Australian Broker Call

Citi rates ABP as Neutral (3) -

For Citi's early response, see Friday's edition. It turned out that FY19 guidance for dividend of 18.5c per share was smack in-line with Citi, but below market consensus.

The analysts point out one of the major swing factors will be the potential realisation from residential project Camellia, which is not included in FY19 guidance. The move to increase the recurring earnings base should see a re-rating over time, suggest the analysts.

A short term negative is the fact residential conditions are softening which, Citi suggests, could prolong the sale of the residential book. Neutral rating and $3.80 target retained.

Target price is $3.80 Current Price is $3.68 Difference: $0.12
If ABP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates ABP as Hold (3) -

FY18 results were ahead of forecasts because of higher trading and development profits. Ord Minnett expects earnings to re-base lower over the medium term as the company is currently over-earning, given more than 45% of profit is coming from trading and development.

Hold maintained. Target is $3.60.

Target price is $3.60 Current Price is $3.68 Difference: minus $0.08 (current price is over target).
If ABP meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates ANN as Neutral (3) -

In initial response to the FY18 results, Citi analysts observe the reported financial performance has come out below expectations, while guidance is also below on the probability of higher input costs.

Target price is $27.00 Current Price is $25.44 Difference: $1.56
If ANN meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.72, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

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

Macquarie rates ANN as Neutral (3) -

On initial review, Macquarie believes the FY18 report only slighly missed, but it was supported by lower than anticipated tax. Adjusted for the tax rate, today's update represents a miss by -5%, argue the analysts.

FY19 guidance is below expectations, and can still be impacted by US import tariffs, note the analysts. Neutral. Target $30.50.

Target price is $30.50 Current Price is $25.44 Difference: $5.06
If ANN meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $27.72, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

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

Morgans rates ASX as Reduce (5) -

FY18 results were broadly in line with expectations. Revenue growth was the key positive for Morgans. The main negative was guidance for increased costs in FY19. Management has suggested half of the 9% increase in costs will be related to investments in initiatives to drive growth.

Morgans maintains a Reduce rating, finding it difficult to justify the current multiple. Target is reduced to $50.97 from $52.81.

Target price is $50.97 Current Price is $67.63 Difference: minus $16.66 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.93, suggesting downside of -15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Macquarie rates BOQ as Downgrade to Underperform from Neutral (5) -

Retail banking conditions continued to deteriorate in the second half, the broker notes, due to increased competition, higher funding costs and slowing credited growth. Mortgage repricing may offer some reprieve but could backfire if too aggressive, the broker suggests.

Westpac's ((WBC)) and Bank of Queensland's overweight positions in retail second half and FY19 results will be under pressure. BOQ downgraded to Underperform from Neutral, target falls to $10.75 from $11.00.

Target price is $10.75 Current Price is $11.15 Difference: minus $0.4 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.68, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Citi rates BPT as Sell (5) -

In initial response to released FY18 numbers, Citi analysts believe the result missed market expectations, with management guiding for increased capex for what seems a flat production outlook. The analysts also point out at current spot pricing, their valuation would rise to $2.

The analysts do make a point that it all looks rather weak at first sight, but there is a lot to like when going through the finer details of today's update.

Target price is $1.62 Current Price is $1.71 Difference: minus $0.09 (current price is over target).
If BPT meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.65, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Morgans rates CAT as Add (1) -

FY18 results were broadly in line with expectations. While cash profit from the established business was higher than expected, losses from the start-ups were also higher.

The company is well funded and on track to meet its strategic goals, Morgans asserts. The main uncertainty in FY19 is the level of sales of prosumer athlete monitoring devices.

Risks are beginning to diminish, the broker suggests. Add rating. Target is raised to $1.88 from $1.83.

Target price is $1.88 Current Price is $1.12 Difference: $0.76
If CAT meets the Morgans target it will return approximately 68% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates CQR as Underperform (5) -

Charter Hall Retail's FY18 result and FY19 guidance were in line with the broker. Asset recycling initiatives over the period have improved the quality of the portfolio. The REIT is a relatively defensive proposition, the broker notes, given half of its income is derived from the big two supermarkets.

