Australian Broker Call
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January 27, 2021
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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.
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Today's Upgrades and Downgrades
ASX - | ASX Ltd | Upgrade to Equal-weight from Underweight | Morgan Stanley |
BWP - | BWP Trust | Initiation of coverage with Underweight | Morgan Stanley |
CSL - | CSL | Downgrade to Hold from Accumulate | Ord Minnett |
CTD - | Corporate Travel | Upgrade to Outperform from Neutral | Credit Suisse |
HVN - | Harvey Norman Holdings | Upgrade to Overweight from Equal-weight | Morgan Stanley |
NAB - | National Australia Bank | Upgrade to Neutral from Underperform | Macquarie |
WEB - | Webjet | Upgrade to Outperform from Neutral | Credit Suisse |
ANN ANSELL LIMITED
Commercial Services & Supplies
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Overnight Price: $36.28
Morgan Stanley rates ANN as Overweight (1) -
Morgan Stanley expects organic growth in FY21 to be higher than the 3-5% long term target with the strong balance sheet providing headroom for capital deployment. Also, the demand for PPE will likely be elevated for some time ahead.
Ansell expects to exceed its earnings range of US$1.35-1.45 in FY21.
The Overweight rating is unchanged. Target rises to $46.90 from $45.50. Industry view is In-Line.
Target price is $46.90 Current Price is $36.28 Difference: $10.62
If ANN meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $40.96, suggesting upside of 9.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 93.91 cents and EPS of 212.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.7, implying annual growth of N/A. Current consensus DPS estimate is 84.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 92.62 cents and EPS of 212.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 193.5, implying annual growth of -3.6%. Current consensus DPS estimate is 84.7, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 19.3. |
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
Overnight Price: $24.64
Macquarie rates ANZ as Outperform (1) -
In a review of the bank sector, Macquarie analysts maintain a neutral view and continue to see the operating environment as challenging. The pressure on revenue from margins and fees is considered to remain and is not fully reflected in consensus.
While valuations appear stretched to the broker, rising bond yields are likely to push even higher.
For the first time in many years, banks are offering investors earnings and dividend growth, notes the analyst. While macro tailwinds persist, there is considered scope for banks to continue to re-rate relative to the broader market.
Macquarie upgrades FY21 earnings for ANZ Bank by 5-15% because of lower impairment charges, while EPS changes in outer years
are less material.
The bank's market share gains in housing should support revenue growth in FY21 and management’s ambition to reduce expenses provides scope for further share-price re-rating, explains the analyst.
The Outperform rating is unchanged and the target price is increased to $26 from $24.
Target price is $26.00 Current Price is $24.64 Difference: $1.36
If ANZ meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $25.70, suggesting upside of 4.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 105.00 cents and EPS of 152.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 168.3, implying annual growth of 26.8%. Current consensus DPS estimate is 105.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 120.00 cents and EPS of 168.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 184.9, implying annual growth of 9.9%. Current consensus DPS estimate is 128.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $71.61
Morgan Stanley rates ASX as Upgrade to Equal-weight from Underweight (3) -
Rating is upgraded to Equal-weight from Underweight. Target rises to $72.90 from $67.90. Industry view: In-line.
ASX has underperformed the Australian market by circa -25% in the last 3 months with its P/E premium versus global peers down to circa 10% from circa 30%.
Morgan Stanley highlights the headwinds which include multi-year subdued futures volumes and upward pressure on technological and operating risk spending to ensure trading stability, as well as heightened regulatory scrutiny.
In the medium-term, ASX will have the option to earn via monetising data supported by CHESS replacement and building a PEXA competitor, suggests the analyst.
Target price is $72.90 Current Price is $71.61 Difference: $1.29
If ASX meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $71.72, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 211.60 cents and EPS of 235.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 248.0, implying annual growth of -3.7%. Current consensus DPS estimate is 223.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 29.3. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 215.30 cents and EPS of 239.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 253.8, implying annual growth of 2.3%. Current consensus DPS estimate is 228.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 28.6. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.57
Macquarie rates BEN as Neutral (3) -
In a review of the bank sector, Macquarie analysts maintain a neutral view and continue to see the operating environment as challenging. The pressure on revenue from margins and fees is considered to remain and is not fully reflected in consensus.
