Australian Broker Call

Macquarie rates AFG as Outperform (1) -

Macquarie observes the company is growing well ahead a system and sustained another solid quarter in March, continuing a strong recovery from the June 2016 quarter.

The broker believes there are a number of drivers of long-term growth in the mortgage broking industry in Australia. Outperform retained. Target is raised to $1.78 for $1.76.

Target price is $1.78 Current Price is $1.31 Difference: $0.47
If AFG meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates AIZ as Neutral (3) -

While the stock's total shareholder returns are starting to look stretched versus the target price, Macquarie believes, if the company can demonstrate the sustainability of its earnings has improved, a re-rating of the multiple assumptions could be justified.

Long-term, the broker believes the tourism industry in New Zealand is favourable, although there are some medium-term constraints around infrastructure. Neutral and target of NZ$2.22 retained.

Current Price is $2.34. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Credit Suisse rates ANN as Neutral (3) -

Credit Suisse has reviewed activity trends over the March quarter for a number of items that are relevant to the company.

While recent purchasing manager index data in developed regions is indicative of expectations for improved growth, industrial production data is yet to show any material uplift.

Combined with  updated currency adjustments, these factors support the broker's Neutral rating. Target is $22.70.

Target price is $22.70 Current Price is $23.22 Difference: minus $0.52 (current price is over target).
If ANN meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.26, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Citi rates BXB as Neutral (3) -

Brambles' March Q revenues were up 5% in line with the growth rate delivered in the first half, the broker notes. New contract wins are positive but likely those flagged as being in the pipeline.

The PECO win surprises the broker, being of lower benefit. No change to forecasts, Neutral and $10.15 target retained. The broker prefers Transurban ((TCL)) and Qube ((QUB)) in the sector.

Target price is $10.15 Current Price is $10.17 Difference: minus $0.02 (current price is over target).
If BXB meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.37, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

Deutsche Bank rates BXB as Hold (3) -

Trends in the March quarter are consistent with the results of the first half, Deutsche Bank observes. FY17 guidance is unchanged with underlying profit expected to be flat using constant currency rates.

Deutsche Bank retains a target of $10.45 and a Hold recommendation, given the shares are trading close to the target.

Target price is $10.45 Current Price is $10.17 Difference: $0.28
If BXB meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.37, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

Morgans rates BXB as Hold (3) -

March quarter update was broadly in line with Morgans' expectations. A solid result from European pallets was offset by weakness in the Americas.

Management has maintained FY17 guidance and, therefore, the broker has not made any changes to underlying earnings forecasts. Minor updates to FX forecasts mean FY17 estimates for EBIT increase 1%.

Hold  retained. Target is raised to $10.53 from $9.72.

Target price is $10.53 Current Price is $10.17 Difference: $0.36
If BXB meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.37, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

Ord Minnett rates BXB as Buy (1) -

Sales revenue in the nine months to March  was in line with Ord Minnett's expectations. The broker continues to be cautious for the short term, based on the slowdown in US growth for CHEP in the third quarter.

Longer term, the broker continues to believe pallets remain an essential part of the fast-moving consumer goods supply chain. Buy rating and $12.65 target.

Target price is $12.65 Current Price is $10.17 Difference: $2.48
If BXB meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $10.37, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

UBS rates BXB as Buy (1) -

The company has reported constant currency revenue growth of 5% of the nine months to March, implying 6% growth in the March quarter.

Revenue was flat for Pallets Americas after growing 10% in the same period last year. The outcome, although better than industry data suggested, reveals to UBS the ongoing cyclical headwinds.

Nevertheless, the broker is pleased the company has beaten market expectations and retains FY17 guidance for  flat EBIT and 5% revenue growth.

Buy rating and $10.60 target retained.

Target price is $10.60 Current Price is $10.17 Difference: $0.43
If BXB meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.37, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

Macquarie rates DCN as Outperform (1) -

The company has executed an engineering, procurement and construction contract for its Mt Morgans gold project. Macquarie observes this has secured a $23.1m saving in capital expenditure on feasibility study estimates.

