Australian Broker Call

Ord Minnett rates ABP as Upgrade to Hold from Lighten (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

The broker upgrades its rating for Abacus Property to Hold from Lighten on relative valuation grounds after outperformance in 2022. The $3.20 price target is unchanged.

Target price is $3.20 Current Price is $2.91 Difference: $0.29
If ABP meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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) -

Using current interest rates, Morgan Stanley estimates an average margin benefit of around 32bps for the major banks.

The analysts point out ANZ Bank recently revealed its capital and replicating portfolio could boost margins by 25bps within three years due to the rise in longer-term interest rates.

The broker estimates Westpac ((WBC)) will have the largest annual margin tailwind. 

The Equal-weight rating and $28.90 target are maintained for ANZ Bank. Industry view: Attractive.

Target price is $28.90 Current Price is $25.53 Difference: $3.37
If ANZ meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $29.46, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

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) -

Following recent results for the major banks, Ord Minnett revises its interest rate forecasts and increases its EPS estimates, despite higher cost inflation and the potential for normalisation of impairments over FY23 and FY24.

Net interest margins (NIM) stabilised in the 2Q, lending more confidence to guided 2H increases for NIMs, explains the analyst.

Of the four majors, CommBank ((CBA) has the greatest interest rate leverage, while ANZ Bank offers the least, estimates the broker. The target price slips to $28.30 from $29 and the Accumulate rating is unchanged.

Target price is $28.30 Current Price is $25.53 Difference: $2.77
If ANZ meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $29.46, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates BOQ as Hold (3) -

Following recent results for the major banks, Ord Minnett revises its interest rate forecasts and increases its EPS estimates, despite higher cost inflation and the potential for normalisation of impairments over FY23 and FY24.

Net interest margins (NIM) stabilised in the 2Q, lending more confidence to guided 2H increases for NIMs, explains the analyst. Of the four majors, CommBank ((CBA) is estimated to have the greatest interest rate leverage.

Outside of the majors, Ord Minnett believes Bank of Queensland's poor deposit franchise will see it lag Bendigo and Adelaide Bank ((BEN)) on NIM as interest rates rise. The Hold rating and $8.30 target price are retained.

Target price is $8.30 Current Price is $7.48 Difference: $0.82
If BOQ meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.73, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates BWP as Hold (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for BWP Trust to $4.10 from $4.20, while the Hold rating is maintained.

Target price is $4.10 Current Price is $4.11 Difference: minus $0.01 (current price is over target).
If BWP meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.76, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates CBA as Underweight (5) -

Using current interest rates, Morgan Stanley estimates an average margin benefit of around 32bps for the major banks.

The analysts point out ANZ Bank ((ANZ)) recently revealed its capital and replicating portfolio could boost margins by 25bps within three years due to the rise in longer-term interest rates.

The broker estimates Westpac ((WBC)) will have the largest annual margin tailwind. 

While CommBank currently has the largest replicating portfolio and the highest earning rate among the majors, the broker maintains its Underweight rating and $91.00 target price. Industry view: Attractive.

Target price is $91.00 Current Price is $105.43 Difference: minus $14.43 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $92.08, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CBA as Hold (3) -

Following recent results for the major banks, Ord Minnett revises its interest rate forecasts and increases its EPS estimates, despite higher cost inflation and the potential for normalisation of impairments over FY23 and FY24.

Net interest margins (NIM) stabilised in the 2Q, lending more confidence to guided 2H increases for NIMs, explains the analyst.

Of the four majors, CommBank has the greatest interest rate leverage. The broker retains its Hold rating and $93 target price.

Target price is $93.00 Current Price is $105.43 Difference: minus $12.43 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $92.08, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CDP as Buy (1) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for Carindale Property Trust to $5.20 from $5.30, while the Buy rating is maintained.

Target price is $5.20 Current Price is $4.55 Difference: $0.65
If CDP meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CIA as Buy (1) -

An in-line full year result from Champion Iron according to Citi, with the broker noting the company appears positioned for growth moving forward having completed a US$400m refinancing to support a potential growth pipeline.

Champion Iron reported fourth quarter earnings of $198m, compared to the broker's expected $212m, and a realised price of US$164 per tonne. The company highlighted cost pressures impacted, with cash costs up 10% on the previous comparable period, reflecting elevated fuel and freight costs.

The Buy rating and target price of $9.00 are retained.

