Daily Market Reports | 11:30 AM
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)
ABB (3) AIM ANG BET BGL BRE CDA CNB COH CSL EBO FPH GQG IFT IMB MYX NWL (3) RMD TLS TPG
COH COCHLEAR LIMITED
Medical Equipment & Devices - Overnight Price: $261.00
Goldman Sachs rates ((COH)) as Neutral (3) -
Goldman Sachs has considered the impact of US tariffs on healthcare stocks, concluding their operating levers will remain intact and assist in maintaining their leadership positions.
In fact, the broker believes demand defensiveness puts such stocks in a good position to outperform.
The broker notes Cochlear stated exports to the US from its Australia manufacturing base fall under a chapter of the Harmonized Tariff Schedule which allows duty-free imports into the US.
No changes to estimates at this stage, but the broker notes the sensitivity to changes in raw materials for the business.
Neutral. Target cut to $282.50 from $294.90 on relative valuation multiple compression.
This report was published on April 10, 2025.
Target price is $282.50 Current Price is $261.00 Difference: $21.5
If COH meets the Goldman Sachs target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $284.12, suggesting upside of 8.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Current consensus EPS estimate is 630.2, implying annual growth of 15.8%.
Current consensus DPS estimate is 441.6, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 41.7.
Forecast for FY26:
Current consensus EPS estimate is 700.3, implying annual growth of 11.1%.
Current consensus DPS estimate is 491.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 37.5.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GQG GQG PARTNERS INC
Wealth Management & Investments - Overnight Price: $2.08
Goldman Sachs rates ((GQG)) as Buy (1) -
Goldman Sachs notes GQG Partners saw continued strength in net inflows in March and the March quarter, with growth of US$1.8bn and US$4.6bn, respectively.
Funds under management rose to US$161.9bn at the end of the March quarter vs US$153bn at the end of December on a combination of net inflows and market performance.
However, markets have weakened since then, and the broker has incorporated this into the forecasts.
Buy. Target cut to $3.00 from $3.20.
This report was published on April 9, 2025.
Target price is $3.00 Current Price is $2.08 Difference: $0.92
If GQG meets the Goldman Sachs target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $2.79, suggesting upside of 35.3%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 21.51 cents and EPS of 23.04 cents.
At the last closing share price the estimated dividend yield is 10.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.03.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.7, implying annual growth of N/A.
Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 10.8%.
Current consensus EPS estimate suggests the PER is 8.7.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 24.58 cents and EPS of 26.11 cents.
At the last closing share price the estimated dividend yield is 11.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.3, implying annual growth of 11.0%.
Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 11.4%.
Current consensus EPS estimate suggests the PER is 7.8.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFT INFRATIL LIMITED
Wealth Management & Investments - Overnight Price: $9.54
Jarden rates ((IFT)) as Upgrade to Buy from Overweight (1) -
Jarden notes CDC hosted an investor briefing, including a tour of the new Brooklyn campus in Melbourne.
The analyst notes capacity remains on track to double, with build-on completion of an additional 382MW under construction to reach 700MW in the next 1218 months. The earnings (EBITDA) run rate is anticipated to double over the next two years, with 80% already contracted.
Jarden emphasises CDC has a robust moat, and its data centres can service 3 tonnes per rack and over 200kW per rack, which is above other providers.
The broker values CDC based on Commonwealth Supers 12.04% stake auction price as a third-party valuation, which infers upside of around 10%20% control premium could be added if Infratil sold its stake.
Jarden retains Infratils target price at NZ$13. Rating upgraded to Buy from Overweight.
This report was published on April 10, 2025.
Current Price is $9.54. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in March.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 19.12 cents and EPS of 0.00 cents.
At the last closing share price the estimated dividend yield is 2.00%.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.8, implying annual growth of -83.9%.
Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 59.4.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 20.12 cents and EPS of 7.56 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 126.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.7, implying annual growth of 43.7%.
Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 41.4.
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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