Australian Broker Call
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August 07, 2019
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 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
| ALQ - | ALS LIMITED | Upgrade to Buy from Neutral | Citi |
| APE - | AP EAGERS | Upgrade to Overweight from Equal-weight | Morgan Stanley |
| DMP - | DOMINO'S PIZZA | Upgrade to Buy from Neutral | UBS |
| SLC - | SUPERLOOP | Downgrade to Equal-weight from Overweight | Morgan Stanley |
| TNE - | TECHNOLOGYONE | Upgrade to Hold from Lighten | Ord Minnett |
| TPM - | TPG TELECOM | Downgrade to Equal-weight from Overweight | Morgan Stanley |
AIZ AIR NEW ZEALAND LIMITED
Transportation & Logistics
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Overnight Price: $2.64
Credit Suisse rates AIZ as Neutral (3) -
Despite a downgrade to guidance at the beginning of the year, Credit Suisse notes Air New Zealand continues to trade near its recent peaks and at a premium to the airline sector.
While this appears somewhat surprising, the broker notes a net dividend yield of 8.5% is likely to underpin the share price in the near term.
Indicators suggest there is softening of booking momentum into FY20 and the broker maintains a Neutral rating. Target rises to NZ$2.70 from NZ$2.60.
Current Price is $2.64. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.72 cents and EPS of 21.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.4, implying annual growth of N/A. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 21.66 cents and EPS of 26.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.8, implying annual growth of 24.1%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 8.5%. Current consensus EPS estimate suggests the PER is 9.5. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $29.16
Macquarie rates ALL as Outperform (1) -
Aristocrat is about to launch its new video poker bar top machines in North America for trial. The broker sees the machines as providing an incremental earnings opportunity but is not changing forecasts at this stage.
Macquarie retains Outperform on a 19.5x forward PE and a -10% discount to the All Industrials ex-financials. Target unchanged at $31.50.
Target price is $31.50 Current Price is $29.16 Difference: $2.34
If ALL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $33.11, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 55.00 cents and EPS of 137.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 132.6, implying annual growth of 16.2%. Current consensus DPS estimate is 52.9, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 22.0. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 63.00 cents and EPS of 157.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.0, implying annual growth of 15.4%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.03
Citi rates ALQ as Upgrade to Buy from Neutral (1) -
First half guidance signals weaker trends in geochemistry and Citi continues to envisage a near-term risk to commodities earnings. However, the broker upgrades to Buy from Neutral as the valuation is considered attractive.
Moreover, there is potential upside to FY21 forecasts from higher exploration expenditure, because of recent strength in the gold price. Target is reduced to $7.90 from $8.10.
Target price is $7.90 Current Price is $7.03 Difference: $0.87
If ALQ meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.91, suggesting upside of 12.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 21.50 cents and EPS of 37.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 24.4%. Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 24.50 cents and EPS of 43.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.0, implying annual growth of 9.4%. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 16.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.27
Morgan Stanley rates AMC as Overweight (1) -
Now the Bemis transaction is completed Morgan Stanley believes Amcor is well placed to consolidate its position as a global leader in packaging.
The broker expects growth of 13% in earnings per share in FY20 and expects upside risk if synergies are delivered in excess of the US$180m target.
While this is not spectacular growth, the broker likes the high quality and defensive earnings stream.
Overweight. Target is raised to $18.50 from $16.10. Cautious industry view.
Target price is $18.50 Current Price is $15.27 Difference: $3.23
If AMC meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $16.92, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 63.31 cents and EPS of 70.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.3, implying annual growth of N/A. Current consensus DPS estimate is 66.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 71.75 cents and EPS of 83.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.6, implying annual growth of 9.5%. Current consensus DPS estimate is 71.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AMC as Accumulate (2) -
Ord Minnett suspects Amcor could announce an on-market buyback at its FY19 results on August 21. This is likely to be funded by proceeds from forced divestments relating to the Bemis acquisition.
The broker also notes raw material prices have moved favourably for the business over the past 12 months. Accumulate rating maintained. Target is raised to $16.25 from $16.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $16.25 Current Price is $15.27 Difference: $0.98
If AMC meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $16.92, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 84.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.3, implying annual growth of N/A. Current consensus DPS estimate is 66.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 90.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.6, implying annual growth of 9.5%. Current consensus DPS estimate is 71.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.00
Ord Minnett rates AOG as Accumulate (2) -
The company has stated that negotiations with Brookfield Property continue, with the intention of entering into a transaction. The indicative offer price has been disclosed has $2.195 a share, less any distributions.
