Australian Broker Call
Produced and copyrighted by at www.fnarena.com
November 01, 2018
Access Broker Call Report Archives here
COMPANIES DISCUSSED IN THIS ISSUE
Click on symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:52 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, 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.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
IGO - | INDEPENDENCE GROUP | Upgrade to Buy from Neutral | Citi |
IRE - | IRESS MARKET TECHN | Upgrade to Buy from Hold | Ord Minnett |
NHF - | NIB HOLDINGS | Upgrade to Add from Hold | Morgans |
WTC - | WISETECH GLOBAL | Upgrade to Buy from Hold | Ord Minnett |
AIZ AIR NEW ZEALAND LIMITED
Transportation & Logistics
More Research Tools In Stock Analysis - click HERE
Overnight Price: $2.70
Macquarie rates AIZ as Outperform (1) -
Macquarie observes Air New Zealand has de-rated with the global airline sector as higher fuel costs affect sentiment. The airline is working to offset this through improving revenue per average seat kilometre (RASK), and this is seen supported by more rational behaviour across the market around capacity in prices.
The broker believes the improvement will become more evident over the peak travel season. Outperform maintained and target is NZ$3.65.
Current Price is $2.70. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 21.17 cents and EPS of 27.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.5, implying annual growth of N/A. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 7.9%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 22.09 cents and EPS of 34.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.3, implying annual growth of 21.9%. Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 8.4%. Current consensus EPS estimate suggests the PER is 8.4. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AMP as Neutral (3) -
AMP has provided additional information surrounding previously-announced asset sales. The company has committed to returning the majority of the proceeds from asset sales to shareholders and to remove the $40m in stranded costs by the end of FY20.
Nevertheless, Macquarie suggests the asset sales remain highly dilutive and multiples for continuing operations are unlikely to re-rate as the challenges continue.
Neutral retained. Target falls to $2.70 from $2.80.
Target price is $2.70 Current Price is $2.64 Difference: $0.06
If AMP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.85, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 18.50 cents and EPS of 25.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.2, implying annual growth of -20.8%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 17.50 cents and EPS of 21.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.6, implying annual growth of -6.9%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AMP as Hold (3) -
AMP has provided more details about its review of the portfolio. The main positive for Morgans was the disclosure of the excess capital post the AMP Life transaction which supports a commitment to return net cash proceeds to shareholders.
AMP intends to replace $65m of the $80-90m lost wealth earnings from the transaction but Morgans is sceptical as to whether this can be achieved.
The stock remains cheap but the broker considers the risks hard to quantify. Hold rating maintained. Target is raised to $2.97 from $2.91.
Target price is $2.97 Current Price is $2.64 Difference: $0.33
If AMP meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.85, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.00 cents and EPS of 25.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.2, implying annual growth of -20.8%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.6, implying annual growth of -6.9%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AMP as Accumulate (2) -
While AMP has increased disclosure regarding the sale of its life assets, Ord Minnett does not change its negative view on the merits of the transaction.
The broker believes the $3.3bn price is too cheap. Furthermore, the promise of $65m in offsets for lost revenue should not be dependent on this transaction proceeding.
Ord Minnett maintains an Accumulate rating and $2.90 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.90 Current Price is $2.64 Difference: $0.26
If AMP meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.85, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.2, implying annual growth of -20.8%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 16.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.6, implying annual growth of -6.9%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $25.85
Citi rates ANZ as Buy (1) -
ANZ's result beat the broker as an expected weak revenue result was offset by surprises in costs and bad debts. The dividend was as expected.
While management highlighted that loan losses have normalised, businesses have been divested, a buyback commenced and restructuring benefits will continue to flow, albeit at a slowing pace, the broker believes ANZ is behind the other majors in addressing revenue declines.
But given the bank remains cheap, having underperformed the market, the broker retains Buy and a $30.50 target.
Target price is $30.50 Current Price is $25.85 Difference: $4.65
If ANZ meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $29.31, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 160.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.8, implying annual growth of 5.1%. Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 166.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 244.5, implying annual growth of 5.0%. Current consensus DPS estimate is 164.6, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ANZ as Outperform (1) -
Credit Suisse upgrades FY19 estimates by 3% and FY20 by 1% following the results. The main issue for the broker is the extent to which notable items are fading for the future, allowing the underlying performance to dominate.
Capital management will continue to be an incremental benefit for ANZ versus the rest of the sector, the broker suspects. Outperform rating and $30 target maintained.
Target price is $30.00 Current Price is $25.85 Difference: $4.15
If ANZ meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $29.31, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 164.00 cents and EPS of 250.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.8, implying annual growth of 5.1%. Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 166.00 cents and EPS of 278.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 244.5, implying annual growth of 5.0%. Current consensus DPS estimate is 164.6, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ANZ as Hold (3) -
Deutsche Bank notes the strong second half cash profit was helped by a very low bad debt charge. A weak margin outcome was offset by better operating income in other areas.
The CET1 ratio of 11.4% was stronger than expected. Hold rating maintained. Target is $29.
Target price is $29.00 Current Price is $25.85 Difference: $3.15
If ANZ meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $29.31, suggesting upside of 13.4% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 232.8, implying annual growth of 5.1%. Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY20:
Current consensus EPS estimate is 244.5, implying annual growth of 5.0%. Current consensus DPS estimate is 164.6, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ANZ as Outperform (1) -
Macquarie believes the FY18 result has been underpinned by cost management and strong organic capital generation.
The broker was disappointed with the revenue and balance sheet trends in the Australian business but this was offset by good cost management and a sector-leading capital position.
Macquarie continues to envisage longer-term value as ANZ simplifies its businesses and manages expenses better than peers. Outperform rating and $29 price target.
