Australian Broker Call

Morgans rates ADH as Add (1) -

First half results slightly beat forecasts. Morgans suggests the result and trading update provide further evidence of the company's ability to sustain solid sales growth in spite of macro housing conditions.

Higher costs were the one area of disappointment, attributable to capacity constraints at the distribution centre. Dividend policy has been increased to 60-85% from 55-70% previously.

Morgans maintains an Add rating. Target is raised to $2.25 from $2.20.

Target price is $2.25 Current Price is $1.84 Difference: $0.41
If ADH meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates ADH as Buy (1) -

It was a solid result from Adairs, the broker notes, featuring very strong revenue growth and NZ profitability, offset by five store closures and increased expenses. Online sales are growing rapidly but in-store sales are still growing, suggesting the benefits of the company's omni-channel approach are starting to be realised.

Adairs has reduced FY guidance but notes sales have continued to grow into the second half. The broker sees valuation as undemanding and retains Buy. Target falls to $2.60 from $2.65.

Target price is $2.60 Current Price is $1.84 Difference: $0.76
If ADH meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates AFG as Add (1) -

Net profit in the first half was better than Morgans expected. The broker continues to believe the stock is undervalued, given its growth prospects and strong cash flow. The balance sheet setting is considered conservative.

The broker believes the regulatory risk associated with the stock continues to be overplayed. Add rating and $1.80 target maintained.

Target price is $1.80 Current Price is $1.28 Difference: $0.52
If AFG meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates AHG as Upgrade to Neutral from Underperform (3) -

First half results were weaker than Macquarie expected. While the broker envisages downside risk to guidance concerns over the balance sheet have diminished as costs are being controlled.

FY19 net profit guidance is revised lower, to $52-56m. The company expects a second half recovery but the earnings skew is inconsistent with history, in the broker's view.

Macquarie upgrades to Neutral from Underperform, given the improved balance sheet. Target is raised to $1.95 from $1.50.

Target price is $1.95 Current Price is $2.17 Difference: minus $0.22 (current price is over target).
If AHG meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.86, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates AHG as Hold (3) -

First half results were weak and messy, Morgans observes, with impairments and further one-off restructuring costs. The company has temporarily cut its dividend while it focuses on improving the balance sheet.

The FY19 guidance range has been lowered to $52-56m in net profit, from $56-59m. Morgans maintains earnings estimates, suspecting the potential for lower OEM hurdles and NSW hailstorm sales activity may bolster second half earnings.

Hold rating maintained. Target rises to $1.91 from $1.83.

Target price is $1.91 Current Price is $2.17 Difference: minus $0.26 (current price is over target).
If AHG meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.86, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

Appen's 2018 financial performance seems to have beaten expectations, but Citi, in firm reference to the 75% share price rally year-to-date, downgrades to Neutral from Buy. The analysts have added 18%-20% to forecasts.

The combination Appen-Leapforce has potential to become the ultimate "winner" in the global race for analytics, state the analysts. Target price lifts to $23.29 from $17.31. Citi analysts add the suggestion that management's guidance for 2019 might yet prove conservative.

DPS estimates have been lowered.

Target price is $23.29 Current Price is $22.99 Difference: $0.3
If APX meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates APX as Downgrade to Neutral from Buy (3) -

Appen delivered an exceptionally strong result in UBS's view, 10% above forecast. FY19-21 guidance has been upgraded by 10-20% and thereafter in excess of 20%. The broker believes FY19 guidance looks conservative on current momentum, noting the company's leading market position will allow it to leverage accelerating global investment in AI.

That said, the broker has raised its target to $24 from $16 but downgrades to Neutral from Buy, noting the stock has gained 90% in a quarter compared to a 30% increase in sector multiple.

Target price is $24.00 Current Price is $22.99 Difference: $1.01
If APX meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates ASG as Neutral (3) -

Upon early assessment, Macquarie label the release of H1 results as broadly in-line. Management's guidance for the half-year ahead suggests a stabilisation of conditions in what remains a tough environment, suggest the analysts. This company is now officially under review.

Target price is $1.00 Current Price is $1.11 Difference: minus $0.11 (current price is over target).
If ASG meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates ASX as Sell (5) -

ASX has sold its equity stake in Iress ((IRE)) and Citi analysts have reduced estimates by -1%-2% in response, while also speculating whether this could lead to ASX paying out a special dividend for shareholders.

Given the ASX's lofty share price, a share buyback is not considered a genuine option for the proceeds. On Citi's estimate, the special dividend could be as high as $1.90 per share, circa 2.8% at the present share price.

While recognising the defensive characteristics of the ASX, Citi analysts cannot get past the lofty valuation. Hence Sell rating remains in place. Target price unchanged at $61.40.

Target price is $61.40 Current Price is $68.76 Difference: minus $7.36 (current price is over target).
If ASX meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.84, suggesting downside of -13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Credit Suisse rates ASX as Underperform (5) -

ASX is selling its 18.6% stake in IRESS ((IRE)). ASX has not indicated what it will do with the proceeds. Credit Suisse expects the proceeds will be used to fund growth initiatives and refresh technology.

The broker is supportive of the divestment, as IRESS has expanded significantly since the original stake was acquired and carries business risk outside of the traditional operations of ASX.

Underperform rating and $60 target maintained.

Target price is $60.00 Current Price is $68.76 Difference: minus $8.76 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.84, suggesting downside of -13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Morgans rates ATL as Add (1) -

First half results were in line with Morgans. The company has reiterated FY19 net profit guidance of $22-24m, with the caveat that it is tracking at the lower end.

Morgans observes lower operating expenditure in the second half will assist the Australian business as will the first-time sell-through of former Fleetwood stock.

The broker maintains an Add rating and reduces the target to $1.41 from $1.62.

Target price is $1.41 Current Price is $0.90 Difference: $0.51
If ATL meets the Morgans target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates ATL as Hold (3) -

Interim results were weaker than Ord Minnett expected. The broker suggests the retail business has been hit by a perfect storm with softening demand for recreational vehicles at a time when the Australian business is absorbing the bulk of costs.

The Australian RV market is currently subject to significant oversupply while the retail outlook is highly uncertain. This suggests to Ord Minnett that things may get worse before they get better.

Hold rating maintained. Target is reduced to $1.14 from $1.64.

Target price is $1.14 Current Price is $0.90 Difference: $0.24
If ATL meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates AUB as Neutral (3) -

First half net profit was in line with Credit Suisse estimates. The company has re-affirmed FY19 guidance for adjusted net profit growth of 7-12%, although noted that because of second quarter weakness this is more likely to be at the lower end of the range.