Ord Minnett is surprised the board was willing to recommend an offer at such a discount to the audited net tangible assets.
The broker raises the question of whether this is an appropriate time to sell the business, as the share price has not recovered from the negative press campaign and this was followed by softer residential markets.
The broker maintains an Accumulate rating and lowers the target to $2.15 from $2.75.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.15 Current Price is $2.00 Difference: $0.15
If AOG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 4.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of -86.7%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 5.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of -27.4%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 32.8. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.58
Morgan Stanley rates APE as Upgrade to Overweight from Equal-weight (1) -
Morgan Stanley upgrades to Overweight from Equal-weight, believing an opportunity now exists to buy a quality operator at cyclical lows. AP Eagers has become bigger and more relevant now it has merged with Automotive Holdings.
The broker also envisages more synergies will emerge from consolidating the footprint and advertising/promotions but does not include these items in its estimate for synergies of $115m. Target is raised to $12.80 from $7.00. Industry view: In-Line.
Target price is $12.80 Current Price is $10.58 Difference: $2.22
If APE meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $9.34, suggesting downside of -11.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 33.20 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.2, implying annual growth of -13.1%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 23.4. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 37.50 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.8, implying annual growth of 10.2%. Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BWP as Sell (5) -
FY19 distributable profit was slightly below expectations, although Citi acknowledges the treatment of capital profits may vary across analysts. The FY20 distribution is expected to be marginally higher than FY19.
The broker acknowledges management's conservative approach but believes the results suggest slower growth in FY20.
The company has less exposure to some of the issues faced by other retail landlords but expiries of anchor tenants may be a significant headwind, Citi points out.
The broker reiterates a Sell rating and increases the target to $2.72 from $2.68 on higher book values.
Target price is $2.72 Current Price is $3.79 Difference: minus $1.07 (current price is over target).
If BWP meets the Citi target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.10, suggesting downside of -18.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 18.20 cents and EPS of 18.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of -32.1%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 21.2. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 18.40 cents and EPS of 18.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 1.7%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 20.8. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BWP as Lighten (4) -
FY19 net profit was ahead of Ord Minnett's forecasts. The balance sheet has improved and there is less risk in the property portfolio. However, Ord Minnett suggests there is more work to do to address current vacancy levels and FY21 leasing challenges.
Lighten rating maintained. Target increases to $3.60 from $3.45 because of revised medium-term earnings assumptions following the redeployment of proceeds from asset sales.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.60 Current Price is $3.79 Difference: minus $0.19 (current price is over target).
If BWP meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.10, suggesting downside of -18.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 18.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of -32.1%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 21.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 18.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 1.7%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 20.8. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $79.00
Citi rates CBA as Sell (5) -
On Citi's early assessment, CommBank's FY19 report missed expectations by circa -2%, while final dividend and CET1 of 10.7% were both smack bang in-line.
The analysts also note weak top line, cost challenges and in-line bad debts. Irrespective, after a strong re-rating of the shares, Citi analysts suggest the route of least resistance appears to be for a weaker share price.
Sell. Target $73.25.
Target price is $73.25 Current Price is $79.00 Difference: minus $5.75 (current price is over target).
If CBA meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $73.11, suggesting downside of -7.5% (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 485.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 486.4, implying annual growth of -9.0%. Current consensus DPS estimate is 431.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 484.00 cents and EPS of 511.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 505.2, implying annual growth of 3.9%. Current consensus DPS estimate is 438.9, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.6. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CBA as Underweight (5) -
On early assessment of today's FY19 release, Morgan Stanley analysts see a clear "miss" with the continuing cash profit some -7% off the mark and, on their assessment, some -4% below market consensus.
The analysts add the accompanying outlook given won't be good enough to prevent the share price from weakening post the release, in particular since a re-rating had occurred beforehand. They also note the final dividend was flat on an 80% payout (underlying).
Underweight maintained. Target is $66.50. Industry view: In-Line.
