Australian Broker Call

Macquarie rates AIA as Outperform (1) -

Auckland International Airport's September passenger data and October preview reveal a continued recovery in passenger volumes, primarily in domestic flights, with long-haul flights still at 46% of pre-covid levels but on the rise.

Macquarie expects growth to continue for the rest of FY23.

Outperform rating retained. Target price is steady at NZ$8.60.

Current Price is $7.33. Target price not assessed.

Current consensus price target is $7.50, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Credit Suisse rates BAP as Neutral (3) -

While Bapcor has reiterated full year guidance at its recent investor day, Credit Suisse notes an increasingly difficult trading environment, anticipating earnings growth is unlikely. The broker raised concerns around Bapcor's Better Than Before $50m transformational project delivering full benefits. 

Credit Suisse is concerned by the lack of detail, but sees belief in the program as key to an investment decision. The broker's valuation accounts for 100% of associated costs, but only 60% of associated benefits of the program, noting a better investment case if investors have confidence in a greater percentage of benefits being realised. 

The Neutral rating is retained and the target price increases to $6.80 from $6.60.

Target price is $6.80 Current Price is $6.73 Difference: $0.07
If BAP meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.85, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates BAP as Outperform (1) -

Bapcor has announced its Better than Before transformation program, targeting $100m in incremental earnings (EBIT) by FY25, and announcing one-off costs of FY23-FY24 (capital expenditure and operational expenditure) to get there. It also provided an earnings update.

Macquarie revises estimates to incorporate both. The company's trading update fell shy of AGM forecasts and guidance was flabby, says the broker. 

EPS forecasts fall -2.3% in FY23; rise 2.6% in FY24; and rise 15.6% in FY25. Macquarie says a successful transformation landing in FY25 could increase FY25 EPS forecasts by 40%.

Outperform rating retained. Target price rises to $9.70 from $8.85.

Target price is $9.70 Current Price is $6.73 Difference: $2.97
If BAP meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $7.85, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

UBS rates BAP as Buy (1) -

Bapcor announced a transformation strategy at its investor day targeting a $100m incremental rise in earnings (EBIT) by FY25, reports UBS.

Management also forecast strong demand and increased revenue in its trade and wholesale markets, spying organic and inorganic opportunities across both.

UBS points out the downside includes increases in capital expenditure to meet the earnings increase, a slowing of growth in Retail and New Zealand trade, and inventory-related cost imposts. 

EPS forecasts fall -5% for FY23. UBS expects delivery on transformation should increase earnings in later years, but the broker is happy to wait.

Buy waiting retained. Target price eases to $7.60 from $7.70.

Target price is $7.60 Current Price is $6.73 Difference: $0.87
If BAP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.85, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates CHN as Outperform (1) -

Chalice Mining has confirmed extensions to the Gonneville deposit and Macquarie says drill results reveal some of the widest and highest grades so far. The scoping study is set for publication in December.

Outperform rating and $7.50 target price retained.

Target price is $7.50 Current Price is $4.95 Difference: $2.55
If CHN meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates CSL as Buy (1) -

While exciting news for patients, Citi assesses a neutral effect upon CSL's valuation of the (expected) FDA approval for its gene therapy for haemophilia B, Hemgenix.

The broker explains CSL's Idelvion sales (the current standard of care in haemophilia) will be cannabalised and (in a defensive move) CSL licenced Hemgenix from UnQure in 2021 at a cost of -$750m.

The analyst expects the launch of Hemgenix in the US will be slow as the payment models are not yet finalised.

The Buy rating and $340 target are unchanged.

Target price is $340.00 Current Price is $297.70 Difference: $42.3
If CSL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $327.03, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Macquarie rates CSL as Outperform (1) -

CSL's gene therapy for haemophilia B, Hemgenix, has been approved by the US Federal Drug Administration.

Macquarie expects 6% EPS accretion in outer years (FY28/FY29) as a result, translating to a $13.70 add-on to the share price. 

EPS forecasts rise 1% in FY24; and 2% in FY25 in response to the approval.

Meanwhile, fundamentals are recovering post covid for CSL.

Outperform rating retained. Target price rises to $343 from $329.50.

Target price is $343.00 Current Price is $297.70 Difference: $45.3
If CSL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $327.03, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Morgan Stanley rates CSL as Overweight (1) -

The US FDA has given approval for CSL's gene therapy treatment for hemophilia B, called Hemgenix (EtranaDez).