Target price is $9.00 Current Price is $7.58 Difference: $1.42
If CIA meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

This company reports in CAD. 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

Macquarie rates CIA as Outperform (1) -

Macquarie has reported a better than expected result from Champion Iron, with the company recording a 14% year-on-year earnings increase off the back of strong iron ore pricing and high-grade premiums. 

The broker noted a key positive of the result was the company's ability to pay a 20 cent per share dividend while increasing growth. The company also reported it commissioned the second phase of Bloom Lake ahead of schedule which should see production double in the coming year.

The Outperform rating is retained and the target price increases to $9.60 from $8.60.

Target price is $9.60 Current Price is $7.58 Difference: $2.02
If CIA meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

This company reports in CAD. 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

Ord Minnett rates CIP as Accumulate (2) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for Centuria Industrial REIT to $3.90 from $4.10, while the Accumulate rating is maintained.

Target price is $3.90 Current Price is $3.37 Difference: $0.53
If CIP meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CMW as Downgrade to Hold from Buy (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker downgrades its rating for Cromwell Property to Hold from Buy on relative valuation grounds after recent underperformance, and reduces the target to $0.85 from $0.95.

Target price is $0.85 Current Price is $0.78 Difference: $0.07
If CMW meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CNI as Buy (1) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for Centuria Capital to $2.80 from $3.20, while the Buy rating is maintained.

Target price is $2.80 Current Price is $2.24 Difference: $0.56
If CNI meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 41.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CQE as Hold (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for Charter Hall Social Infrastructure REIT to $3.80 from $3.90, while the Hold rating is maintained.

Target price is $3.80 Current Price is $3.54 Difference: $0.26
If CQE meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates DXS as Downgrade to Hold from Buy (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

In looking at large cap relativities, the broker downgrades its rating for Dexus to Hold from Buy and now prefers Mirvac Group ((MGR), which is upgraded to Accumulate from Hold.

The target price for Dexus also falls to $12.00 from $12.50.

Target price is $12.00 Current Price is $10.50 Difference: $1.5
If DXS meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.04, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates EDV as Underperform (5) -

During a day of investor presentations by Endeavour Group, Credit Suisse noted an opportunity for management to enhance Hotel profitability through ‘catch-up’ capital expenditure.

Management also reiterated its intention to reduce the average age of gaming machines to 5-7 years from just over 7.5 years presently.

As there was no discussion of near-term trading, the broker makes no changes to earnings estimates and leaves its Underperform rating and $6.60 target price unchanged.

Target price is $6.60 Current Price is $7.20 Difference: minus $0.6 (current price is over target).
If EDV meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.52, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates EDV as Neutral (3) -

Endeavour Group's first Investor Day has focused on Retail and Hotel, with Macquarie noting Retail businesses grew their online offering during the covid pandemic and are now moving forward with an omnichannel delivery. 

The company highlighted younger generations are increasingly becoming the key demographic for these businesses but that the company continues to invest in diversifying offerings for all demographics. 

Looking ahead, the company guided to sustaining capital expenditure of $230m annually, while a further $160m is designated for growth capital expenditure in the coming financial year.

The Neutral rating and target price of $7.70 are retained.

Target price is $7.70 Current Price is $7.20 Difference: $0.5
If EDV meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates EDV as Accumulate (2) -

Ord Minnett believes indications for rising capital expenditure at Endeavour Group's investor day was behind a share price fall yesterday. While the broker lowers its target price to $8.50 from $8.60, the Accumulate rating is maintained.

The analyst points out capex is increasing due a normalisation of the hotel acquisition cycle normalises and increasing digital investment in Retail. Additionally, renewals and redevelopments of hotels are expected to rise.

Target price is $8.50 Current Price is $7.20 Difference: $1.3
If EDV meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates EDV as Neutral (3) -

Following Endeavour Group's investor day, UBS assesses its forecasts are broadly in-line with the company's key financial targets.

Due to underinvestment when the group was part of Woolworths Group ((WOW)), the broker expects elevated capex over the next five years will unlock significant organic long-term potential.

Management has lately seen broad improvements in Hotels, while the FY23 performance for Retail is expected to be moderate. UBS retains its Neutral rating and $7.20 target price.

Target price is $7.20 Current Price is $7.20 Difference: $0
If EDV meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates FPH as Buy (1) -

Fisher & Paykel Healthcare has highlighted the potential use of its Optiflow devices for anesthesia, noting a potential doubling of the total addressable market for the device if successful. Citi highlights Optiflow improves oxygenation, giving anesthetists more time to intubate.