Target price is $66.50 Current Price is $79.00 Difference: minus $12.5 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $73.11, suggesting downside of -7.5% (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 491.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 486.4, implying annual growth of -9.0%. Current consensus DPS estimate is 431.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 431.00 cents and EPS of 489.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 505.2, implying annual growth of 3.9%. Current consensus DPS estimate is 438.9, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.6. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.73
UBS rates CGC as Buy (1) -
UBS notes wholesale pricing trends for mushrooms have been soft, down more than -30% in the two months since May. While wholesale pricing is more volatile than that received by Costa Group it does suggest some risk to first half results.
This is expected to be partly offset by strong prices for tomatoes, avocados and a high-quality citrus crop.
The reiteration of guidance at the first half results on August 23 is likely to be the most immediate catalyst, in the broker's view. Buy rating maintained. Target is $5.50.
Target price is $5.50 Current Price is $3.73 Difference: $1.77
If CGC meets the UBS target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $4.66, suggesting upside of 24.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 13.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of -43.2%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 19.4. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 17.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.1, implying annual growth of 20.3%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.84
UBS rates CMA as Buy (1) -
FY19 results were in line with expectations. Guidance for free funds from operations of 19.0c is below UBS estimates but allows for the sale of 483 Kingsford Smith Drive.
The company will focus on assets located near major transport precincts and a reduced Queensland exposure.
UBS continues to be attracted to metropolitan office markets, given relative value versus CBD markets and more sustainable rental growth in the medium term.
The broker retains a Buy rating and $2.74 target.
Target price is $2.74 Current Price is $2.84 Difference: minus $0.1 (current price is over target).
If CMA meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 17.80 cents and EPS of 19.10 cents. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 18.00 cents and EPS of 19.50 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.54
Credit Suisse rates COE as Initiation of coverage with Neutral (3) -
Cooper Energy offers unique exposure to the south eastern Australian gas market via conventional offshore gas production, Credit Suisse observes. The broker considers the stock the best way to play the market in order to avoid onshore supply cost/sustainability risks.
The broker considers the valuation fair, with upside to come from higher prices and success in exploration and appraisal drilling. Credit Suisse initiates coverage with a Neutral rating and $0.55 target.
Target price is $0.55 Current Price is $0.54 Difference: $0.01
If COE meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $0.58, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.5, implying annual growth of -72.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 108.0. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 3.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.5, implying annual growth of 800.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.89
Ord Minnett rates CPU as Hold (3) -
The company is expected to endure substantial headwinds into FY20 related to interest rates and mortgage servicing in the UK and US. Nevertheless, Ord Minnett notes the share price has pulled back materially.
Computershare is due to report its FY19 result on August 14. Ord Minnett maintains a Hold rating and reduces the target to $16.25 from $16.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $16.25 Current Price is $14.89 Difference: $1.36
If CPU meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $16.29, suggesting upside of 9.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 44.34 cents and EPS of 96.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.0, implying annual growth of N/A. Current consensus DPS estimate is 57.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 45.02 cents and EPS of 94.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.7, implying annual growth of -1.3%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.6. |
This company reports in USD. 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
Overnight Price: $3.16
UBS rates CRN as Buy (1) -
First half underlying earnings were in line with UBS estimates. The company has revised its Curragh mine plan, targeting 15mtpa capacity.
The company expects the metallurgical coal price to remain volatile over the near term, influenced by port restrictions in China and tariffs on US coal imports. Buy rating maintained. Target is $4.00.
Target price is $4.00 Current Price is $3.16 Difference: $0.84
If CRN meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 32.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 91.45 cents and EPS of 63.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.5, implying annual growth of N/A. Current consensus DPS estimate is 84.6, implying a prospective dividend yield of 26.8%. Current consensus EPS estimate suggests the PER is 5.2. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 43.61 cents and EPS of 46.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.9, implying annual growth of -22.5%. Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 11.8%. Current consensus EPS estimate suggests the PER is 6.7. |
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
CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $218.88
Morgan Stanley rates CSL as Equal-weight (3) -
Morgan Stanley expects revenue growth of 9% and net profit growth of 11% when the company reports FY19 earnings on August 14.
If the company does not change its guidance for Seqirus in FY20 the broker suspects the heavy lifting in terms of growth will come from Behring.
As the valuation does not encapsulate the risks the broker retains an Equal-weight rating. Target is raised to $198 from $194. Industry view: In-Line.
