Australian Broker Call

Macquarie rates AGI as No Rating (-1) -

Ainsworth's updated guidance for FY18, alongside trading update, essentially implies a massive downgrade (in excess of -35%), explains Macquarie. And things could still turn out worse, suggest the analysts.

Macquarie is "disappointed" (of course) and now has put its Neutral rating officially under review. There are no guarantees the Churchill Downs contract will be completed on schedule, and neither is there regarding management's forecast that all shall be better in FY19. Estimates have not as yet been updated.

Target price is $2.28 Current Price is $1.41 Difference: $0.87
If AGI meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -1.0

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

Macquarie rates APA as Neutral (3) -

At the Macquarie conference the company has suggested that the impact of rising interest rates on the business has been overstated. APA has a strong committed projected pipeline across a diverse client base, Macquarie observes.

The company's focus on the US market has developed, having identified the gas pipeline/distribution business as an area of focus and envisaging returns at 9-12% as the government encourages the development of the gas network.

The broker suggests that the recent rally in the share price has removed some of the value emerging in the stock. Neutral and $7.82 target retained.

Target price is $7.82 Current Price is $8.45 Difference: minus $0.63 (current price is over target).
If APA 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 $8.50, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates APO as Downgrade to Sell from Neutral (5) -

We hadn't noticed anything from Citi on the company since initiating coverage in December last year. Now the broker has used a sector update to pull back its rating to Sell from Neutral.

The analysts remain confident strong growth for the outdoor media space is set to continue, but for APN Outdoor in particular they are concerned about costs and margin compression. As every shareholder knows, these are not the ideal combination.

Target price tumbles to $4.50. Citi prefers oOh!media ((OML)) in the sector. Management at APN Outdoor already admitted it will have to make additional investments to catch up with the competition. The analysts suggest more needs to be done.

Target price is $4.50 Current Price is $5.34 Difference: minus $0.84 (current price is over target).
If APO meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.02, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates ASX as Underperform (5) -

April is a seasonally weak month for the exchange but this April saw a relatively strong level of activity, the broker notes. It was not about equity turnover, despite volatility, as volumes were down on last year, so too derivatives, but capital raisings were strong.

The broker has upgraded forecasts on that basis but this is offset by rising capex as ASX spends on system upgrades. The broker supports the spending, but only single-digit earnings growth is on offer over the next few years and the broker sees a full valuation. Underperform retained. Target rises to $55 from $54.

Target price is $55.00 Current Price is $60.29 Difference: minus $5.29 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $55.54, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Deutsche Bank rates ASX as Downgrade to Sell from Hold (5) -

The March quarter trading update points to a strong FY18 result, although the company does expect fourth quarter expenses will step higher.

Driven by strong results so far this year the stock has reached record levels and Deutsche Bank believes the valuation is stretched. Rating is downgraded to Sell from Hold. Target is $55.90.

Target price is $55.90 Current Price is $60.29 Difference: minus $4.39 (current price is over target).
If ASX meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $55.54, suggesting downside of -7.9% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Macquarie rates BAP as Outperform (1) -

The company has reiterated guidance for 30% growth in net profit in FY18. Sales growth for the Burson trade business has strengthened to 4% in the year to date.

Macquarie believes the margin upside remains under appreciated, which would underpin earnings upgrades in the medium to longer term. A potential Asian expansion offers material upside and the broker considers the logic is sound.

Outperform and $6.60 target retained.

Target price is $6.60 Current Price is $6.30 Difference: $0.3
If BAP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.62, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates BEN as Neutral (3) -

The bank has suggested at the Macquarie conference there is a risk of a separate session at the Royal Commission dedicated to rural banking, although agricultural lending should potentially be part of the review into business banking.

The bank expects a likely focus on loan origination processes and actions the banks historically took to recover problematic loans. System growth is expected to slow and, while there are already significant regulatory implications that are affecting growth, BEN expects regulatory changes to be well managed.

Macquarie maintains a Neutral rating and believes the dividend yield should provide share price support despite the challenging underlying conditions. Target is $11.00.

