Australian Broker Call
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July 05, 2023
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
AZJ - | Aurizon Holdings | Downgrade to Hold from Add | Morgans |
CGC - | Costa Group | Downgrade to Hold from Buy | Bell Potter |
Downgrade to Neutral from Outperform | Macquarie | ||
TLS - | Telstra Group | Upgrade to Buy from Neutral | UBS |
AZJ AURIZON HOLDINGS LIMITED
Transportation & Logistics
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Overnight Price: $3.98
Morgans rates AZJ as Downgrade to Hold from Add (3) -
Morgans downgrades its rating for Aurizon Holdings to Hold from Add on valuation after recent share price appreciation.
The target rises to $3.95 from $3.80 as high inflation is driving Coal’s quarterly CPI-linked price escalation, and Bulk earnings are rising from both growth in capital investment and organic growth.
While the company has relatively defensive earnings, the broker cautions investors around the capital-intensive nature of the business and ongoing concerns around the remaining life of the highly coal-concentrated earnings base.
Target price is $3.95 Current Price is $3.98 Difference: minus $0.03 (current price is over target).
If AZJ meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.94, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 16.20 cents and EPS of 21.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, implying annual growth of -21.4%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 20.00 cents and EPS of 26.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of 25.1%. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.34
Bell Potter rates CGC as Downgrade to Hold from Buy (3) -
Paine Schwartz Partners already had a 13.8% stake in Costa Group and yesterday launched a confidential non-binding indicative
proposal to acquire the remainder for $3.50/share in cash.
Bell Potter suspects the proposal will move to a formal offer, though feels the price is opportunistic given the higher Costa Group share price prior to 2022 citrus crop issues that are unlikely to repeat.
Moreover, the offer price only implies limited value for earnings upside over 2024/25 from biological assets, suggests the analyst.
Bell Potter raises its target to align with the $3.50 offer and moves to a Hold rating from Buy after the share price rally in reaction to the bid.
Target price is $3.50 Current Price is $3.34 Difference: $0.16
If CGC meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.22, suggesting downside of -2.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 9.00 cents and EPS of 13.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.5, implying annual growth of 86.5%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.4. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 10.00 cents and EPS of 13.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 23.0%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 19.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CGC as Downgrade to Neutral from Outperform (3) -
Costa Group has received an indicative proposal from Paine Schwartz Partners at $3.50 cash per share. Macquarie notes this is an 18% premium to the closing price of $2.96 on July 3. As of March 2023 Paine Schwartz held a 14.8% interest in the stock.
Macquarie is sceptical that, while a potential deal would eliminate execution risk around delivering a "big 21%" earnings recovery in 2023 in line with forecasts, the offer only implies a 20% PE and 8% EV/EBITDA premium.
Rating is downgraded to Neutral from Outperform and the target is raised to $3.43 from $2.86.
Target price is $3.43 Current Price is $3.34 Difference: $0.09
If CGC meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.22, suggesting downside of -2.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 8.70 cents and EPS of 12.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.5, implying annual growth of 86.5%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.4. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 10.80 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 23.0%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 19.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CGC as Hold (3) -
Ord Minnett assesses the indicative proposal from Paine Schwartz Partners for Costa Group was already well advanced, with a 14% stake acquired in 2022.
The broker increases the target to $3.40 from $3.10, to represent a 75% probability of a deal going through at the indicative price of $3.50 a share.
In the meantime, conditions are improving for the company and a strong 2023 result is expected.
The wet weather that weighed on citrus quality and avocado volumes in 2022 is waning and the broker also expects elevated input costs, such as for fertilisers and labour, will continue to ease. Hold maintained.
Target price is $3.40 Current Price is $3.34 Difference: $0.06
If CGC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.22, suggesting downside of -2.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 9.00 cents and EPS of 15.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.5, implying annual growth of 86.5%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.4. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 12.00 cents and EPS of 20.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 23.0%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 19.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.11
Citi rates CHC as Buy (1) -
While anticipating potential headwinds over the short term, reflecting a weaker transaction market, Citi still finds compelling value in Charter Hall as the stock has already priced in a lot of the negatives.
An improvement in the rate outlook later in the year and better outcomes for office assets could mean the shares perform well over the next 12 months, the broker adds.
Citi believes the second half of 2023 will be weak but then pick up next year once the peak in rates has, potentially, occurred, allowing buyers to have confidence in the debt cost outlook. A Buy rating is maintained and the target is lowered to $13.50 from $14.60.