While valuations appear stretched to the broker, rising bond yields are likely to push even higher.
For the first time in many years, banks are offering investors earnings and dividend growth, notes the analyst. While macro tailwinds persist, there is considered scope for banks to continue to re-rate relative to the broader market.
Macquarie upgrades FY21 earnings for Bendigo and Adelaide Bank by 5-15% because of lower impairment charges, while EPS changes in outer years are less material.
To now, the bank has outperformed peers on volume growth and Macquarie foresees this continuing in the short to medium term, which may help to buffer persistent margin pressures.
The Neutral rating is unchanged and the target lifted to $9 from $8.
Target price is $9.00 Current Price is $9.57 Difference: minus $0.57 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.89, suggesting downside of -8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 34.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.3, implying annual growth of -9.0%. Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 36.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of 8.3%. Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.30
Macquarie rates BOQ as Underperform (5) -
In a review of the bank sector, Macquarie analysts maintain a neutral view and continue to see the operating environment as challenging. The pressure on revenue from margins and fees is considered to remain and is not fully reflected in consensus.
While valuations appear stretched to the broker, rising bond yields are likely to push even higher.
Macquarie upgrades FY21 earnings for Bank of Queensland by 5-15% because of lower impairment charges, while EPS changes in outer years are less material.
While the bank has improved volume growth trends, growing mortgages at 1.6 times peers over the last six months, the analyst expects this to come at the cost of margin headwinds.
The Underperform rating is unchanged and the target lifted to $7.50 from $6.50.
Target price is $7.50 Current Price is $8.30 Difference: minus $0.8 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.93, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 28.00 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.7, implying annual growth of 101.1%. Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 30.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 10.2%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BWP as Initiation of coverage with Underweight (5) -
Morgan Stanley initiates coverage on BWP Trust with an Underweight rating with a target price of $3.65. Industry view: In-line.
While BWP Trust has predominantly triple-net and/or long weighted average lease expiry (WALE) leases and derives circa 90% of its income from Bunnings tenancies, Morgan Stanley sees some risks due to the retailer's track record of relocating upon lease expiry.
With vacancies rising, the broker expects circa 2% earnings growth (compounded annual growth rate) over three years to FY24.
Target price is $3.65 Current Price is $4.30 Difference: minus $0.65 (current price is over target).
If BWP meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting downside of -15.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 18.30 cents and EPS of 18.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of -45.1%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 23.9. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 18.50 cents and EPS of 18.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 1.7%. Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $85.09
Macquarie rates CBA as Underperform (5) -
In a review of the bank sector, Macquarie analysts maintain a neutral view and continue to see the operating environment as challenging. The pressure on revenue from margins and fees is considered to remain and is not fully reflected in consensus.
While valuations appear stretched to the broker, rising bond yields are likely to push even higher.
Macquarie upgrades FY21 earnings for Commonwealth Bank by 5-15% because of lower impairment charges, while EPS changes in outer years are less material.
The broker expects peers to provide investors with better leverage to a recovery and for the bank to be the relative underperformer in FY21. Conversely, if the recovery stalls, the bank’s earnings are likely to be more defensive and it will continue to outperform.
The Underperform rating is unchanged and the target price lifts to $78 from $72.
Target price is $78.00 Current Price is $85.09 Difference: minus $7.09 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $76.51, suggesting downside of -11.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 350.00 cents and EPS of 395.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 417.6, implying annual growth of 1.1%. Current consensus DPS estimate is 299.6, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 360.00 cents and EPS of 433.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 454.4, implying annual growth of 8.8%. Current consensus DPS estimate is 338.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.66
Macquarie rates CHN as Outperform (1) -
Macquarie’s Commodities Strategy team expects nickel prices will continue to benefit from the increased demand for stainless
steel globally, while medium term upside from batteries is growing.
Stainless steel production accounts for more than 70% of nickel demand. In late 2020/early 2021, the broker has seen strong upward pressure on input prices, particularly nickel. This is considered driven by restocking demand in China and a recovery in demand ex-China.
Chalice Gold Mines is one of Macquarie's development and exploration favourites. The Outperform rating and $5.40 target price are unchanged.