The revision is attributed to Canberra fraud costs and the deterioration in risk services. Neutral rating and $13.45 target maintained.

Target price is $13.45 Current Price is $12.46 Difference: $0.99
If AUB meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates AUB as Outperform (1) -

First half results were below Macquarie's expectations. FY19 adjusted net profit guidance is at the lower end of the 7-12% growth range.

The broker is disappointed with the shift to the lower end of the range, which highlights the underperformance of the risk services division.

Outperform rating maintained. Target is raised to $13.77 from $13.72.

Target price is $13.77 Current Price is $12.46 Difference: $1.31
If AUB meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates BIN as Outperform (1) -

Upon initial assessment, Macquarie analysts comment Bingo Industries' H1 report looks better-than-expected, accompanied by guidance for a flat year ahead.

Macquarie's FY19 forecasts are below management's guidance, with the analysts highlighting margin pressure is one of the features in the H1 report.

Target price is $1.50 Current Price is $1.36 Difference: $0.14
If BIN meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 44.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates BLD as Buy (1) -

According to Citi's comments, Boral delivered in line with its pre-warning, while also providing guidance for improvement in H2. The analysts find the fresh fly ash strategy is as yet unproven, but it remains critical for achieving a re-rating for the shares.

The analysts also see positive developments in negotiations about the future of JV USG. There could be an option available to obtain full ownership for Boral only requiring low capital outlay, suggest the analysts.

Buy rating retained. Price target loses -15c to $5.85. Further reductions to forecasts have followed.

Target price is $5.85 Current Price is $4.86 Difference: $0.99
If BLD meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Credit Suisse rates BLD as Neutral (3) -

First half results were preannounced and the company has retained guidance for FY19. Boral is progressing its plans for expanding the Asian joint venture and the potential exit of Meridian.

Credit Suisse is increasingly confident about the second half demand for fly ash, while the performance of building products is more uncertain, given the US housing backdrop.

The broker maintains a Neutral rating and $4.80 target.

Target price is $4.80 Current Price is $4.86 Difference: minus $0.06 (current price is over target).
If BLD meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.90, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Deutsche Bank rates BLD as Buy (1) -

Management had already pre-announced the key elements, so it was no surprise to the analysts that H1 financials came out in line. They are pleased with progress on the fly ash strategy, but also remain concerned about projects in Australia.

Deutsche Bank analysts do note Boral management remains confident around the construction materials pricing environment despite recent project delays. Buy rating retained. Price target loses -10c to $7.20.

Target price is $7.20 Current Price is $4.86 Difference: $2.34
If BLD meets the Deutsche Bank target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 21.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Macquarie rates BLD as Outperform (1) -

First half net profit was consistent with the pre-release. Macquarie believes the uncertainties that exist are discounted in the extreme valuation of the stock, even in absolute terms.

The broker acknowledges disappointment with the downgrade to the FY19 outlook, as the weather again conspires to undermine trading performance in the US in particular.

Outperform rating maintained. Target is lowered to $5.95 from $6.20.

Target price is $5.95 Current Price is $4.86 Difference: $1.09
If BLD meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Morgan Stanley rates BLD as Overweight (1) -

First half results were in line with guidance. Guidance for FY19 is also unchanged. Morgan Stanley believes, with more realistic earnings expectations, investors can now focus on fundamentals.

The broker continues to like the company's Australian infrastructure exposure and believes there is upside in the US, particularly from the fly ash business.

Overweight rating reiterated. Target is $6.50. Industry view is Cautious.

Target price is $6.50 Current Price is $4.86 Difference: $1.64
If BLD meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Ord Minnett rates BLD as Accumulate (2) -

First half net profit was in line with Ord Minnett's estimates. The broker believes the focus in coming months will be on developments relating to the plasterboard operations in the Asia-Pacific region.

Ord Minnett suggests Boral is in a strong position to structure a transaction that could be accretive to earnings and funded with debt. Accumulate rating maintained. Target is reduced to $6.00 from $6.20.

Target price is $6.00 Current Price is $4.86 Difference: $1.14
If BLD meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

UBS rates BLD as Neutral (3) -

Boral's result has provided the broker with more confidence management's FY19 guidance can be achieved. A fly ash price increase of 13% and counting underpins that confidence although guidance for a flat FY in Australia still looks risky in the context of the housing slowdown, in the broker's view.

It is that which keeps the broker on Neutral, ahead of any news on the company's JV plans which at the moment are fluid. Boral may buy out its USG JV or enter a new JV with Knauf in Asia. Stay tuned. Target unchanged at $5.00.

Target price is $5.00 Current Price is $4.86 Difference: $0.14
If BLD meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Citi rates BSL as Neutral (3) -

Cit's assessment of BlueScope Steel's interim report offers a bit of everything. Firstly, the H1 financials were better-than-expected. But then management's guidance for H2 is likely to trigger downgrades to consensus forecasts, predict the analysts.

Adding to the mix, Citi analysts see risks to H2 guidance, pointing out US steel capacity is facing a genuine prospect of oversupply in the medium term. Irrespective, the analysts observe company management is upbeat on the progress of the North Star mini mill expansion study.

All-in-all, Citi finds the risks are fairly balanced at present. Neutral rating retained. Estimates trimmed by -8%-9%. Target price unchanged at $14.

Target price is $14.00 Current Price is $13.39 Difference: $0.61
If BSL meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Credit Suisse rates BSL as Outperform (1) -

First half results were solid and ahead of Credit Suisse estimates. However Asia was softer, with both Indonesia and Thailand reporting losses. In contrast China was very strong.

Management's confidence in the outlook has meant capital management guidance has increased to at least a 50% distribution of free cash flow, from the prior guidance of 30-50%.

Credit Suisse retains an Outperform rating and reduces the target to $17.00 from $18.70.

Target price is $17.00 Current Price is $13.39 Difference: $3.61
If BSL meets the Credit Suisse target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Deutsche Bank rates BSL as Hold (3) -

BlueScope Steel's H1 performance beat the company's own guidance by some 4%, point out the analysts. It seems guidance for FY19 is a bit lower than what Deutsche Bank analysts had penciled in.

Deutsche Bank continues to see risk from additional industrial action in the near term at Port Kembla. Target price lifts to $14.10 from $13.50. Hold rating retained.

Target price is $14.10 Current Price is $13.39 Difference: $0.71
If BSL meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 19.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Macquarie rates BSL as Outperform (1) -

Macquarie believes the valuation continues to stand out and the prospect of shareholder returns remains good, pending the expansion decision at North Star.