The company also expects its new Airvo 3 Optiflow device will drive wider adoption and penetrate new areas in hospitals. For Citi, this update reinforces Optiflow's ability to drive double-digit growth for Fisher & Paykel Healthcare in the medium-term

The Buy rating and target price of NZ$24.00 are retained.

Current Price is $18.06. Target price not assessed.

Current consensus price target is $21.10, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Ord Minnett rates GMG as Hold (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for Goodman Group to $22 from $23, while the Hold rating is maintained.

Target price is $22.00 Current Price is $19.68 Difference: $2.32
If GMG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $26.16, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates GOZ as Hold (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for Growthpoint Properties Australia to $4.00 from $4.20, while the Hold rating is maintained.

Target price is $4.00 Current Price is $3.87 Difference: $0.13
If GOZ meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.36, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates GPT as Lighten (4) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for GPT Group to $5.00 from $5.20, while the Lighten rating is maintained.

Target price is $5.00 Current Price is $4.75 Difference: $0.25
If GPT meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.34, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates HMC as Buy (1) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for HomeCo to $6.50 from $6.90, while the Buy rating is maintained.

Target price is $6.50 Current Price is $5.36 Difference: $1.14
If HMC meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates HPI as Hold (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for Hotel Property Investments to $3.80 from $3.90, while the Hold rating is maintained.

Target price is $3.80 Current Price is $3.58 Difference: $0.22
If HPI meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates IAG as Underweight (5) -

Morgan Stanley highlights March quarter insurance industry data show slowing top-line growth on softer pricing in both commercial and personal lines. It's thought margin expansion will be difficult given inflation, as well as rising catastrophe and reinsurance costs.

Insurance Australia Group grew its top line 2.4%, while its personal lines joint venture grew 6.5%.

The Underweight rating and $4.05 target are maintained. Industry view: Attractive.

Target price is $4.05 Current Price is $4.47 Difference: minus $0.42 (current price is over target).
If IAG meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.05, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates IAG as Sell (5) -

While the market expects a strong pricing response from the domestic general insurers, UBS assesses March quarter APRA data doesn't support this view.

The analyst explains overall profitability was poor, East Coast floods impacted margins and fixed income losses were incurred during the quarter.

Among the domestic insurers, the broker continues to prefer Buy-rated Suncorp Group ((SUN)) over Sell-rated Insurance Australia Group. The $4.10 target price for the latter is retained.

Target price is $4.10 Current Price is $4.47 Difference: minus $0.37 (current price is over target).
If IAG meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.05, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates MGR as Upgrade to Accumulate from Hold (2) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

In looking at large cap relativities, the broker now prefers Mirvac Group (upgraded to Accumulate from Hold) over Dexus ((DXS), which is downgraded to Hold from Buy.

The target price for Mirvac Group slips to $2.50 from $2.60.

Target price is $2.50 Current Price is $2.18 Difference: $0.32
If MGR meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.83, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates MQG as Upgrade to Buy from Accumulate (1) -

Following recent results for the major banks, Ord Minnett revises its interest rate forecasts and increases its EPS estimates, despite higher cost inflation and the potential for normalisation of impairments over FY23 and FY24.

Net interest margins (NIM) stabilised in the 2Q, lending more confidence to guided 2H increases for NIMs, explains the analyst. Of the four majors, CommBank ((CBA) is estimated to have the greatest interest rate leverage.

Outside of the majors, Ord Minnett upgrades its rating for Macquarie Group to Buy from Accumulate on valuation grounds, and retains its $218 price target.

Target price is $218.00 Current Price is $177.81 Difference: $40.19
If MQG meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $202.50, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates MVF as Outperform (1) -

Latest data from Medicare has total cycles in April down -5% on the previous comparable period, and Macquarie has recently downgraded its second half forecast for Monash IVF, noting the company's overweight Melbourne exposure impacted on market share in the period given elective surgery halts in the state.

The broker does, however, feel the company is well placed to gain market share moving forwards, and to benefit from addressing pent up demand into FY23.

The Outperform rating and target price of $1.20 are retained.

Target price is $1.20 Current Price is $1.06 Difference: $0.14
If MVF meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates NAB as Equal-weight (3) -

Using current interest rates, Morgan Stanley estimates an average margin benefit of around 32bps for the major banks.

The analysts point out ANZ Bank ((ANZ)) recently revealed its capital and replicating portfolio could boost margins by 25bps within three years due to the rise in longer-term interest rates.

The broker estimates Westpac ((WBC)) will have the largest annual margin tailwind. 

For National Australia Bank, Morgan Stanley retains its Equal-weight rating and $31.80 target price. Industry View: Attractive.