Target price is $198.00 Current Price is $218.88 Difference: minus $20.88 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $213.40, suggesting downside of -2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 272.79 cents and EPS of 592.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 617.4, implying annual growth of N/A. Current consensus DPS estimate is 279.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 281.23 cents and EPS of 596.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 651.4, implying annual growth of 5.5%. Current consensus DPS estimate is 302.4, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 33.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CYB as Buy (1) -
Citi analysts state they are taking a broadly neutral view post the Q3 report release. While key financials proved in-line with expectations, the analysts do note Net Interest Margin (NIM) guidance for Q4 implies a steep fall, below expectations.
Further out, the analysts do see NIM support and increased ability to lift the pay out ratio, which both are positives. Because of ongoing self-help potential, and a cheap looking valuation, the Buy rating remains in place. Target GBP2.45.
Current Price is $2.74. Target price not assessed.
Current consensus price target is $3.63, suggesting upside of 32.5% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 46.0, implying annual growth of N/A. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 6.0. |
Forecast for FY20:
Current consensus EPS estimate is 46.5, implying annual growth of 1.1%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 5.9. |
This company reports in GBP. 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
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate
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Overnight Price: $2.82
Macquarie rates DHG as Neutral (3) -
Property listings fell -23.3% in the June Q and -22.8% in July, leading the broker to downgrade its second half volume estimates for online real estate. Despite some positive lead indicators now appearing for the housing market, the broker is cautious about factoring in a near term recovery in listings.
This leads to lower earnings forecasts, but a reduction in cost of capital assumption due to lower rates means Domain's target rises to $2.90 from $2.7. Neutral retained.
Target price is $2.90 Current Price is $2.82 Difference: $0.08
If DHG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.73, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 6.50 cents and EPS of 6.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of N/A. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 39.2. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 8.00 cents and EPS of 8.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of 23.6%. Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 31.7. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DMP DOMINO'S PIZZA ENTERPRISES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $37.23
UBS rates DMP as Upgrade to Buy from Neutral (1) -
UBS believes the market has priced in the earnings risk and a slower ramp up in the EU.
Domino's Pizza has underperformed the ASX 200 by -18% over the last three months and, while earnings risk is still envisaged into the FY19 results, the broker believes this has been well flagged.
Rating is upgraded to Buy from Neutral amid a strong growth opportunity. Target is steady at $48.50.
Target price is $48.50 Current Price is $37.23 Difference: $11.27
If DMP meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $42.98, suggesting upside of 15.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 120.90 cents and EPS of 167.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 167.9, implying annual growth of 20.4%. Current consensus DPS estimate is 119.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 136.80 cents and EPS of 189.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 188.3, implying annual growth of 12.2%. Current consensus DPS estimate is 134.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.11
Macquarie rates OML as Outperform (1) -
Despite growing 5.5% in the first half to TV's -5% decline and radio's -2%, the out-of-home ad industry is facing tricky macro headwinds, the broker notes, including a weaker consumer environment. However Macquarie sees ongoing structural growth for the sector and for oOh!media in particular thanks to industry consolidation and investment.
The company has revised 2019 guidance to the lower end of the prior range. Target falls to $5.10 from $5.20. Outperform retained on an unchallenging valuation.
Target price is $5.10 Current Price is $4.11 Difference: $0.99
If OML meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $4.67, suggesting upside of 13.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 11.70 cents and EPS of 25.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 35.0%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 14.60 cents and EPS of 32.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 15.6%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.23
UBS rates ORA as Buy (1) -
The company's FY19 result will be affected by significant items totalling -$56m. The charges mostly relate to a -$35m provision for additional decommissioning and environmental remediation costs at the former Petrie Mill site.
The bulk of restructuring charges will be incurred in the first half of FY20 as the cost base is aligned to the market outlook.
UBS reduces growth forecasts for FY20 across the North American and Australasian operations. More subdued activity levels, partly offset by lower AUD/USD forecasts, drives most of the revisions.
Earnings growth in FY20 of 3% is now expected. Buy rating maintained. Target is reduced to $3.85 from $3.92.
Target price is $3.85 Current Price is $3.23 Difference: $0.62
If ORA meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.46, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 13.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of 1.7%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 14.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.1, implying annual growth of 6.1%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PLS PILBARA MINERALS LIMITED
New Battery Elements
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Overnight Price: $0.43
Citi rates PLS as Neutral (3) -
Citi notes the company continues to improve recoveries at Pilgangoora, targeting 75% by the end of 2019 versus the 55% achieved in the June quarter.