Target price is $11.00 Current Price is $10.80 Difference: $0.2
If BEN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.89, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Ord Minnett rates CLH as Lighten (4) -

The company has announced the sale of the payment arrangement book to US fund manager Balbec Capital for $19.5m and will book an after-tax profit on the sale of $4.9m.

Collection House has also flagged an increase in amortisation charges that will affect earnings growth into FY19. Ord Minnett maintains a Lighten rating and raises the target to $1.25 from $1.20.

Target price is $1.25 Current Price is $1.60 Difference: minus $0.35 (current price is over target).
If CLH meets the Ord Minnett target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Credit Suisse rates CSR as Neutral (3) -

Ahead of CSR's result next week, the broker has updated its valuation to account for a diminishing of previously assumed housing market decline, property sales results and recent strength in aluminium prices. Forecast upgrades are substantial, pointing to flat FY growth rather than the decline consensus suggests.

The broker nevertheless believes the market is already on the same page. Rather than position for the cycle to run longer than previously assumed, the broker sees value as not compelling. Neutral retained. Target rises to $5.90 from $4.90.

Target price is $5.90 Current Price is $5.64 Difference: $0.26
If CSR meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting downside of -11.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates GTN as Outperform (1) -

Macquarie acknowledges weakened investor sentiment following the exit from the US but believes compelling value exists, supported by a monopoly market position and strong cash generation.

Greater confidence in the outlook is expected over time to drive a re-rating. Outperform rating and $2.40 target maintained.

Target price is $2.40 Current Price is $1.90 Difference: $0.5
If GTN meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates GTY as Outperform (1) -

The company has announced a downgrade to FY18 guidance. Distributable earnings growth is downgraded by -3-5% because of fewer settlements. The company expects 230-240 settlements for FY18.

Gateway has indicated that market conditions have moderated and there is an extended conversion period from sales through to settlement.

Macquarie was disappointed with the update given the company had previously re-based settlement expectations at its FY17 result. The broker re-bases earnings forecasts and lowers the target to $1.92 from $2.14. Outperform.

Target price is $1.92 Current Price is $1.80 Difference: $0.12
If GTY meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates HT1 as Neutral (3) -

Citi remains cautious because of a view that radio trends will not remain at current levels and there is potential for a larger-than-forecast impact on the network from the Yarra Trams loss.

The broker recognises the share price might be temporarily supported, given the potential for further bids, but believes it will be reluctant to sell the Adshel business unless there is a significant premium.

Neutral rating maintained. Target rises to $2.30 from $1.90.

Target price is $2.30 Current Price is $2.28 Difference: $0.02
If HT1 meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Morgan Stanley rates HVN as Underweight (5) -

Morgan Stanley suggests increased competition will compress Australian franchising margins faster than previously expected. The broker suspects the transfer of The Good Guys to JB Hi-Fi ((JBH)) ownership has proven a catalyst for Harvey Norman to compete more aggressively.

JB Hi-Fi has signalled it will not cede share and, thus, Morgan Stanley expects Harvey Norman's margin is likely to erode in the first half. The broker lowers FY18-20 estimates for earnings per share to reflect the more difficult retail environment.

Target is lowered to $2.90 from $3.50. Underweight rating and Cautious industry view maintained.

Target price is $2.90 Current Price is $3.46 Difference: minus $0.56 (current price is over target).
If HVN meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.94, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Ord Minnett rates IPL as Buy (1) -

Ord Minnett reduces long-term EBIT estimates because of the loss of the Roy Hill and BHP Billiton ((BHP)) contracts. This leads the broker to lower the target to $4.00 from $4.30. Buy maintained.

Target price is $4.00 Current Price is $3.82 Difference: $0.18
If IPL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates LOV as Outperform (1) -

The company's trading update demonstrated strong operating trends continue and Macquarie envisages upside risk to FY18 forecasts.

Same-store sales growth was 7.6% in the quarter. Macquarie maintains an Outperform rating and $8.80 target.