The broker raises estimates for earnings per share in FY19 by 1% and FY20 by 17%, giving effect to changes in commodity forecasts assumptions and increased capital returns.

The company has lowered guidance for FY19, expecting it to be 10% higher than FY18. Outperform maintained. Target is reduced to $14.60 from $15.65.

Target price is $14.60 Current Price is $13.39 Difference: $1.21
If BSL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Morgan Stanley rates BSL as Overweight (1) -

First half results were below Morgan Stanley's expectations, although FY19 guidance remains in line with forecasts. The results highlight strong cash generation that will continue to support growth projects and capital management.

The broker envisages upside risk to steel prices in the short term that should deliver strong cash flow. Overweight rating retained. Target price is reduced to $18.00 from $19.50. Industry view: Cautious.

Target price is $18.00 Current Price is $13.39 Difference: $4.61
If BSL meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Ord Minnett rates BSL as Accumulate (2) -

First half net profit was slightly below Ord Minnett's forecasts. The broker is attracted to the strong balance sheet, capital management and the options for sustainable growth.

The broker believes the North Star expansion is likely to go ahead. Scope and cost have been refined to 800-900,000tpa and US$600-700m respectively, at the upper end of previous indications.

The broker maintains an Accumulate rating and reduces the target to $17.80 from $19.80.

Target price is $17.80 Current Price is $13.39 Difference: $4.41
If BSL meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

UBS rates BSL as Buy (1) -

In the wake of BlueScope's result the broker suggests FY19 guidance may be more achievable than first thought. Expectation of a 10% increase on FY18 appeared to factor in rather optimistic steel spreads but with visibility on sales out to early April, the broker believes management must be confident in its spread assumptions.

To that end the market is likely too cautious in comparing spot spreads to BlueScope's achievable spread, with spot spreads having recently declined to the long term average. Updating valuation leads to a target price cut to $16.00 from $16.80. Buy retained, with acknowledgement of a level of risk from the housing slowdown.

Target price is $16.00 Current Price is $13.39 Difference: $2.61
If BSL meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Citi rates BXB as Buy (1) -

Brambles has found a buyer for IFCO, this being a private equity consortium, with the company expected to receive US$2.36bn. Citi thinks the deal will go ahead, and has now removed IFCO from its modeling.

This results in forecasts being cut by -4%-5% from FY20 onwards. Buy rating retained, as well as the $12.10 price target. The analysts remain firm believers that Brambles will be enjoying a strong growth path in the years ahead.

Target price is $12.10 Current Price is $11.65 Difference: $0.45
If BXB meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.66, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Credit Suisse rates BXB as Outperform (1) -

The company has announced the sale of its IFCO reusable plastic crate business to Abu Dhabi Investment Authority for US$2.51bn. Credit Suisse considers the sale price attractive.

Brambles intends to return US$300m via a pro rata return of cash and US$1.65bn via an on market share buyback.

The broker believes this will provide share price support until June 2020, when there should be good visibility on the turnaround of the US pallet business.

Outperform rating maintained. Target is raised to $13.50 from $12.20.

Target price is $13.50 Current Price is $11.65 Difference: $1.85
If BXB meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.66, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Deutsche Bank rates BXB as Hold (3) -

Brambles has found a buyer for its IFCO business, with the proceeds a little below Deutsche Bank's expectation. The analysts point out, proceeds from the sale will be allocated to roughly $300m return of cash and up to a $1.65bn on-market buy-back, with the remaining $400m for paying down debt.

Regarding the cash return, Deutsche Bank estimates this likely translates into a 29c special un-franked dividend. Hold rating and $10.55 price target retained.

Target price is $10.55 Current Price is $11.65 Difference: minus $1.1 (current price is over target).
If BXB meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.66, suggesting upside of 0.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Macquarie rates BXB as Neutral (3) -

The company has announced the sale of IFCO which is estimated to be neutral to earnings per share from FY22. Macquarie notes the high sale price provides scope to pursue US$1.95bn in capital management initiatives over the next two years.

The broker believes the share price is likely to continue trading at a higher PE premium than usual in the near term.

Neutral rating maintained. Target is raised to $11.20 from $10.60.

Target price is $11.20 Current Price is $11.65 Difference: minus $0.45 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.66, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

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

The company has announced the sale of IFCO for US$2.51bn. Morgan Stanley believes the transaction represents a healthy multiple and is at the high-end of market expectations.

The broker believes the decision to exit IFCO will be largely neutral over time. Equal-weight. Target is raised to $10.80 from $10.50. Industry view is Cautious.

Target price is $10.80 Current Price is $11.65 Difference: minus $0.85 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.66, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Ord Minnett rates BXB as Buy (1) -

The company will sell its IFCO reusable plastic containers business. Ord Minnett suggests investors will be pleased with the sale and proposed capital management initiatives.

The transaction is subject to regulatory approvals and expected to be completed during the June quarter of 2019.

The broker suspects the board could shift from the current progressive dividend to a more sustainable payout-out ratio. Brambles intends to return around US$300m.

Ord Minnett maintains a Buy rating and $12.55 target.

Target price is $12.55 Current Price is $11.65 Difference: $0.9
If BXB meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.66, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

UBS rates BXB as Buy (1) -

Brambles' sale of its IFCO plastic crates business will release $2.4bn of capital, most of which will be paid out to shareholders in the form of a special dividend and buyback while only a small amount will be retained by the company. The sale price was at the high end of expectations but the broker is surprised retained capital will be used to pay down debt when Brambles' gearing is already low.

This limits future growth opportunities but the good news is the sale price more than compensates for foregone earnings, making the deal slightly accretive. Buy and $12.10 target retained.

Target price is $12.10 Current Price is $11.65 Difference: $0.45
If BXB meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.66, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Morgans rates CCL as Hold (3) -

2018 results were weaker than Morgans expected. The broker expects 2019 to be another transition year, with increased investment in both Australian beverages and Indonesia. The company expects a return to mid-single digit earnings growth in FY20.

While Indonesia's headwinds should eventually ease, Morgans believes more evidence that progress is being made in Australian beverages is needed and the prospect of further investment cannot be overlooked.

Hold rating maintained. Target is reduced to $8.45 from $8.55.

Target price is $8.45 Current Price is $7.94 Difference: $0.51
If CCL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.36, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates CHC as Neutral (3) -

Another strong result from Charter Hall beat the broker by 7%, largely down to increased performance fees. Funds management fees are growing strongly on substantial assets under management growth but property investment income disappointed thanks to increased office vacancy.