Target price is $29.00 Current Price is $25.85 Difference: $3.15
If ANZ meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $29.31, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 160.00 cents and EPS of 229.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.8, implying annual growth of 5.1%. Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 169.60 cents and EPS of 238.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 244.5, implying annual growth of 5.0%. Current consensus DPS estimate is 164.6, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ANZ as Equal-weight (3) -
Underlying revenue fell -1% in FY18 and management remains cautious. Morgan Stanley forecasts revenue to increase around 3% in FY19 but acknowledges assumptions of 3% loan growth and a broadly stable margin as well as a rebound in markets income.
On balance, the broker suggests the risk is still skewed to the downside. The broker believes ANZ has more scope than peers to adapt to the operating and regulatory environment because it has lower exposure to Australian retail banking and a more diversified business.
The CET1 ratio was around 11.4%, better than forecasts. Morgan Stanley believes the excess capital and sustainable payout ratio provide a key point of difference from other major banks.
Equal-weight rating retained. Target is raised to $27.30 from $26.60. Industry view: In-Line.
Target price is $27.30 Current Price is $25.85 Difference: $1.45
If ANZ meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $29.31, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 160.00 cents and EPS of 227.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.8, implying annual growth of 5.1%. Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 162.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 244.5, implying annual growth of 5.0%. Current consensus DPS estimate is 164.6, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANZ as Add (1) -
It appears ANZ Bank's FY18 report slightly missed Morgans' expectations, but the broker is prepared to make the call this bank's rough patch is nearing an end. The next couple of years should be "smoother", if Morgans' assessment can be relied upon.
The analysts concede the result itself was messy, but they don't see anything underlying that bodes negatively for ANZ Bank's future health or performance. Target price remains at $28.50. Add rating retained.
Target price is $28.50 Current Price is $25.85 Difference: $2.65
If ANZ meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $29.31, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 160.00 cents and EPS of 237.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.8, implying annual growth of 5.1%. Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 164.00 cents and EPS of 255.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 244.5, implying annual growth of 5.0%. Current consensus DPS estimate is 164.6, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANZ as Accumulate (2) -
Net profit was ahead of Ord Minnett's forecasts. The broker found plenty of evidence that the bank has the right strategy for the current environment.
Costs were lower and this trend is expected to continue. FY19 estimates are reduced by around -4% as Ord Minnett now assumes $150m in additional remediation costs.
Ord Minnett maintains an Accumulate rating and $32.20 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $32.20 Current Price is $25.85 Difference: $6.35
If ANZ meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $29.31, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Current consensus EPS estimate is 232.8, implying annual growth of 5.1%. Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY20:
Current consensus EPS estimate is 244.5, implying annual growth of 5.0%. Current consensus DPS estimate is 164.6, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.83
Ord Minnett rates AOG as Accumulate (2) -
Ord Minnett has reviewed the balance sheet believing the $2bn book value attached to the established retirement and retirement development business is currently only assessed at $1.6bn. Applying its own conservative assumptions, the broker considers this too negative, valuing the business around 47% above the current price.
The broker lowers sales turnover assumptions as slowing residential markets are delaying the re-sale of units. Accumulate rating maintained. Target is reduced to $3.20 from $3.70.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.20 Current Price is $1.83 Difference: $1.37
If AOG meets the Ord Minnett target it will return approximately 75% (excluding dividends, fees and charges).
Current consensus price target is $3.10, suggesting upside of 69.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 9.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of -69.5%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 9.5. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 11.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of -1.6%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.39
Credit Suisse rates AQG as Outperform (1) -
September quarter production was at the lower end of expectations. Earnings forecasts assume that any sulphide production in 2018 is capitalised. The company has received approvals and an operating permit for Cakmaktepe.
Credit Suisse expects management now has an 18-month ramp up to sustainably operate the sulphide plant at nameplate. Outperform and $5.30 target retained.
Target price is $5.30 Current Price is $2.39 Difference: $2.91
If AQG meets the Credit Suisse target it will return approximately 122% (excluding dividends, fees and charges).
Current consensus price target is $3.96, suggesting upside of 65.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 4.01 cents and EPS of minus 1.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.6, implying annual growth of N/A. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 149.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 21.81 cents and EPS of 52.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 1843.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 7.7. |
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
Macquarie rates AQG as Neutral (3) -
Costs in the September quarter were lower than expected because of a continued capitalisation of waste. Macquarie calculates that, with sulphide production commencing over the fourth quarter of 2018, the company needs to produce around 70,000 ounces to meet the lower end of the guidance range.
Macquarie now expects a stronger quarter from the oxide operation, given the large build up in processing inventory over the September quarter, but still expects 2018 will fall short of guidance. Neutral. Target is raised to $2.70 from $2.50.
Target price is $2.70 Current Price is $2.39 Difference: $0.31
If AQG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.96, suggesting upside of 65.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 19.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.6, implying annual growth of N/A. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 149.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.98 cents and EPS of 2.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 1843.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 7.7. |
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
AZJ AURIZON HOLDINGS LIMITED
Transportation & Logistics
More Research Tools In Stock Analysis - click HERE
Overnight Price: $4.17
Credit Suisse rates AZJ as Outperform (1) -
Aurizon's claims against Professor Roy Green's apprehended bias have been dismissed and the Queensland Supreme Court has ordered Aurizon to pay costs. Credit Suisse expects the costs to be below $1m.
The decision increases the risk the final UT5 decision will not be substantially different from the draft, in the broker's view.
Outperform rating and $4.50 target maintained.
Target price is $4.50 Current Price is $4.17 Difference: $0.33
If AZJ meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.24, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 22.90 cents and EPS of 25.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.5, implying annual growth of -8.9%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 22.60 cents and EPS of 22.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.7, implying annual growth of -15.5%. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 20.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $33.11
Macquarie rates BHP as Outperform (1) -
BHP Billiton has confirmed completion of the sale of the onshore US shale assets for net proceeds of US$10.4bn. Cash will be returned to shareholders via a combination of a US$5.2bn off-market buyback and a US$5.2bn special dividend.