Target price is $8.80 Current Price is $9.83 Difference: minus $1.03 (current price is over target).
If LOV meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates MQG as Sell (5) -

On Citi's early assessment, FY18 cash profits were 5% better than expected, but more in-line with market consensus. Final dividend was better. Citi analysts think it was yet again a strong result, underpinned by lower taxes. Sell. Target $79.50.

Target price is $79.50 Current Price is $109.79 Difference: minus $30.29 (current price is over target).
If MQG meets the Citi target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $101.19, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates MQG as Buy (1) -

In an initial response to today's FY18 release, UBS analysts note profits were some 2% ahead of expectations, but revenue guidance appears "more subdued". Dividend declared of $3.20 (final) seems well above market consensus.

UBS analysts suggest they are likely to leave the valuation/price target at $110. It is seen as a solid result, nevertheless. Buy.

Target price is $110.00 Current Price is $109.79 Difference: $0.21
If MQG meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $101.19, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates MYO as Neutral (3) -

2018 guidance was reiterated at the Macquarie conference. Organic revenue growth of 8-10% and EBITDA margin in the range of 43-45% is forecast.

Earnings are expected to be skewed towards the second half. Macquarie maintains a Neutral rating and $3.94 target.

Target price is $3.94 Current Price is $3.27 Difference: $0.67
If MYO meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Citi rates NAB as Buy (1) -

First half cash earnings were below Citi's estimates. The broker observes the restructuring plan has removed the ability of management to adjust costs where revenue growth is slower and management has conceded that the second half is unlikely to deliver the flat underlying profit as previously guided.

While the outperformance of the sector has priced in some positives and the second half may be weaker, the broker believes the bank's premier position in business banking should mean it is well-positioned for the medium term. Buy rating and $32.25 target maintained.

Target price is $32.25 Current Price is $29.29 Difference: $2.96
If NAB meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $31.04, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Credit Suisse rates NAB as Outperform (1) -

On the basis of restructuring charges taken above the line, the broker has cut NAB earnings forecasts by -3-4% and its target to $32.00 from $34.50, but nevertheless remains supportive of the bank's strategy and willingness to address its cost base.

The broker has become more cautious on the revenue environment, and suggests near term earnings will be impacted before the benefits of the strategy are realised, but Outperform retained.

Target price is $32.00 Current Price is $29.29 Difference: $2.71
If NAB meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $31.04, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Deutsche Bank rates NAB as Buy (1) -

First half results were in line with expectations and Deutsche Bank found few surprises in the key metrics. Margins positively surprised.

The reinvestment program appears on track and cost growth guidance for FY18-20 was reiterated. Buy rating. Target is $32.

Target price is $32.00 Current Price is $29.29 Difference: $2.71
If NAB meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $31.04, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates NAB as Outperform (1) -

First half results were broadly in line with expectations. Given the expense profile is largely locked in for FY18, Macquarie suggests it will be challenging for the bank to achieve pre-provision profit growth in FY18.

The broker continues to believe the level of current expenditure is highly elevated and, in the short term, this leaves the bank exposed to declining earnings. However, in FY19-20 earnings growth should improve as the bank remains committed to delivering flat costs growth.

Outperform rating maintained. Target is steady at $32.

Target price is $32.00 Current Price is $29.29 Difference: $2.71
If NAB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $31.04, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgan Stanley rates NAB as Underweight (5) -

Morgan Stanley finds the trading multiple hard to justify, given weak revenue and earnings growth prospects. First half profit was broadly in line with forecasts.

The broker lowers estimates for earnings per share by around -2% because of the weaker revenue outlook and notes the CET1 ratio also stands at the bottom end of the peer group.

Morgan Stanley retains an Underweight rating and reduces the target to $27.10 from $28.20. In-Line industry view maintained.

Target price is $27.10 Current Price is $29.29 Difference: minus $2.19 (current price is over target).
If NAB 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 $31.04, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Ord Minnett rates NAB as Accumulate (2) -

First half net profit was slightly below Ord Minnett's estimates. The broker shares some investor concerns about the wide target range of 5-8% on underlying costs growth in FY18 but still believes the bank is well-positioned.