But this also limits growth, and the balance sheet is not yet in a position, the broker suggests, to provide for a buyback or materially accretive acquisitions. Underperform retained. Target rises to $4.02 from $3.93.

Target price is $4.02 Current Price is $4.35 Difference: minus $0.33 (current price is over target).
If CQR meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.08, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Morgan Stanley rates CSR as Upgrade to Equal-weight from Underweight (3) -

The CSR share price has fallen -22% since the results in May which, in Morgan Stanley's view, has been prompted by increased costs in the aluminium business. The valuation now appears more appropriate.

CSR carries the greatest exposure to the Australian housing cycle across all major Australian building materials stocks in the broker's coverage. While the negative news around the sector will create a difficult environment, Morgan Stanley believes CSR remains a quality business at the wrong point in the cycle.

Rating is upgraded to Equal-weight from Underweight on valuation grounds. Target is $4.75. Industry view is Cautious.

Target price is $4.75 Current Price is $4.41 Difference: $0.34
If CSR meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.20, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

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

FY18 results were slightly weaker than Morgan Stanley expected, albeit within guidance. FY19 guidance is for mid single-digit operating earnings growth. The broker notes occupancy improved to 94.2% over the year.

The strengthened balance sheet removes a constraint and the broker now believes the company is in a position to invest in growth. Equal-weight and $3.45 target retained. In-Line industry view.

Target price is $3.45 Current Price is $2.91 Difference: $0.54
If EHE meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates EVN as Buy (1) -

Target price has lost -10c to $3.40 but Buy rating retained, with Citi analysts reiterating their view gold prices will recover and this implies investors can now buy a high quality gold producer at a discount.

The FY18 report is being labelled as close to consensus expectations, including Citi's. The broker has updated FY19 guidance and higher expected depreciation which reduces EPS in FY19 and beyond.

Target price is $3.40 Current Price is $2.79 Difference: $0.61
If EVN meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.99, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates EVN as Underperform (5) -

FY18 net profit was marginally ahead of Credit Suisse estimates. There was nothing new to change the broker's outlook or valuation.

The company has stated consistently that it seeks to improve the portfolio quality via both acquisitions and divestments. Credit Suisse notes the capacity on the balance sheet, although suspects that identifying a target at a reasonable cost is a challenge.

Credit Suisse maintains an Underperform rating and $2.65 target.

Target price is $2.65 Current Price is $2.79 Difference: minus $0.14 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.99, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Macquarie rates EVN as Neutral (3) -

Evolution's earnings result beat the broker by 11% on lower than expected operating costs, although the dividend was lower than assumed. The Sep Q will see operating costs peak, management noted, and both operating costs and capex will fall thereafter.

The balance sheet is being quickly deleveraged and increased cash flow should provide for another sizeable spend over the Sep Q, the broker suggests. Neutral and $3.20 target retained.

Target price is $3.20 Current Price is $2.79 Difference: $0.41
If EVN meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.99, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates EVN as Hold (3) -

FY18 operating earnings were ahead of forecasts. Ord Minnett notes the share price has corrected with the recent decline in the gold price.

In a weakening environment, the broker expects Evolution Mining can outperform because of the excellent balance sheet and free cash flow. Hold rating and $3 target maintained.

Target price is $3.00 Current Price is $2.79 Difference: $0.21
If EVN meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.99, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

UBS rates EVN as Neutral (3) -

FY18 results were in line with expectations. UBS considers the business well run, with high margins and steady cash flow. Production in FY19 based on guidance is set to fall, as grade moves closer to reserve after a bonanza year.

The broker considers the stock a low-risk option for those wanting gold price exposure and cash generation as well as minimal operating risk. Nevertheless, this is factored into the share price and UBS maintains a Neutral rating. Target is reduced to $2.90 from $3.20.

Target price is $2.90 Current Price is $2.79 Difference: $0.11
If EVN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.99, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Citi rates FMG as Neutral (3) -

On Citi's initial assessment, it appears Fortescue's FY18 performance, including the dividend, has been slightly better than expected. Guidance remains in-line. The analysts suggest a small relief rally would be nothing but normal under the circumstances.

Target price is $4.70 Current Price is $4.18 Difference: $0.52
If FMG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.41, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.8

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

Macquarie rates FMG as Outperform (1) -

On initial assessment, FY18 proved in-line, underlying, but missed expectations due to quicker than anticipated debt reduction. Macquarie says cash flows disappointed but the declared dividend was above expectations.

The analysts seem very pleased with Fortescue's improved disclosure, and equally with the plans to realise higher prices for higher quality blend from West Pilbara fines. Outperform. Target $5.10.

Target price is $5.10 Current Price is $4.18 Difference: $0.92
If FMG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.41, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.8

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

Citi rates FNP as Buy (1) -

Citi analysts have started entertaining the idea that Freedom Foods, ahead of significant margin improvement, and while trading at a discount to peers, might become the target for a larger, international fast moving consumer goods company (otherwise labelled FMCG).

Target price is $6.90 Current Price is $5.67 Difference: $1.23
If FNP meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates GMG as Buy (1) -

Citi notes Goodman Group has broken with its own tradition for guiding for 6-7% growth for the year ahead, and it is a sign that fundamentals for the company are not only in good shape, they are also improving.

Citi continues to see risk as to further upside surprises. Three year EPS CAGR now set at 7.5%. Buy rating retained and target raised to $11.90 from $10.96.

Target price is $11.90 Current Price is $10.60 Difference: $1.3
If GMG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.71, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates GMG as Hold (3) -

FY18 results were slightly ahead of Deutsche Bank estimates. The broker finds the earnings outlook positive. Although the broker believes the global industrial market will continue to thrive this is considered priced into the shares.

Hold rating and $9.52 target. The broker expects 8% growth in FY19.

Target price is $9.52 Current Price is $10.60 Difference: minus $1.08 (current price is over target).
If GMG meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.71, suggesting downside of -8.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgan Stanley rates GMG as Overweight (1) -

Morgan Stanley observes momentum for the company's integrated real estate assets continues to accelerate.

The main positives the broker finds in the results are strength in funds under management, increasing development completions and more visibility on the medium-term outlook.

The main areas of concern are slight decreases in development yield, valuation and a rising proportion of income from performance fees.

Target is $10.30. Overweight rating. Industry view is Cautious.

Target price is $10.30 Current Price is $10.60 Difference: minus $0.3 (current price is over target).
If GMG meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.71, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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 Lighten (4) -

FY18 results were broadly in line with Ord Minnett forecasts. The company has guided to 7% growth in earnings per share in FY19 and the broker considers the near-term outlook is healthy.

Ord Minnett maintains a Lighten rating and raises the target to $8.80 from $8.40.

Target price is $8.80 Current Price is $10.60 Difference: minus $1.8 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.71, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates GMG as Neutral (3) -

FY18 results were in line with expectations. The company continues to benefit from strong structural trends and UBS observes demand remains unprecedented. The company also has a consistent approach to capital allocation.

Growth in FY19 is expected to be driven by property investment income, management revenues and lower cost of debt. UBS maintains a Neutral rating and raises the target to $9.88 from $9.45.

Target price is $9.88 Current Price is $10.60 Difference: minus $0.72 (current price is over target).
If GMG meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.71, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

FY18 funds from operations were in line with Ord Minnett's forecasts. The broker believes Growthpoint is delivering on its strategy to provide sustainable growth and distributions.

From a valuation perspective, however, the share price has risen 10% since June and the P/E ratio is elevated versus historical levels. Ord Minnett downgrades to Lighten from Hold and raises the target to $3.45 from $3.40.