The 50:50 split between a buyback and special dividend means cash is returned faster than Macquarie had expected. The combination also returns a higher level of franking credits versus prior expectations.
Outperform and $40 target retained.
Target price is $40.00 Current Price is $33.11 Difference: $6.89
If BHP meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $37.03, suggesting upside of 11.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 170.91 cents and EPS of 243.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 270.7, implying annual growth of N/A. Current consensus DPS estimate is 204.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 161.63 cents and EPS of 228.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 259.2, implying annual growth of -4.2%. Current consensus DPS estimate is 199.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BHP as Buy (1) -
BHP has announced it will return the US$10.4bn proceeds from the US shale asset sale to shareholders through an off-market buy-back of US$5.2bn and a special dividend of US$5.2bn.
The company has announced that the last day for eligibility for franking credits entitlement under the off-market buy-back is today, the 1 November 2018, and the last day to acquire shares to be eligible to participate in the buy-back is 5 November 2018.
The tender period opens on 19 November and closes on 14 December 2018. The special dividend will be announced on 17 December 2018. UBS maintains a Buy rating and $35.50 target.
Target price is $35.50 Current Price is $33.11 Difference: $2.39
If BHP meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $37.03, suggesting upside of 11.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 180.18 cents and EPS of 263.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 270.7, implying annual growth of N/A. Current consensus DPS estimate is 204.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 210.65 cents and EPS of 302.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 259.2, implying annual growth of -4.2%. Current consensus DPS estimate is 199.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $68.94
Citi rates CBA as Neutral (3) -
The broker considers the price achieved for the sale of CBA's Colonial First State asset management business to the Japanese to be very favourable in comparison to listed asset managers. A sale, rather than a demerger, unlocks additional capital which puts the bank in a position to return capital to shareholders while maintaining a comfortable level.
The broker believes divestments put CBA on the road to redemption and there is another $3bn odd worth of assets that could also be hived off. A flat earnings outlook nevertheless keeps the broker on Neutral with a $72 target.
Target price is $72.00 Current Price is $68.94 Difference: $3.06
If CBA meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $74.00, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 433.00 cents and EPS of 526.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 542.9, implying annual growth of 1.6%. Current consensus DPS estimate is 433.0, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 434.00 cents and EPS of 522.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 552.3, implying annual growth of 1.7%. Current consensus DPS estimate is 440.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CBA as Neutral (3) -
Commonwealth Bank will sell CFS GAM for $4.13bn. Macquarie considers the transaction mildly accretive and expects the bank to be in a position for a capital return in FY20, most likely as a special dividend.
Following the close of the transaction the capital position is expected to improve by around 60 basis points. Macquarie estimates CBA's earnings will decline by -2.3% following the sale. As the CFS business is now arguably less attractive, Macquarie believes CBA may need to allocate some of its surplus capital for investment into platforms or to the de-merged business.
Neutral rating maintained. Target is $76.50.
Target price is $76.50 Current Price is $68.94 Difference: $7.56
If CBA meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $74.00, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 436.80 cents and EPS of 554.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 542.9, implying annual growth of 1.6%. Current consensus DPS estimate is 433.0, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 443.50 cents and EPS of 565.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 552.3, implying annual growth of 1.7%. Current consensus DPS estimate is 440.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CBA as Underweight (5) -
Commonwealth Bank will sell its global asset management business (CFS GAM) to Mitsubishi UFJ Trust and Banking Corporation for $4.13bn. The bank had previously intended to include CFS GAM in the proposed de-merger of CFS Group.
Morgan Stanley considers this a positive outcome as it is a simpler exit strategy. The transaction releases 60 basis points of capital taking the pro forma CET1 ratio to 11.4%.
Underweight. Target is $64.50. Industry view: In-Line.
Target price is $64.50 Current Price is $68.94 Difference: minus $4.44 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $74.00, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 431.00 cents and EPS of 527.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 542.9, implying annual growth of 1.6%. Current consensus DPS estimate is 433.0, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 431.00 cents and EPS of 537.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 552.3, implying annual growth of 1.7%. Current consensus DPS estimate is 440.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CBA as Hold (3) -
Commonwealth Bank will sell its CFS global asset management business to Mitsubishi UFJ Trust for $4.13bn. Management will provide further guidance on capital management initiatives following completion of the divestment.
Ord Minnett believes the sale is mildly positive. The spin-off of the remaining wealth management and mortgage broking business is expected to proceed, albeit at a reduced scope following the sale. Hold rating and $78 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $78.00 Current Price is $68.94 Difference: $9.06
If CBA meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $74.00, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Current consensus EPS estimate is 542.9, implying annual growth of 1.6%. Current consensus DPS estimate is 433.0, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY20:
Current consensus EPS estimate is 552.3, implying annual growth of 1.7%. Current consensus DPS estimate is 440.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CCL COCA-COLA AMATIL LIMITED
Food, Beverages & Tobacco
More Research Tools In Stock Analysis - click HERE
Overnight Price: $10.03
Citi rates CCL as Neutral (3) -
The Indonesians offer developing nation potential but it seems they are not interested in fizzy drink, while the juice and iced tea markets are already crowded, the broker notes. To that end Coca-Cola Amatil has written down -24% of the value of its Indonesian business. A plunge in the rupiah hasn't helped either.
With Australia looking better but Indonesia offering further downside, the broker retains Neutral ahead of the company's investor day at the end of the month. Target unchanged at $9.50.
Target price is $9.50 Current Price is $10.03 Difference: minus $0.53 (current price is over target).