Target price is $13.50 Current Price is $11.11 Difference: $2.39
If CHC meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $14.23, suggesting upside of 26.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 42.50 cents and EPS of 92.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.8, implying annual growth of -51.7%. Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 45.10 cents and EPS of 76.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.6, implying annual growth of -9.8%. Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.32
UBS rates CSR as Buy (1) -
CSR will acquire Woven Image for -$43m, extending its commercial interiors offering. Woven Image suppllies high specification textile and acoustic finishes for interiors across the office, hospitality, education and healthcare sectors.
UBS believes the acquisition is sensible as CSR is a major supplier to Woven Image, understanding the business and end markets, and will retain the management team post acquisition.
The acquisition is in keeping with the strategy to use its net cash position and pursue bolt-on acquisitions that offer a unique customer proposition and are appropriately priced.
Buy rating and $6.50 target price retained.
Target price is $6.50 Current Price is $5.32 Difference: $1.18
If CSR meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $5.51, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 24.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.9, implying annual growth of -19.0%. Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY25:
UBS forecasts a full year FY25 dividend of 23.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.4, implying annual growth of -4.1%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates CY5 as Buy (1) -
Ahead of a maiden field campaign at the Sakami project in the James Bay lithium district in Canada, Cygnus Metals has identified pegmatite targets with outcrops up to 140m long and 30m wide.
Shaw and Partners expects the upcoming maiden resource at the Pontax lithium project in late-July or early-August will serve as a share price catalyst.
The Buy rating and $0.46 target are maintained.
Target price is $0.46 Current Price is $0.28 Difference: $0.175
If CY5 meets the Shaw and Partners target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.20 cents. |
Forecast for FY24:
Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 2.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.27
Bell Potter rates DRO as Buy (1) -
Bell Potter makes no changes to its earnings forecast for DroneShield as the analyst had already allowed for a follow-up R&D contract (two years, $9.9m). The contract was from the same customer in the adjacent market of Electronic Warfare.
The broker suggests the win demonstrates early success in this new market and will allow further exploration for the application of DroneShield's proprietary software.
The company is on track for a record quarter of cash receipts in Q2, observes the analyst, following $7m in cash receipts in Q1. The 40c target and Buy rating are unchanged.
Target price is $0.40 Current Price is $0.27 Difference: $0.135
If DRO meets the Bell Potter target it will return approximately 51% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.40 cents. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HUB HUB24 LIMITED
Wealth Management & Investments
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Overnight Price: $26.21
Citi rates HUB as Neutral (3) -
Citi lowers its net flow forecasts for Hub24 in FY23 to -10% to reflect lower client activity and increased allocation to term deposits. While expecting flows will bounce back in FY24 the broker assesses the timing is uncertain and assumes flows will continue to be weak in the first half.
While retaining a Neutral rating on both, Citi continues to prefer Hub24 to Netwealth Group from a valuation perspective. Target is reduced to $29.60 from $30.15.
Target price is $29.60 Current Price is $26.21 Difference: $3.39
If HUB meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $32.63, suggesting upside of 27.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 30.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.8, implying annual growth of 231.0%. Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 38.2. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 35.00 cents and EPS of 74.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 80.7, implying annual growth of 20.8%. Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
INA INGENIA COMMUNITIES GROUP
Aged Care & Seniors
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Overnight Price: $4.04
Citi rates INA as Buy (1) -
Ingenia Communities posted FY23 settlements that were in line with Citi's expectations and at the lower end of the 370-420 guidance range. Going forward the broker envisages scope for weaker settlements in the first half but then a strong ramp up beyond that.
Estimates are cut to reflect delayed settlements and higher debt costs but with 20% growth in EPS expected from FY23-25 there is potential upside and Citi reiterates a Buy rating. Target is reduced to $4.64 from $4.70.
Target price is $4.64 Current Price is $4.04 Difference: $0.6
If INA meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $4.44, suggesting upside of 10.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 10.40 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of -27.9%. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 20.9. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 11.00 cents and EPS of 22.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.9, implying annual growth of 19.3%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LAU LINDSAY AUSTRALIA LIMITED
Transportation & Logistics
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Overnight Price: $1.12
Morgans rates LAU as Add (1) -
Morgans upgrades FY24-FY25 EPS forecasts for Lindsay Australia by around 6% in line with management’s single digit EPS accretion guidance following the acquisition of Victorian-based rural merchandising business WB Hunter.