With spot spodumene prices at around US$600/t and June quarter costs of US$528/t, Citi believes cost reduction needs to be to the fore to generate through-the-cycle margins. The broker maintains a Neutral/High Risk rating and $0.60 target.
Target price is $0.60 Current Price is $0.43 Difference: $0.17
If PLS meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $0.70, suggesting upside of 62.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.0, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of 3.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.2, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 19.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PNI PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $4.65
Macquarie rates PNI as Outperform (1) -
Pinnacle Investment's 44.6% growth in FY19 profit came in ahead of the broker. While the fund manager does not provide specific outlook commentary, the broker notes confidence retail and institutional pipeline with a strong number of funds under management prospects heading into FY20.
Pinnacle combines a strong track record in net flows and performance along with ongoing investment in distribution to drive further growth, the broker notes. Outperform retained, target falls to $6.01 from $6.11.
Target price is $6.01 Current Price is $4.65 Difference: $1.36
If PNI meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 29.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 17.60 cents and EPS of 20.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.0, implying annual growth of 9.3%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.3. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 23.00 cents and EPS of 26.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.2, implying annual growth of 21.0%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PNI as Add (1) -
Net profit was up 32% in FY19 amid diluted growth in earnings per share of 19.6%, Morgans notes. The broker considers the company has structural growth embedded in the business with future options from adding new affiliates.
No specific guidance was provided for FY20 yet the broker notes the company has started with a solid position in funds under management of $54.3bn. Morgans maintains an Add rating and reduces the target to $5.65 from $6.05.
Target price is $5.65 Current Price is $4.65 Difference: $1
If PNI meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 29.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 16.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.0, implying annual growth of 9.3%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.3. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 20.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.2, implying annual growth of 21.0%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PNI as Buy (1) -
FY19 results were in line with Ord Minnett's forecasts, as higher costs were offset by better than expected returns.
While Ord Minnett pares back FY20 estimates for flows to $2.4bn, the uplift in funds under management over FY19 is expected to provide a compelling tailwind.
The broker envisages fundamental long-term value in the stock and retains a Buy rating. Target is reduced to $6.37 from $7.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.37 Current Price is $4.65 Difference: $1.72
If PNI meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 29.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 18.50 cents and EPS of 20.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.0, implying annual growth of 9.3%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.3. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 20.80 cents and EPS of 23.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.2, implying annual growth of 21.0%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $91.19
Macquarie rates REA as Outperform (1) -
Property listings fell -23.3% in the June Q and -22.8% in July, leading the broker to downgrade its second half volume estimates for online real estate. Despite some positive lead indicators now appearing for the housing market, the broker is cautious about factoring in a near term recovery in listings.
This leads to lower earnings forecasts, but a reduction in cost of capital assumption due to lower rates means REA's target rises to $105.50 from $93.50. Outperform retained.
Target price is $105.50 Current Price is $91.19 Difference: $14.31
If REA meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $90.01, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 128.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.0, implying annual growth of 25.1%. Current consensus DPS estimate is 123.1, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 38.0. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 146.00 cents and EPS of 265.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 277.4, implying annual growth of 15.6%. Current consensus DPS estimate is 142.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 32.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SCP SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP
REITs
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Overnight Price: $2.55
Citi rates SCP as Sell (5) -
FY19 earnings were in line with Citi's forecasts. FY20 guidance of 16.7c per security reflects growth of 2.3% and is modestly below the broker's expectations.
Citi acknowledges SCA Property consistently tends to beat its initial guidance, although management has highlighted softening retail conditions.
The operating environment is challenging and Citi maintains a Sell rating, reducing the target to $2.12 from $2.18.
Target price is $2.12 Current Price is $2.55 Difference: minus $0.43 (current price is over target).
If SCP meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.34, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 15.10 cents and EPS of 16.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 32.5%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 15.50 cents and EPS of 17.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 3.0%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SCP as Underperform (5) -
SCA Property's FY19 funds from operations and FY20 guidance both met the broker's forecasts. Operating income is expected to moderate given headwinds facing retail landlords, but a lower cost of debt provides a tailwind, the broker notes.
Underperform and $2.21 target retained.
Target price is $2.21 Current Price is $2.55 Difference: minus $0.34 (current price is over target).