If CCL meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.05, suggesting downside of -9.8% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 53.2, implying annual growth of -11.0%. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 18.9. |
Forecast for FY19:
Current consensus EPS estimate is 55.1, implying annual growth of 3.6%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CCL as Sell (5) -
The Coca-Cola Company has impaired its associate in Indonesia, with a charge of US$205m. The impairment is primarily because of revised projections for future operating results form unfavourable macro economic conditions.
Deutsche Bank's Sell rating and $8.50 target are retained.
Target price is $8.50 Current Price is $10.03 Difference: minus $1.53 (current price is over target).
If CCL meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.05, suggesting downside of -9.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Current consensus EPS estimate is 53.2, implying annual growth of -11.0%. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 18.9. |
Forecast for FY19:
Current consensus EPS estimate is 55.1, implying annual growth of 3.6%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CCL as Equal-weight (3) -
The Coca-Cola Company has impaired the value of its 29.4% stake in the Indonesian bottling joint-venture with Coca-Cola Amatil by US$205m. Coca-Cola Amatil has noted that the implied valuation exceeds its carrying value of the capital employed in the Indonesian business.
The company expects soft earnings to continue in the near term. Equal-weight. Target is $9.60. Cautious industry view.
Target price is $9.60 Current Price is $10.03 Difference: minus $0.43 (current price is over target).
If CCL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.05, suggesting downside of -9.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 45.60 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.2, implying annual growth of -11.0%. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 18.9. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 46.90 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.1, implying annual growth of 3.6%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CCL as Lighten (4) -
The Coca-Cola Company has impaired its investment in Coca-Cola Bottling Indonesia following revised projections of future operating results and because of unfavourable macro economic conditions.
Ord Minnett notes revenue growth has been elusive in Indonesia for some time despite the significant opportunities for market share. The broker maintains a Lighten rating for Coca-Cola Amatil with a target of $8.75.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $8.75 Current Price is $10.03 Difference: minus $1.28 (current price is over target).
If CCL meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.05, suggesting downside of -9.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 47.00 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.2, implying annual growth of -11.0%. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 18.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 47.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.1, implying annual growth of 3.6%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CGF CHALLENGER LIMITED
Wealth Management & Investments
More Research Tools In Stock Analysis - click HERE
Overnight Price: $10.66
Morgan Stanley rates CGF as Underweight (5) -
The federal government will push back the requirement for funds to offer comprehensive income products for retirement (CIPR) to July 2022 which represents a two-year extension to the prior deadline.
The threshold superannuation balance for offering a CIPR has been increased to $100,000 from $50,000 which Morgan Stanley believes will have the impact of reducing the immediate addressable markets for lifetime annuities.
The broker believes Challenger is priced for substantial growth in lifetime annuity sales and a delay to implementation is likely to mean downgrades to consensus expectations and a de-rating of trading multiples.
Underweight rating. Target is $10.50. Industry view: In-line.
Target price is $10.50 Current Price is $10.66 Difference: minus $0.16 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.67, suggesting upside of 9.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 36.20 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.7, implying annual growth of 18.0%. Current consensus DPS estimate is 36.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 39.10 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.0, implying annual growth of 8.3%. Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism
More Research Tools In Stock Analysis - click HERE
Overnight Price: $22.32
Morgan Stanley rates CTD as Overweight (1) -
The company has responded to recent investor concerns and Morgan Stanley believes, while there are areas which could be improved, the response has revealed no significant reason to be concerned or change expectations.
The main issues relate to reconciling second half costs versus cash flow and the integrity and transparency of management in terms of communication. The broker suspects the market's reaction could exceed the fundamental significance of the response.
The company has also indicated FY19 trading to date is tracking at the top end of guidance. Overweight rating, In-Line industry view and target is $35.
Target price is $35.00 Current Price is $22.32 Difference: $12.68
If CTD meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $31.90, suggesting upside of 42.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 45.00 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.6, implying annual growth of 30.7%. Current consensus DPS estimate is 46.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 52.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.8, implying annual growth of 16.1%. Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $27.97
Citi rates CTX as Buy (1) -
The broker came away from Caltex' strategy day believing the market is under-appreciating the company's convenience business. Earnings upside is also on offer from Asia-Pacific growth. A change in valuation model leads to a target price fall to $33.09 from $37.46, and the broker notes a forecast decline in the oil price leads to a cut in forecast earnings, but the broker suggests the stock is cheap.
Buy retained.
Target price is $33.09 Current Price is $27.97 Difference: $5.12
If CTX meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $32.51, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 112.00 cents and EPS of 215.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.2, implying annual growth of -7.1%. Current consensus DPS estimate is 110.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 122.00 cents and EPS of 244.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.7, implying annual growth of 2.9%. Current consensus DPS estimate is 125.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CTX as Neutral (3) -
Market trends in convenience remain supportive, although Credit Suisse has some lingering concerns regarding current over-earning on fuel.
The broker believes the sustainability of fuel earnings and higher-than-expected capital expenditure are the main risks to achieving financial outcomes.
The network expansion of Foodary has been paused to reassess. Metro pilots will be launched in the first half of 2019. Credit Suisse maintains a Neutral rating. Target is $32.55.
Target price is $32.55 Current Price is $27.97 Difference: $4.58
If CTX meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $32.51, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 106.00 cents and EPS of 211.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.2, implying annual growth of -7.1%. Current consensus DPS estimate is 110.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 111.00 cents and EPS of 222.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.7, implying annual growth of 2.9%. Current consensus DPS estimate is 125.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CTX as Outperform (1) -
In the wake of the company's investor briefing on the convenience retail division Macquarie revises forecasts for 2018 and 2019 down -4% and -5% respectively.