At a recent R&D briefing, CSL said it expected to launch EtranaDez in the US and EU in the 1Q of 2023.

The broker only sees limited cannibalisation of CSL's Idelvion market and estimates (based on 10% US market penetration by year-3 post launch) around 10% upside to its forecast EPS.

Overweight and $327 target retained. Industry view: In-Line.

Target price is $327.00 Current Price is $297.70 Difference: $29.3
If CSL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $327.03, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Morgans rates HCW as Add (1) -

Non-profit private hospital operator Mater has made a 20% co-investment in the Springfield Health Hub with HealthCo Healthcare & Wellness REIT.

The REIT also announced its acquisition of Sunshine Coast Health Hub QLD and Camden Stage 1 NSW.

Management also confirmed FY23 guidance for funds from operations (FFO) and DPS.

The broker lowers its target to $2.05 from $2.16. Add.

Target price is $2.05 Current Price is $1.60 Difference: $0.455
If HCW meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

UBS rates ILU as Neutral (3) -

Iluka Resources' September-quarter trading sales fell a touch shy of UBS forecasts but price expectations remain high and the broker spies a boost from China's reopening trade.

Mineral sands prices have baulked at these levels, but the broker expects the China reopening may give the market the injection it needs, and it is bullish on rare earths.

UBS raises price forecasts 18% for 2023 and 27% for 2024, which translates to an increase in earnings forecasts of 18% in 2023 and 62% in 2024.

Eneabba Rare Earth Refinery is on track for first production in 2025-26.

Neutral rating retained. Target price rises to $11 from $10.07.

Target price is $11.00 Current Price is $10.07 Difference: $0.93
If ILU meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.89, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates JIN as Outperform (1) -

Macquarie expects increases in premium pricing for lottery retailing over the next year and is forecasting a three-year EPS compound annual growth rate of 12% for Jumbo Interactive.

The broker appreciates the company's 5% free-cash-flow yield and retains an Outperform rating and $18.05 target price.

Target price is $18.05 Current Price is $13.82 Difference: $4.23
If JIN meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $17.41, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Credit Suisse rates MND as Outperform (1) -

Monadelphous Group has guided to a -10-15% year-on-year revenue decline in its second half, but with further downside risk from potentially contract award delays and subsequent activity being delayed until early FY24. 

The update has seen Credit Suisse revise its earnings per share forecasts -4.9% in FY23, but between 5.9-13.8% for FY24 and FY25. The broker remains confident that potential delays are just timing issues and that Monadelphous Group can win a good portion of bids.

The Outperform rating is retained and the target price increases to $15.60 from $14.10.

Target price is $15.60 Current Price is $13.71 Difference: $1.89
If MND meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $14.31, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

September quarter hospital activity remained subdued, assesses Morgan Stanley from private health insurance statistics, while premium increases due on April 1, 2022, were deferred.

As the premium deferral resulted in membership retention, the broker continues to prefer insurers over hospitals.

Morgan Stanley retains its Equal-weight rating and $3.05 target for Medibank Private. Industry View: In-line.

Target price is $3.05 Current Price is $2.84 Difference: $0.21
If MPL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

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

September quarter hospital activity remained subdued, assesses Morgan Stanley from private health insurance statistics, while premium increases due on April 1, 2022, were deferred.

As the premium deferral resulted in membership retention, the broker continues to prefer insurers over hospitals.

For nib Holdings, the Equal-weight rating and $7.50 target are retained.Industry View: In-Line.

Target price is $7.50 Current Price is $7.22 Difference: $0.28
If NHF meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.63, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Credit Suisse rates ORA as Neutral (3) -

Falling corrugated board and paper costs represent lower input costs for Orora, but also impacts on the company's downstream margins according to Credit Suisse. 

Two and half years of North American price inflation have come to an end with corrugated board indices declining to US$20-40 per tonne, and the broker predicts further cost deflation ahead. 

Credit Suisse anticipates this will drag on Orora's US margins in FY24, but notes Orora, and industry peers, are already taking action to mitigate impacts.

The broker lowers its FY23 earnings per share forecast -4%, accounting for a half year impact, and FY and FY25 forecasts 11-12%. 

The Neutral rating is retained and the target price decreases to $3.40 from $3.80. 