If SCP meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.34, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 15.10 cents and EPS of 15.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 32.5%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 15.70 cents and EPS of 16.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 3.0%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SCP as Accumulate (2) -
FY19 results were slightly ahead of Ord Minnett's forecasts. The company expects earnings per share to increase 2.3% in FY20, and the broker considers the result a reasonable endorsement of the stock's defensive traits.
Ord Minnett maintains an Accumulate rating with a $2.70 target. The broker believes the company has more stable shopper patterns, superior sales growth and more predictable income growth versus the majority of its peers.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.70 Current Price is $2.55 Difference: $0.15
If SCP meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.34, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 15.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 32.5%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 16.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 3.0%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SCP as Neutral (3) -
FY19 results were in line with UBS estimates although FY20 guidance is below expectations. The broker expects the stock to remain supported, given a solid distribution yield of 6.0% and distribution growth of 3%.
Going forward, the broker notes the focus will be on the outlook for cap rates and whether management can turn around the portfolio acquired from Vicinity Centres ((VCX)) in October 2018. Neutral rating maintained. Target is $2.42.
Target price is $2.42 Current Price is $2.55 Difference: minus $0.13 (current price is over target).
If SCP meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.34, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 15.20 cents and EPS of 16.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 32.5%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 16.00 cents and EPS of 17.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 3.0%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.95
Morgan Stanley rates SLC as Downgrade to Equal-weight from Overweight (3) -
The company has downgraded guidance several times ahead of the FY19 results, reducing FY20 guidance for operating earnings (EBITDA) by -50% because of a slower ramping up in sales.
Morgan Stanley downgrades to Equal-weight from Overweight. Industry view is In-Line. Target is reduced to $1.10 from $1.75.
Target price is $1.10 Current Price is $0.95 Difference: $0.15
If SLC meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 8.20 cents. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 3.90 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.93
Morgan Stanley rates SPK as Overweight (1) -
Morgan Stanley notes telco markets are under significant pressure but competition has stabilised, particularly in mobile.
The broker reduces estimates for operating earnings by up to -2% for FY19-21, reflecting lower mobile services and cloud revenue.
Overweight rating retained. Industry view is In-Line. Price target is raised to NZ$4.25 from NZ$4.15.
Current Price is $3.93. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 23.54 cents and EPS of 20.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of N/A. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 23.54 cents and EPS of 21.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of 5.7%. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 17.8. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.33
Citi rates SUN as Buy (1) -
It appears that, on early assessment, Suncorp's FY19 report slightly missed expectations. But excluding the $60m pre-tax provision, Citi analysts believe the report might actually be a little better than expectations.
Management is now also conceding its plans with Marketplace might have been too ambitious, which should be well received by investors suggest Citi analysts. The cautious outlook does not come as a surprise.
Insurance margins are one positive surprise from the FY19 result. Buy and a $14.40 target.
Target price is $14.40 Current Price is $13.33 Difference: $1.07
If SUN meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $13.83, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 74.00 cents and EPS of 88.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.1, implying annual growth of -7.4%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 78.00 cents and EPS of 95.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.0, implying annual growth of 18.3%. Current consensus DPS estimate is 71.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SUN as Hold (3) -
On initial analysis, Ord Minnett finds today's FY19 result appears weak in general insurance on an underlying basis, but the bank result was strong due to low bad debts and increases in 2H non-interest income.
All in all, it appears net profit is better than what the broker had expected, plus there is the prospect of a special dividend, assuming shareholders grant their approval.
Hold. Target $14.40.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $14.40 Current Price is $13.33 Difference: $1.07
If SUN meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $13.83, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 82.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.1, implying annual growth of -7.4%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 63.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.0, implying annual growth of 18.3%. Current consensus DPS estimate is 71.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.07
Ord Minnett rates TNE as Upgrade to Hold from Lighten (3) -
Ord Minnett upgrades to Hold from Lighten, believing upgrades to management's stated targets are not needed to justify the current valuation.
The company has highlighted a slightly faster and stronger cloud conversion profile than the broker has forecast and, while this is likely to play out, Ord Minnett would like more evidence before reviewing its assumptions. Target is raised to $6.90 from $6.80.
Target price is $6.90 Current Price is $7.07 Difference: minus $0.17 (current price is over target).