Caltex has confirmed the earnings uplift for the convenience division of $120-150m is expected by 2023. Foodary remains integral to the division with 51 sites being consolidated. Roll-out will recommence in the second half of 2019.
Outperform rating. Target is reduced to $34.00 from $35.50.
Target price is $34.00 Current Price is $27.97 Difference: $6.03
If CTX meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $32.51, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 120.00 cents and EPS of 218.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.2, implying annual growth of -7.1%. Current consensus DPS estimate is 110.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 138.10 cents and EPS of 230.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.7, implying annual growth of 2.9%. Current consensus DPS estimate is 125.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GMA GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED
Banks
More Research Tools In Stock Analysis - click HERE
Overnight Price: $2.24
Macquarie rates GMA as Outperform (1) -
The company is guiding to a higher loss ratio in 2018 despite lower underlying claims trends. The 2018 loss ratio guidance of 50-55%, up from 40-50%, continues to be affected by the change in the recognition of premiums.
Macquarie believes the capital position supports the valuation and expects capital management via special dividends, a capital return and buyback to be an ongoing feature of the stock. Outperform rating maintained. Target is $3.55.
Target price is $3.55 Current Price is $2.24 Difference: $1.31
If GMA meets the Macquarie target it will return approximately 58% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.60 cents and EPS of 20.80 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.20 cents and EPS of 25.30 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.10
Morgans rates HIG as Add (1) -
The Ramu nickel/cobalt project had a strong September quarter with production above nameplate. The streaming deal, which requires approval by all the partners, is yet to close.
Morgans notes revenue was minimal as the re-negotiation of contracts took longer than expected. Add rating and 33c target maintained.
Target price is $0.33 Current Price is $0.10 Difference: $0.23
If HIG meets the Morgans target it will return approximately 230% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.10 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.80 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.07
Deutsche Bank rates HSO as Hold (3) -
The company's September quarter trading update revealed strong growth, with the hospitals division achieving operating earnings growth of 10.4%.
Deutsche Bank observes hospital revenue growth was soft so the earnings growth is attributed to a low comparable figure, closure of loss-making hospitals and savings.
Hold rating and $2.26 target maintained.
Target price is $2.26 Current Price is $2.07 Difference: $0.19
If HSO meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.21, suggesting upside of 6.8% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 10.6, implying annual growth of 103.8%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY20:
Current consensus EPS estimate is 10.4, implying annual growth of -1.9%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates HSO as Equal-weight (3) -
The company has confirmed FY19 guidance is on track. BGH consortium now has a 19.3% interest, with the $2.36 offer representing around 12% upside to the share price. The company has confirmed FY19 hospital earnings guidance of at least 10% growth.
Morgan Stanley believes operating fundamentals will take a back seat amid potential re-organisation of assets, while a takeover premium is likely to remain in the share price.
Equal-weight rating maintained. Target is $2.37. Industry view is In-Line.
Target price is $2.37 Current Price is $2.07 Difference: $0.3
If HSO meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.21, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 6.60 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of 103.8%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 9.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of -1.9%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HSO as Hold (3) -
Ord Minnett observes a reasonable start to FY19, although conditions remain subdued. The broker envisages little potential for conditions to improve.
The board has not yet formed a view on the latest bid from the BHG consortium, yet the broker suspects it is not looking favourably on a bid that is substantially unchanged.
The 10.4% operating earnings growth in the September quarter is considered commendable but Ord Minnett remains cautious and a Hold rating and $2.10 target are maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.10 Current Price is $2.07 Difference: $0.03
If HSO meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.21, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 7.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of 103.8%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 7.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of -1.9%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.54
Ord Minnett rates HUO as Buy (1) -
The company has reaffirmed guidance for 20,000t of salmon in FY19, down -13%. Volumes are expected to decrease because of operating issues in the second half of FY18.
However, strong growing conditions are currently being experienced and the company remains confident of achieving guidance.
Ord Minnett believes the current valuation fails to capture the longer-term growth prospects and maintains a Buy rating with a $5.41 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.41 Current Price is $4.54 Difference: $0.87
If HUO meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 12.00 cents and EPS of 47.00 cents. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 13.00 cents and EPS of 57.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.14
Citi rates IGO as Upgrade to Buy from Neutral (1) -
Citi acknowledges that downside risk is ongoing for nickel and copper in the face of US-China trade tensions but this is partly offset by gold's re-emerging sensitivity to geopolitical risk. Nova production was soft in the Sep Q, leading to a target price cut to $4.70 from $5.00, but the broker believes there is clear upside potential from Nova exploration.
Citi considers a -13% sell-off for Independence is overdone, and upgrades to Buy from Neutral.
Target price is $4.70 Current Price is $4.14 Difference: $0.56
If IGO meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.54, suggesting upside of 9.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 8.00 cents and EPS of 25.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.8, implying annual growth of 131.6%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 14.00 cents and EPS of 47.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 51.0%. Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IRE IRESS MARKET TECHNOLOGY LIMITED
Wealth Management & Investments
More Research Tools In Stock Analysis - click HERE
Overnight Price: $10.98
Ord Minnett rates IRE as Upgrade to Buy from Hold (1) -
The share price has fallen -15% in October and Ord Minnett now believes the valuation is compelling enough to warrant an upgrade to Buy from Hold. The broker now considers IRESS one of the cheapest stocks in the sector.
First half results were ahead of expectations and the commentary at the time suggested growth in the UK would accelerate in the second half. Target is reduced to $11.73 from $12.36.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.73 Current Price is $10.98 Difference: $0.75
If IRE meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $13.32, suggesting upside of 21.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 46.70 cents and EPS of 37.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.9, implying annual growth of 21.2%. Current consensus DPS estimate is 45.9, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 25.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 50.80 cents and EPS of 42.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 9.8%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 23.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LLC LEND LEASE CORPORATION LIMITED
Infra & Property Developers
More Research Tools In Stock Analysis - click HERE
Overnight Price: $17.79
Macquarie rates LLC as Outperform (1) -
The company has updated on the Australian building division. Lend Lease has a $50bn addressable market and expects to win $4.5bn.