The EPS upgrades are partially offset in FY25 as the analyst allows for modestly higher lease related D&A expenses and interest costs.
The -$34.6m transaction will increase the Rural division’s existing footprint of 21 rural supplies and agricultural services stores by seven sites in Victoria and one site in NSW.
The target rises to $1.55 from $1.40. The broker likes the increased scale of the Rural business and geographic diversification away from the company’s core QLD market.
Target price is $1.55 Current Price is $1.12 Difference: $0.43
If LAU meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 25.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 5.60 cents and EPS of 11.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.4, implying annual growth of 78.4%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 10.9. |
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 6.00 cents and EPS of 14.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.3, implying annual growth of 16.7%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates LAU as Buy (1) -
Lindsay Australia has acquired the WB Hunter rural brand in Victoria for -$34.6m, extending its rural footprint to 29 stores nationally and adding three established high-growth areas for irrigated horticulture.
Ord Minnett calculates the acquisition is 6% accretive to EPS estimates in FY24 and expects this will provide a platform for future organic growth in servicing new regions with a combined production value of $2.2bn annually.
Buy rating maintained. Target is raised to $1.51 from $1.40.
Target price is $1.51 Current Price is $1.12 Difference: $0.39
If LAU meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 25.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 6.00 cents and EPS of 11.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.4, implying annual growth of 78.4%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 10.9. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 6.80 cents and EPS of 13.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.3, implying annual growth of 16.7%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NAN NANOSONICS LIMITED
Medical Equipment & Devices
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Overnight Price: $4.81
Bell Potter rates NAN as Sell (5) -
After returning from a site visit at Nanosonics' US headquarters in Indianapolis, Bell Potter suggests Trophon 2 remains underpenetrated, particulary among former GE clients.
The broker expects the company's FY23 result will come in at the top end of guidance for growth in the range of 36-41% and a gross margin of 77-79%.
Despite holding this view, the analyst feels the stock is fully valued and maintains a Sell rating. The target rises to $4.15 from $3.90.
Target price is $4.15 Current Price is $4.81 Difference: minus $0.66 (current price is over target).
If NAN meets the Bell Potter target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.56, suggesting downside of -5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.6, implying annual growth of 271.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 105.0. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 6.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.8, implying annual growth of 47.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 71.0. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $14.25
Citi rates NWL as Neutral (3) -
Citi lowers its net flow forecasts for Netwealth Group in FY23 to -6% to reflect lower client activity and increased allocation to term deposits. While expecting flows will bounce back in FY24 the broker assesses the timing is uncertain and assumes flows will continue to be weak in the first half.
While retaining a Neutral rating on both, Citi continues to prefer Hub24 to Netwealth from a valuation perspective. Target is raised to $14.00 from $13.95.
Target price is $14.00 Current Price is $14.25 Difference: minus $0.25 (current price is over target).
If NWL 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 $14.73, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 24.10 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 22.5%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 49.1. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 31.50 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.5, implying annual growth of 30.8%. Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 37.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.89
Macquarie rates PLL as Outperform (1) -
Piedmont Lithium's partner Sayona Mining has updated on the Quebec production ramp up.
At the end of June the project produced 30,000t of spodumene concentrate with an average grade of 5.5% with confirmation that producing at a lower grade of 5.5% results in higher recovery and greater production.
The ramp up is faster than Macquarie previously estimated while first shipment slated for the third quarter remains in line with estimates. Outperform maintained. Target is $1.80.
Target price is $1.80 Current Price is $0.89 Difference: $0.91
If PLL meets the Macquarie target it will return approximately 102% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.40 cents. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 26.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $114.15
Morgan Stanley rates RIO as Overweight (1) -
Morgan Stanley believes an upcoming Oyu Tolgoi site visit hosted by Rio Tinto will serve as a catalyst for the market to more greatly appreciate copper's contribution to group earnings.
While iron ore currently provides around 58% of 2023 revenues, the analysts point out copper earnings (EBITDA) from a number of sources will rise to circa 27% by FY25 from 9% in FY22.
The broker anticipates Oyu Tolgoi will drive more than 90% of copper volume growth over the next five years. The expected organic growth optionality for Rio Tinto will likely reduce the need for M&A.
The Overweight rating is unchanged, while the target is reduced to $124 from $126.50. Sector view is Attractive.