The broker expects performance fees to peak in FY20 as AUM growth continues but at a slower pace than the past five years. The balance sheet is nevertheless in a good position to support new products, the broker suggests. Neutral retained, target rises to $8.60 from $6.70.

Target price is $8.60 Current Price is $8.73 Difference: minus $0.13 (current price is over target).
If CHC meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.32, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgan Stanley rates CSR as Underweight (5) -

Morgan Stanley believes the $100m buyback is likely to only be a short-term support to the stock. The trading update has highlighted that aluminium earnings are under pressure.

The buyback will return surplus capital following the sale of Viridian and the anticipated property settlements. FY19 earnings are expected to be within the current range of analyst forecasts, at $180-187m.

Morgan Stanley believes 2019 is shaping up as a challenging year for the company as it is the most exposed to housing within its coverage.

This is compounded by concerns about the pending expiry of the alumina supply contract. Underweight. Target is $2.75. Industry view: Cautious.

Target price is $2.75 Current Price is $3.37 Difference: minus $0.62 (current price is over target).
If CSR meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.36, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates CVN as Outperform (1) -

First half results included a net loss of -$1.9m. This beat Macquarie's expectations nonetheless, predominantly because of an unrealised FX gain.

The broker raises the target to $0.50 from $0.40 following the de-risking of funding associated with Dorado. Outperform rating maintained.

Target price is $0.50 Current Price is $0.42 Difference: $0.08
If CVN meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates EVN as Hold (3) -

The company has acquired a 19.9% stake in Tribune Resources ((TBR)) for $41.3m. Tribune owns 37% of Northern Star's ((NST)) East Kundana joint venture and a 44% interest in Rand Mining ((RND)), which in turn owns a further 12% of East Kundana.

The interesting question for Ord Minnett is whether this equity investment brings the two parties closer together in terms of the potential synergies of their respective Kalgoorlie businesses. The broker maintains a Hold rating and $3.40 target.

Target price is $3.40 Current Price is $3.65 Difference: minus $0.25 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.43, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Deutsche Bank rates GEM as Hold (3) -

2018 net profit missed expectations on higher "non-operating" expenses. According to the analysts, given these costs are recurring, cash and mostly relating to acquisitions and divestments that form part of the company's strategy, one can only treat these costs as operational.

Estimates have been reduced. Target lifts to $2.93 from $2.79. Hold rating retained.

Target price is $2.93 Current Price is $3.17 Difference: minus $0.24 (current price is over target).
If GEM meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.44, suggesting upside of 8.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates GEM as Outperform (1) -

2018 results were slightly weaker than Macquarie expected. The broker notes management initiatives to strengthen the business and position it more competitively.

The broker believes the valuation is undemanding in the context of the market growth profile and improving fundamentals.

Outperform rating maintained. Target is raised to $3.45 from $3.15.

Target price is $3.45 Current Price is $3.17 Difference: $0.28
If GEM meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates GEM as Overweight (1) -

The company achieved the lower end of its earnings (EBIT) target in 2018. Occupancy surprised to the upside and Morgan Stanley observes, in the past, this as led to positive earnings revisions and a re-rating.

Still, the stock sold off on the back of a reduction in guidance because of the termination of a broker exclusivity agreement and higher-than-expected interest costs.

Morgan Stanley reduces estimates for earnings per share by -5% for 2019 and -1.5% for 2020.

Target is $4. Overweight rating maintained. Industry view is In-Line.

Target price is $4.00 Current Price is $3.17 Difference: $0.83
If GEM meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates GEM as Buy (1) -

2018 earnings (EBIT) were within guidance and in line with expectations. The company expects incremental growth investment of $8m in 2019.

Ord Minnett reduces 2019 estimates for earnings by -5% and maintains a Buy rating, observing occupancy trends are improving. Target is reduced to $3.40 from $3.60.

Target price is $3.40 Current Price is $3.17 Difference: $0.23
If GEM meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

UBS rates GEM as Buy (1) -

G8 Education's result was in line but at the low end of guidance, which was not good enough for the market after a 90% share price rally since last last year, the broker notes. Weakness came from softer acquisition and greenfield performance and a large increase in support costs.

No full year guidance was provided but the broker notes occupancy is improving, supply appears to be moderating and self-help initiatives are starting to gain traction. The broker is positive on a four-year view. Buy retained, target rises to $3.80 from $3.20.

Target price is $3.80 Current Price is $3.17 Difference: $0.63
If GEM meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates GTN as Outperform (1) -

First half results were ahead of Macquarie's estimates. The broker finds the leveraged nature of the company's operating model was evident, with weaker top-line trends driving margin pressure.

Offshore markets are still generating growth and the outlook remains solid.

The broker maintains an Outperform rating and believes further evidence of stabilisation should improve investor confidence and drive a re-rating. Target is raised to $1.70 from $1.65.

Target price is $1.70 Current Price is $1.18 Difference: $0.52
If GTN meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates GXY as Neutral (3) -

The company has announced the transaction for the sale of Sal de Vida's northern tenements to POSCO has been completed and US$271.6m will be received shortly.

Macquarie envisages increased uncertainty over the development of the project as the lithium cycle progresses.

The broker maintains a Neutral rating and $2.20 target.

Target price is $2.20 Current Price is $2.23 Difference: minus $0.03 (current price is over target).
If GXY meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.91, suggesting upside of 30.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Morgans rates HPI as Hold (3) -

First half results were in line with expectations. FY19 distribution guidance is upgraded to 19.9c per security, post the sale of Wickham Hotel.

Morgans believes the main risks relate to any potential adverse changes to gaming and liquor laws in Queensland that could negatively affect property values.

Hold rating maintained. Target is raised to $3.15 from $3.10.

Target price is $3.15 Current Price is $3.15 Difference: $0
If HPI meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates HT1 as Neutral (3) -

HT&E's earnings result was broadly in line with the broker. Operationally the broker makes no changes to FY assumptions but forecasts rise 4% on faster buyback execution. The broker assumes $128m in disputed tax remaining will be paid in 2019 but there is upside if the company can reach a settlement.

The broker notes a tough start for metro radio markets in 2019 and negative growth likely is still the case, but HT&E will be cycling easier comparables in the second half and elections may provide some boost. Neutral and $1.80 target retained.

Target price is $1.80 Current Price is $1.78 Difference: $0.02
If HT1 meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Citi rates HUB as Neutral (3) -

In initial response to H1 financials, Citi analysts believe the report missed expectations. Given the strong share price performance, the analysts believe weakness should ensue.