The company is on track for first gold in the March quarter of 2018. Outperform retained. Target is $2.90.

Target price is $2.90 Current Price is $1.84 Difference: $1.065
If DCN meets the Macquarie target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 62.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Credit Suisse rates DXS as Underperform (5) -

Credit  Suisse believes the office theme has played right into the company's hands, as it is the largest and most liquid office A-REIT.

Despite the 68% increase in Sydney office prime capital values since March 2013 the company shares are calculated to be pricing in an additional 17% premium to book values versus 5% for other A-REITs.

Positive rental growth is expected to continue for a while, yet the broker questions the sustainability of both rents and multiples being ascribed to this highly capital intensive asset class.

Hence, Credit Suisse retains an Underperform rating. Target is raised to $9.10 from $8.78.

Target price is $9.10 Current Price is $10.11 Difference: minus $1.01 (current price is over target).
If DXS meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.24, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

UBS rates ERA as Sell (5) -

March quarter production was ahead of UBS estimates. Grade was consistent with the December quarter at 0.1% but also ahead of the broker's estimates.

The broker believes, on a five-year view, uranium industry fundamentals remain positive but the company's stockpiles are likely to be exhausted by 2020 and its mining licence concludes in 2021.

Near-term catalysts are lacking and the broker believes uranium prices will languish in the mid US$20/lb in 2017, below marginal cost. Sell rating retained. Target rises to 8c from 6c.

Target price is $0.08 Current Price is $0.69 Difference: minus $0.61 (current price is over target).
If ERA meets the UBS target it will return approximately minus 88% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -1.0

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

Deutsche Bank rates FBU as Buy (1) -

Deutsche Bank believes significant uncertainty is continuing to surround the company's ability to contain further losses in its construction business.

While considering these concerns are overdone, even assuming such is the case, the broker calculates there is still 9% upside to the current share price based on a mid-cycle sum of the parts assumption.

The broker maintains a Buy recommendation Target is NZ$10.15.

Current Price is $7.44. Target price not assessed.

Current consensus price target is $9.00, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

This company reports in NZD. 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

Macquarie rates GXY as Neutral (3) -

The company has released its first quarterly production report for Mt Cattlin spodumene. Costs appear better than Macquarie estimated but recovery and reliability will need to improve in order to achieve long-term goals.

The broker replaces its aggressive ramp up of the project with a more staged approach and reduces FY17 forecasts by -41% and FY18 by -20%.

The broker retains a Neutral rating and $0.46 target.

Target price is $0.46 Current Price is $0.41 Difference: $0.05
If GXY meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates HGG as Neutral (3) -

A tough quarter for Henderson saw a wave of outflows, although retail outflows moderated towards the end of the quarter and institutional mandate wins should offer some offset, the broker suggests.

Once converted for currency, assets under management actually rose in value. Neutral and $4.00 target retained.

Target price is $4.00 Current Price is $3.85 Difference: $0.15
If HGG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

This company reports in GBP. 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 HGG as Neutral (3) -

Macquarie observes first quarter net outflows of GBP1.8bn were impacted by a continued retail reduction to European assets.

The valuation appears attractive but the broker does not expect the stock will outperform until flows turned positive. Macquarie forecasts net outflows to continue until June 2018. Neutral retained. Target is raised to $4.26 from $4.23.

Target price is $4.26 Current Price is $3.85 Difference: $0.41
If HGG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

This company reports in GBP. 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 IEL as Outperform (1) -

Macquarie observes the company's tests related to 457 visas a relatively small proportion of the total volume.

While the rhetoric on the policy change may suggest the number of visas granted could decline, the broker suspects that the company's volumes will be largely insulated by the strengthened English language test requirements.

Outperform retained. Target is $4.76.

Target price is $4.76 Current Price is $4.55 Difference: $0.21
If IEL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates MQA as Outperform (1) -

Underlying trends in the March quarter were robust, Macquarie observes. APRR traffic growth was slightly below the broker's forecast while Greenway traffic growth was strong and above forecasts.