Target price is $31.80 Current Price is $31.57 Difference: $0.23
If NAB meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $33.42, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates NAB as Accumulate (2) -

Following recent results for the major banks, Ord Minnett revises its interest rate forecasts and increases its EPS estimates, despite higher cost inflation and the potential for normalisation of impairments over FY23 and FY24.

Net interest margins (NIM) stabilised in the 2Q, lending more confidence to guided 2H increases for NIMs, explains the analyst.

Of the four majors, CommBank ((CBA) has the greatest interest rate leverage, closely followed by National Australia Bank, estimates the broker. The $34.50 target price and Accumulate rating are unchanged.

Target price is $34.50 Current Price is $31.57 Difference: $2.93
If NAB meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $33.42, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates NHC as Outperform (1) -

New Hope downgraded FY22 saleable coal production guidance by -8% after a soft April due to wet weather and labour constraints at Bengalla. Nonetheless, Credit Suisse retains its Outperform rating and $4.90 target, noting free cash flow generation is outstanding.

Any volume downside risks should be countered by pricing upside, in the analyst's opinion. It's felt both Credit Suisse and consensus may have to upgrade forecasts, which are based on levels well below the current spot price.

Target price is $4.90 Current Price is $3.78 Difference: $1.12
If NHC meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates NHC as Outperform (1) -

Weather conditions and labour shortages drove productivity levels -25% below the norm at New Hope's Bengalla site, leading to coal production and sales -15% and -10% below Macquarie's expectations in the third quarter. 

Despite this, earnings were in line with the broker's forecast as strong realised pricing offset lower sales volumes, with elevated pricing expected to continue to support New Hope's earnings outlook over the fourth quarter. 

The Outperform rating is retained and the target price decreases to $4.30 from $4.50.

Target price is $4.30 Current Price is $3.78 Difference: $0.52
If NHC meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates NSR as Buy (1) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for National Storage REIT to $2.60 from $2.70, while the Buy rating is maintained.

Target price is $2.60 Current Price is $2.35 Difference: $0.25
If NSR meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ORG as Outperform (1) -

Macquarie notes gas should provide upside for Origin Energy, with retail gas repricing likely to offer up to $200m in additional earnings in FY23 and FY24, but coal costs remain an uncertainty.

Tier 3 energy retailers are already noting material price increases and customer shedding, with the Australian Energy Regulator delayed Default Market Offer revealing retail price increases of 11-13% for Queensland, 9-18% for New South Wales and 7-9% for South Australia, while the Victorian Default Offer suggests a 1-9% increase.

The Outperform rating is retained and the target price increases to $7.32 from $7.19.

Target price is $7.32 Current Price is $6.73 Difference: $0.59
If ORG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley highlights March quarter insurance industry data show slowing top-line growth on softer pricing in both commercial and personal lines. It's thought margin expansion will be difficult given inflation, as well as rising catastrophe and reinsurance costs.

QBE Insurance recorded 10.1% year-on-year gross writen premium (GWP) growth, helped along by its commercial skew, though its margin was -1.4%.

The Overweight rating and $15.70 target are retained.

Target price is $15.70 Current Price is $12.23 Difference: $3.47
If QBE meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $15.54, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

UBS rates QBE as Buy (1) -

While the market expects a strong pricing response from the domestic general insurers, UBS assesses March quarter APRA data doesn't support this view.

The analyst explains overall profitability was poor, East Coast floods impacted margins and fixed income losses were incurred during the quarter.

QBE Insurance is the broker's preferred general insurer, along with insurance broker Steadfast Group ((SDF)). The Buy rating and $16 target price are retained for the former.

Target price is $16.00 Current Price is $12.23 Difference: $3.77
If QBE meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $15.54, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Ord Minnett rates SCG as Buy (1) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker lowers its target price for Scentre Group to $3.20 from $3.30, while the Buy rating is maintained.

Target price is $3.20 Current Price is $2.86 Difference: $0.34
If SCG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates SCP as Downgrade to Lighten from Hold (4) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

Nonetheless, the broker downgrades it rating for Shopping Centres Australasia Property to Lighten from Hold on relative valuation grounds after recent underperformance. The $3.00 target price is unchanged.

Target price is $3.00 Current Price is $2.94 Difference: $0.06
If SCP meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SDF as Buy (1) -

While the market expects a strong pricing response from the domestic general insurers, UBS assesses March quarter APRA data doesn't support this view.

The analyst explains overall profitability was poor, East Coast floods impacted margins and fixed income losses were incurred during the quarter.