Cash flows were also weaker than expected, state the analysts.

Target price is $14.25 Current Price is $12.26 Difference: $1.99
If HUB meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $13.07, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates HUB as Underperform (5) -

Upon initial assessment of H1 financials, Macquarie finds the numbers are disappointing. Market consensus is expected to fall by double digit percentages in the days ahead.

Macquarie analysts surmise management at the company held back on costs in order to safeguard growth in H2 FY18, but now the draw back is the payback for that move coincides with negative market movement, creating a double-whammy impact.

The analysts also conclude that cash flow and earnings, clearly, are struggling to grow into HUB24’s earnings multiple.

Target price is $10.00 Current Price is $12.26 Difference: minus $2.26 (current price is over target).
If HUB meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.07, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates ICQ as Add (1) -

2018 results were broadly in line with forecasts. Morgans lowers estimates to account for currency movements in lower price increases that are assumed from FY20. The company has maintained guidance for breaking even on operating earnings (EBITDA) by the end of 2019.

Icar Asia believes market conditions are favourable for a year of high double-digit revenue growth, enabling it to close the gap between revenue and costs. Morgans maintains an Add rating and reduces the target to $0.31 from $0.46.

Target price is $0.31 Current Price is $0.12 Difference: $0.19
If ICQ meets the Morgans target it will return approximately 158% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates IPL as Neutral (3) -

Floods in north Queensland have triggered a profit warning from Incitec Pivot. Citi analysts respond by stating the obvious: this could hardly come as a surprise.

However, what has been a negative surprise is the magnitude of the downgrade; -18% instead of circa -6% as had been expected by the analysts. They do point out, while a negative, this is also a one-off and would be seen in this context by investors.

Target price is $3.65 Current Price is $3.32 Difference: $0.33
If IPL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

Queensland Rail has provided the first indications regarding the timeframe to repair the Mount Isa line following recent flooding. Morgan Stanley calculates Incitec Pivot is likely to endure a -20% downgrade to earnings (EBIT) but stresses the impact is confined to FY19.

Queensland Rail has identified more than 200km of flood damaged track on the line and expects to reopen it from late April. This is predicated on favourable weather and construction conditions.

Equal-weight rating, Cautious industry view. Target is $3.60.

Target price is $3.60 Current Price is $3.32 Difference: $0.28
If IPL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates IVC as Hold (3) -

2018 operating earnings (EBITDA) were slightly better than Morgans expected. Management expects the number of deaths in 2019 to return to positive longer-term trends.

Morgans adjusts earnings forecasts to allow for the impact of accounting changes which will benefit 2019 earnings by around $15m.

The broker continues to find the stock fully valued and maintains a Hold rating. Target is raised to $14.02 from $11.61.

Target price is $14.02 Current Price is $14.20 Difference: minus $0.18 (current price is over target).
If IVC 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 $13.16, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates JHC as Underperform (5) -

First half net profit was below expectations. Guidance has been maintained for FY19 operating earnings (EBITDA) to be in line with FY18, given an additional $6m in government revenue that is forecast to be received in the second half.

Still, Macquarie assesses this means an implicit -11.8% downgrade to operating earnings. The main challenge is falling occupancy, the broker notes, and negative sentiment is likely to cause further challenges for the sector.

The broker maintains an Underperform rating and $1.10 target.

Target price is $1.10 Current Price is $1.23 Difference: minus $0.13 (current price is over target).
If JHC meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.27, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgans rates JHC as Hold (3) -

First half results were lower than Morgans expected. Occupancy rates were below forecasts and higher wage costs were only partly offset by indexation increases.

The company is expecting operating earnings (EBITDA) to be in line with the prior year. Upside risk, in the broker's view, is potential corporate activity in the aged care sector, while the downside risk comprises a further weakening of the housing market, which affects occupancy.

Hold rating maintained. Target is raised to $1.37 from $1.26.

Target price is $1.37 Current Price is $1.23 Difference: $0.14
If JHC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates JHC as Hold (3) -

First half operating earnings (EBITDA) were -9% below Ord Minnett's estimates. The company has confirmed operating conditions continue to be difficult, amid lower occupancy levels and rising costs.

The lift in refundable accommodation deposits encouraged the broker, particularly as the bulk came from a lift in prices at existing facilities. Ord Minnett maintains a Hold rating and raises the target to $1.35 from $1.25.

Target price is $1.35 Current Price is $1.23 Difference: $0.12
If JHC meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates JHC as Neutral (3) -

Japara's result was weak as expected but fell short of the broker's own earnings calculation which does not normalise restructuring costs. Japara suffered from reduced occupancy which is a market-wide issue at present blamed on bad press, which has led to the RC. Management sees this as demand deferral rather than demand loss, expecting a rebound in the medium term.

FY guidance has been reaffirmed but as this includes a boost from new government funding, it is a downgrade by default, as was the case with peer Regis Healthcare ((REG)). Neutral retained, target rises to $1.25 from $1.15.

Target price is $1.25 Current Price is $1.23 Difference: $0.02
If JHC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgans rates KPG as Downgrade to Hold from Add (3) -

First half net profit was weaker than expected. The Sydney CBD business underperformed. The company has provided net profit guidance for FY19 of $4m.

Morgans downgrades to Hold from Add, suspecting management has contained the underperforming business but will need to deliver on guidance and organic growth into FY20 to restore confidence. Target is reduced to $1.08 from $1.65.

Target price is $1.08 Current Price is $0.89 Difference: $0.19
If KPG meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates LAU as Add (1) -

First half results were in line with forecasts. Lindsay Australia has reiterated FY19 guidance for 10-12% growth in net profit.

Morgans believes this is a credible outcome in light of the results from the company's peers, as well as adverse weather events in Far North Queensland.

The company is doing a good job diversifying its earnings base, in the broker's view, which should continue to reduce the impact of factors outside of its control.

Add rating maintained. Target is raised to $0.50 from $0.49.

Target price is $0.50 Current Price is $0.41 Difference: $0.09
If LAU meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates LLC as Buy (1) -

For initial commentary see yesterday's Report. Upon second consideration, Citi analysts point out the H1 release was heavily impacted by the pre announced -$500m engineering provision. At face value, the released result beat market consensus expectations rather handsomely.

The one major question remains for Citi analysts is what will be the costs for Lendlease to exit engineering? Otherwise, estimates have been reduced -2%-9%. Target price lost -1c to $15.05.