Target price is $3.40 Current Price is $3.15 Difference: $0.25
If ORA meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Credit Suisse rates QAN as Outperform (1) -

Qantas Airways lifts first half profit before tax guidance 12% to $1.35-1.45bn, as domestic travel demand remains strong.

The company suggested business travel revenue has exceeded 100% of pre-covid levels, while leisure travel revenue is more than 130% above pre-covid. 

Credit Suisse has lifted its full year profit before tax forecast 11%, and flags a share buyback from the airline to be announced in February. 

The Outperform rating is retained and the target price increases to $7.15 from $6.60.

Target price is $7.15 Current Price is $6.18 Difference: $0.97
If QAN meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates QAN as Outperform (1) -

Qantas raises December-half guidance by 13% to reflect increased loads and Macquarie raises near-term estimates according.

Macquarie observes demand remains strong in the near-term but expects growth will moderate in line with consumer sentiment (the broker is forecasting a recession), but still, the broker considers the share price to be cheap.

Outperform rating retained. Target price rises to $7.40 from $7.05.

Target price is $7.40 Current Price is $6.18 Difference: $1.22
If QAN meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates QAN as Overweight (1) -

Following a trading update, Morgan Stanley believes favourable conditions for Qantas Airways will persist into FY24 and sees further improvement in earnings as capacity normalises.

Guidance for 1H FY23 profit (PBT) was upgraded by around 12% to $1.35-1.45bn, which exceeded the broker's $1.22bn forecast and the $1.21bn expected by consensus.

An acceleration in revenue inflow and a delay in capex, notes the analyst, will result in around -$900m lower net debt than prior management guidance.

The Overweight rating and $9.00 target price are maintained. Industry View: In-line.

Target price is $9.00 Current Price is $6.18 Difference: $2.82
If QAN meets the Morgan Stanley target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates QAN as Buy (1) -

For the second time in two months, Qantas Airways has upgraded guidance due to strong demand that, according to Ord Minnett, is defying rising macroeconomic concerns.

Guidance is for 1H FY23 underlying profit (PBT) of $1.35-1.45bn up from $1.2-1.3bn. Importantly, the broker highlights the upgrade was yield driven, with current capacity expectations unchanged.

Further capital management is now possible, as the balance sheet has deleveraged faster than the analyst expected.

Ord Minnett raises its target to $8.50 from $7.50. The Buy rating is retained given no current sign of demand destruction.

Target price is $8.50 Current Price is $6.18 Difference: $2.32
If QAN meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates QAN as Buy (1) -

On closer examination of Qantas Airways's December-half guidance upgrade yesterday, UBS raises its target price to $7.60 from $7.20.

UBS estimates Qantas' profit uplift is mainly attributable to load and yield and its expected decline in net debt includes higher earnings, a deferral of capital expenditure, and the covid credit, and the bulk from improved working capital, most likely due to strong forward bookings, says the broker.

UBS says FY23 is likely to be a year of abnormal trade but still expects some growth in FY24. Buy rating retained.

Target price is $7.60 Current Price is $6.18 Difference: $1.42
If QAN meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates RHC as Underweight (5) -

September quarter hospital activity remained subdued, assesses Morgan Stanley from private health insurance statistics, while premium increases due on April 1, 2022, were deferred.

As the premium deferral resulted in membership retention, the broker continues to prefer insurers over hospitals.

As a result, Morgan Stanley keeps its Equal weight ratings for both nib holdings and Medibank Private, and an Underweight rating and target price of $64.40 for Ramsay Health Care. Industry view: In-Line.

Target price is $64.40 Current Price is $63.91 Difference: $0.49
If RHC meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $67.16, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

Smartgroup Corp has downgraded guidance (-6% to -8% short of consensus and Macquarie's forecasts) as supply-chain constraints on new-vehicle deliveries continue to hamper growth, despite signs of growing demand for novated leases.

On the upside, the company has renewed its salary packaging and novated lease contract with NSW Health, in a deal that runs until 2028.

EPS forecasts fall -8% in FY22; -16.5% in FY23; and -16.6% in FY24. Rating downgraded to Neutral from Outperform. Target price falls to $4.75 from $7.10.

Target price is $4.75 Current Price is $4.75 Difference: $0
If SIQ meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 36.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

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

Morgan Stanley believes that while Smartgroup Corp's renewal of the NSW Health contract to 2028 will be well received by the market, new 2022 guidance will lower forward EPS expectations.