QBE Insurance (QBE)) is the broker's preferred general insurer, along with insurance broker Steadfast Group. The Buy rating and $5.60 target price are retained for the latter.

Target price is $5.60 Current Price is $5.00 Difference: $0.6
If SDF meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates SGP as Hold (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

The broker maintains its Hold rating and $4.40 target price for Stockland.

Target price is $4.40 Current Price is $3.87 Difference: $0.53
If SGP meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates SUN as Equal-weight (3) -

Morgan Stanley highlights March quarter insurance industry data show slowing top-line growth on softer pricing in both commercial and personal lines. It's thought margin expansion will be difficult given inflation, as well as rising catastrophe and reinsurance costs.

Suncorp Group's insurance margin was lower than the analyst expected though was above industry averages, while growth in gross written premiums was in-line.

The Equal-weight rating and $12.50 target are unchanged. Industry view: In-Line.

Target price is $12.50 Current Price is $12.13 Difference: $0.37
If SUN meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $13.81, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SUN as Buy (1) -

While the market expects a strong pricing response from the domestic general insurers, UBS assesses March quarter APRA data doesn't support this view.

The analyst explains overall profitability was poor, East Coast floods impacted margins and fixed income losses were incurred during the quarter.

Among the domestic insurers, the broker continues to prefer Buy-rated Suncorp Group over Insurance Australia Group ((IAG)).  The $14.40 target price is retained for the former.

Target price is $14.40 Current Price is $12.13 Difference: $2.27
If SUN meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.81, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates TLC as No Rating (-1) -

Following the demerger from Tabcorp ((TAH)), Credit Suisse initiates coverage on Lottery Corp with a $4.60 target price. A Neutral rating is adopted as the broker is somewhat constrained by a current multiple in-line with other ASX-listed defensive infrastructure peers.

The company is described as a cash generative powerhouse by the analyst, with potential for $1.7bn of capital returns over the next three years. A reliable revenue growth profile is thought to be complemented by margin expansion potential from digital penetration.

Credit Suisse acknowledges license renewal risks and notes the Victorian lottery license expires in 2028.

Target price is $4.60 Current Price is $4.71 Difference: minus $0.11 (current price is over target).
If TLC meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.08, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates TWR as Initiation of coverage with Outperform (1) -

Despite a difficult first half Tower has retained its full year guidance of NZ$21-25m, but Macquarie notes maintaining an expense ratio and attritional claims ratio moving forward will be key to the company establishing a track record of margin improvement. 

The broker finds Tower well placed to continue to provide long-term value, but notes higher inflation trends and large La Nina-related losses offer risk to its outlook.

The Outperform rating is retained and the target price decreases to NZ$0.90 from NZ$1.00.

Current Price is $0.63. Target price not assessed.

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

This company reports in NZD. 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

Ord Minnett rates VCX as Hold (3) -

Ord Minnett sees emerging value in the REIT sector due to a stabilisation of long-term bond yields and moderating market cash rate assumptions over the past few weeks.

The broker maintains its Hold rating and $2.00 target price for Vicinity Centres.

Target price is $2.00 Current Price is $1.86 Difference: $0.14
If VCX meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates WBC as Overweight (1) -

Using current interest rates, Morgan Stanley estimates an average margin benefit of around 32bps for the major banks.

The analysts point out ANZ  Bank ((ANZ) recently revealed its capital and replicating portfolio could boost margins by 25bps within three years due to the rise in longer-term interest rates.

The broker estimates Westpac will have the largest annual margin tailwind. The Overweight rating and $25.70 target are retained. Industry view: Attractive.

Separately, Morgan Stanley notes the bank's ongoing earnings will be reduced by around -1% following an agreement with Mercer to merge BT’s personal and corporate superannuation funds and to sell Advance Asset Management.

Target price is $25.70 Current Price is $23.90 Difference: $1.8
If WBC meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $25.49, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates WBC as Hold (3) -

Following recent results for the major banks, Ord Minnett revises its interest rate forecasts and increases its EPS estimates, despite higher cost inflation and the potential for normalisation of impairments over FY23 and FY24.

Net interest margins (NIM) stabilised in the 2Q, lending more confidence to guided 2H increases for NIMs, explains the analyst.

Of the four majors, CommBank ((CBA) has the greatest interest rate leverage, while Westpac has the second least, estimates the broker. The Hold rating and $23.90 target price are maintained.

Target price is $23.90 Current Price is $23.90 Difference: $0
If WBC meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $25.49, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources