Australian Broker Call
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August 19, 2019
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| ABP - | ABACUS PROPERTY GROUP | Downgrade to Neutral from Outperform | Credit Suisse |
| BKL - | BLACKMORES | Downgrade to Underperform from Neutral | Macquarie |
| CCP - | CREDIT CORP | Downgrade to Hold from Add | Morgans |
| COH - | COCHLEAR | Upgrade to Neutral from Underperform | Credit Suisse |
| CQR - | CHARTER HALL RETAIL | Upgrade to Hold from Lighten | Ord Minnett |
| DHG - | DOMAIN HOLDINGS | Upgrade to Neutral from Sell | UBS |
| GBT - | GBST HOLDINGS | Downgrade to Hold from Add | Morgans |
| IVC - | INVOCARE | Downgrade to Sell from Neutral | UBS |
| NCM - | NEWCREST MINING | Upgrade to Hold from Reduce | Morgans |
| Downgrade to Sell from Neutral | Citi | ||
| ORA - | ORORA | Downgrade to Neutral from Buy | UBS |
| SGR - | STAR ENTERTAINMENT | Downgrade to Neutral from Outperform | Credit Suisse |
| SIQ - | SMARTGROUP | Upgrade to Outperform from Neutral | Credit Suisse |
Overnight Price: $3.91
Citi rates ABP as Neutral (3) -
FY19 results were in line with forecasts, given the pre-announcement. Citi revises estimates marginally lower to reflect slightly reduced storage income.
The broker notes the shift towards more passive income is improving earnings certainty and this will be enhanced by the acquisition of 201 Elizabeth Street Sydney.
The broker remains an advocate of the company's revised strategy but to become more positive would like evidence of improving storage demand. Neutral maintained. Target is reduced to $4.04 from $4.11.
Target price is $4.04 Current Price is $3.91 Difference: $0.13
If ABP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.96, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 19.00 cents and EPS of 21.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of -39.9%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 19.60 cents and EPS of 22.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.2, implying annual growth of 1.0%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ABP as Downgrade to Neutral from Outperform (3) -
FY19 results were ahead of Credit Suisse estimates. FY20 guidance suggests 2-3% growth in distributions.
Looking at FY20, Credit Suisse notes the company has around $118m in its growth pipeline including $63m of contracted acquisitions and a further $34m under consideration. This leaves $21m for new development expenditure.
Credit Suisse downgrades to Neutral from Outperform on valuation grounds. Target is reduced to $3.87 from $4.00.
Target price is $3.87 Current Price is $3.91 Difference: minus $0.04 (current price is over target).
If ABP 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 $3.96, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 19.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of -39.9%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 19.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.2, implying annual growth of 1.0%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ABP as No Rating (-1) -
FY19 underlying profit was in line with preliminary announcements. Funds from operations fell -24% because of lower transaction and trading profits.
Ord Minnett notes the company is still in the midst of shifting its strategy to storage and office and reducing its weighting in residential and retail.
While this will affect earnings, and Ord Minnett forecasts a decline is likely in FY20, it improves the quality of earnings.
The broker is currently restricted on research and unable to provide a rating and target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Current Price is $3.91. Target price not assessed.
Current consensus price target is $3.96, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 19.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of -39.9%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 20.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.2, implying annual growth of 1.0%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $26.69
Ord Minnett rates ANZ as Hold (3) -
There were few surprises for Ord Minnett in the regulatory capital update, as levels were pre-guided and asset quality trends are mostly stable.
The broker observes the bank has underperformed since its first half result on May 1, likely driven by loss of revenue momentum in the Australian division and the potential for negative US interest-rate leverage to affect the Asian institutional business.
Hold maintained. Target is reduced to $28.80 from $29.40.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $28.80 Current Price is $26.69 Difference: $2.11
If ANZ meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $27.84, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 160.00 cents and EPS of 231.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.7, implying annual growth of 4.6%. Current consensus DPS estimate is 160.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 173.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 217.5, implying annual growth of -6.1%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $84.32
Morgan Stanley rates ASX as Equal-weight (3) -
While the stock screens as the most expensive exchange globally, given the very high earnings visibility and no catalyst for a de-rating, Morgan Stanley sticks with an Equal-weight rating.
The growth options are on track and the broker suspects these could deliver longer-term earnings upside. Target is raised to $80 from $64. Industry view: In-Line.
Target price is $80.00 Current Price is $84.32 Difference: minus $4.32 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $70.11, suggesting downside of -16.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 235.10 cents and EPS of 261.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 0.9%. Current consensus DPS estimate is 230.7, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 241.60 cents and EPS of 269.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 268.6, implying annual growth of 4.8%. Current consensus DPS estimate is 241.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ASX as Reduce (5) -
Australian Securities Exchange reported a full-year result in line with consensus and the broker. All key divisions contributed to revenue growth, and net interest income was up.
Operating expense exceeded guidance and investment spend is proving the key issue going forward. The broker increases FY20 earnings-per-share estimates 1% and cuts FY21 forecasts -1%.
Target price inches up to $70.08 from $68.24. Reduce rating retained, Morgans believing the company is expensive.
Target price is $70.08 Current Price is $84.32 Difference: minus $14.24 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $70.11, suggesting downside of -16.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 233.00 cents and EPS of 259.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 0.9%. Current consensus DPS estimate is 230.7, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 244.00 cents and EPS of 271.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 268.6, implying annual growth of 4.8%. Current consensus DPS estimate is 241.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BBN BABY BUNTING GROUP LIMITED
Apparel & Footwear
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Overnight Price: $2.85
Citi rates BBN as Buy (1) -
Citi believes Baby Bunting is reaping the rewards of a favourable competitive landscape and remains well-placed to pursue new growth opportunities.
The broker considers the acquisition proposition of car-seat fitting companies is strategically sound, as it could increase customer engagement and loyalty amid the prospect of add-on sales. Buy rating maintained. Target is raised to $3.05 from $2.65.
Target price is $3.05 Current Price is $2.85 Difference: $0.2
If BBN meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.17, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 11.50 cents and EPS of 16.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of 56.1%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 14.00 cents and EPS of 19.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 22.2%. Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BBN as Outperform (1) -
Baby Bunting produced a strong result ahead of expectation, featuring 8.7% sales growth, solid margin increases and increased market share, as industry conditions stabilise. Store rollouts remain a positive drive, the broker suggests.
The industry structure has materially improved, the broker notes, and the baby retail segment is relatively defensive. At 16.2x FY20 forecast earnings the broker does not see valuation as demanding. Outperform retained, target rises to $3.10 from $2.65.
Target price is $3.10 Current Price is $2.85 Difference: $0.25
If BBN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.17, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 11.70 cents and EPS of 16.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of 56.1%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 13.90 cents and EPS of 19.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 22.2%. Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BBN as Overweight (1) -
FY19 results beat Morgan Stanley's estimates at every line. Moreover, the broker was surprised by the outlook which points to the durability of the company's leadership. FY20 estimates for earnings per share are lifted 8%.
The broker notes the company's competitive position keeps on improving in terms of scale, supplier terms and the digital performance. Guidance is for operating earnings (EBITDA) of $34-37m.
Morgan Stanley raises the target to $3.50 from $3.00. Overweight rating retained. Industry view is In-line.