Target price is $3.45 Current Price is $3.72 Difference: minus $0.27 (current price is over target).
If GOZ meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.34, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Macquarie rates GWA as Neutral (3) -

GWA delivered a solid result, broadly in line with the broker, thanks to growth in the core Bathrooms & Kitchens division from new products and small increases in market share. Having divested of Doors and Access, the company is debt free, suggesting capital management is ahead, the broker notes.

The broker sees the stock as fairly valued, supported by capital management capacity. Neutral retained, target rises to $3.79 from $3.54.

Target price is $3.79 Current Price is $3.56 Difference: $0.23
If GWA meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.66, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Citi rates GXL as Neutral (3) -

On initial assessment, it seems FY18 has missed market expectations on an underlying basis, but the trading update looks very strong in contrast. No guidance for FY19 has been provided, note the analysts.

Target price is $4.70 Current Price is $4.42 Difference: $0.28
If GXL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.29, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Macquarie rates GXL as Neutral (3) -

On initial assessment, Macquarie has formed the view that FY18 performance can be labelled as "in-line" and it appears the outlook for the company is improving. Accompanying trading update suggests the new financial year has seen a positive start.

Target price is $4.35 Current Price is $4.42 Difference: minus $0.07 (current price is over target).
If GXL meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.29, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Ord Minnett rates HSN as Hold (3) -

FY18 operating earnings were slightly better than revised guidance provided in June. Ord Minnett was pleased with the cash flow, which beat forecasts by 9%.

The company is diversified and cash generation is strong but the broker believes the recent downgrades in close proximity will continue to weigh on the stock. A turnaround in margins in the second half of FY19 is expected to be a first step to recovery. Hold rating maintained. Target rises to $3.66 from $3.43.

Target price is $3.66 Current Price is $3.50 Difference: $0.16
If HSN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

Morgan Stanley believes the company's call for FY19 growth of at least 10% is challenged, given weakening industry data. The company is due to report its results on August 21.

Morgan Stanley does not find the valuation compelling and maintains an Equal-weight rating. Target is reduced to $2.15 from $2.23. Industry view is In-Line.

Target price is $2.15 Current Price is $2.17 Difference: minus $0.02 (current price is over target).
If HSO meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.33, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

UBS rates HT1 as Neutral (3) -

First half results were messy but generally ahead of UBS estimates. The metro radio market was better than the broker expected and the impact from the loss of the Yarra Trams contract was less than originally anticipated.

UBS upgrades FY18 net profit estimates by 6%. ACCC approval of the Adshel disposal remains the chief overhang for the stock and UBS does not yet treat the business as discontinued. Neutral rating and $2.60 target maintained.

Target price is $2.60 Current Price is $2.56 Difference: $0.04
If HT1 meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates IPH as Neutral (3) -

FY18 was a challenging time for IPH, the broker notes, leading to negative organic growth offset by acquisitions. FY19 should see the company benefit from weaker comparables, favourable currency movements and a number of one-offs.

Acquisitions will again be the primary driver. Target rises to $5.50 from $3.85 now the broker has removed its risk discount from valuation. Neutral retained.

Target price is $5.50 Current Price is $5.63 Difference: minus $0.13 (current price is over target).
If IPH meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.57, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates IVC as Neutral (3) -

Post interim report release, Citi analysts have reduced EPS forecasts, which has pulled their price target down to $12.40 from $14.25. Neutral rating retained.

The fact that financial performance missed expectations, with like-for-like EBITDA missing by -11% and the company spending more, means gearing will increase which may make some investors nervous, suggest the analysts.

Target price is $12.40 Current Price is $12.60 Difference: minus $0.2 (current price is over target).
If IVC meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.38, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Ord Minnett rates IVC as Lighten (4) -

First half earnings were broadly in line with Ord Minnett's forecasts. Management has downgraded the outlook for FY19 because of a decline in industry volumes.

Ord Minnett is less confident in the near-term earnings profile particularly given the added financial leverage in the business. Initial returns from the transformation program appear promising but 80% of the program still needs to be completed.

Lighten rating maintained. Target is raised to $12.30 from $11.50.