NAB has less exposure to retail banking but leverage to improvements in business credit growth, the broker notes. Accumulate rating of $32 target maintained.

Target price is $32.00 Current Price is $29.29 Difference: $2.71
If NAB meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $31.04, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates NCK as Outperform (1) -

Management continues to target net profit growth of 5-10% and has retained FY18 guidance. Macquarie observes store expansion and ongoing scale benefits underpin earnings growth into FY19.

The broker considers the valuation attractive. Outperform maintained. Target is $7.50.

Target price is $7.50 Current Price is $6.79 Difference: $0.71
If NCK meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Citi rates OML as Buy (1) -

Citi believes the company's continued investment in data, technical and staff capabilities will drive growth at above market levels.

With the market growing at high single digit rates and little disruption to contracts the broker believes the business is well-placed to deliver a solid bottom line.

Buy rating retained. Target is raised to $5.65 from $5.15.

Target price is $5.65 Current Price is $4.98 Difference: $0.67
If OML meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.20, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Ord Minnett rates ORI as Hold (3) -

FY18 earnings are expected to be heavily skewed to the second half and FY19 EBIT is likely to be boosted by incremental business improvements.

These benefits, along with the positive contribution from Burrup that is expected from FY19, drive increases to estimates. Ord Minnett raises its target to $19.00 from $18.15. Hold rating maintained.

Target price is $19.00 Current Price is $20.25 Difference: minus $1.25 (current price is over target).
If ORI meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.51, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates PGH as Neutral (3) -

The company has reaffirmed FY18 guidance, pointing out that demand has been relatively stable across most segments and contract manufacturing steady. The company is undertaking a re-design of its Australian rigids network with a focus on reviewing its footprint and equipment/warehousing needs.

This suggests meaningful capital expenditure and, while there is an associated return, Macquarie suspects the market will be cautious about achieving such returns. Neutral rating and $5.54 target maintained.

Target price is $5.54 Current Price is $5.72 Difference: minus $0.18 (current price is over target).
If PGH meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.69, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Credit Suisse rates QBE as Neutral (3) -

The broker notes that at every AGM for the past decade, QBE has presented an "on track for a turnaround" story that the market seems to lap up, thus has learnt never the be underweight going in. 2018 proved no exception.

For QBE to improve its underwriting margin to the extent consensus is forecasting, it will have to divest of poor performing businesses, the broker warns. Neutral and $10.20 target retained.

Target price is $10.20 Current Price is $10.36 Difference: minus $0.16 (current price is over target).
If QBE meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.00, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Macquarie rates QBE as Outperform (1) -

The company has provided more details on the portfolio exit. In addition to the sale of the Latin American business QBE will exit its personal lines portfolio in North America. Macquarie considers the absence of an additional cost reduction announcement is a positive.

The broker maintains an Outperform rating, given the portfolio remediation has begun and the buyback continues. Target is raised $11.20 from $11.00.

Target price is $11.20 Current Price is $10.36 Difference: $0.84
If QBE meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.00, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Morgans rates QBE as Hold (3) -

The company has re-affirmed full year guidance targets for a combined operating ratio of 95-97.5% and investment return of 2.5-3.0%. The company acknowledges year-to-date investment returns are below its target because of rising yields and volatility but asserts this is being offset by a higher discount rate.

Morgans upgrades estimates for earnings per share by 2-3%. Consistent delivery should mean the stock re-rates positively but the broker retains a cautious view as industry pressures are still in evidence. Hold rating maintained. Target rises to $11.30 from $10.95.

Target price is $11.30 Current Price is $10.36 Difference: $0.94
If QBE meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.00, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Macquarie rates RHC as Outperform (1) -

The company has formed a joint venture with Ascension to develop a new global healthcare buying group. This should present opportunities for incremental savings over and above the existing procurement.

Macquarie retains a positive investment view based on improved revenue growth for Australian hospitals into FY19, as well as further margin expansion. The broker envisages valuation appeal at current levels and maintains an Outperform rating. Target is $74.50.