The broker considers the stock attractive given its predictable cash flow and internal rate of return of around 8%. Outperform rating and $5.65 target retained.

Target price is $5.65 Current Price is $5.29 Difference: $0.36
If MQA meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.49, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Morgans rates MQA as Add (1) -

March quarter data was a little weaker than Morgan is expected. The broker reduces the target to $5.74 from $5.84 to reflect this, as well as the increased share purchase plan and the re-setting of the base fee forecast.

Add rating retained. The broker believes the company is the laggard in an infrastructure sector that has bounced back strongly.

The market is expected to renew its focus on the doubling of the distribution between FY18 and FY19, as the broker forecasts, driven by toll revenue growth, cost controls and substantial savings on interest.

Target price is $5.74 Current Price is $5.29 Difference: $0.45
If MQA meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.49, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Morgans rates MQG as Hold (3) -

The US investment bank reporting season was a positive indicator for Macquarie, in Morgans' view.

The broker notes the broad trends are supportive, acknowledging Macquarie's differentiated business model and significantly greater funds management and leasing contributions.

Morgans maintains a Hold rating, believing the stock is now trading close to fair value. Target is raised to $81.41 from $77.05.

Target price is $81.41 Current Price is $86.64 Difference: minus $5.23 (current price is over target).
If MQG meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $81.74, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates OSH as Neutral (3) -

Oil Search's March Q numbers were a slight beat on the broker, with LNG pricing in line. Disappointing Antelope drilling results should not affect PNGLNG expansion, the broker suggests, as Antelope, P'nyang and Muruk should already be able to support three trains over time.

The broker expects two expansion trains, not three, to be sanctioned in 2019. Neutral retained. Target slips to $7.19 from $7.21.

Target price is $7.21 Current Price is $7.21 Difference: $0
If OSH meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Credit Suisse rates OSH as Outperform (1) -

March quarter production from PNGLNG was just shy of the December quarter at 7.57mmboe. With a 9% increase in realised LNG/gas prices, Credit Suisse expects headline revenue will marginally disappoint although this largely explained by the timing of shipments.

The broker is pleased with the reduction in 2017 cost guidance to US$8-10/bbl. Outside the numbers, most interest is centred on expansion in PNG. The broker observes the major risks for this year appear to be in the political arena, with an election in PNG.

The stock remains the broker's preferred pure way to play the sector and an Outperform rating is retained. Target is $7.25.

Target price is $7.25 Current Price is $7.21 Difference: $0.04
If OSH meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 OSH as Buy (1) -

March quarter production was 5% ahead of Deutsche Bank's estimates. Revenue was below expectations because of a sales underlift.

Production guidance for 2017 is retained. Deutsche Bank retains a Buy rating and $8.00 target.

Target price is $8.00 Current Price is $7.21 Difference: $0.79
If OSH meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

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

Quarterly results were largely in line with Morgan Stanley's expectations, although sales were slightly lower because of the timing of shipments. The broker believes the key to the stock's performance remains with further details on expansion plans.

The broker observes PNG LNG looks to be plateauing, with production stabilising at around 8.3m tpa. The long-term growth story is intact, in the broker's opinion, but there is a question as to whether the company will outperform its peers in the near term until its expansion plans are more concrete.

Equal-weight rating and In-Line sector view retained. Target is reduced to $8.13 from $8.19.

Target price is $8.13 Current Price is $7.21 Difference: $0.92
If OSH meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Morgans rates OSH as Add (1) -

Sales volumes in the March quarter were below Morgans' estimates, although this was a result of the timing of shipments with three LNG cargoes "on the water" at the end of the quarter.

The broker believes the catalysts will be numerous in the second half of the year and give the company share price the support needed to break outside its recent trading range.

These catalysts including a resource estimate for Muruk, completion of the PNG elections and the finalisation of the co-operation agreement between PNG LNG and Elk-Antelope.