Target price is $5.40 Current Price is $4.66 Difference: $0.74
If CHN meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 8.20 cents. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 18.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CLQ CLEAN TEQ HOLDINGS LIMITED
New Battery Elements
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Overnight Price: $0.30
Macquarie rates CLQ as No Rating (-1) -
In a second quarter FY21 update, Clean TeQ Holdings revealed it has begun to assess downstream processing options for the Sunrise
project to produce cathode precursor material.
The company believes a renewable energy option to supply 100% of the power requirements for Sunrise looks attractive.The first three of six holes testing the Phoenix Platinum zone have been drilled, with first assay results expected in the third quarter FY21.
Separately, Macquarie’s Commodities Strategy team expects nickel prices will continue to benefit from the increased demand for stainless steel globally, while medium term upside from batteries is growing.
Stainless steel production accounts for more than 70% of nickel demand. In late 2020/early 2021, the broker has seen strong upward pressure on input prices, particularly nickel. This is considered driven by restocking demand in China and a recovery in demand ex-China.
Macquarie is currently under research restriction on Clean Teq Holdings.
Current Price is $0.30. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.10 cents. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.20 cents. |
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.45
Morgan Stanley rates CLW as Initiation of coverage with Overweight (1) -
Morgan Stanley initiates coverage on Charter Hall Long WALE REIT with an Overweight rating with a target price of $5.35.
The REIT is the broker's most preferred pick in the long weighted average lease expiry (WALE) backed by mostly A-rated credit organisations.
The REIT's access to the Charter Hall Group ((CHC)) platform provides strong acquisition prospects, highlights Morgan Stanley.
Target price is $5.35 Current Price is $4.45 Difference: $0.9
If CLW meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $5.23, suggesting upside of 13.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 29.20 cents and EPS of 29.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 3.3%. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 31.20 cents and EPS of 31.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 5.4%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.49
Morgan Stanley rates CPU as Overweight (1) -
Morgan Stanley likes Computershare's defensive qualities and growth options. The moratorium on US mortgage servicing, deemed the company's growth engine by the broker and forming 20% of its revenue in FY20 has moved to February 2021 from December 2020.
FY21 earnings are expected to fall by circa -2% to -9% growth, still ahead of Computershare's -11% growth guidance.
Overweight rating. Target rises to $16.50 from $15.75. Industry view is In-Line.
Target price is $16.50 Current Price is $14.49 Difference: $2.01
If CPU meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $14.04, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 47.39 cents and EPS of 73.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.0, implying annual growth of N/A. Current consensus DPS estimate is 48.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 54.57 cents and EPS of 83.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.5, implying annual growth of 11.5%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.2. |
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
CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $274.60
Ord Minnett rates CSL as Downgrade to Hold from Accumulate (3) -
Ord Minnett downgrades its rating on CSL to Hold from Accumulate. Target falls to $306 from $293.70.
The rise in covid cases across the US has slowed down the plasma collections recovery, observes Ord Minnett, raising the risk of a shortage of immunoglobulin in the coming months.
The broker sees downside risk to its FY22 estimates while conceding the plasma issue will likely be a short-term challenge that will resolve as vaccines are rolled out.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $293.70 Current Price is $274.60 Difference: $19.1
If CSL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $310.63, suggesting upside of 13.9% (ex-dividends)
Forecast for FY21:
Current consensus EPS estimate is 640.0, implying annual growth of N/A. Current consensus DPS estimate is 280.3, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 42.6. |
Forecast for FY22:
Current consensus EPS estimate is 703.5, implying annual growth of 9.9%. Current consensus DPS estimate is 316.3, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 38.8. |
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
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism
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Overnight Price: $16.79
Credit Suisse rates CTD as Upgrade to Outperform from Neutral (1) -
Credit Suisse has upgraded its rating on Corporate Travel Management to Outperform from Neutral with the target rising to $22 from $13.60.
The broker anticipates 2022 to be a good year from an earnings perspective led by a strong top-line from pent up demand, share gains, and profitability due to cost-containment during the pandemic.
The importance of in-person interactions is being underappreciated currently, asserts Credit Suisse and believes the company will grow share due to its global footprint and in-house built technology.