Guidance for $60-61m profit (NPATA) was a miss versus the broker's and the consensus forecast of -5% and -6%, respectively.

While a multiple de-rate has provided some valuation support, the analyst sees limited catalysts for a share price re-rate and maintains an Equal-weight rating. The target of $6.30 is unchanged. Industry View: In-Line.

Target price is $6.30 Current Price is $4.75 Difference: $1.55
If SIQ meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 36.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates SIQ as Buy (1) -

After the third downgrade over the last six months, Ord Minnett points out Smartgroup Corp is not alone in facing a series of headwinds.  Potential turning points in 2023 could eventuate from stabilising interest rates and improvement in new car supply.

The current headwinds include not only interest rates and lack of car supply but also wages inflation, explains the analyst.

The company's profit (NPATA) guidance for the 2H of 2022 was an -8% miss versus forecasts by consensus and the broker.

Ord Minnett lowers its target to $6.30 from $7.50. Buy.

Target price is $6.30 Current Price is $4.75 Difference: $1.55
If SIQ meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 36.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates SKO as Outperform (1) -

Serko's September-half result outpaced consensus and Macquarie's forecasts, and management reiterated guidance, precised with caution around Europe.

But Macquarie downgrades its rating to Neutral from Outperform, observing a lack of momentum in key growth projects.

The broker notes the company has $103m in cash and burned -$3.6m a month (less than the broker forecast), and that management is now targeting a FY25 breakeven.

EPS forecasts fall -39% in FY23; -30% in FY24; and -188% in FY25. Target price falls -64% to NZ$2.67, compared with the last entry in the FNArena database in May of NZ$7.33. 

Current Price is $2.30. Target price not assessed.

Current consensus price target is $5.57, suggesting upside of 139.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Macquarie rates TCL as Outperform (1) -

Macquarie reviews Transurban Group in the light of rising inflation.

The broker considers the company's debt duration of 7-8 years as a plus, given it allows time for rates to contracts.

Even if rates remain elevated, the broker expects this will only result in a -$10m impost on earnings in FY24 and -$24m in FY25, and if they continue to rise, the broker expects most of impact will be offset by CPI indexing.

Macquarie observes Transurban also has leverage to falling inflation given ratchet escalations on tolls. Outperform rating and $14.08 target price retained.

Target price is $14.08 Current Price is $14.15 Difference: minus $0.07 (current price is over target).
If TCL meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.06, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Credit Suisse rates TPW as Neutral (3) -

Credit Suisse has lowered its estimates ahead of Temple & Webster's annual general, as web traffic remained below the previous comparable period through October and November. The broker anticipates marketing costs to be lower than the previous comparable period, mitigating earnings impacts.

The broker is below consensus expectations on Temple & Webster's second half, anticipating further tightening of discretionary spending in 2023, but remains constructive on long-term growth. 

The Neutral rating is retained and the target price decreases to $5.24 from $6.14.

Target price is $5.24 Current Price is $5.06 Difference: $0.18
If TPW meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.41, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates VHT as Add (1) -

First half results for Volpara Health Technologies were broadly in line with Morgans forecasts. Management also lifted FY23 revenue guidance to NZ$33.5-34.5m from NZ$31.5-33m, largely driven by currency tailwinds.

The broker marginally lifts its forecasts to align with the bottom end of the guidance range and its target rises to $1.21 from $1.20. The Add rating is maintained for investors with a higher risk profile.

Target price is $1.21 Current Price is $0.65 Difference: $0.56
If VHT meets the Morgans target it will return approximately 86% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Citi rates WTC as Sell (5) -

Citi's internal data indicate strong hiring momentum for WiseTech Global.

On the one hand new hiring points to confidence in the outlook and stronger revenue, on the other hand further margin expansion may be constrained, explains the broker.

In a positive near-term development, the analyst notes WiseTech's customers are looking to focus on technology spend to offset yield pressure.

The Sell rating and target price of $52.70 are retained.

Target price is $52.70 Current Price is $53.84 Difference: minus $1.14 (current price is over target).
If WTC 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 $59.92, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates WTC as Buy (1) -

WiseTech Global's management reiterated FY23 guidance at the company's AGM, and UBS remains a fan, expecting a CargoWise One FY23-FY25 compound annual growth rate of 33%.

Buy rating and $65.90 target price are retained.

Target price is $65.90 Current Price is $53.84 Difference: $12.06
If WTC meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $59.92, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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