.
Target price is $61.10 Current Price is $60.74 Difference: $0.36
If ASX meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $61.34, suggesting upside of 0.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 211.00 cents and EPS of 248.20 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.47.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 245.8, implying annual growth of 50.0%.
Current consensus DPS estimate is 209.5, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 24.9.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 219.50 cents and EPS of 258.20 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.52.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 252.2, implying annual growth of 2.6%.
Current consensus DPS estimate is 215.1, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 24.3.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BKT BLACK ROCK MINING LIMITED
New Battery Elements - Overnight Price: $0.06
Petra Capital rates ((BKT)) as Buy (1) -
Black Rock Mining has finalised offtake agreements for 15ktpa each with Muhui International Trade and Qingdao Yujinxi New Material.
Petra Capital views the next important milestone is the formal approval of POSCO's US$50m funding support, expected within the next few months.
Buy rating retained and the target lifted to 17c from 15c.
This report was published on June 28, 2024.
Target price is $0.17 Current Price is $0.06 Difference: $0.111
If BKT meets the Petra Capital target it will return approximately 188% (excluding dividends, fees and charges).
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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 59.00.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.83.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HSN HANSEN TECHNOLOGIES LIMITED
IT & Support - Overnight Price: $4.40
Goldman Sachs rates ((HSN)) as Neutral (3) -
Goldman Sachs highlights the 7-year renewal and upgrade contract with SSE Plc, a European utility operating in the UK and Ireland by Hansen Technologies and it is viewed slightly positive but not significantly material to the company's outlook.
The project will upgrade the Customer Information System (CIS) platform, including smart meter data management and flexible pricing with a start date at the beginning of FY25.
Goldman Sachs expects recurring revenue increase of $2.8m p.a. upon completion.
Neutral rating and $4.85 target unchanged.
This report was published on July 1, 2024.
Target price is $4.85 Current Price is $4.40 Difference: $0.45
If HSN meets the Goldman Sachs target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.58, suggesting upside of 47.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 10.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.60.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.3, implying annual growth of 5.5%.
Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 20.0.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 10.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.92.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.7, implying annual growth of 10.8%.
Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 18.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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