Add rating retained. Target is raised to $10.22 from $10.21.

Target price is $10.22 Current Price is $7.21 Difference: $3.01
If OSH meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 OSH as Accumulate (2) -

March quarter production was in line with Ord Minnett's expectations. Incremental news in the quarter was slightly negative, such as the delay to the final investment decision on the expansion project and unsuccessful drilling at Antelope Deeps, but the broker does not believe it changes the longer term view on the stock.

Catalysts are expected later this year, when more detail is provided on the size and cost of the expansion project. Such announcements are expected to de-risk the project and re-rate the stock. Accumulate retained. Target is $8.15.

Target price is $8.15 Current Price is $7.21 Difference: $0.94
If OSH meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

UBS rates OSH as Neutral (3) -

March quarter production was in line with UBS estimates as PNGLNG continued with a record output. Sales volumes were lower than forecast, although the broker believes this is just a timing issue.

The company has confirmed that the joint-venture partners in Elk-Antelope have commenced discussions on the development of the gas fields.

UBS maintains a Neutral rating and raises the target to $7.70 for $7.65.

Target price is $7.70 Current Price is $7.21 Difference: $0.49
If OSH meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

UBS rates PDN as Neutral (3) -

March quarter production was at the low end of guidance but 3% ahead of UBS estimates. Sales of 730,000 pounds were within guidance.

The broker was disappointed with the realised price of US$19.54/lb versus a spot price for the quarter of US$24.08/lb.

UBS lowers FY17 earnings estimates by -5% to reflect the lower-than-expected realised price. Neutral retained. Target is $0.12.

Target price is $0.12 Current Price is $0.11 Difference: $0.015
If PDN meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.14, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Citi rates PPT as Neutral (3) -

Perpetual's March Q numbers showed a continuation of the trend of steady flows, the broker notes, although the first half is ending with a margin skew to the downside. The global share fund again failed to fire.

The fund manager continues to face difficulties in growing organically outside market movements, the broker notes. Despite ana attractive yield the broker sees the stock as fully valued. Neutral retained.

Current Price is $52.52. Target price not assessed.

Current consensus price target is $49.03, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Macquarie rates PPT as Neutral (3) -

March quarter funds under management and flows suggest an equity market boost, with net inflows up 1.3% on opening funds under management.

Macquarie maintains a Neutral rating and believes improved net flows are required to drive outperformance. Target is raised to $47.90 from $47.10.

Target price is $47.90 Current Price is $52.52 Difference: minus $4.62 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.03, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

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

Morgan Stanley observes revenue mix was weaker with strong cash and fixed income inflows in the March quarter offset by Australian equity product outflows.

The broker envisages around a -1-2% downside risk to FY17-19 earnings forecasts. The broker retains Equal-weight rating. Target is $52.50. Industry view: In-line.

Target price is $52.50 Current Price is $52.52 Difference: minus $0.02 (current price is over target).
If PPT meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.03, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Ord Minnett rates PPT as Hold (3) -

Funds under management reveal positive net flows in the March quarter. There was $600m in outflows in higher margin Australian equities offset by $800m of inflows in the lower margin cash and fixed income.

Ord Minnett observes a valuation gap to other listed fund managers has now closed and the near-term flows outlook appears relatively benign. Hold rating retained. Target rises to $49.50 from $48.00.

Target price is $49.50 Current Price is $52.52 Difference: minus $3.02 (current price is over target).
If PPT meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.03, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Citi rates SAR as Buy (1) -

Mining was impacted by wet weather in the March Q but Saracen should enjoy increased production and grades, and thus lower net costs, in the June Q, the broker suggests. Guidance has been maintained.

The case for an underground mine at Thunderbox has strengthened, the broker notes, with the feasibility study due in the Sep Q. Buy and $1.25 target retained.

Target price is $1.25 Current Price is $1.01 Difference: $0.24
If SAR meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates SAR as Neutral (3) -

March quarter production was soft, Macquarie observes. As expected, group costs were higher than budgeted, a 7% increase on the December quarter. Mined grade increased strongly in the quarter, rising to 2.3g/t from 1.8g/t.