Target price is $22.00 Current Price is $16.79 Difference: $5.21
If CTD meets the Credit Suisse target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $20.46, suggesting upside of 19.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 33.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -6.0, implying annual growth of N/A. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 12.41 cents and EPS of 67.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.8, implying annual growth of N/A. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 30.0. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.20
Morgan Stanley rates ELO as Overweight (1) -
Morgan Stanley sees Elmo Software as being out of favour noting the company found it hard to attract incremental investors in 2020. Elmo has completed two acquisitions and the broker considers the deals strategically sound.
Even so, the broker expects limited cyclical recovery and limited cross-selling.
Overweight rating with a target of $9.70. Industry view: In-line.
Target price is $9.70 Current Price is $7.20 Difference: $2.5
If ELO meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 26.00 cents. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 24.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.32
Macquarie rates FMG as Outperform (1) -
Fortescue Metals Group has announced it expects to report earnings of US$4.0-4.1b for the first half FY21, marginally below the estimate of US$4.3b forecast by Macquarie.
The broker expects the company will maintain a dividend payout ratio of 80%, which should deliver a first half dividend of $1.37.
Macquarie considers earnings upgrade momentum remains strong with the company trading on FY21 and FY22 free cash flow yields of 13% and 18%, respectively, at spot prices.
The Outperform rating is unchanged and the target is reduced to $27 from $27.20.
Target price is $27.00 Current Price is $24.32 Difference: $2.68
If FMG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $21.79, suggesting downside of -8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 207.00 cents and EPS of 258.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 314.4, implying annual growth of N/A. Current consensus DPS estimate is 268.6, implying a prospective dividend yield of 11.3%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 138.90 cents and EPS of 173.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 203.5, implying annual growth of -35.3%. Current consensus DPS estimate is 198.1, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 11.7. |
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
FPH FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED
Medical Equipment & Devices
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Overnight Price: $32.50
Credit Suisse rates FPH as Neutral (3) -
Fisher & Paykel Healthcare Corp's nine-month trading update showed a 73% rise in operating revenue led by its hospital segment and strong hardware sales. The company continues to accelerate investment in manufacturing capacity led by strong covid demand.
While the company did not provide any formal guidance, Credit Suisse lifts its net profit estimates for FY21-23 by 5-13%. The key change is accelerating hardware sales growth across the third quarter coupled with stronger margins.
The Neutral rating is maintained while the target rises to $NZ36.10 from NZ$33.55.
Current Price is $32.50. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in March.
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 53.01 cents and EPS of 88.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.3, implying annual growth of N/A. Current consensus DPS estimate is 45.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 48.13 cents and EPS of 68.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.2, implying annual growth of -26.9%. Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 48.2. |
This company reports in NZD. 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 FPH as Outperform (1) -
After a trading update, Macquarie highlights Fisher & Paykel Healthcare is still seeing very strong demand in the US and Europe, as covid-19 continues to place healthcare systems under pressure.
Hardware and Consumables within the Hospital division exhibited FY21 revenue growth versus the pcp of 446% and 54%, respectively, notes the analyst.
Macquarie lifts the EPS estimate for FY21 by 44%, with no change for outer years.
The Outperform rating is unchanged and the target is increased to NZ$39.01 from NZ$38.18.
Current Price is $32.50. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in March.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 48.97 cents and EPS of 100.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.3, implying annual growth of N/A. Current consensus DPS estimate is 45.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 38.73 cents and EPS of 70.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.2, implying annual growth of -26.9%. Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 48.2. |
This company reports in NZD. 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
HVN HARVEY NORMAN HOLDINGS LIMITED
Consumer Electronics
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Overnight Price: $5.23
Morgan Stanley rates HVN as Upgrade to Overweight from Equal-weight (1) -
Morgan Stanley considers two underlying thematics (excluding covid) while analysing the consumer sector.
The broker has a constructive view on the housing market and expects hardware, appliances and furniture retailers to grow. Consumer electronics are expected to lag.
Regional Australia's economic backdrop is considered supportive by the broker with the last three years of severe drought conditions now reversing.