Target price is $12.30 Current Price is $12.60 Difference: minus $0.3 (current price is over target).
If IVC 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 $12.38, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Morgans rates JIN as Add (1) -

FY18 results were ahead of guidance. Morgans finds operating leverage clearly in evidence and expects the excellent start to FY19 will mean further significant expansion in margins.

Cash of $40.1m is well in excess of operating requirements and the broker expects further capital returns to shareholders in FY19 and beyond. Morgans maintains an Add rating. Target is raised to $6.31 from $4.84.

Target price is $6.31 Current Price is $6.11 Difference: $0.2
If JIN meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates KGN as Buy (1) -

FY18 results were strong and ahead of estimates, albeit largely because of FX gains. Momentum in mobile and internet was a highlight but the broker is concerned about the lack of a trading update. UBS cuts FY19-21 estimates for earnings per share by -2-10%.

Buy rating maintained. Target is reduced to $8.65 from $9.55.

Target price is $8.65 Current Price is $6.20 Difference: $2.45
If KGN meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates LNK as Buy (1) -

Citi believes FY19 will likely be a modestly challenging year for Link due to account loss headwinds in Funds Administration and significant pricing competition for Corporate Markets in Australia/NZ.

But that acquisition in the UK looks like the saviour, with Citi analysts still forecasting 10% growth this year. They have also removed the discount that seemed warranted on the back of government budget proposals.

EPS forecasts have been slightly lowered. Target price/valuation moves to $9.05 from $8.50. Buy rating retained.

Target price is $9.05 Current Price is $7.80 Difference: $1.25
If LNK meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Credit Suisse rates LNK as Downgrade to Neutral from Outperform (3) -

FY18 results beat expectations. There was a maiden contribution from asset services which provided a benefit but Credit Suisse considers the trends in the broader business are soft. The broker also notes the higher levels of fee-for-service revenues may not be repeated at the same level in FY19.

Rating is downgraded to Neutral from Outperform as the growth profile is envisaged significantly lower than it once was. Target is $8.10.

Target price is $8.10 Current Price is $7.80 Difference: $0.3
If LNK meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Deutsche Bank rates LNK as Hold (3) -

FY18 results were strong, with continued earnings momentum, and ahead of Deutsche Bank's forecasts. The broker observes ongoing synergies from Superpartners and the asset services business, as well as improved corporate activity.

Hold rating and $8.00 target maintained.

Target price is $8.00 Current Price is $7.80 Difference: $0.2
If LNK meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 8.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates LNK as Outperform (1) -

Link's result beat the broker and consensus driven by better than expected revenue for Link Asset Services and a lower tax rate. Revenue growth in the domestic business will remain anaemic in the coming quarters, the broker suggests, but the early signs from LAS have been positive.

The stock is trading at a -12% discount to the industrials ex-banks and the broker expects this to narrow as investors gain more confidence in LAS. Outperform retained, target rises to $8.70 from $8.30.

Target price is $8.70 Current Price is $7.80 Difference: $0.9
If LNK meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgan Stanley rates LNK as Overweight (1) -

Morgan Stanley found positive early signs for a bullish thesis on asset services in the FY18 result. The main area of disappointment was the second half EBITDA margin of 20% versus the broker's forecasts of 22%.

Morgan Stanley believes fund administration can navigate the headwinds, as revenue was resilient and superannuation account growth of 2.4% was strong in the context of industry attrition.

Overweight rating and $9.00 target. Industry view is In-Line.

Target price is $9.00 Current Price is $7.80 Difference: $1.2
If LNK meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgans rates LNK as Add (1) -

FY18 results were ahead of expectations. Morgans notes the margin expansion on the back of Superpartners synergies. The broker lifts FY19 and FY20 estimates for earnings per share by 2-5%.

The broker considers the current trading multiple undemanding for a company with Link Administration's track record and level of free cash flow. Add rating maintained. Target rises to $9.55 from $8.25.