Target price is $124.00 Current Price is $114.15 Difference: $9.85
If RIO meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $113.33, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 600.57 cents and EPS of 995.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1032.1, implying annual growth of N/A. Current consensus DPS estimate is 655.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 dividend of 469.75 cents and EPS of 778.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1132.2, implying annual growth of 9.7%. Current consensus DPS estimate is 721.2, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.1. |
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
Overnight Price: $1.33
Macquarie rates RMS as Outperform (1) -
Ramelius Resources has met FY23 production guidance, although the 68,800 ounces produced in the fourth quarter were -12% below Macquarie's estimates.
Costs are expected to remain within the upper end of the original AISC guidance of $1750-1950/oz.
Meanwhile, the company's takeover offer consideration for Musgrave Minerals ((MGV)) implies a 19% premium over the prior close and a 27% premium to the latest bid from Westgold Resources ((WGX)), which has indicated it does not intend to improve its offer.
Macquarie assumes Ramelius Resources is successful and expects the acquisition should bring regional synergies.
Outperform rating maintained and the target is lowered to $1.60 from $1.65.
Target price is $1.60 Current Price is $1.33 Difference: $0.27
If RMS meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.60, suggesting upside of 21.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 1.00 cents and EPS of 5.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of 475.3%. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 4.00 cents and EPS of 10.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.1, implying annual growth of 67.9%. Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 9.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.81
Citi rates S32 as Buy (1) -
South32 shares are down -12% over the past three months and Citi downgrades estimates for earnings because of lower metal and coal prices.
The broker has reduced its 2023 copper and nickel price forecast to US$8385/t and US$22,260/t, respectively, and 2024 copper to US$9125/t. Hard coking coal price forecasts for 2023 and 2024 are reduced to US$255/t and US$225/t, respectively.
Citi concludes there are plenty of "stale bulls" in South32 but finds it hard to argue against a value case and retains a Buy rating. Target is reduced to $4.35 from $4.55.
Target price is $4.35 Current Price is $3.81 Difference: $0.54
If S32 meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.68, suggesting upside of 21.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 17.84 cents and EPS of 36.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.4, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 25.27 cents and EPS of 45.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.2, implying annual growth of 15.9%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 9.1. |
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
Overnight Price: $21.80
UBS rates SEK as Buy (1) -
UBS believes the market is under-appreciating the ability for dynamic pricing to deliver a step up in longer-term price growth.
The broker's latest check on job listing volumes for Seek Australia signals these are down around -24-26% in June, which brings the second half slump to around -17%. In FY24 volumes are expected to normalise closer to pre-pandemic levels.
Underlying EBITDA margins in Australasia are expected to hold up at around 66.3% as overall costs decline -3.6%. Buy rating reiterated. Target is raised to $27.80 from $27.70.
Target price is $27.80 Current Price is $21.80 Difference: $6
If SEK meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $28.36, suggesting upside of 25.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 41.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.7, implying annual growth of 50.3%. Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 31.6. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 48.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.9, implying annual growth of 8.6%. Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.51
Citi rates SUN as Buy (1) -
Suncorp Group's reinsurance renewal for FY24 reflects a substantial increase in catastrophe allowance and capital requirements, as expected.
Citi points out the business will enter FY24 without the protection of an aggregate cover and with a higher MER for a first large event of $350m (from $250m).
Moreover, there is much more exposure to New Zealand as, after two significant events, reinsurance in New Zealand is hard to come by.
The broker estimates the combination of the higher catastrophe allowance and higher reinsurance expense will provide a -270 basis points headwind to underlying insurance margins in FY24.
Citi retains a Buy rating and $14.30 target.
Target price is $14.30 Current Price is $13.51 Difference: $0.79
If SUN meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $14.57, suggesting upside of 7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 72.00 cents and EPS of 104.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.6, implying annual growth of 81.4%. Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 72.00 cents and EPS of 90.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 100.3, implying annual growth of 2.8%. Current consensus DPS estimate is 76.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SUN as Overweight (1) -
Suncorp Group's FY24 reinsurance renewal fell towards the bottom end of Morgan Stanley's expectations. While CAT retentions and reinsurance costs were managed well, headwinds are expected via lower capital, a higher CAT budget and no aggregate cover.
Another disappointment for the analysts was management commentary around FY24 margins of 10-12%.
Nonetheless, the broker feels these concerns may be overlooked by the market as premium pricing remains well ahead of inflation.
For Suncorp Group, the Overweight rating and $14.50 target are unchanged. Industry View: In-Line.