Target price is $15.05 Current Price is $12.82 Difference: $2.23
If LLC meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $15.30, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Credit Suisse rates LLC as Outperform (1) -

First half earnings (EBITDA) were below Credit Suisse estimates. The miss was primarily because of lower earnings from development.

The company has announced that engineering & services business is non-core and is considering exit options. The broker believes the sale option will be explored first and if this is not possible a de-merger or wind-down is likely.

Outperform and $16.20 target retained.

Target price is $16.20 Current Price is $12.82 Difference: $3.38
If LLC meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $15.30, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Macquarie rates LLC as Outperform (1) -

Assets under management were up 20% in the first half to $34bn. The results were ahead of expectations. Macquarie observes strong visibility on future earnings, despite issues in engineering.

The company has labelled engineering as non-core but Macquarie was surprised by the $450-550m in separation costs. Still, the broker believes the sell-off in the stock has been too harsh as the rest of the business is going well.

Outperform rating maintained. Target is $15.03.

Target price is $15.03 Current Price is $12.82 Difference: $2.21
If LLC meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $15.30, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Ord Minnett rates LLC as Accumulate (2) -

First half net profit was down -96% but ahead of estimates, as Ord Minnett expected a loss. The company has decided to exit its engineering & services business. A restructure cost of $450-550m will be booked, above expectations.

Given the uncertainty regarding selling the whole business, Ord Minnett revises estimates to reflect a winding down of engineering and the sale of services.

Estimates for earnings per share are raised 4% for FY19 and 40% for FY20. Accumulate rating maintained. Target is lowered to $14.50 from $15.25.

Target price is $14.50 Current Price is $12.82 Difference: $1.68
If LLC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $15.30, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

UBS rates LLC as Buy (1) -

Lendlease had pre-warned of its near -100% fall in profit but the broker saw a messy result that raised more questions than answers. A sale of the non-core Engineering & Services is now expected but not before hefty restructuring costs are borne which suggests little more than a breakeven deal.

The broker nevertheless believes the stock is offering value as the market factors in the residential slowdown without appreciating a diverse development pipeline, such that a large proportion of future earnings will come from commercial buildings and apartments in London. Buy and $15.70 target retained.

Target price is $15.70 Current Price is $12.82 Difference: $2.88
If LLC meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $15.30, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Deutsche Bank rates MIN as Buy (1) -

It is clear that Mineral Resources' interim report disappointed, but Deutsche Bank applauds management's move towards a higher level of disclosure on its operations. FY19 guidance might prove conservative, suggest the analysts. Buy rating and $18 price target retained.

Target price is $18.00 Current Price is $15.98 Difference: $2.02
If MIN meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.97, suggesting upside of 18.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates MVF as Overweight (1) -

First half results were better than Morgan Stanley expected, providing confidence that FY19 guidance will be achieved. The broker is also more confident in the sustainability of the 7% dividend yield.

The broker believes the industry should achieve a 3% compound growth rate over the long-term, although questions regarding market growth may weigh on the company until resolved.

Overweight rating maintained. Target is raised to $1.44 from $1.34. Industry view: In-Line.

Target price is $1.44 Current Price is $0.99 Difference: $0.45
If MVF meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates MVF as Add (1) -

First half results were better than Morgans anticipated. Highlights were solid cash flow, growth in markets outside of Victoria and sustained growth in Malaysia.

The broker suggests competitive pressures are moderating and the valuation is attractive, reaffirming an Add rating. Target is $1.13.

Target price is $1.13 Current Price is $0.99 Difference: $0.14
If MVF meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates MWY as Add (1) -

First half results beat Morgans' forecasts. The broker believes positive industry fundamentals underpin a bright future for the company.

Midway will also benefit from recent acquisitions and growth projects in FY20. Morgans maintains an Add rating and raises the target to $3.90 from $3.75.

Target price is $3.90 Current Price is $3.66 Difference: $0.24
If MWY meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates MYR as Upgrade to Neutral from Sell (3) -

Myer has underperformed the index by -18% over the past three months, UBS notes, due to market concern over weak Christmas trading. Yet retail company reports this season suggest that while tough, Christmas was not as bad as feared. Moreover, Myer is making good progress on handing back floor space and landlords are becoming more prepared to accept rental reductions.

And most importantly, Myer has not provided a trading update (Read: profit warning). UBS thus upgrades to Neutral. Target unchanged at 38c.

Target price is $0.38 Current Price is $0.38 Difference: $0
If MYR meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.38, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Morgans rates NAN as Add (1) -

First half results were strong and comfortably ahead of Morgans. Sales were up 36% and reflected a growing installed base. As a result of this growth, consumables now contribute 60% of revenue.

Morgans increases net profit forecasts by 17% for FY19 and 13% for FY20. Add rating retained. Price target is raised to $4.55 from $3.32.

Target price is $4.55 Current Price is $4.23 Difference: $0.32
If NAN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates NCM as Sell (5) -

Rumour has it Barrick is considering a merger with Newmont. It is further suggested that were this to proceed, Newmont would offer its three Australian mines to Newcrest. The broker suggests that at the right price, Newcrest could solve the issue of a looming production peak ahead of grade decline at Cadia.

That looming peak is keeping the broker on Sell with a $24 target for now.

Target price is $24.00 Current Price is $24.87 Difference: minus $0.87 (current price is over target).
If NCM meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.44, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.4

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

Citi rates OML as Buy (1) -

Upon initial assessment of released interim market update, Citi analysts yesterday suggested the 2018 result was in line with their expectations as well as above consensus forecasts, but management spoiled the party by issuing rather weak guidance.

Higher costs and softer revenue guidance do not make investors happy, but Citi analysts retain their confidence growth will accelerate from 2020 onwards. On this basis, Buy rating retained, while the price target drops to $4.75 from $5.50.

Target price is $4.75 Current Price is $3.50 Difference: $1.25
If OML meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Credit Suisse rates OML as Outperform (1) -

2018 operating earnings (EBITDA) were ahead of Credit Suisse estimates, driven by the recent acquisition of AdShel. The legacy business was in line and at the bottom end of guidance.

The broker considers 2019 a year of consolidation and delivery, and notes trading was strong over the first quarter. Estimates for earnings per share are reduced by -9-11% for 2019-21.

Outperform rating maintained. Target is reduced to $4.75 from $5.35.

Target price is $4.75 Current Price is $3.50 Difference: $1.25
If OML meets the Credit Suisse target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Macquarie rates OML as Outperform (1) -

2018 results were slightly ahead of expectations. Macquarie is disappointed with the 2019 outlook because of the margin contraction and growth in operating expenditure. Most of this disappointment stems from the renewal of the Brisbane City Council contract.

Still, the broker believes the company is set up well to monetise the structural growth in the industry. Outperform rating maintained. Target is reduced to $5.20 from $5.40.

Target price is $5.20 Current Price is $3.50 Difference: $1.7
If OML meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Ord Minnett rates OML as Accumulate (2) -

2018 operating earnings (EBITDA) were slightly ahead of Ord Minnett's forecasts. Higher costs growth disappointed and the broker believes the balance sheet retains far too much gearing.

Nevertheless, Ord Minnett is positive about the industry, as increased penetration of the outdoor category should lead to superior returns in the medium term.

Accumulate rating maintained. Target is trimmed to $4.60 from $4.70.

Target price is $4.60 Current Price is $3.50 Difference: $1.1
If OML meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Macquarie rates ORE as Neutral (3) -

First half results beat Macquarie's estimates, largely because of a non-cash reversal of tax liabilities. Outside of this, the results were more in line.

The base business has performed well but guidance for weaker prices in the third quarter on top of broader macro concerns means the broker remains cautious.

Neutral rating maintained. Target is raised to $3.40 from $3.30.

Target price is $3.40 Current Price is $3.78 Difference: minus $0.38 (current price is over target).
If ORE meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.00, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Deutsche Bank rates ORG as Hold (3) -

Deutsche Bank saw an in-line result, with Origin's dividend to shareholders making a come-back. Target price gains 10c to $7.80. Hold rating retained.

Target price is $7.80 Current Price is $7.29 Difference: $0.51
If ORG meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.39, suggesting upside of 15.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgans rates PNI as Add (1) -

Net profit was up 25% in the first half and the company expects second half earnings to be higher, benefiting from the lower loss at the parent company and performance fees from Palisades.

Morgans also expects lower cost growth in the near term. The broker acknowledges elevated short-term valuation metrics but remains attracted to the long-term growth profile.

Add rating maintained. Target is reduced to $6.10 from $6.15.

Target price is $6.10 Current Price is $5.05 Difference: $1.05
If PNI meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.38, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates PPT as Hold (3) -

First half net profit was down -12%, largely because of lower revenue. Results were overshadowed, Morgans believes, by the new CEO putting the company on a much bolder footing regarding growth.

There are risks attached to the execution of new growth strategies, which the broker believes will require significant investor trust.

The broker lowers estimates for FY19 by -4% and FY20 by -6%. Hold rating maintained. Target is reduced to $36.60 from $36.66.

Target price is $36.60 Current Price is $40.91 Difference: minus $4.31 (current price is over target).
If PPT meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.16, suggesting downside of -11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates PRU as Buy (1) -

Perseus Mining posted its first half-year profit in three years, but it did not meet expectations at Citi. More importantly, Citi analysts see risk diminishing as production at Sissingue ramps up, though they retain the High Risk attachment to the Buy rating (unchanged).

Target price falls to 55c from 65c on reduced forecasts. The analysts highlight Perseus expects to start development of its third mine, Yaoure in Cote d’Ivoire, soon with first gold expected by the final quarter of 2020.

Interestingly, revised forecasts imply Perseus Mining will still post a loss for FY19, but return to profitability in FY20 (barely).

Target price is $0.55 Current Price is $0.44 Difference: $0.11
If PRU meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.54, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates PRU as Outperform (1) -

First half earnings (EBITDA) were in line with Credit Suisse estimates. Cash is being preserved to reduce the debt funding for Sissingue and support the development of Yaoure.

The company has guided to flat production in the second half but at lower cost. Credit Suisse maintains an Outperform rating and $0.57 target.

Target price is $0.57 Current Price is $0.44 Difference: $0.13
If PRU meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $0.54, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates PRU as Outperform (1) -

First half results were weaker than expected because of larger depreciation expense. Macquarie expects the company will finalise US$200m in debt to fund Yaoure in the third quarter.

The project is expected to produce first gold in late 2020 and is key to the company's aspirations to grow production to around 500,000 ounces per annum.

Outperform rating and $0.50 target maintained.

Target price is $0.50 Current Price is $0.44 Difference: $0.06
If PRU meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.54, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates PWH as Add (1) -

First half results were weaker than Morgans expected. The result was negatively affected by higher costs. Nevertheless, the broker believes the investment in personnel is a strong indicator of the medium-term growth outlook.

The broker maintains an Add rating and lowers the target to $4.21 from $4.25.

Target price is $4.21 Current Price is $3.46 Difference: $0.75
If PWH meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates QBE as Buy (1) -

In initial response to QBE's 2018 financials released yesterday, Citi analysts had indicated the net result "missed", but also that investors are likely to focus on QBE meeting its FY guidance for combined operating ratio (COR) and this "without a downgrade for the first time in many years".

Today, estimates have been lowered, predominantly to account for higher debt costs, but the analysts reiterate the view there is sufficient cause for "encouragement" in all divisions. Buy rating retained on the belief results will only improve from here onwards. Target price rises to $13.30 from $12.80.

Target price is $13.30 Current Price is $12.08 Difference: $1.22
If QBE meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.81, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Credit Suisse rates QBE as Outperform (1) -

2018 continuing operations were in line with expectations, although net profit was below Credit Suisse estimates. The trends are mixed, the broker observes.

The company has only slightly improved its guidance for 2019 and the broker suspects the earnings recovery is delayed another year, to 2020.

The broker reduces estimates for net profit by -7% in 2019 and by -4% for 2020. Outperform maintained. Target is $13.

Target price is $13.00 Current Price is $12.08 Difference: $0.92
If QBE meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.81, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Macquarie rates QBE as Outperform (1) -

Macquarie suggests the 2018 performance, which was in line with expectations, could be a turning point for the company, as local investors have been waiting for a track record before committing to the stock and 2019 guidance has improved.

There is upside risk to 2019 investment returns, as management has confirmed the equity performance in January/February was not recognised in current guidance. Macquarie retains an Outperform rating and $12.60 target.

Target price is $12.60 Current Price is $12.08 Difference: $0.52
If QBE meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $12.81, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley believes 2019 guidance is conservatively set and delivery on cost cutting opportunities and fine tuning the review present further upside. Meanwhile, strengthening rate momentum is driving earned premium upside.

Earned tailwinds, attritional upside and reinsurance benefits are expected to more than compensate for the high catastrophe budget.

Overweight rating maintained. Target is raised to $13.00 from $12.50. Industry view is In-Line.