Macquarie maintains a Neutral rating. Target is reduced to $1.00 from $1.10.

Target price is $1.00 Current Price is $1.01 Difference: minus $0.01 (current price is over target).
If SAR meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Credit Suisse rates TAH as Outperform (1) -

The Pacific Consortium has increased its offer for Tatts ((TTS)) to $4.21, cash. Even though this offer seemingly provides certainty being all cash, a lack of dividends and regulatory uncertainty make it inferior, in Credit Suisse's view.

The broker does not believe Tabcorp will increase its offer and believes Tabcorp scrip is undervalued. The broker continues to model Tabcorp as if it has merged with Tatts. On this basis, the target is steady at $5.00. Outperform retained.

Target price is $5.00 Current Price is $4.74 Difference: $0.26
If TAH meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Deutsche Bank rates TAH as Hold (3) -

Deutsche Bank believes the Pacific Consortium's revised indicative proposal to acquire Tatts ((TTS)) at $4.21 a share to to be a minor negative for Tabcorp.

However, it only just matches the implied price under the Tabcorp merger proposal and is at a discount to the last closing price of Tatts shares.

The risk for Tabcorp is that it needs to raise a value of its offer, by offering a higher scrip component and/or additional cash, in the broker's opinion.

Deutsche Bank retains a Hold rating and $5.00 target.

Target price is $5.00 Current Price is $4.74 Difference: $0.26
If TAH meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates TAH as Lighten (4) -

Pacific Consortium has submitted a revised proposal of $4.21 cash per Tatts ((TTS)) share.

Ord Minnett identifies the following issues as key to the takeover outcome: Tatts granting due diligence, dividend payment negotiations, regulatory approval processes and the implications for Tabcorp, which has a competing bid of 0.8 shares plus 42.5 cents cash per share, giving a current value to Tatts shares of around $4.22.

The broker believes the current Tabcorp share price assumes the merger will occur. The broker retains a Lighten rating and $4.20 target.

Target price is $4.20 Current Price is $4.74 Difference: minus $0.54 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.65, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates TTS as Neutral (3) -

Pacific Consortium has increased its all-cash bid to $4.21, an increase of 6% but still a 3% discount to the last trading price, the broker notes. Tatts' board is reviewing the new offer but to date maintains a preference for the Tabcorp ((TAH)) bid.

Neutral and $4.20 target retained.

Target price is $4.20 Current Price is $4.36 Difference: minus $0.16 (current price is over target).
If TTS meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.27, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Deutsche Bank rates TTS as Buy (1) -

Deutsche Bank believes the Pacific Consortium's revised indicative proposal to acquire Tatts at $4.21 a share to be a minor positive for the stock.

However, it only just matches the implied price under the Tabcorp ((TAH)) merger proposal and is at a discount to the last closing price of Tatts shares.  It is also a discount to their initial proposal in cash and scrip that was announced in December 2016.

While the proposal could provide greater certainty than the Tabcorp proposal, the broker is of the view that the offer is inferior when the conditions are taken into account.

Deutsche Bank retains a Buy rating and $4.67 target.

Target price is $4.67 Current Price is $4.36 Difference: $0.31
If TTS meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates TTS as Lighten (4) -

Pacific Consortium has submitted a revised proposal of $4.21 cash per Tatts share.

Ord Minnett identifies the following issues as key to the takeover outcome: Tatts granting due diligence, dividend payment negotiations, regulatory approval processes and the implications for Tabcorp ((TAH)), which has a competing bid of 0.8 shares plus 42.5 cents cash per share, giving a current value to Tatts shares of around $4.22.

The broker believes the current Tabcorp share price assumes the merger will occur. Lighten rating retained. Target is $4.10.

Target price is $4.10 Current Price is $4.36 Difference: minus $0.26 (current price is over target).
If TTS meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.27, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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