Target price is $3.50 Current Price is $2.85 Difference: $0.65
If BBN meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $3.17, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 15.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of 56.1%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 18.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 22.2%. Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BBN as Add (1) -
Baby Bunting's full-year result romped in 12.6% ahead of the broker, triggering a 13%-15% hike in earnings-per-share forecasts. The company guided to FY20 earnings growth of 25%-36%.
Morgans says its hard to find a company with anything near the amount and duration of Baby Bunting's growth profile in the retail sector. Margin expansion is forecast.
Add retained and target price rises to $3.02 from $2.70.
Target price is $3.02 Current Price is $2.85 Difference: $0.17
If BBN meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.17, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 11.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of 56.1%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 13.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 22.2%. Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $64.58
Macquarie rates BKL as Downgrade to Underperform from Neutral (5) -
Macquarie has downgraded to Underperform from Neutral after Blackmores' result came with a disappointing trading update showing decelerating demand trends. The company is victim to both changing market dynamics and weak execution, with the China strategy in transition.
While the stock has reached a level where support is typically found, the broker believes it is susceptible to further de-rating ahead of evidence of earnings stabilisation and execution on strategy. Target falls to $60 from $86.
Target price is $60.00 Current Price is $64.58 Difference: minus $4.58 (current price is over target).
If BKL meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $66.52, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 186.00 cents and EPS of 268.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 304.9, implying annual growth of -1.4%. Current consensus DPS estimate is 219.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 205.00 cents and EPS of 297.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 346.5, implying annual growth of 13.6%. Current consensus DPS estimate is 247.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BKL as Equal-weight (3) -
The extent of the disruption in China has surprised Morgan Stanley and there is little visibility on near-term earnings. Management changes also add to the uncertainty.
While there are significant challenges ahead, the broker acknowledges there is long-term potential in the business. Target is reduced to $71 from $84. FY20 estimates for earnings are lowered by -23%.
Morgan Stanley maintains an Equal-weight rating. Industry view is: Cautious.
Target price is $71.00 Current Price is $64.58 Difference: $6.42
If BKL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $66.52, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 234.00 cents and EPS of 312.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 304.9, implying annual growth of -1.4%. Current consensus DPS estimate is 219.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.2. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 271.00 cents and EPS of 361.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 346.5, implying annual growth of 13.6%. Current consensus DPS estimate is 247.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BKL as Hold (3) -
FY19 results were below Ord Minnett's forecasts. There was signs of margin degradation in the fourth quarter despite efforts to adjust the cost base, the broker points out.
Unless new management is given a clear mandate to address the strategy and margin decline, or put the business up for sale, the broker finds it difficult to have any conviction in the outlook.
Sales have come under pressure as distribution channels have shifted, particular in the wake of e-commerce changes in China. Hold rating maintained and the target lowered to $70 from $95.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $70.00 Current Price is $64.58 Difference: $5.42
If BKL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $66.52, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 315.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 304.9, implying annual growth of -1.4%. Current consensus DPS estimate is 219.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 369.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 346.5, implying annual growth of 13.6%. Current consensus DPS estimate is 247.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.01
Citi rates BPT as Neutral (3) -
Upon initial analysis, Citi analysts believe market consensus will move higher following the release of FY19 financials. In particular management's guidance seems to have beaten expectations, while the FY19 report contains a series of misses and in-line performances.
Target price is $2.06 Current Price is $2.01 Difference: $0.05
If BPT meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 2.30 cents and EPS of 24.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 23.0%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 8.2. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 4.00 cents and EPS of 27.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.0, implying annual growth of -1.6%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CCP CREDIT CORP GROUP LIMITED
Business & Consumer Credit
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Overnight Price: $28.09
Morgans rates CCP as Downgrade to Hold from Add (3) -
Credit Corp Group has paid $65m for agency collection business Baycorp and the company increases guidance to account for purchase-debt-ledger (PDL) acquisitions and an improvement in net profit after tax.
Morgans spies scope for earnings upgrades as PDL acquisitions continue through FY20, and believes the growth outlook is strong.
Earnings-per-share forecasts rise 5% to 6% across FY20 to FY22.
Target price rises to $28.80 from $27.00 (a 5% upside to valuation) but rating downgraded to Hold from Add to reflect over-extended share price.
Target price is $28.80 Current Price is $28.09 Difference: $0.71
If CCP meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 76.00 cents and EPS of 137.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 86.00 cents and EPS of 153.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.47
Macquarie rates CLW as Underperform (5) -
Charter Hall's Long WALE REIT has acquired Telstra's ((TLS)) portfolio of phone exchange properties in a consortium for $700m or a 4.4% yield. The acquisition will be supported by a $261m equity raising which the broker sees as neutral to earnings per share in FY20 while reducing gearing.
It's a good deal with regard portfolio metrics, the broker suggests, but being earnings neutral it's nothing to write home about. The broker continues to believe the stock is overvalued at the price. Underperform retained, target rises to $4.36 from $4.17.
Target price is $4.36 Current Price is $5.47 Difference: minus $1.11 (current price is over target).
If CLW meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.26, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 28.20 cents and EPS of 30.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of 8.9%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 28.40 cents and EPS of 30.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 3.1%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CLW as Neutral (3) -
The company has acquired a 24.5% interest in 37 Telstra exchange properties for $340m. UBS observes this new asset class fits well with the company's mandate and improves the overall metrics of the portfolio, although there is minimal impact on earnings.
To supplement the lower-yielding Telstra exchanges the company has also acquired the ATO building in Mount Gravatt. The acquisitions will be funded through a $260m equity raising and $190m of asset-level debt. UBS maintains a Neutral rating and $5.10 target.
Target price is $5.10 Current Price is $5.47 Difference: minus $0.37 (current price is over target).
If CLW meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.26, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 27.40 cents and EPS of 28.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of 8.9%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 29.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 3.1%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $217.43
Citi rates COH as Sell (5) -
FY20-21 estimates for earnings per share a marginally reduced, given FY19 results at the lower end of guidance.
Citi continues to expect that Cochlear will re-gain market share as it rolls out its own MRI-compatible implant.
Predicting the timing is hard, nevertheless. The broker retains a Sell rating and $198 target.
Target price is $198.00 Current Price is $217.43 Difference: minus $19.43 (current price is over target).
If COH meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $193.43, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 375.00 cents and EPS of 535.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 517.0, implying annual growth of 7.8%. Current consensus DPS estimate is 365.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 42.1. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 415.00 cents and EPS of 593.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 564.8, implying annual growth of 9.2%. Current consensus DPS estimate is 397.7, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 38.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates COH as Upgrade to Neutral from Underperform (3) -
FY19 net profit was in line with Credit Suisse estimates. Management expects underlying net profit in FY20 of $290-300m.
The broker expects Cochlear to reclaim lost market share in FY20, forecasting unit sales growth of 12% for cochlear implants, given a full 12-month benefit of the Nucleus Profile Plus implant in the US and Germany.
Rating is upgraded to Neutral from Underperform, given management's confidence it can reclaim lost market share, and the target raised to $211 from $168.
Target price is $211.00 Current Price is $217.43 Difference: minus $6.43 (current price is over target).
If COH meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $193.43, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 359.00 cents and EPS of 515.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 517.0, implying annual growth of 7.8%. Current consensus DPS estimate is 365.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 42.1. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 390.00 cents and EPS of 558.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 564.8, implying annual growth of 9.2%. Current consensus DPS estimate is 397.7, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 38.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates COH as Underperform (5) -
Cochlear's profit result came in at the lower end of guidance and slightly above the broker, but included a boost from one-offs and a lower tax rate. FY20 guidance assumes a recovery in CI market share following the rollout of Nucleus Profile Plus, but the broker notes peers are also launching new products.
The broker thus sees risk to expected market share re-gain and retains Underperform. On discounted cash flow, target rises to $178 from $166.
Target price is $178.00 Current Price is $217.43 Difference: minus $39.43 (current price is over target).
If COH 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 $193.43, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 354.00 cents and EPS of 506.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 517.0, implying annual growth of 7.8%. Current consensus DPS estimate is 365.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 42.1. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 383.00 cents and EPS of 547.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 564.8, implying annual growth of 9.2%. Current consensus DPS estimate is 397.7, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 38.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates COH as Equal-weight (3) -
FY19 results were weak but in line with expectations. Morgan Stanley is confident Cochlear can achieve the upper end of the 9-13% net profit growth guidance. This is because of the low-growth FY19 base and the launch of the Profile Plus implant.
N7 upgrades and services remain strong but are expected to taper. Equal-weight rating. Target is raised to $202 from $198. In-Line industry view.
Target price is $202.00 Current Price is $217.43 Difference: minus $15.43 (current price is over target).
If COH 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 $193.43, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 385.20 cents and EPS of 522.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 517.0, implying annual growth of 7.8%. Current consensus DPS estimate is 365.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 42.1. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 414.30 cents and EPS of 561.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 564.8, implying annual growth of 9.2%. Current consensus DPS estimate is 397.7, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 38.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates COH as Hold (3) -
Cochlear reported a full-year result at the lower end of guidance. The recent launch of the company's MRI friendly implant is expected to help the company regain market share and offset slower growth from Services.
The broker perceives guidance as achievable. Morgans downgrades earnings-per-share forecasts, and rolls forward the valuation, adjusting for foreign-exchange shifts.
Target price rises to $207 from $175.90. Broker believes the share price is over-extended. Hold rating retained.
Target price is $207.00 Current Price is $217.43 Difference: minus $10.43 (current price is over target).
If COH meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $193.43, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 359.00 cents and EPS of 518.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 517.0, implying annual growth of 7.8%. Current consensus DPS estimate is 365.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 42.1. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 388.00 cents and EPS of 560.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 564.8, implying annual growth of 9.2%. Current consensus DPS estimate is 397.7, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 38.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates COH as Lighten (4) -
FY19 net profit was up 13% and ahead of Ord Minnett's forecasts. The broker is comfortable Cochlear is on track to recover market share lost in FY19 with the announcement of a new MRI-compatible implant.
Still, the broker is concerned that the current share price makes little allowance for slower market growth or other external challenges. Lighten retained. Target is raised to $185 from $162.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $185.00 Current Price is $217.43 Difference: minus $32.43 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $193.43, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 515.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 517.0, implying annual growth of 7.8%. Current consensus DPS estimate is 365.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 42.1. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 580.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 564.8, implying annual growth of 9.2%. Current consensus DPS estimate is 397.7, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 38.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates COH as Sell (5) -
FY19 net profit was in line with UBS estimates. The broker notes growth of 15% in operating cash flow. UBS forecasts cochlear implant unit sales growth of 7% in FY20, supported by the Nucleus Profile Plus series.
A moderation in services growth is expected. The broker maintains a Sell rating and raises the target to $173 from $158.
Target price is $173.00 Current Price is $217.43 Difference: minus $44.43 (current price is over target).
If COH meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $193.43, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 361.00 cents and EPS of 507.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 517.0, implying annual growth of 7.8%. Current consensus DPS estimate is 365.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 42.1. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 396.00 cents and EPS of 554.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 564.8, implying annual growth of 9.2%. Current consensus DPS estimate is 397.7, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 38.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.43
Citi rates CQR as Sell (5) -
FY19 earnings were below estimates. Rental income missed forecasts while further hedge restructuring provided a partial offset. Citi now expects very muted growth, despite a substantial tailwind from lower interest rates.
Falling shopping centre values and a challenging operating outlook are expected to weigh on the stock and a Sell rating is maintained. Target is reduced to $3.55 from $3.67.
Target price is $3.55 Current Price is $4.43 Difference: minus $0.88 (current price is over target).
If CQR meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.13, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 28.80 cents and EPS of 31.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of 144.6%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 29.10 cents and EPS of 31.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 1.6%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CQR as Neutral (3) -
FY19 results were in line with guidance. The company has scrapped future development plans for Allenstown and Carnes Hill, noting that feasibility hurdles were not being met.
Credit Suisse observes current gearing allows for acquisition opportunities to compensate for the development shortfall. Neutral maintained. Target is reduced to $4.14 from $4.22.
Target price is $4.14 Current Price is $4.43 Difference: minus $0.29 (current price is over target).
If CQR meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.13, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 29.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of 144.6%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 30.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 1.6%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CQR as Upgrade to Hold from Lighten (3) -
FY19 earnings were slightly below Ord Minnett's forecasts. The broker reduces forecasts for earnings per share by -4.1% in FY20 and -3.2% in FY21.
This reflects a reduction in base rent estimates, the deferral of development projects and divestment of three assets. Rating is upgraded to Hold from Lighten on valuation. Target is steady at $4.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.50 Current Price is $4.43 Difference: $0.07
If CQR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.13, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 29.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of 144.6%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 30.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 1.6%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CQR as Neutral (3) -
FY19 results were in line with UBS estimates. FY20 guidance is below expectations because of asset sales and the timing of reinvestment.
The broker notes development returns are no longer adequate, given specialty leasing risk, and the company will likely focus on acquisitions to improve the quality of the portfolio. Neutral rating and $4.31 target maintained.
Target price is $4.31 Current Price is $4.43 Difference: minus $0.12 (current price is over target).
If CQR 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 $4.13, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 29.40 cents and EPS of 31.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of 144.6%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 30.20 cents and EPS of 32.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 1.6%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate
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Overnight Price: $3.19
Credit Suisse rates DHG as Underperform (5) -
FY19 results were below forecasts, reflecting a weaker underlying listings environment. Credit Suisse found the outlook commentary limited, with management finding some encouraging signs of buyer activity although volumes remain weak.
The broker maintains an Underperform rating and raises the target to $2.35 from $2.30. The broker recognises that listings will probably recover in the second half but considers current trading levels take this into account.
Target price is $2.35 Current Price is $3.19 Difference: minus $0.84 (current price is over target).
If DHG meets the Credit Suisse target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.82, suggesting downside of -11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 8.00 cents and EPS of 7.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 39.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 7.31 cents and EPS of 9.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 23.8%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DHG as Neutral (3) -
Given significant volume headwinds, Domain's result was solid, the broker suggests. Yields and cost controls provided offsets. The listing environment nevertheless remains weak.
But balance this with significant leverage to any turn in the market and the broker retains Neutral, closely monitoring developments. Target unchanged at $2.90.
Target price is $2.90 Current Price is $3.19 Difference: minus $0.29 (current price is over target).
If DHG meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.82, suggesting downside of -11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 8.00 cents and EPS of 8.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 39.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 10.10 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 23.8%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DHG as Overweight (1) -
FY19 results slightly missed Morgan Stanley's estimates. The company is taking a view on the timing and shape of a recovery in property listings, noting an "encouraging" lift in buyer activity has been observed.