Target price is $13.00 Current Price is $12.08 Difference: $0.92
If QBE meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.81, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Morgans rates QBE as Add (1) -

2018 cash net profit met guidance and was in line with consensus. Morgans notes the company's adjusted combined operating ratio was well inside the target range of 95-97%.

QBE expects a further improvement in underwriting performance in 2019 while investment returns are set to benefit from a lengthening of the investment duration.

Morgans upgrades estimates for 2019 by 5% and 2020 by 9%. Add rating maintained. Target is raised to $13.36 from $11.75.

Target price is $13.36 Current Price is $12.08 Difference: $1.28
If QBE meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $12.81, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Ord Minnett rates QBE as Accumulate (2) -

2018 net profit was below Ord Minnett's forecasts. The insurer has reported a recovery in margins, in line with expectations.

The broker suspects guidance for 2019 is conservative, considering the very favourable trends in margins and premium rates.

Accumulate rating maintained. Target is raised to $13.30 from $12.50.

Target price is $13.30 Current Price is $12.08 Difference: $1.22
If QBE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.81, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

UBS rates QBE as Buy (1) -

QBE's result came in ahead of the broker on profit and was a bit "cleaner" than usual, the broker notes, although a year of significant remediation with a number of adjustments and discontinued operations has muddied the P&L.

It's thus too early to suggest management has achieved its "stronger and simpler" objective. The broker would like to see a "steady state" year to make that call.

Considerable progress is nevertheless acknowledged and a Buy rating retained. Target rises to $12.90 from $11.80.

Target price is $12.90 Current Price is $12.08 Difference: $0.82
If QBE meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.81, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Morgans rates QUB as Hold (3) -

First half earnings growth exceeded expectations. However, Morgans notes capital expenditure has spiked and the growth at Patrick was softer than expected.

From FY20-22 the broker forecasts double-digit compound growth rates in earnings per share. Hold rating maintained. Target is reduced to $2.75 from $2.93.

Target price is $2.75 Current Price is $2.80 Difference: minus $0.05 (current price is over target).
If QUB meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.77, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates RDH as Add (1) -

First half results were slightly ahead of forecasts. Morgans expects a stronger second half because of a positive contribution from the recent Melbourne expansion and a rebound at Greenwich.

No update on a Brisbane launch was provided but an announcement is expected in the second half. The broker maintains an Add rating, believing the stock is attractively priced, and reduces the target to $3.16 from $3.20.

Target price is $3.16 Current Price is $2.68 Difference: $0.48
If RDH meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates REG as Hold (3) -

First half results were ahead of Morgans' forecasts. The FY19 net profit guidance range was reaffirmed, which the broker notes is helped by a one-off government funding package.

Morgans adjusts forecasts for higher depreciation and interest charges as the development portfolio peaks. This results in a -4.2% downgrade to estimates for FY19.

Hold rating maintained. Target is raised to $3.11 from $2.78.

Target price is $3.11 Current Price is $3.12 Difference: minus $0.01 (current price is over target).
If REG meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates RSG as Buy (1) -

"Close" is the definition used by Citi analysts post the release of H1 results. However, the analysts point out the investment story for Resolute Mining remains all about the long-awaited and fully automated underground mine at Syama.

The analysts are engaged with a wide-ranging re-modeling including higher costs, annual Resource & Reserve statement and changes to the AUD gold hedge book. The net result is higher EPS forecasts, which pushes up the price target by 25c to $1.95. Buy.

Target price is $1.95 Current Price is $1.14 Difference: $0.81
If RSG meets the Citi target it will return approximately 71% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates RWC as Outperform (1) -

First half operating earnings (EBITDA) were consistent with unchanged guidance. The build in working capital was in line with Credit Suisse forecasts. John Guest delivered 7% growth, in line with the company's targets.

Poor cash flow conversion is the main concern of the market, although the broker does not envisage a structural problem. Outperform rating maintained. Target is reduced to $5.40 from $5.60.

Target price is $5.40 Current Price is $4.87 Difference: $0.53
If RWC meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.47, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Deutsche Bank rates RWC as Hold (3) -

While the H1 result itself was largely in-line, say the analysts, the weak item was cash flow, highlighting the "complexities" of integrating a large acquisition such as is John Guest, comment the analysts. FY guidance has been re-affirmed.

Longer term, this company will need to progress beyond repair/maintenance into new construction, say the analysts. They do not anticipate a smooth trajectory. Target loses -10c to $4.50. Hold rating retained.

Target price is $4.50 Current Price is $4.87 Difference: minus $0.37 (current price is over target).
If RWC meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.47, suggesting upside of 12.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Macquarie rates RWC as Outperform (1) -

The company has reiterated FY19 operating earnings (EBITDA) guidance of $280-290m. Macquarie observes the stock has de-rated to near its lowest relative rating to the ASX200 industrials since its listing.

This presents an opportunity, the broker suggests. Outperform rating is maintained. Target is reduced to $6.20 from $6.40.

Target price is $6.20 Current Price is $4.87 Difference: $1.33
If RWC meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.47, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Morgans rates RWC as Add (1) -

First half results were in line with Morgans. The result was largely driven by the contribution from John Guest. Asia-Pacific was observed to be weak, with operating earnings (EBITDA) down -12%. Morgans makes minimal changes to forecasts.

The broker maintains an Add rating. The target edges down to $5.56 from $5.57. Management has maintained guidance for FY19 underlying operating earnings of $280m.

Target price is $5.56 Current Price is $4.87 Difference: $0.69
If RWC meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.47, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Ord Minnett rates RWC as Accumulate (2) -

First half net profit was below Ord Minnett's forecasts. The broker is more confident that core products are taking share in the US while John Guest is being integrated without disruption.

The broker believes the stock is an attractive investment proposition with high quality earnings growth set to continue.

The broker maintains an Accumulate rating and $5.70 target.

Target price is $5.70 Current Price is $4.87 Difference: $0.83
If RWC meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.47, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Ord Minnett rates SGP as Downgrade to Hold from Accumulate (3) -

First half funds from operations were well below Ord Minnett's forecasts, driven by weaker residential earnings and retail operating income.

The broker downgrades forecasts by -3.5% in FY19 and -6% in FY20, based on lower assumed residential and retail earnings.

Because of uncertainty and risks with additional asset sales and re-positioning of the portfolio, the broker downgrades to Hold from Accumulate. Target is reduced to $3.80 from $4.30.

Target price is $3.80 Current Price is $3.52 Difference: $0.28
If SGP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).