Target price is $14.50 Current Price is $13.51 Difference: $0.99
If SUN meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.57, suggesting upside of 7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.6, implying annual growth of 81.4%. Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 EPS of 111.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 100.3, implying annual growth of 2.8%. Current consensus DPS estimate is 76.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SUN as Add (1) -
Suncorp Group has announced the combined cost of FY24 catastrophe reinsurance premiums and the natural hazard allowance is expected to exceed by 12% the FY23 level.
Morgans lowers its underlying EPS forecasts for FY23 and FY24 by -5%-6%, for the higher reinsurance costs and more conservative bank bad debt assumptions.
Separately, management noted FY23 natural hazards of -$1.275bn came in around -$100m worse than allowances.
The broker’s target falls to $14.32 from $14.44 with earning changes offset by a valuation roll-forward. Add.
Target price is $14.32 Current Price is $13.51 Difference: $0.81
If SUN meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $14.57, suggesting upside of 7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 73.00 cents and EPS of 87.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.6, implying annual growth of 81.4%. Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 83.10 cents and EPS of 102.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 100.3, implying annual growth of 2.8%. Current consensus DPS estimate is 76.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SUN as Buy (1) -
UBS notes, despite relatively benign second half catastrophe events, Suncorp Group has purchased less reinsurance cover for FY24, particularly in New Zealand, and more risk will be retained internally.
The broker highlights the company is managing towards a FY24 insurance margin of 10-12%. NZ cover was only placed to 52% above $100m, reflecting higher reinsurance quotes since Cyclone Gabrielle.
Buy rating and $15 target maintained.
Target price is $15.00 Current Price is $13.51 Difference: $1.49
If SUN meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $14.57, suggesting upside of 7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 71.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.6, implying annual growth of 81.4%. Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 78.00 cents and EPS of 104.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 100.3, implying annual growth of 2.8%. Current consensus DPS estimate is 76.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.19
Macquarie rates SYA as Outperform (1) -
Sayona Mining has updated on the Quebec production ramp up. At the end of June the project produced 30,000t of spodumene concentrate with an average grade of 5.5% and confirmed that producing at a lower grade of 5.5% results in higher recovery and greater production.
The ramp up is faster than Macquarie previously estimated while first shipment slated for the third quarter remains in line with estimates. Outperform maintained. Target is $1.80.
Macquarie retains an Outperform rating with a $0.24 target.
Target price is $0.24 Current Price is $0.19 Difference: $0.05
If SYA meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.40 cents. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of 3.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.24
Ord Minnett rates TLC as Hold (3) -
Ord Minnett considers, in terms of ESG risk, lotteries are a relatively light form of gambling and relatively removed from conversations surrounding problem gambling because individual losses are much smaller.
Moreover, Lottery Corp's revenue is gained from small ticket sales to a large volume of customers compared with other forms of gambling where only a small number participate.
Hence, the broker thinks tighter regulation around harm minimisation that specifically targets lotteries is unlikely. Hold rating. Target is $4.70.
Target price is $4.70 Current Price is $5.24 Difference: minus $0.54 (current price is over target).
If TLC 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 $5.43, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 14.00 cents and EPS of 15.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of 4.0%. Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 32.3. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 16.00 cents and EPS of 16.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 13.0%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 28.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TLC as Buy (1) -
UBS assesses lottery demand is linked to long-term economic prosperity, although in the short term calculations need to be normalised for jackpot volatility to provide an accurate starting point for growth.
Nominal GDP is the most easily explained macro driver of demand, which supports the broker's long-term 4.5% per annum top-line growth assumptions.
Hence, UBS is confident in bridging a volatile FY23 into FY24, continuing to believe that most of the volatility was driven by "bad luck". Buy rating retained. Target edges up to $6.00 from $5.95.
Target price is $6.00 Current Price is $5.24 Difference: $0.76
If TLC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.43, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 15.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of 4.0%. Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 32.3. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 18.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 13.0%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 28.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.31
UBS rates TLS as Upgrade to Buy from Neutral (1) -
UBS upgrades Telstra Group to Buy from Neutral as its latest survey reveals the Australian mobile market is relatively rational and the company is leading the market on price increases.
Telstra appears to have gained a slight increase in share for its main brand with reduced churn intentions, despite the increased prices and a softer consumer environment.
UBS upgrades longer-term ARPU growth assumptions beyond FY24 for mobiles to 2.5%, from flat, while assuming CPI-linked price increases are more possible given the company's network differentiation. Target is raised to $4.75 from $4.60.