Cost inflation is expected to be manageable, with inflation forecast at around 2.7-2.9%. In order to offset the residential and retail slowdown the growth industries are expected to include over-station developments and social infrastructure.
Outperform rating maintained. Target is $21.81.
Target price is $21.81 Current Price is $17.79 Difference: $4.02
If LLC meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $21.29, suggesting upside of 19.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 72.70 cents and EPS of 146.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 148.1, implying annual growth of 8.1%. Current consensus DPS estimate is 74.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 75.20 cents and EPS of 150.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 155.0, implying annual growth of 4.7%. Current consensus DPS estimate is 77.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates LLC as Overweight (1) -
The company's update on the Australian building market has not addressed current investor concerns regarding the exposure to Australian residential or the potential for further losses from the engineering business.
There is also the potential impact on European projects as Brexit approaches. However, Morgan Stanley believes these fears are overdone. A progressive re-rating of the stock is expected when concerns prove unfounded, and the broker envisages 30% upside to its target.
Overweight. Target is $23.05. Industry view is Cautious.
Target price is $23.05 Current Price is $17.79 Difference: $5.26
If LLC meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $21.29, suggesting upside of 19.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 75.00 cents and EPS of 148.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 148.1, implying annual growth of 8.1%. Current consensus DPS estimate is 74.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 82.70 cents and EPS of 163.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 155.0, implying annual growth of 4.7%. Current consensus DPS estimate is 77.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.61
Deutsche Bank rates MIN as Hold (3) -
First quarter production was in line with Deutsche Bank's expectations. Shipments were softer than expected because of the cessation of Carina operations and the winding down of DSO shipments at Wodgina.
Target is $15.50. Hold rating maintained.
Target price is $15.50 Current Price is $14.61 Difference: $0.89
If MIN meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $18.17, suggesting upside of 24.3% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 140.7, implying annual growth of -3.2%. Current consensus DPS estimate is 48.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY20:
Current consensus EPS estimate is 197.4, implying annual growth of 40.3%. Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 7.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MIN as Overweight (1) -
Iron ore production in the September quarter was ahead of Morgan Stanley's estimates while tonnage shipped was below. Demand for iron ore fines improved throughout the quarter, allowing stockpiles to be exported.
First production occurred from Koolyanobbing, at 92,000t. The switch to 6% spodumene concentrate at Mount Marion is going to plan and while production from Wodgina fell -58% quarter on quarter this is in line with plans to limit DSO.
Morgan Stanley retains an Overweight rating, In-Line industry view and $21 target.
Target price is $21.00 Current Price is $14.61 Difference: $6.39
If MIN meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $18.17, suggesting upside of 24.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 32.40 cents and EPS of 146.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.7, implying annual growth of -3.2%. Current consensus DPS estimate is 48.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 211.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 197.4, implying annual growth of 40.3%. Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 7.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.85
Macquarie rates MMM as Outperform (1) -
Momentum in customer acquisitions has continued, notably in the US, and the company is expected to exceed prospectus forecasts. Net revenue grew 15% in the September quarter, with active customers up 38%.
Macquarie suggests the additional debt funding, which should be finalised in the next three months, should support the company through the investment phase.
Outperform rating maintained. Target is reduced to $1.50 from $1.70.
Target price is $1.50 Current Price is $0.85 Difference: $0.65
If MMM meets the Macquarie target it will return approximately 76% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 20.78 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $25.35
Citi rates NAB as Buy (1) -
In an initial response, Citi expects the market will be pleased with the stronger capital generation in the FY18 result but suspects questions will be raised regarding the decline in non-housing risk-weighted assets.
Current Price is $25.35. Target price not assessed.
Current consensus price target is $29.31, suggesting upside of 15.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 198.00 cents and EPS of 201.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.0, implying annual growth of -10.2%. Current consensus DPS estimate is 198.0, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 199.00 cents and EPS of 224.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.7, implying annual growth of 13.5%. Current consensus DPS estimate is 191.0, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NAB as Outperform (1) -
In a preliminary view of National Australia Bank's results, Macquarie notes a sound performance in the core franchise. Expenses growth was broadly flat.
The broker believes the result is clean and should be supportive of the share price given the recent underperformance. Outperform rating and $29 target maintained.
Target price is $29.00 Current Price is $25.35 Difference: $3.65
If NAB meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $29.31, suggesting upside of 15.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 198.00 cents and EPS of 202.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.0, implying annual growth of -10.2%. Current consensus DPS estimate is 198.0, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 171.00 cents and EPS of 234.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.7, implying annual growth of 13.5%. Current consensus DPS estimate is 191.0, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.70
Morgans rates NHF as Upgrade to Add from Hold (1) -
The company has upgraded FY19 profit guidance by 5.5% because of a benign claims environment. Morgans suggests previous guidance was always conservative and upgrades forecasts by 4-7% over FY19-20.
The recommendation is moved to Add from Hold. The broker believes the recent sell off in the shares has been overdone, particularly in light of the upgrade. Target is reduced to $6.49 from $6.77.
Target price is $6.49 Current Price is $5.70 Difference: $0.79
If NHF meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.37, suggesting upside of 11.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.00 cents and EPS of 33.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.2, implying annual growth of 189.1%. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 7.4. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 22.00 cents and EPS of 35.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.2, implying annual growth of 7.8%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 6.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NHF as Hold (3) -
The company has updated FY19 earnings guidance because of low claims activity in the first quarter. Margins are now expected to be the same as in the previous year, at 6.9%.