If TNE meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.26, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 11.80 cents and EPS of 17.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of 6.2%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 41.3. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 12.70 cents and EPS of 18.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 12.3%. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 36.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.68
Morgan Stanley rates TPM as Downgrade to Equal-weight from Overweight (3) -
Morgan Stanley expects the shares will be detached from the fundamentals over the next 6-12 months and trade on the probability of outcomes in the Federal Court case of the proposed merger with Vodafone.
The broker envisages little risk to the company's FY19 guidance of $800-820m in operating earnings (EBITDA), given the strong first half.
Rating is downgraded to Equal-weight from Overweight and the target is lowered to $6.85 from $7.15. Industry view is In-Line.
Target price is $6.85 Current Price is $6.68 Difference: $0.17
If TPM meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $6.23, suggesting downside of -6.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 4.20 cents and EPS of 41.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of -13.3%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 2.80 cents and EPS of 27.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.9, implying annual growth of -32.9%. Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 26.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.23
Macquarie rates URW as Neutral (3) -
UR-Westfield's first half earnings beat the broker by 8% and FY guidance was upgraded by 2.5%. The beat was largely low quality nonetheless, the broker suggests, owing a lot to a lower cost of debt.
The broker stills sees upside in the second half but is concerned about a high level of gearing and difficult underlying conditions, thus Neutral retained. A reduction in net asset value leads to a target cut to $9.48 from $9.93.
Target price is $9.48 Current Price is $10.23 Difference: minus $0.75 (current price is over target).
If URW meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.04, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 86.32 cents and EPS of 99.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of N/A. Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 87.28 cents and EPS of 100.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.6, implying annual growth of 2.2%. Current consensus DPS estimate is 54.2, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 17.2. |
This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $38.80
Morgans rates WES as Hold (3) -
Morgans expects a mixed result when the company reports on August 27. FY19 earnings (EBIT) is forecast to be down -34%, largely because of the Coles ((COL)) de-merger.
On a continuing basis earnings are forecast to be up 1%. Morgans maintains a Hold rating and $34.61 target.
Target price is $34.61 Current Price is $38.80 Difference: minus $4.19 (current price is over target).
If WES meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $33.11, suggesting downside of -14.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 288.00 cents and EPS of 168.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 175.2, implying annual growth of 65.5%. Current consensus DPS estimate is 260.9, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 22.1. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 157.00 cents and EPS of 175.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 169.0, implying annual growth of -3.5%. Current consensus DPS estimate is 152.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 23.0. |
Market Sentiment: -0.7
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 | |
| ALQ | ALS LIMITED | Citi | 7.90 | 8.10 | -2.47% |
| AMC | AMCOR | Morgan Stanley | 18.50 | 16.10 | 14.91% |
| Ord Minnett | 16.25 | 16.00 | 1.56% | ||
| AOG | AVEO | Ord Minnett | 2.15 | 2.75 | -21.82% |
| APE | AP EAGERS | Morgan Stanley | 12.80 | 7.00 | 82.86% |