Target price is $4.75 Current Price is $4.31 Difference: $0.44
If TLS meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.68, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 17.00 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 11.4%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 27.2. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 19.10 cents and EPS of 19.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 14.4%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
AZJ | Aurizon Holdings | $3.94 | Morgans | 3.95 | 3.81 | 3.67% |
CGC | Costa Group | $3.30 | Bell Potter | 3.50 | 3.00 | 16.67% |
Macquarie | 3.43 | 2.86 | 19.93% | |||
Ord Minnett | 3.40 | 3.10 | 9.68% | |||
CHC | Charter Hall | $11.26 | Citi | 13.50 | 14.60 | -7.53% |
HUB | Hub24 | $25.51 | Citi | 29.60 | 30.15 | -1.82% |
INA | Ingenia Communities | $4.02 | Citi | 4.64 | 4.70 | -1.28% |
LAU | Lindsay Australia | $1.24 | Morgans | 1.55 | 1.40 | 10.71% |
Ord Minnett | 1.51 | 1.40 | 7.86% | |||
NAN | Nanosonics | $4.83 | Bell Potter | 4.15 | 3.90 | 6.41% |
NWL | Netwealth Group | $13.71 | Citi | 14.00 | 13.95 | 0.36% |
RIO | Rio Tinto | $114.15 | Morgan Stanley | 124.00 | 126.50 | -1.98% |
RMS | Ramelius Resources | $1.32 | Macquarie | 1.60 | 1.65 | -3.03% |
S32 | South32 | $3.86 | Citi | 4.35 | 4.55 | -4.40% |
SEK | Seek | $22.67 | UBS | 27.80 | 27.70 | 0.36% |
SUN | Suncorp Group | $13.51 | Morgans | 14.32 | 14.44 | -0.83% |
TLC | Lottery Corp | $5.23 | UBS | 6.00 | 5.95 | 0.84% |
TLS | Telstra Group | $4.35 | UBS | 4.75 | 4.60 | 3.26% |
Summaries
AZJ | Aurizon Holdings | Downgrade to Hold from Add - Morgans | Overnight Price $3.98 |
CGC | Costa Group | Downgrade to Hold from Buy - Bell Potter | Overnight Price $3.34 |
Downgrade to Neutral from Outperform - Macquarie | Overnight Price $3.34 | ||
Hold - Ord Minnett | Overnight Price $3.34 | ||
CHC | Charter Hall | Buy - Citi | Overnight Price $11.11 |
CSR | CSR | Buy - UBS | Overnight Price $5.32 |
CY5 | Cygnus Metals | Buy - Shaw and Partners | Overnight Price $0.28 |
DRO | DroneShield | Buy - Bell Potter | Overnight Price $0.27 |
HUB | Hub24 | Neutral - Citi | Overnight Price $26.21 |
INA | Ingenia Communities | Buy - Citi | Overnight Price $4.04 |
LAU | Lindsay Australia | Add - Morgans | Overnight Price $1.12 |
Buy - Ord Minnett | Overnight Price $1.12 | ||
NAN | Nanosonics | Sell - Bell Potter | Overnight Price $4.81 |
NWL | Netwealth Group | Neutral - Citi | Overnight Price $14.25 |
PLL | Piedmont Lithium | Outperform - Macquarie | Overnight Price $0.89 |
RIO | Rio Tinto | Overweight - Morgan Stanley | Overnight Price $114.15 |
RMS | Ramelius Resources | Outperform - Macquarie | Overnight Price $1.33 |
S32 | South32 | Buy - Citi | Overnight Price $3.81 |
SEK | Seek | Buy - UBS | Overnight Price $21.80 |
SUN | Suncorp Group | Buy - Citi | Overnight Price $13.51 |
Overweight - Morgan Stanley | Overnight Price $13.51 | ||
Add - Morgans | Overnight Price $13.51 | ||
Buy - UBS | Overnight Price $13.51 | ||
SYA | Sayona Mining | Outperform - Macquarie | Overnight Price $0.19 |
TLC | Lottery Corp | Hold - Ord Minnett | Overnight Price $5.24 |
Buy - UBS | Overnight Price $5.24 | ||
TLS | Telstra Group | Upgrade to Buy from Neutral - UBS | Overnight Price $4.31 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 19 |
3. Hold | 7 |
5. Sell | 1 |
Wednesday 05 July 2023
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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