No specific guidance was provided. Target is $3.20. Industry view is Attractive. Overweight rating retained.
Target price is $3.20 Current Price is $3.19 Difference: $0.01
If DHG meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.82, suggesting downside of -11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 5.30 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 39.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 23.8%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DHG as Reduce (5) -
Domain Holdings Australia's full-year result fell well shy of consensus as the real-estate malaise continued to hit new listings. Morgans raises the target price to $2.52 from $2.25, confident in the company's strategy.
Risks abound but the broker believes the exposure to growth in the online real-estate market is worth it.
The share price is over-extended, hence Reduce rating is retained.
Target price is $2.52 Current Price is $3.19 Difference: minus $0.67 (current price is over target).
If DHG meets the Morgans target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.82, suggesting downside of -11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 6.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 39.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 6.50 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 23.8%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DHG as Hold (3) -
Net profit in FY19 was below Ord Minnett's forecasts. Unlike its competitor, REA Group ((REA)), the broker notes management has not committed to cost controls in the face of the toughest property listing environment in 20 years.
The broker envisages near-term headwinds in new listings, particular in the print business, and a Hold rating and $3.15 target are maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.15 Current Price is $3.19 Difference: minus $0.04 (current price is over target).
If DHG meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.82, suggesting downside of -11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 39.9. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 23.8%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DHG as Upgrade to Neutral from Sell (3) -
A soft FY19 was in line with UBS expectations. FY20 estimates are reduced by -12%. The broker recognises some investors are prepared to look through the short-term listings weakness for exposure to an eventual housing recovery.
The broker upgrades to Neutral from Sell. Target is raised to $3.00 from $2.75.
Target price is $3.00 Current Price is $3.19 Difference: minus $0.19 (current price is over target).
If DHG meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.82, suggesting downside of -11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 4.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 39.9. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 5.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 23.8%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GBT GBST HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $3.84
Morgans rates GBT as Downgrade to Hold from Add (3) -
GBST Holding's full-year result seriously outpaced consensus, with underlying profits up 76% thanks to a strong UK performance.
The result is most likely the company's last, given it will soon be acquired by FNZ for $3.85 per share.
Target price rises to $3.85 from $3.79. Rating downgraded to Hold from Add. The broker suggests investors seek tax advice before deciding to sell before or after bid completion.
Target price is $3.85 Current Price is $3.84 Difference: $0.01
If GBT meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 20.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 9.00 cents and EPS of 24.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.08
Citi rates HLS as Neutral (3) -
Citi marginally upgrades net profit estimates for FY20-21 although notes, should the cost reduction program be successful, there could be upside to forecasts.
FY19 net profit was in line with downgraded guidance provided in July. Revenue was roughly in line with expectations. Citi maintains a Neutral rating and $3.25 target.
Target price is $3.25 Current Price is $3.08 Difference: $0.17
If HLS meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.17, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 8.00 cents and EPS of 16.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 73.9%. Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 9.00 cents and EPS of 18.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 15.0%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HLS as Neutral (3) -
FY19 net profit was in line with Credit Suisse estimates. The broker notes GP numbers are improving but productivity has declined.
The broker continues to envisage significant execution risk around the company achieving its initiatives within the stated time frame. Neutral rating and $3.05 target maintained.
Target price is $3.05 Current Price is $3.08 Difference: minus $0.03 (current price is over target).
If HLS 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 $3.17, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 6.80 cents and EPS of 17.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 73.9%. Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 7.90 cents and EPS of 19.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 15.0%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates HLS as Equal-weight (3) -
FY19 results were in line with the lower end of guidance. Morgan Stanley finds the FY20 outlook vague. The broker suggests the business is in an investment phase which has led to some dividend pressure.
GP recruitment was in line with expectations and the company is targeting a 45% increase in GPs by FY21.
Montserrat delivered revenue of $19.5m but Morgan Stanley believes it is too early to tell how significant the contribution will be, although strong growth is expected in the next two years.
Equal-weight rating. Target is reduced to $2.90 from $3.00. In-Line sector view.
Target price is $2.90 Current Price is $3.08 Difference: minus $0.18 (current price is over target).
If HLS meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.17, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 7.70 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 73.9%. Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 8.40 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 15.0%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HLS as Accumulate (2) -
Net profit was slightly ahead of Ord Minnett's forecast. No FY20 guidance was provided with management to provide an update at the AGM in October.
The broker found clear signs of improvement in the FY19 result and is encouraged by the rapid lift in GP recruitment as well as higher imaging and pathology margins. Accumulate rating maintained. Target is $3.50.
Target price is $3.50 Current Price is $3.08 Difference: $0.42
If HLS meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.17, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 73.9%. Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 15.0%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates HLS as No Rating (-1) -
UBS believes the earnings quality of FY19 results make it difficult to analyse and cash flow is more instructive. Cash flow declined -24%.
The broker forecasts a return to earnings growth in FY20 although higher depreciation may moderate the degree of growth.
UBS is restricted on providing a rating and target at present.
Current Price is $3.08. Target price not assessed.
Current consensus price target is $3.17, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 8.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 73.9%. Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 9.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 15.0%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IVC INVOCARE LIMITED
Consumer Products & Services
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Overnight Price: $14.55
UBS rates IVC as Downgrade to Sell from Neutral (5) -
UBS found the first half results messy. The underlying business continues to lose share and 87% of volume growth was from acquisitions. This highlights the importance of the Protect & Grow strategy, in the broker's view.
The broker was expecting a bigger rebound in the death rate and, while this should normalise over time, it creates potential risk to second half and FY20 forecasts. UBS downgrades to Sell from Neutral and lowers the target to $12.70 from $13.95.
Target price is $12.70 Current Price is $14.55 Difference: minus $1.85 (current price is over target).
If IVC meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.70, suggesting downside of -5.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 40.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.8, implying annual growth of 31.7%. Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 29.2. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 43.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of 8.6%. Current consensus DPS estimate is 43.8, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 26.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $18.88
Morgan Stanley rates JIN as Overweight (1) -
FY19 results beat estimates. Morgan Stanley remains a conviction buyer of the stock, believing the earnings trajectory into FY20 has been fundamentally misunderstood. The broker believes the market mistakenly ties the future performance to jackpot growth.
While the market is cautious on cycling FY19, the broker expects online migration will dominate. No guidance was provided but FY20 is considered off to a strong start, with total transaction value up 61% so far.
Target is raised to $24 from $20. Overweight rating. Industry view is In-Line.
Target price is $24.00 Current Price is $18.88 Difference: $5.12
If JIN meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 44.80 cents and EPS of 64.00 cents. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 58.90 cents and EPS of 84.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates JIN as Add (1) -
Jumbo Interactive's full-year result outpaced consensus with improvements reported across all key metrics. Morgans notes a strong surplus to operating needs and expects this may be returned to investors.
The broker believes the market, in penalising the stock post-result, does not understand the way the company calculates average spend. Customer numbers and average customer spend rose and FY20 started strong.
Add rating retained. Target price rises to $19.97 from $19.18.