Ord Minnett suspects even current forecasts may prove conservative, given the rate increases that were locked in for FY19, if there is not some material rebound in claims utilisation.
Hold rating and $6.12 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.12 Current Price is $5.70 Difference: $0.42
If NHF meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.37, suggesting upside of 11.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 17.65 cents and EPS of 35.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.2, implying annual growth of 189.1%. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 7.4. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 19.82 cents and EPS of 36.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.2, implying annual growth of 7.8%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 6.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.22
Credit Suisse rates ORG as Neutral (3) -
After reviewing the APLNG model Credit Suisse decreases forecasts. Still, updated forecasts remain above guidance. The main changes reflect reduced domestic gas/spot LNG revenue and lower volumes to account for lower third-party purchases.
The average realised price in the first quarter of $10.06/gigajoule was up 35% because of an increase in oil-linked LNG prices and a 20% increase in domestic prices.
Credit Suisse maintains a Neutral rating and reduces the target to $7.50 from $7.70.
Target price is $7.50 Current Price is $7.22 Difference: $0.28
If ORG meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $9.22, suggesting upside of 27.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 22.00 cents and EPS of 65.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.0, implying annual growth of 340.3%. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 10.3. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 44.00 cents and EPS of 72.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 81.0, implying annual growth of 15.7%. Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ORG as Accumulate (2) -
September quarter results were in line with Ord Minnett estimates. Overall, the figures were supported by higher natural gas production for the domestic market.
APLNG utilisation was 90% and the broker expects this to increase after scheduled maintenance was undertaken. Accumulate rating and $9.25 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $9.25 Current Price is $7.22 Difference: $2.03
If ORG meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $9.22, suggesting upside of 27.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 25.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.0, implying annual growth of 340.3%. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 10.3. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 50.00 cents and EPS of 100.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 81.0, implying annual growth of 15.7%. Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RAP RESAPP HEALTH LIMITED
Medical Equipment & Devices
More Research Tools In Stock Analysis - click HERE
Overnight Price: $0.12
Morgans rates RAP as Add (1) -
Results from the US SMARTCOUGH study fell short of the benchmark for pneumonia, requiring further study, while positive for LRTI, URTI and asthma and considered sufficient to gain approval for these indications.
The company expects to make a formal submission to the USFDA, CE Mark and Australian TGA by the end of the year. The Australian adult study is to be completed shortly.
Morgans maintains an Add rating and lowers the target to 24c from 35c. Forecasts are lowered to reflect the timing of the telehealth revenue.
Target price is $0.24 Current Price is $0.12 Difference: $0.12
If RAP meets the Morgans target it will return approximately 100% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.00 cents. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.33
Ord Minnett rates TGR as Lighten (4) -
The company has guided to increased harvest production and sales in FY19. However, Ord Minnett notes leverage is rising and its forecasts are -3% and -6% below consensus for FY19 and FY20 respectively.
Lighten rating maintained. Target is $4.05.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.05 Current Price is $4.33 Difference: minus $0.28 (current price is over target).
If TGR meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.64, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 17.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.3, implying annual growth of -8.3%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 18.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of 8.0%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $28.70
Citi rates WOW as Buy (1) -
In an initial response, Citi believes the first quarter sales results should be well received. An improvement in momentum was noted in September and October. Deflation also moderated.
Big W was better than expected, with comparable sales up 2.2% versus Citi's estimates of 1%. Supermarket sales were up 1.8%.
Current Price is $28.70. Target price not assessed.
Current consensus price target is $28.04, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 107.50 cents and EPS of 151.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 138.2, implying annual growth of 0.3%. Current consensus DPS estimate is 99.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 113.80 cents and EPS of 160.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.7, implying annual growth of 8.3%. Current consensus DPS estimate is 105.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.81
Ord Minnett rates WTC as Upgrade to Buy from Hold (1) -
The share price has fallen -27% in October, reflecting a broader sell-off in technology stocks. This is the opportunity Ord Minnett was waiting for.
Earnings have recently been upgraded and, while the stock still trades at a substantial premium to software peers, it is now modestly below the broker's valuation.
The broker believes the volatility presents an opportunity to take a stronger view on the growth story and the rating is upgraded to Buy from Hold. Target is raised to $17.87 from $17.00.