Target price is $9.55 Current Price is $7.80 Difference: $1.75
If LNK meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

Ord Minnett notes the effects of contract losses in funds administration in the FY18 results. The result, in line with expectations, was boosted by cyclical tailwinds which the broker believes mask some structural challenges in funds administration.

Corporate markets slightly beat forecasts while Link Asset Services was slightly worse than the broker assumed. Rating is downgraded to Lighten from Hold. Target is reduced to $7.00 from $8.05.

Target price is $7.00 Current Price is $7.80 Difference: minus $0.8 (current price is over target).
If LNK meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.43, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates LNK as Neutral (3) -

The company has calmed investor nerves, UBS suggests, with an FY18 result that was in line with expectations.

The broker expects growth in earnings in FY19 and FY20 of 11% and 3% respectively, driven predominantly by margin expansion. Neutral rating maintained. Target rises to $8.00 from $7.65.

Target price is $8.00 Current Price is $7.80 Difference: $0.2
If LNK meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates NHF as Neutral (3) -

On initial assessment, it appears reported FY18 didn't quite meet Macquarie's expectations, including a much lower dividend; 11c versus 12.8c expected. Guidance seems a bit light too.

Target price is $6.31 Current Price is $6.50 Difference: minus $0.19 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.01, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates NWS as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley downgrades to Underweight from Equal-weight after reducing estimates and valuation for the Australian pay-TV unit, Foxtel. In the FY18 result the broker highlights the sharp decline in Foxtel earnings.

Four years ago this was the most profitable media business in Australia. Historically, Foxtel was a pay-TV monopoly with supernormal profits. However, Morgan Stanley observes this has changed. The broker reduces the target to US$12.50 from US$17.00. Industry view is Attractive.

Current Price is $19.47. Target price not assessed.

Current consensus price target is $23.01, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in USD. 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

Macquarie rates OGC as Outperform (1) -

Oceana has reported significant drill results from its brownfield exploration program at Haile in South Carolina, suggesting reserve expansion potential.

The broker retains Outperform with a $6.00 target.

Target price is $6.00 Current Price is $3.91 Difference: $2.09
If OGC meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.9

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

Citi rates OML as Buy (1) -

On initial assessment of the FY18 report, Citi analysts believe the result was in line with consensus and at the top end of management's guidance. But Citi analysts are disappointed as they had been hoping for an upgrade. The company remains on track to achieve guidance for the full year, point out the analysts.

Target price is $5.35 Current Price is $4.75 Difference: $0.6
If OML meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates OML as No Rating (-1) -

At first blush, it appears reported interim performance turned out better-than-anticipated, though underlying EBITDA proved a clear "miss". The analysts note strong top line growth, but also the high reinvestment flagged by management.

Current Price is $4.75. Target price not assessed.

Current consensus price target is $5.30, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Citi rates ORG as Downgrade to Neutral from Buy (3) -

Analysts at Citi have re-adjusted their modeling for the accountancy changes that have been implemented at Origin Energy. The result is for materially weaker forecasts than were previously modeled.

Apart from electricity hedge premiums, other negative factors include weaker gas margins growth, higher capex, weaker cash conversion, and delayed cost out. Downgrade to Neutral from Buy. Target price deflates by -20% to $8.80.

Target price is $8.80 Current Price is $8.60 Difference: $0.2
If ORG meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.52, suggesting upside of 10.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

First half results will be reported on August 21. Morgan Stanley finds the Alaskan acquisition increasingly appears well timed and considers the exercise of the option is probable, as long as the geology does not disappoint.

The broker retains an Equal-weight rating, primarily because of the uncertainty about the timing of expansion and negotiations around gas agreements with the PNG government. Target is raised to $8.70 from $8.45. Industry view is Attractive.

Target price is $8.70 Current Price is $9.16 Difference: minus $0.46 (current price is over target).
If OSH meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.65, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Citi rates PRY as Sell (5) -

In initial response, Citi analysts note the FY18 result had been pre-released, but today's FY19 guidance implies a -10% downgrade of market consensus.