Target price is $74.50 Current Price is $64.91 Difference: $9.59
If RHC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $69.75, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Ord Minnett rates RRL as Downgrade to Lighten from Hold (4) -

Ord Minnett struggles to justify the valuation as, despite Regis Resources being a strong dividend-paying gold company, 20% of valuation is attributed to McPhillamys and preliminary environmental assessment submissions have recently been delayed.

The broker downgrades to Lighten from Hold. Target is raised to $4.20 from $4.10.

Target price is $4.20 Current Price is $4.89 Difference: minus $0.69 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.13, suggesting downside of -15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

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

Ord Minnett notes the gold sector continues to re-rate after the March quarter update and downgrades to Hold from Accumulate on valuation.

St Barbara has been one of the broker's preferences but, after a recent strong performance, more details are awaited from the Gwalia GMX project before becoming more positive. Target is raised to $4.50 from $4.30.

Target price is $4.50 Current Price is $4.52 Difference: minus $0.02 (current price is over target).
If SBM meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.07, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates SEK as Neutral (3) -

The company has reaffirmed FY18 guidance, with revenue growth of 20-25% and EBITDA growth of 14-15% expected.

Macquarie notes the company is progressively investing in its core business and making targeted acquisitions. Neutral rating and $20.35 target maintained.

Target price is $20.35 Current Price is $20.17 Difference: $0.18
If SEK meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.70, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Macquarie rates STO as Neutral (3) -

Santos has announced the sale of its Asian business unit for US$221m. The price is less than Macquarie envisaged. The sale excludes the 50% stake in the AAL block where the company will have a US$88m carry on its development.

This asset is expected to be divested separately. The offer from Harbour Energy continues to hang over the stock and with little clarity on the outcome Macquarie retains a Neutral rating. Target is $6.30.

Target price is $6.30 Current Price is $6.23 Difference: $0.07
If STO meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.2

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

Citi rates SUL as Buy (1) -

The company has delivered an upbeat trading update, Citi observes. Automotive again stood out, with stable margins and growth in like-for-like sales of 4.4%. BCF sales were affected by Queensland weather.

Super Retail is Citi's preferred discretionary retailer, given the high-quality set of brands and no direct housing exposure. Target is raised to $9.00 from $8.80. Buy rating maintained.

Target price is $9.00 Current Price is $7.78 Difference: $1.22
If SUL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.40, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Deutsche Bank rates SUL as Hold (3) -

The company has signalled automotive like-for-like sales growth of 3.9% for the year to date. Segment margin is tracking in line with Deutsche Bank's estimates.
Sports like-for-like sales growth is 1.5% in the year to date while BCF sales are up marginally, by 0.7%. Hold rating and $9.50 target are maintained.

Target price is $9.50 Current Price is $7.78 Difference: $1.72
If SUL meets the Deutsche Bank target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.40, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates SUL as Outperform (1) -

The company reported like-for-like sales growth in the first 17 weeks of the second half of 4.4%. Macquarie notes Rebel has slightly improved while BCF was weaker.

The company expects FY18 EBIT to be in line with FY17. Macquarie maintains an Outperform rating and $9.20 target.

Target price is $9.20 Current Price is $7.78 Difference: $1.42
If SUL meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.40, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

The trading update was better than Morgan Stanley expected and FY18 EBIT guidance exceeds expectations. Nevertheless, the expected ramp up by Amazon makes the broker cautious.

The company has reduced its store targets by a total of 125 across five years, although the Macpac target of 95 partially offsets the reductions. The company expects 4-6% sales growth ex Macpac and 10-30 basis points margin expansion across FY19-21.

Morgan Stanley maintains an Equal-weight rating and raises the target to $7.50 from $7.00. Industry View: Cautious.

Target price is $7.50 Current Price is $7.78 Difference: minus $0.28 (current price is over target).
If SUL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.40, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgans rates SUL as Hold (3) -

The March quarter trading update was largely in line with expectations. The company expects its FY18 EBIT will be flat.