Target price is $19.97 Current Price is $18.88 Difference: $1.09
If JIN meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 47.00 cents and EPS of 54.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 58.00 cents and EPS of 68.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LYC LYNAS CORPORATION LIMITED
Rare Earth Minerals
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Overnight Price: $2.58
Ord Minnett rates LYC as Buy (1) -
The company has been granted a four-year renewal of its Malaysian licence which exceeds Ord Minnett's three-year base case. Conditions do not appear to be onerous and are considered readily achievable within six months.
Ord Minnett urges investors to capitalise on the confusion surrounding the initial announcement as this is a decisive victory for the company in resolving uncertainty in Malaysia, and there is a potential for a valuation re-rating.
Buy rating reiterated and $5 target maintained.
Target price is $5.00 Current Price is $2.58 Difference: $2.42
If LYC meets the Ord Minnett target it will return approximately 94% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of 8.80 cents. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 0.00 cents and EPS of 23.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LYC as No Rating (-1) -
The Malaysian licensing board has announced that the company's operating license will be extended by six months beyond the current term which ends on September 1, 2019.
New conditions include cracking and leaching to be moved outside Malaysia and be operating within four years. This was widely expected. The company plans to restructure and move cracking and leaching to Australia.
UBS is advising and is thus currently restricted from making a recommendation.
Current Price is $2.58. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.00 cents. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 14.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.49
Credit Suisse rates MHJ as Outperform (1) -
FY19 results were in line with expectations. Gross margin was affected by a challenging retail environment and inventory clearance.
As the stock is continuing to trade at a material discount to its historical range and the broader Australasian retail sector, Credit Suisse continues to believe it offers attractive value.
However, there was little in the update to provide a positive catalyst and sentiment is challenged, the broker acknowledges. Outperform maintained. Target is raised to NZ$0.87 from NZ$0.85.
Current Price is $0.49. Target price not assessed.
Current consensus price target is $0.62, suggesting upside of 27.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 4.50 cents and EPS of 6.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 45.5%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 7.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 4.50 cents and EPS of 7.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 16.1%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 9.2%. Current consensus EPS estimate suggests the PER is 6.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MHJ as Outperform (1) -
Michael Hill's result was disappointing at the headline but not a shock given weakness in the first four months of FY19. A new CEO with a new strategy is making significant progress, the broker believes, just not yet sufficient to overcome the early shortfall.
The macro environment remains challenging but Macquarie is prepared to back management which, along with an attractive yield, means Outperform retained. Target falls to 75c from 80c.
Target price is $0.75 Current Price is $0.49 Difference: $0.26
If MHJ meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $0.62, suggesting upside of 27.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 4.50 cents and EPS of 6.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 45.5%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 7.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 5.10 cents and EPS of 7.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 16.1%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 9.2%. Current consensus EPS estimate suggests the PER is 6.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MHJ as Hold (3) -
Michael Hill International's full-year FY19 result broadly met the broker. Management changes in the second half (after a tough first half) helped stablise sales.
The company did not provide guidance but the cost-out strategy continues, which the broker believes will drive growth in the near to medium term, despite top-line challenges.
Earnings-per-share forecasts fall -3.3% and -1.7% in FY20/FY21 and rise 1.8% for FY22. Target prices eases to 56c from 57c. Hold rating retained.
Target price is $0.56 Current Price is $0.49 Difference: $0.07
If MHJ meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $0.62, suggesting upside of 27.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 3.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 45.5%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 7.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 4.00 cents and EPS of 6.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 16.1%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 9.2%. Current consensus EPS estimate suggests the PER is 6.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $35.06
Citi rates NCM as Downgrade to Sell from Neutral (5) -
FY19 earnings were in line with Citi's estimates. With declining production after FY20 and capital expenditure required to sustain earnings, Citi believes medium-term risks are to the downside.
Rating is downgraded to Sell from Neutral. Target is lowered to $31.05 from $33.25.
Target price is $31.05 Current Price is $35.06 Difference: minus $4.01 (current price is over target).
If NCM 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 $26.84, suggesting downside of -23.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 53.59 cents and EPS of 161.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 161.2, implying annual growth of N/A. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 39.49 cents and EPS of 151.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.2, implying annual growth of -22.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.0. |
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 NCM as Underperform (5) -
FY19 earnings were marginally below forecasts. Guidance is in line with expectations but Gosowong is softer than Credit Suisse modelled.
The broker considers Lihir production is likely to be sustainable while Cadia continues to project a precipitous drop off from FY22 as grades step down. The broker maintains an Underperform rating and $20.30 target.
Target price is $20.30 Current Price is $35.06 Difference: minus $14.76 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 42% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.84, suggesting downside of -23.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 21.15 cents and EPS of 130.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 161.2, implying annual growth of N/A. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 28.21 cents and EPS of 96.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.2, implying annual growth of -22.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.0. |
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 NCM as Underperform (5) -
Newcrest's earnings result beat the broker by 6%, leading to a better dividend than expected. FY20 production guidance is lower than that of FY19 as the broker suspected, leading to a -4% cut in forecast earnings. The completion of the Red Chris acquisition is a positive.
However Red Chris, like Wafi-Golpu, is a large greenfield project and thus as Cadia declines the miner is on the cusp of a multi-year production trough, the broker believes. Underperform and $24 target retained.
Target price is $24.00 Current Price is $35.06 Difference: minus $11.06 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.84, suggesting downside of -23.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 31.03 cents and EPS of 102.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 161.2, implying annual growth of N/A. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 23.97 cents and EPS of 79.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.2, implying annual growth of -22.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.0. |
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 NCM as Underweight (5) -
Underlying profit in FY19 was in line with expectations. Morgan Stanley found FY20 guidance disappointing.
Group gold production guidance of 2.425m ounces, -7% below forecasts, is driven by a drop of -100,000 ounces at Cadia and -67,000 ounces at Telfer. Cadia is being affected by lower grades coming in ahead of scheduling.
Morgan Stanley maintains an Underweight rating, $26 target and Attractive industry view.
Target price is $26.00 Current Price is $35.06 Difference: minus $9.06 (current price is over target).
If NCM meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.84, suggesting downside of -23.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 50.77 cents and EPS of 186.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 161.2, implying annual growth of N/A. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 22.56 cents and EPS of 83.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.2, implying annual growth of -22.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.0. |
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 NCM as Upgrade to Hold from Reduce (3) -
Newcrest Mining's full-year result pleased the broker, thanks to increased production and lower costs. Net debt fell -62% and revenue rose despite lower realised gold and copper prices.
On the downside, gold grades at Cadia are forecast to fall and mine life of Gosowong and Telfer is dwindling and impacting the company's production profile.
Morgans expects continued global volatility will underpin the gold price and the broker increases the valuation, the target price rising to $33.71 from $24.92.
Rating upgraded to Hold from Reduce to reflect potential safe-haven benefits to the gold price should volatility escalate.
Target price is $33.71 Current Price is $35.06 Difference: minus $1.35 (current price is over target).
If NCM meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.84, suggesting downside of -23.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 35.26 cents and EPS of 176.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 161.2, implying annual growth of N/A. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 28.21 cents and EPS of 135.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.2, implying annual growth of -22.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.0. |
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 NCM as No Rating (-1) -
FY19 net profit was below Ord Minnett's forecasts, largely because of a higher-than-expected depreciation charge. The broker updates models to include FY20 gold production guidance of 2.425m ounces at US$755/oz all-in sustainable cost.
Ord Minnett remains under research restriction and cannot provide a rating and target at present..
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Current Price is $35.06. Target price not assessed.
Current consensus price target is $26.84, suggesting downside of -23.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 156.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 161.2, implying annual growth of N/A. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 139.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.2, implying annual growth of -22.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.0. |
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 NCM as Sell (5) -
FY19 results were in line with UBS forecasts. Cash flow was better than expected. However, production guidance for FY20 is lower than expected.
It is clear to the broker that the decline in Cadia's grade is just beginning. UBS forecasts production at this asset to decline towards 500,000 ounces in FY22. Sell rating maintained. Target is raised to $26 from $25.
Target price is $26.00 Current Price is $35.06 Difference: minus $9.06 (current price is over target).
If NCM meets the UBS target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.84, suggesting downside of -23.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 28.21 cents and EPS of 166.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 161.2, implying annual growth of N/A. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 23.97 cents and EPS of 152.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.2, implying annual growth of -22.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.12
Citi rates NHF as Sell (5) -
On initial appraisal, Citi finds today's FY19 release beats the company's own guidance, but the analysts had expected a little more. The final dividend of 13c also falls a little short of expectation.
Guidance looks broadly in-line and is premised upon the assumption the rise in claims is about to peak, point out the analysts. Citi maintains the stock looks expensive, and probably needed a "beat".
Target price is $7.05 Current Price is $7.12 Difference: minus $0.07 (current price is over target).
If NHF meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.27, suggesting downside of -12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 23.50 cents and EPS of 36.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of 27.7%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 20.9. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 22.00 cents and EPS of 33.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of 0.6%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 20.8. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.70
Credit Suisse rates OML as Outperform (1) -
Trading update proved ahead of Credit Suisse estimates, but it was accompanied by an unexpected profit warning for the full year. The broker believes there are enough signals to indicate that banking and automotive advertising expenditure should recover.
Hence, valuation is appealing although debt is clearly an issue, in the broker's view. Outperform rating maintained. Target is reduced to $3.50 from $4.80.
Target price is $3.50 Current Price is $2.70 Difference: $0.8
If OML meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 48.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 9.46 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of -6.0%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 11.32 cents and EPS of 22.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 48.4%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 9.7. |
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) -
oOh!media has dropped its 2019 guidance range to $125-135m from $152-162m to reflect a sharp drop-off in demand for billboards in the Sep Q, a high margin segment.
Target falls to $4.45 from $5.10 but the broker retains Outperform, given long term structural growth, leverage to an ad market recovery and an attractive valuation within the media space.
Target price is $4.45 Current Price is $2.70 Difference: $1.75
If OML meets the Macquarie target it will return approximately 65% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 48.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.40 cents and EPS of 18.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of -6.0%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 11.60 cents and EPS of 25.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 48.4%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 9.7. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OML as Add (1) -
oOhmedia has downgraded earnings guidance by 17% for FY19 as major advertisers pull campaigns in anticipation of a recession.
The broker cuts forecasts to reflect guidance, reminding investors that the company incurs large non-cash acquisition related amortisation charges.
Target price falls to $3.61 from $4.08 but Add rating retained given the shares are trading substantially below the target and the broker believes the company can rein in expenses if necessary.
Target price is $3.61 Current Price is $2.70 Difference: $0.91
If OML meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 48.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 8.00 cents and EPS of 15.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of -6.0%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 11.00 cents and EPS of 37.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 48.4%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 9.7. |
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) -
The company has downgraded 2019 earnings guidance because of negative mix shift and an abnormally sharp decline in advertising market expenditure in the third quarter.
Ord Minnett was disappointed with the trading update but expects a market recovery is underway. Accumulate retained. Target is reduced to $3.70 from $4.60.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.70 Current Price is $2.70 Difference: $1
If OML meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 48.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of -6.0%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 48.4%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 9.7. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.71
UBS rates ORA as Downgrade to Neutral from Buy (3) -
FY19 earnings were below UBS estimates. The broker notes a more challenging macro environment in the US, where volumes have been affected by trade tensions. There is also increased competition and an inability to pass through raw material costs.
UBS does not expect this situation to materially improve in FY20. Forecasts are downgraded for FY20-21 by -7%. Rating is downgraded to Neutral from Buy and the target lowered to $2.85 from $3.85.
Target price is $2.85 Current Price is $2.71 Difference: $0.14
If ORA meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.97, suggesting upside of 9.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 13.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 30.6%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 13.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 6.3%. Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.52
UBS rates OSH as Neutral (3) -
Just 10 days after stating that the PNG Cabinet had agreed in principle to stand behind the Papua LNG gas agreement the government has stated that it has authorised a team to renegotiate the terms.
Demands sought by the government from renegotiations may have a direct influence on the future decision to expand, UBS asserts.
Negotiations between PNG and Total will commence this weekend followed by discussions with ExxonMobil and Oil Search. UBS maintains a Neutral rating and $7.60 target.
Target price is $7.60 Current Price is $6.52 Difference: $1.08
If OSH meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $7.82, suggesting upside of 19.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 18.22 cents and EPS of 35.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.7, implying annual growth of N/A. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 22.43 cents and EPS of 46.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.2, implying annual growth of 18.9%. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 13.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.16
Morgans rates SEA as Add (1) -
Sundance Energy's second-quarter results missed the broker and guidance, due to a lower gas price and oil output. Cash was strong and cash costs eased on lower administration, lease and workover expenses.
The company has guided to being free cash flow positive by the fourth quarter and production growth is on track.
Morgans notes sector rotation and the China trade war have crushed the share price but the broker expects a resolution. Until then, the company is likely to underperform.
Add rating and $1.28 target price retained.
Target price is $1.28 Current Price is $0.16 Difference: $1.12
If SEA meets the Morgans target it will return approximately 700% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 4.23 cents. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 8.46 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.94
Credit Suisse rates SGR as Downgrade to Neutral from Outperform (3) -
Credit Suisse models no earnings growth in FY20 after downgrading estimates for earnings per share by -6-8%.
This makes the case difficult for an Outperform rating and the broker concedes the stock may be appropriately valued, downgrading to Neutral.
Target is reduced to $3.75 from $4.90. A high pay-out ratio for the dividend in FY19 signals to the broker the company may hold the dividend at $0.20.
Target price is $3.75 Current Price is $3.94 Difference: minus $0.19 (current price is over target).
If SGR meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.57, suggesting upside of 16.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 20.50 cents and EPS of 24.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 22.2%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 20.50 cents and EPS of 23.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 4.5%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGR as Outperform (1) -
Star Entertainment's result was in line with guidance and featured positive momentum in cost-outs and a reduction in unnecessary capex, showing capital discipline.
FY20 has started well for both domestic and VIP, the broker notes, and 5% earnings growth is forecast for FY20. At a -10% discount to three-year average valuation and -25% to peer Crown Resorts ((CWN)) the broker retains Outperform and a $4.65 target.
Target price is $4.65 Current Price is $3.94 Difference: $0.71
If SGR meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.57, suggesting upside of 16.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 21.00 cents and EPS of 26.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 22.2%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 22.00 cents and EPS of 27.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 4.5%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGR as Overweight (1) -
FY19 results were in line with expectations but Morgan Stanley observes the environment at the start of FY20 remains soft. No explicit guidance was provided.
Management expects an incremental reduction of -$5m in costs in the first half of FY20.
Overweight retained on lower balance sheet risk, given project partners. $4.80 target. Industry view: Cautious.
Target price is $4.80 Current Price is $3.94 Difference: $0.86
If SGR meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.57, suggesting upside of 16.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 22.2%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 4.5%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SGR as Hold (3) -
Star Entertainment reports a full-year result in line with recent guidance. Earning rose and the company gained market share in Queensland while holding in Sydney.
Morgans notes a strong development pipeline and says the company may release capital from supporting assets.
The broker notes cost-outs outperformed and an uptick in customer activity. Target price rises to $4.17 from $4.04. Hold rating retained.
Target price is $4.17 Current Price is $3.94 Difference: $0.23
If SGR meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.57, suggesting upside of 16.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 21.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 22.2%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 22.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 4.5%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGR as Buy (1) -
FY19 results were better than Ord Minnett expected. The broker errs towards optimism on what is otherwise a cautious outlook, given the cost reductions and control of capital expenditure.
The main question for FY20 is whether a forecast decline in VIP business can be offset by a recovery in domestic conditions. Buy rating and $5.05 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.05 Current Price is $3.94 Difference: $1.11
If SGR meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $4.57, suggesting upside of 16.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 22.2%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 4.5%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGR as Buy (1) -
FY19 earnings were in line with guidance. UBS is also encouraged by the improvement in main floor and VIP trends, albeit based on a very short period.
The broker expects domestic gaming growth of 2% in FY20. UBS maintains a Buy rating and raises the target to $5.00 from $4.70.
Target price is $5.00 Current Price is $3.94 Difference: $1.06
If SGR meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $4.57, suggesting upside of 16.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 22.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 22.2%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 24.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 4.5%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SIQ SMARTGROUP CORPORATION LTD
Vehicle Leasing & Salary Packaging
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Overnight Price: $10.94
Citi rates SIQ as Buy (1) -
First half results were in line with forecasts. Citi was impressed with the strong organic growth and the ability to grow new and total novated leasing volumes despite a material fall in new vehicle sales.
A Buy rating is reiterated with increased vigour, given the resilience shown in the first half. Target is reduced to $11.83 from $12.00.
Target price is $11.83 Current Price is $10.94 Difference: $0.89
If SIQ meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $10.34, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 84.00 cents and EPS of 63.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.6, implying annual growth of 27.6%. Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 50.00 cents and EPS of 71.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.2, implying annual growth of 6.0%. Current consensus DPS estimate is 46.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SIQ as Upgrade to Outperform from Neutral (1) -
First half net profit growth of 5.4% was below the double-digits usually seen, although Credit Suisse notes there was no contribution from acquisitions. This was also set against a backdrop where new car sales declined -9% over the same period.
Credit Suisse expects similar growth in the second half and an acceleration in 2020 as conditions become easier. Rating is upgraded to Outperform from Neutral and the target raised to $9.80 from $9.25.
Target price is $9.80 Current Price is $10.94 Difference: minus $1.14 (current price is over target).
If SIQ meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.34, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 42.13 cents and EPS of 61.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.6, implying annual growth of 27.6%. Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 45.17 cents and EPS of 67.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.2, implying annual growth of 6.0%. Current consensus DPS estimate is 46.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SIQ as Equal-weight (3) -
First half results were ahead of Morgan Stanley's estimates. The broker notes acquisitions made a contribution but this was partly offset by the loss of two Victorian health contracts which will create a -$1-1.5m drag on earnings in the second half.
Equal-weight. Target is $10.00. Sector view is In-Line.
Target price is $10.00 Current Price is $10.94 Difference: minus $0.94 (current price is over target).
If SIQ meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.34, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 41.90 cents and EPS of 60.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.6, implying annual growth of 27.6%. Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 45.20 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.2, implying annual growth of 6.0%. Current consensus DPS estimate is 46.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLS TELSTRA CORPORATION LIMITED
Telecommunication
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Overnight Price: $3.76
Macquarie rates TLS as Neutral (3) -
Telstra reported earnings at the upper end of guidance and ahead of the broker. FY20 guidance nevertheless disappointed suggesting a weaker run-rate in the business as cost-outs accelerate, the broker notes. There were positive indicators for Mobile which should improve financial performance over time, but Data and IP remain of concern.
An evolving macro backdrop should provide support over time but on current valuation the broker retains Neutral. Target rises to $3.80 from $3.75.
Target price is $3.80 Current Price is $3.76 Difference: $0.04
If TLS meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 16.00 cents and EPS of 13.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 6.1%. Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 16.00 cents and EPS of 14.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of -3.1%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 20.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
| Company | Broker | New Target | Prev Target | Change | |
| ABP | ABACUS PROPERTY GROUP | Citi | 4.04 | 4.11 | -1.70% |
| Credit Suisse | 3.87 | 4.00 | -3.25% | ||
| ANZ | ANZ BANKING GROUP | Ord Minnett | 28.80 | 29.40 | -2.04% |
| ASX | ASX | Morgan Stanley | 80.00 | 64.00 | 25.00% |
| Morgans | 70.08 | 68.24 | 2.70% | ||
| BBN | BABY BUNTING | Citi | 3.05 | 2.65 | 15.09% |
| Macquarie | 3.10 | 2.65 | 16.98% | ||
| Morgan Stanley | 3.50 | 3.00 | 16.67% | ||
| Morgans | 3.02 | 2.70 | 11.85% | ||
| BKL | BLACKMORES | Macquarie | 60.00 | 86.00 | -30.23% |
| Morgan Stanley | 71.00 | 84.00 | -15.48% | ||
| Ord Minnett | 70.00 | 95.00 | -26.32% | ||
| CCP | CREDIT CORP | Morgans | 28.80 | 27.00 | 6.67% |
| CLW | CHARTER HALL LONG WALE REIT | Macquarie | 4.36 | 4.17 | 4.56% |
| COH | COCHLEAR | Credit Suisse | 211.00 | 168.00 | 25.60% |
| Macquarie | 178.00 | 166.00 | 7.23% | ||
| Morgan Stanley | 202.00 | 198.00 | 2.02% | ||
| Morgans | 207.00 | 175.90 | 17.68% | ||
| Ord Minnett | 185.00 | 162.00 | 14.20% | ||
| UBS | 173.00 | 158.00 | 9.49% | ||
| CQR | CHARTER HALL RETAIL | Citi | 3.55 | 3.71 | -4.31% |
| Credit Suisse | 4.14 | 4.22 | -1.90% | ||
| Ord Minnett | 4.50 | 4.50 | 0.00% | ||
| DHG | DOMAIN HOLDINGS | Credit Suisse | 2.35 | 2.30 | 2.17% |
| Morgans | 2.52 | 2.25 | 12.00% | ||
| UBS | 3.00 | 2.75 | 9.09% | ||
| GBT | GBST HOLDINGS | Morgans | 3.85 | 3.79 | 1.58% |
| HLS | HEALIUS | Morgan Stanley | 2.90 | 3.00 | -3.33% |
| IVC | INVOCARE | UBS | 12.70 | 13.95 | -8.96% |
| JIN | JUMBO INTERACTIVE | Morgan Stanley | 24.00 | 20.00 | 20.00% |
| Morgans | 19.97 | 19.18 | 4.12% | ||
| MHJ | MICHAEL HILL | Macquarie | 0.75 | 0.80 | -6.25% |
| Morgans | 0.56 | 0.57 | -1.75% | ||
| NCM | NEWCREST MINING | Citi | 31.05 | 33.25 | -6.62% |
| Morgans | 33.71 | 24.92 | 35.27% | ||
| UBS | 26.00 | 25.00 | 4.00% | ||
| OML | OOH!MEDIA | Credit Suisse | 3.50 | 4.80 | -27.08% |
| Macquarie | 4.45 | 5.10 | -12.75% | ||
| Morgans | 3.61 | 4.08 | -11.52% | ||
| Ord Minnett | 3.70 | 4.60 | -19.57% | ||
| ORA | ORORA | UBS | 2.85 | 3.85 | -25.97% |
| SGR | STAR ENTERTAINMENT | Credit Suisse | 3.75 | 4.90 | -23.47% |
| Morgan Stanley | 4.80 | 5.60 | -14.29% | ||
| Morgans | 4.17 | 4.04 | 3.22% | ||
| UBS | 5.00 | 4.70 | 6.38% | ||
| SIQ | SMARTGROUP | Citi | 11.83 | 12.00 | -1.42% |
| Credit Suisse | 9.80 | 9.25 | 5.95% | ||
| TLS | TELSTRA CORP | Macquarie | 3.80 | 3.75 | 1.33% |
Summaries
| ABP | ABACUS PROPERTY GROUP | Neutral - Citi | Overnight Price $3.91 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $3.91 | ||
| No Rating - Ord Minnett | Overnight Price $3.91 | ||
| ANZ | ANZ BANKING GROUP | Hold - Ord Minnett | Overnight Price $26.69 |
| ASX | ASX | Equal-weight - Morgan Stanley | Overnight Price $84.32 |
| Reduce - Morgans | Overnight Price $84.32 | ||
| BBN | BABY BUNTING | Buy - Citi | Overnight Price $2.85 |
| Outperform - Macquarie | Overnight Price $2.85 | ||
| Overweight - Morgan Stanley | Overnight Price $2.85 | ||
| Add - Morgans | Overnight Price $2.85 | ||
| BKL | BLACKMORES | Downgrade to Underperform from Neutral - Macquarie | Overnight Price $64.58 |
| Equal-weight - Morgan Stanley | Overnight Price $64.58 | ||
| Hold - Ord Minnett | Overnight Price $64.58 | ||
| BPT | BEACH ENERGY | Neutral - Citi | Overnight Price $2.01 |
| CCP | CREDIT CORP | Downgrade to Hold from Add - Morgans | Overnight Price $28.09 |
| CLW | CHARTER HALL LONG WALE REIT | Underperform - Macquarie | Overnight Price $5.47 |
| Neutral - UBS | Overnight Price $5.47 | ||
| COH | COCHLEAR | Sell - Citi | Overnight Price $217.43 |
| Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $217.43 | ||
| Underperform - Macquarie | Overnight Price $217.43 | ||
| Equal-weight - Morgan Stanley | Overnight Price $217.43 | ||
| Hold - Morgans | Overnight Price $217.43 | ||
| Lighten - Ord Minnett | Overnight Price $217.43 | ||
| Sell - UBS | Overnight Price $217.43 | ||
| CQR | CHARTER HALL RETAIL | Sell - Citi | Overnight Price $4.43 |
| Neutral - Credit Suisse | Overnight Price $4.43 | ||
| Upgrade to Hold from Lighten - Ord Minnett | Overnight Price $4.43 | ||
| Neutral - UBS | Overnight Price $4.43 | ||
| DHG | DOMAIN HOLDINGS | Underperform - Credit Suisse | Overnight Price $3.19 |
| Neutral - Macquarie | Overnight Price $3.19 | ||
| Overweight - Morgan Stanley | Overnight Price $3.19 | ||
| Reduce - Morgans | Overnight Price $3.19 | ||
| Hold - Ord Minnett | Overnight Price $3.19 | ||
| Upgrade to Neutral from Sell - UBS | Overnight Price $3.19 | ||
| GBT | GBST HOLDINGS | Downgrade to Hold from Add - Morgans | Overnight Price $3.84 |
| HLS | HEALIUS | Neutral - Citi | Overnight Price $3.08 |
| Neutral - Credit Suisse | Overnight Price $3.08 | ||
| Equal-weight - Morgan Stanley | Overnight Price $3.08 | ||
| Accumulate - Ord Minnett | Overnight Price $3.08 | ||
| No Rating - UBS | Overnight Price $3.08 | ||
| IVC | INVOCARE | Downgrade to Sell from Neutral - UBS | Overnight Price $14.55 |
| JIN | JUMBO INTERACTIVE | Overweight - Morgan Stanley | Overnight Price $18.88 |
| Add - Morgans | Overnight Price $18.88 | ||
| LYC | LYNAS CORP | Buy - Ord Minnett | Overnight Price $2.58 |
| No Rating - UBS | Overnight Price $2.58 | ||
| MHJ | MICHAEL HILL | Outperform - Credit Suisse | Overnight Price $0.49 |
| Outperform - Macquarie | Overnight Price $0.49 | ||
| Hold - Morgans | Overnight Price $0.49 | ||
| NCM | NEWCREST MINING | Downgrade to Sell from Neutral - Citi | Overnight Price $35.06 |
| Underperform - Credit Suisse | Overnight Price $35.06 | ||
| Underperform - Macquarie | Overnight Price $35.06 | ||
| Underweight - Morgan Stanley | Overnight Price $35.06 | ||
| Upgrade to Hold from Reduce - Morgans | Overnight Price $35.06 | ||
| No Rating - Ord Minnett | Overnight Price $35.06 | ||
| Sell - UBS | Overnight Price $35.06 | ||
| NHF | NIB HOLDINGS | Sell - Citi | Overnight Price $7.12 |
| OML | OOH!MEDIA | Outperform - Credit Suisse | Overnight Price $2.70 |
| Outperform - Macquarie | Overnight Price $2.70 | ||
| Add - Morgans | Overnight Price $2.70 | ||
| Accumulate - Ord Minnett | Overnight Price $2.70 | ||
| ORA | ORORA | Downgrade to Neutral from Buy - UBS | Overnight Price $2.71 |
| OSH | OIL SEARCH | Neutral - UBS | Overnight Price $6.52 |
| SEA | SUNDANCE ENERGY | Add - Morgans | Overnight Price $0.16 |
| SGR | STAR ENTERTAINMENT | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $3.94 |
| Outperform - Macquarie | Overnight Price $3.94 | ||
| Overweight - Morgan Stanley | Overnight Price $3.94 | ||
| Hold - Morgans | Overnight Price $3.94 | ||
| Buy - Ord Minnett | Overnight Price $3.94 | ||
| Buy - UBS | Overnight Price $3.94 | ||
| SIQ | SMARTGROUP | Buy - Citi | Overnight Price $10.94 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $10.94 | ||
| Equal-weight - Morgan Stanley | Overnight Price $10.94 | ||
| TLS | TELSTRA CORP | Neutral - Macquarie | Overnight Price $3.76 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 20 |
| 2. Accumulate | 2 |
| 3. Hold | 30 |
| 4. Reduce | 1 |
| 5. Sell | 16 |
Monday 19 August 2019
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base their work on information believed to be reliable and accurate, though
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should contact their personal adviser before making any investment decision.
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