Target price is $3.30 Current Price is $3.20 Difference: $0.1
If PRY meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Citi rates QBE as Buy (1) -

It had been a long while, point out analysts at Citi, but QBE's interim report did not contain major disappointment. Citi analysts see this as the first step on the road to redemption for the insurer with the questionable track record.

A cost-out program is being put in place and Citi believes underlying momentum should prove stronger than FX headwinds in the second half. Target price had moved to $12 on higher forecasts. Buy rating retained.

Target price is $12.00 Current Price is $11.02 Difference: $0.98
If QBE meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.80, suggesting upside of 7.0% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

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

Deutsche Bank rates QBE as Hold (3) -

First half results were in line with FY18 targets. Importantly, Deutsche Bank notes pricing conditions have improved across the divisions with an average premium growth rate of 4.6%.

The broker also believes the de-risking of the book over the past year is a significant positive step. Hold rating and $11 target maintained.

Target price is $11.00 Current Price is $11.02 Difference: minus $0.02 (current price is over target).
If QBE meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.80, suggesting upside of 7.0% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

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

Macquarie rates SEH as Neutral (3) -

Company reported a -US$2.4m loss when the broker had forecast a US$2.1m profit, due to accounting changes. Directors believe the conditions have been satisfied for the Lone Star bid to be successful.

But there are risks in trading in China, and the broker notes were the vote to fail, which it is not expecting, the stock could test much lower levels. If Chinese fiscal terms change it could trigger and exit clause for Lone Star. Neutral and 25c target retained.

Target price is $0.25 Current Price is $0.24 Difference: $0.01
If SEH meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Ord Minnett rates SPO as Hold (3) -

FY18 results were slightly behind Ord Minnett's forecasts. Cash flow was depressed. Spotless remains publicly listed, although for investment purposes it is considered a division of Downer EDI ((DOW)).

Hold maintained. Target is $1.15.

Target price is $1.15 Current Price is $1.12 Difference: $0.03
If SPO meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates WBC as Downgrade to Neutral from Outperform (3) -

Retail banking conditions continued to deteriorate in the second half, the broker notes, due to increased competition, higher funding costs and slowing credited growth. Mortgage repricing may offer some reprieve but could backfire if too aggressive, the broker suggests.

Westpac's and Bank of Queensland's ((BOQ)) overweight positions in retail second half and FY19 results will be under pressure. Westpac downgraded to Neutral from Outperform, target falls to $32 from $33.

Target price is $32.00 Current Price is $30.12 Difference: $1.88
If WBC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $31.23, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Citi rates WOW as Neutral (3) -

On initial assessment of the FY18 numbers, Citi observes they look a little below expectations, but is prepared to give them a broadly in-line mark. The trading update, however, seems rather weak.

Capital management in the form of 10c in extra dividend is seen as unlikely to fully offset the weak trading update on the expectation that market consensus will take a step lower post the release.

Target price is $32.90 Current Price is $29.35 Difference: $3.55
If WOW meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $28.33, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates WOW as Underperform (5) -

In an initial assessment of today's FY18 release, Macquarie analysts are willing to accept the performance was actually close to expectations, but larger than anticipated losses at Big W and a rather weak trading update seem to push the balance into the negative.

There is an unexpected 10c in special dividend, which might excite some investors, suggest the analysts, but the trend seems weak for Australian food operations, and this keeps Macquarie on Underperform (hereby reiterated). Target $27.42.

Target price is $27.42 Current Price is $29.35 Difference: minus $1.93 (current price is over target).
If WOW 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 $28.33, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

UBS rates WOW as Buy (1) -

On initial assessment, UBS analysts highlight today's FY18 financials predominantly have missed the mark, with the 10c special dividend a positive highlight.

Hence, while the financials seem to have missed by -2-3%, the special dividend means there is one positive surprise in todays market update. Buy. Target $30.

Target price is $30.00 Current Price is $29.35 Difference: $0.65
If WOW meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $28.33, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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