Morgans finds the stock screens attractively and expects FY19 will benefit from the move to break even at Rays, should it be achieved, and an additional nine-months contribution from Macpac.

The broker remains concerned about the increasingly competitive backdrop and believes some of the upside will get competed away. Hold rating maintained. Target rises to $8.21 from $7.64.

Target price is $8.21 Current Price is $7.78 Difference: $0.43
If SUL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.40, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Ord Minnett rates SUL as Hold (3) -

Ord Minnett observes trading so far in the second half is largely in line with forecasts. Automotive is strong, sports is improving while BCF is weak.

The broker considers the plans for the recently-acquired Macpac business are sound but awaits more evidence of execution.

Hold rating maintained. Target is raised to $8.00 from $7.50.

Target price is $8.00 Current Price is $7.78 Difference: $0.22
If SUL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.40, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates SVW as Outperform (1) -

The company has reaffirmed guidance at the Macquarie conference. FY18 EBIT is expected to be 15% higher. Macquarie observes the key divisions, WesTrac, Coates & energy, are all benefiting from strong operating momentum and industry tailwinds.

Recent contractual issues across a number of civil projects highlight for the broker the attractiveness of the company's lower-risk revenue streams. Macquarie maintains an Outperform rating and $18.80 target.

Target price is $18.80 Current Price is $19.23 Difference: minus $0.43 (current price is over target).
If SVW meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.29, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Credit Suisse rates TAH as Outperform (1) -

Paddy Power, owner of Sportsbet, announced at its quarterly update it would step-up investment in Australia, which the broker assumes is to counter the Crownbet/WMH/Star Group combination. The broker subsequently shaves its wagering revenue growth numbers for Tabcorp, while noting the upcoming soccer World Cup will provide a boost.

The downgrades are not enough to move off a $5.20 target, and the broker is anticipating an improved performance in FY19 and merger synergies. Outperform retained.

Target price is $5.20 Current Price is $4.36 Difference: $0.84
If TAH meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.22, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Deutsche Bank rates TAH as Buy (1) -

Deutsche Bank believes the outlook has become slightly more challenging because of the likely delay in the introduction of a point of consumption tax in NSW and Victoria, and with Sportsbet increasing its investment by net GBP10m.

Buy rating and $5.50 target.

Target price is $5.50 Current Price is $4.36 Difference: $1.14
If TAH meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.22, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Ord Minnett rates TAH as Lighten (4) -

The broker reviews earnings forecasts in light of recent developments, as Sportsbet has announced a further GBP10m investment in Australian wagering.

Tabcorp is exposed to declining wagering yields from competitive pressures and the broker believes significant execution risk remains with respect to further Sun Bets losses as well as the integration of the UBET brand.

The broker cuts earnings estimates by -2.6% for FY18 and -3.3% for FY19. Target is lowered to $4.35 from $4.50. Lighten maintained.

Target price is $4.35 Current Price is $4.36 Difference: minus $0.01 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.22, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Credit Suisse rates TWE as Underperform (5) -

Treasury Wine's investor forum revealed an objective of 25% volume and value share in the A&NZ market by 2025 which, if achieved, would significantly increase the broker's long term forecasts and valuation. And the company does have a good track record of achievements.

The hard part is that no industry measure of volume and value actually exists, but Treasury Wine suggests it's at 21% share presently. The broker forecasts 1-2% growth out to 2025, and retains Underperform on valuation. Target unchanged on $15.35.

Target price is $15.35 Current Price is $19.14 Difference: minus $3.79 (current price is over target).
If TWE meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.58, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates WFD as No Rating (-1) -

No FY18 guidance was provided at the first quarter update. Sales growth accelerated and Macquarie notes total sales growth of 3.5% year-on-year exceeds the individual portfolios, with the company indicating this is due to a relatively greater weighting of the flagship portfolio and must be affected by currency.

The broker notes the operating environment remains challenging despite the improved sales. There has been no change to the development pipeline. Due to research restrictions Macquarie cannot advise on valuation at present.

Current Price is $9.09. Target price not assessed.

Current consensus price target is $9.58, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.5

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