| BWP | BWP TRUST | Citi | 2.72 | 2.66 | 2.26% |
| Ord Minnett | 3.60 | 3.45 | 4.35% | ||
| CPU | COMPUTERSHARE | Ord Minnett | 16.25 | 16.50 | -1.52% |
| CSL | CSL | Morgan Stanley | 198.00 | 194.00 | 2.06% |
| DHG | DOMAIN HOLDINGS | Macquarie | 2.90 | 2.70 | 7.41% |
| OML | OOH!MEDIA | Macquarie | 5.10 | 5.20 | -1.92% |
| ORA | ORORA | UBS | 3.85 | 3.92 | -1.79% |
| PLS | PILBARA MINERALS | Citi | 0.60 | 0.90 | -33.33% |
| PNI | PINNACLE INVESTMENT | Macquarie | 6.01 | 6.11 | -1.64% |
| Morgans | 5.65 | 6.05 | -6.61% | ||
| Ord Minnett | 6.37 | 7.00 | -9.00% | ||
| REA | REA GROUP | Macquarie | 105.50 | 93.50 | 12.83% |
| SCP | SHOPPING CENTRES AUS | Citi | 2.12 | 2.23 | -4.93% |
| SLC | SUPERLOOP | Morgan Stanley | 1.10 | 1.75 | -37.14% |
| TLS | TELSTRA CORP | Morgan Stanley | 3.20 | 2.70 | 18.52% |
| TNE | TECHNOLOGYONE | Ord Minnett | 6.90 | 6.80 | 1.47% |
| TPM | TPG TELECOM | Morgan Stanley | 6.85 | 7.15 | -4.20% |
| URW | UNIBAIL-RODAMCO-WESTFIELD | Macquarie | 9.48 | 9.93 | -4.53% |
| VOC | VOCUS GROUP | Morgan Stanley | 3.70 | 4.00 | -7.50% |
Summaries
| AIZ | AIR NEW ZEALAND | Neutral - Credit Suisse | Overnight Price $2.64 |
| ALL | ARISTOCRAT LEISURE | Outperform - Macquarie | Overnight Price $29.16 |
| ALQ | ALS LIMITED | Upgrade to Buy from Neutral - Citi | Overnight Price $7.03 |
| AMC | AMCOR | Overweight - Morgan Stanley | Overnight Price $15.27 |
| Accumulate - Ord Minnett | Overnight Price $15.27 | ||
| AOG | AVEO | Accumulate - Ord Minnett | Overnight Price $2.00 |
| APE | AP EAGERS | Upgrade to Overweight from Equal-weight - Morgan Stanley | Overnight Price $10.58 |
| BWP | BWP TRUST | Sell - Citi | Overnight Price $3.79 |
| Lighten - Ord Minnett | Overnight Price $3.79 | ||
| CBA | COMMBANK | Sell - Citi | Overnight Price $79.00 |
| Underweight - Morgan Stanley | Overnight Price $79.00 | ||
| CGC | COSTA GROUP | Buy - UBS | Overnight Price $3.73 |
| CMA | CENTURIA METROPOLITAN REIT | Buy - UBS | Overnight Price $2.84 |
| COE | COOPER ENERGY | Initiation of coverage with Neutral - Credit Suisse | Overnight Price $0.54 |
| CPU | COMPUTERSHARE | Hold - Ord Minnett | Overnight Price $14.89 |
| CRN | CORONADO GLOBAL RESOURCES | Buy - UBS | Overnight Price $3.16 |
| CSL | CSL | Equal-weight - Morgan Stanley | Overnight Price $218.88 |
| CYB | CYBG | Buy - Citi | Overnight Price $2.74 |
| DHG | DOMAIN HOLDINGS | Neutral - Macquarie | Overnight Price $2.82 |
| DMP | DOMINO'S PIZZA | Upgrade to Buy from Neutral - UBS | Overnight Price $37.23 |
| OML | OOH!MEDIA | Outperform - Macquarie | Overnight Price $4.11 |
| ORA | ORORA | Buy - UBS | Overnight Price $3.23 |
| PLS | PILBARA MINERALS | Neutral - Citi | Overnight Price $0.43 |
| PNI | PINNACLE INVESTMENT | Outperform - Macquarie | Overnight Price $4.65 |
| Add - Morgans | Overnight Price $4.65 | ||
| Buy - Ord Minnett | Overnight Price $4.65 | ||
| REA | REA GROUP | Outperform - Macquarie | Overnight Price $91.19 |
| SCP | SHOPPING CENTRES AUS | Sell - Citi | Overnight Price $2.55 |
| Underperform - Macquarie | Overnight Price $2.55 | ||
| Accumulate - Ord Minnett | Overnight Price $2.55 | ||
| Neutral - UBS | Overnight Price $2.55 | ||
| SLC | SUPERLOOP | Downgrade to Equal-weight from Overweight - Morgan Stanley | Overnight Price $0.95 |
| SPK | SPARK NEW ZEALAND | Overweight - Morgan Stanley | Overnight Price $3.93 |
| SUN | SUNCORP | Buy - Citi | Overnight Price $13.33 |
| Hold - Ord Minnett | Overnight Price $13.33 | ||
| TNE | TECHNOLOGYONE | Upgrade to Hold from Lighten - Ord Minnett | Overnight Price $7.07 |
| TPM | TPG TELECOM | Downgrade to Equal-weight from Overweight - Morgan Stanley | Overnight Price $6.68 |
| URW | UNIBAIL-RODAMCO-WESTFIELD | Neutral - Macquarie | Overnight Price $10.23 |
| WES | WESFARMERS | Hold - Morgans | Overnight Price $38.80 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 17 |
| 2. Accumulate | 3 |
| 3. Hold | 13 |
| 4. Reduce | 1 |
| 5. Sell | 5 |
Wednesday 07 August 2019
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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.
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