Target price is $17.87 Current Price is $16.81 Difference: $1.06
If WTC meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $16.38, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 3.90 cents and EPS of 19.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 32.4%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 91.4. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 5.50 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of 42.4%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 64.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Broker | New Target | Prev Target | Change | |
AMP | AMP | Macquarie | 2.70 | 2.80 | -3.57% |
Morgans | 2.97 | 2.91 | 2.06% | ||
ANZ | ANZ BANKING GROUP | Macquarie | 29.00 | 30.00 | -3.33% |
Morgan Stanley | 27.30 | 26.60 | 2.63% | ||
AOG | AVEO | Ord Minnett | 3.20 | 3.70 | -13.51% |
AQG | ALACER GOLD | Macquarie | 2.70 | 2.50 | 8.00% |
CTX | CALTEX AUSTRALIA | Citi | 33.09 | 37.46 | -11.67% |
Macquarie | 34.00 | 35.50 | -4.23% | ||
FMG | FORTESCUE | Deutsche Bank | 3.70 | 3.80 | -2.63% |
IGO | INDEPENDENCE GROUP | Citi | 4.70 | 5.00 | -6.00% |
IRE | IRESS MARKET TECHN | Ord Minnett | 11.73 | 12.36 | -5.10% |
MMM | MARLEY SPOON | Macquarie | 1.50 | 1.70 | -11.76% |
NAB | NATIONAL AUSTRALIA BANK | Citi | N/A | 32.25 | -100.00% |
NHF | NIB HOLDINGS | Morgans | 6.49 | 6.77 | -4.14% |
ORG | ORIGIN ENERGY | Credit Suisse | 7.50 | 7.70 | -2.60% |
RAP | RESAPP HEALTH | Morgans | 0.24 | 0.35 | -31.43% |
WOW | WOOLWORTHS | Citi | N/A | 32.00 | -100.00% |
WTC | WISETECH GLOBAL | Ord Minnett | 17.87 | 17.00 | 5.12% |
Summaries
AIZ | AIR NEW ZEALAND | Outperform - Macquarie | Overnight Price $2.70 |
AMP | AMP | Neutral - Macquarie | Overnight Price $2.64 |
Hold - Morgans | Overnight Price $2.64 | ||
Accumulate - Ord Minnett | Overnight Price $2.64 | ||
ANZ | ANZ BANKING GROUP | Buy - Citi | Overnight Price $25.85 |
Outperform - Credit Suisse | Overnight Price $25.85 | ||
Hold - Deutsche Bank | Overnight Price $25.85 | ||
Outperform - Macquarie | Overnight Price $25.85 | ||
Equal-weight - Morgan Stanley | Overnight Price $25.85 | ||
Add - Morgans | Overnight Price $25.85 | ||
Accumulate - Ord Minnett | Overnight Price $25.85 | ||
AOG | AVEO | Accumulate - Ord Minnett | Overnight Price $1.83 |
AQG | ALACER GOLD | Outperform - Credit Suisse | Overnight Price $2.39 |
Neutral - Macquarie | Overnight Price $2.39 | ||
AZJ | AURIZON HOLDINGS | Outperform - Credit Suisse | Overnight Price $4.17 |
BHP | BHP BILLITON | Outperform - Macquarie | Overnight Price $33.11 |
Buy - UBS | Overnight Price $33.11 | ||
CBA | COMMBANK | Neutral - Citi | Overnight Price $68.94 |
Neutral - Macquarie | Overnight Price $68.94 | ||
Underweight - Morgan Stanley | Overnight Price $68.94 | ||
Hold - Ord Minnett | Overnight Price $68.94 | ||
CCL | COCA-COLA AMATIL | Neutral - Citi | Overnight Price $10.03 |
Sell - Deutsche Bank | Overnight Price $10.03 | ||
Equal-weight - Morgan Stanley | Overnight Price $10.03 | ||
Lighten - Ord Minnett | Overnight Price $10.03 | ||
CGF | CHALLENGER | Underweight - Morgan Stanley | Overnight Price $10.66 |
CTD | CORPORATE TRAVEL | Overweight - Morgan Stanley | Overnight Price $22.32 |
CTX | CALTEX AUSTRALIA | Buy - Citi | Overnight Price $27.97 |
Neutral - Credit Suisse | Overnight Price $27.97 | ||
Outperform - Macquarie | Overnight Price $27.97 | ||
GMA | GENWORTH MORTGAGE INSUR | Outperform - Macquarie | Overnight Price $2.24 |
HIG | HIGHLANDS PACIFIC | Add - Morgans | Overnight Price $0.10 |
HSO | HEALTHSCOPE | Hold - Deutsche Bank | Overnight Price $2.07 |
Equal-weight - Morgan Stanley | Overnight Price $2.07 | ||
Hold - Ord Minnett | Overnight Price $2.07 | ||
HUO | HUON AQUACULTURE | Buy - Ord Minnett | Overnight Price $4.54 |
IGO | INDEPENDENCE GROUP | Upgrade to Buy from Neutral - Citi | Overnight Price $4.14 |
IRE | IRESS MARKET TECHN | Upgrade to Buy from Hold - Ord Minnett | Overnight Price $10.98 |
LLC | LEND LEASE CORP | Outperform - Macquarie | Overnight Price $17.79 |
Overweight - Morgan Stanley | Overnight Price $17.79 | ||
MIN | MINERAL RESOURCES | Hold - Deutsche Bank | Overnight Price $14.61 |
Overweight - Morgan Stanley | Overnight Price $14.61 | ||
MMM | MARLEY SPOON | Outperform - Macquarie | Overnight Price $0.85 |
NAB | NATIONAL AUSTRALIA BANK | Buy - Citi | Overnight Price $25.35 |
Outperform - Macquarie | Overnight Price $25.35 | ||
NHF | NIB HOLDINGS | Upgrade to Add from Hold - Morgans | Overnight Price $5.70 |
Hold - Ord Minnett | Overnight Price $5.70 | ||
ORG | ORIGIN ENERGY | Neutral - Credit Suisse | Overnight Price $7.22 |
Accumulate - Ord Minnett | Overnight Price $7.22 | ||
RAP | RESAPP HEALTH | Add - Morgans | Overnight Price $0.12 |
TGR | TASSAL GROUP | Lighten - Ord Minnett | Overnight Price $4.33 |
WOW | WOOLWORTHS | Buy - Citi | Overnight Price $28.70 |
WTC | WISETECH GLOBAL | Upgrade to Buy from Hold - Ord Minnett | Overnight Price $16.81 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 27 |
2. Accumulate | 4 |
3. Hold | 17 |
4. Reduce | 2 |
5. Sell | 3 |
Thursday 01 November 2018
Access Broker Call Report Archives here
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 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.
Latest News
1 |
The Market In Numbers – 14 Dec 20249:09 AM - Australia |
2 |
ASX Winners And Losers Of Today – 13-12-24Dec 13 2024 - Daily Market Reports |
3 |
Next Week At A Glance -16-20 Dec 2024Dec 13 2024 - Weekly Reports |
4 |
Weekly Top Ten News Stories – 13 December 2024Dec 13 2024 - Weekly Reports |
5 |
In Case You Missed It – BC Extra Upgrades & Downgrades – 13-12-24Dec 13 2024 - Weekly Reports |