Daily Market Reports | Oct 22 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)
BMN BOQ CGF COE DUG EBR EVN IPH LAM OFX ORA QOR RIO TLX TWE
RIO RIO TINTO LIMITED
Bulks - Overnight Price: $119.81
Goldman Sachs rates ((RIO)) as Buy (1) -
Rio Tinto's 3Q production of iron ore, aluminium and copper fell around -2-3% short of forecasts by Goldman Sachs while bauxite and alumina production were beats. Pilbara iron ore shipments of 84.5mt were in line with consensus.
Management left 2024 production guidance unchanged except for lowering output for Iron Ore company of Canada (IOC) following a site-wide shut down in mid-July due to forest fires.
Goldman Sachs remains Buy-rated with a $136.20 target, down from $137.90.
This report was published on October 17, 2024.
Target price is $136.20 Current Price is $119.81 Difference: $16.39
If RIO meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $126.83, suggesting upside of 5.9%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Goldman Sachs forecasts a full year FY24 dividend of 513.52 cents and EPS of 856.37 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.99.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1023.6, implying annual growth of N/A.
Current consensus DPS estimate is 616.8, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.7.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 573.93 cents and EPS of 953.03 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1074.1, implying annual growth of 4.9%.
Current consensus DPS estimate is 664.6, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 11.2.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLX TELIX PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences - Overnight Price: $21.49
Wilsons rates ((TLX)) as Overweight (1) -
Wilsons observes Telix Pharmaceuticals reported better than forecast 3Q24 revenue at $201m and 2024 revenue guidance was retained at $745m-$776m.
The company also announced patients are being enrolled at US sites in ProstACT Global.
Overweight rating maintained with a $25 target price.
This report was published on October 18, 2024.
Target price is $25.00 Current Price is $21.49 Difference: $3.51
If TLX meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY24:
Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of 19.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 110.77.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 22.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 94.67.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco - Overnight Price: $11.61
Goldman Sachs rates ((TWE)) as Buy (1) -
Goldman Sachs assesses the latest Nielsen data on US wine sales trends show mixed outcomes for Treasury Wine Estates.
On the one hand, the four weeks trend (ending October 5) in 19Crimes shows modestly negative pricing and volume. On the other hand, there is clear improvement from weak July trade, points out the broker.
Overall, the analysts consider the data are in line with expectations for overall group's (ex Daou) America performance.
Buy rating and $15.20 target.
This report was published on October 17, 2024.
Target price is $15.20 Current Price is $11.61 Difference: $3.59
If TWE meets the Goldman Sachs target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $13.71, suggesting upside of 18.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 42.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 61.7, implying annual growth of 385.8%.
Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 18.8.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 50.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.5, implying annual growth of 15.9%.
Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 16.2.
Market Sentiment: 0.7
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 experienced, 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.
Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.
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