Both these thematics are expected to help Harvey Norman and the broker upgrades its rating to Overweight from Equal-weight. Target rises to $6 from $5.30. industry view moves to Attractive from Cautious.
Target price is $6.00 Current Price is $5.23 Difference: $0.77
If HVN meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.29, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 60.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.7, implying annual growth of 24.3%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 36.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of -27.5%. Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IGO as No Rating (-1) -
Macquarie’s Commodities Strategy team expects nickel prices will continue to benefit from the increased demand for stainless steel globally, while medium term upside from batteries is growing.
Stainless steel production accounts for more than 70% of nickel demand. In late 2020/early 2021, the broker has seen strong upward pressure on input prices, particularly nickel. This is considered driven by restocking demand in China and a recovery in demand ex-China.
The analyst considers IGO Limited’s earnings risk has shifted to a positive at spot prices, driven by the re-basing of nickel forecasts, and
its gold exposure from Tropicana. There is considered 45-100% upside for FY21-24.
Macquarie is under research restriction for IGO.
Current Price is $7.05. Target price not assessed.
Current consensus price target is $5.38, suggesting downside of -21.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 13.00 cents and EPS of 25.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.9, implying annual growth of -12.8%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 10.00 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 6.6%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 27.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $51.01
Morgan Stanley rates JBH as Equal-weight (3) -
Morgan Stanley considers two underlying thematics (excluding covid) while analysing the consumer sector.
The broker has a constructive view on the housing market and expects hardware, appliances and furniture retailers to grow. Consumer electronics are expected to lag.
Regional Australia's economic backdrop is considered supportive by the broker with the last three years of severe drought conditions now reversing.
Both these thematics are expected to help Harvey Norman ((HVN)) and Metcash ((MTS)) more than JB Hi-Fi.
Equal-weight rating. Target rises to $52 from $48.50. industry view moves to Attractive from Cautious.
Target price is $52.00 Current Price is $51.01 Difference: $0.99
If JBH meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $52.29, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 283.00 cents and EPS of 431.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 399.7, implying annual growth of 51.9%. Current consensus DPS estimate is 260.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 199.00 cents and EPS of 303.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 297.2, implying annual growth of -25.6%. Current consensus DPS estimate is 197.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LNK LINK ADMINISTRATION HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $4.88
Morgan Stanley rates LNK as Equal-weight (3) -
Morgan Stanley considers strategic interest the key to Link Administration's share price. Securities Software & Consulting withdrew its bid for Link while the PEP/Carlyle consortium has completed its due diligence but has given no further updates.
Fundamentals for Link ex-PEXA remain challenging in the broker's view.
Equal-weighted retained. Target reduces to $5.20 from $5.65. Industry view: In-Line.
Target price is $5.20 Current Price is $4.88 Difference: $0.32
If LNK meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.20, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 12.50 cents and EPS of 7.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.8, implying annual growth of N/A. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 15.70 cents and EPS of 10.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.6, implying annual growth of 37.5%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.15
Macquarie rates MCR as Outperform (1) -
Macquarie’s Commodities Strategy team expects nickel prices will continue to benefit from the increased demand for stainless
steel globally, while medium term upside from batteries is growing.
Stainless steel production accounts for more than 70% of nickel demand. In late 2020/early 2021, the broker has seen strong upward pressure on input prices, particularly nickel. This is considered driven by restocking demand in China and a recovery in demand ex-China.
Mincor Resources is one of Macquarie's favourites among development and exploration companies.
The target is $1.40. Outperform maintained.
Target price is $1.40 Current Price is $1.15 Difference: $0.25
If MCR meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.80 cents. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.47
Morgan Stanley rates MTS as Overweight (1) -
Morgan Stanley considers two underlying thematics (excluding covid) while analysing the consumer sector.
The broker has a constructive view on the housing market and expects hardware, appliances and furniture retailers to grow. Consumer electronics are expected to lag.
Regional Australia's economic backdrop is considered supportive by the broker with the last three years of severe drought conditions now reversing.
Both these thematics are expected to help Metcash and the broker retains its Overweight rating. Target rises to $4.20 from $4.15. industry view moves to Attractive from Cautious.
Target price is $4.20 Current Price is $3.47 Difference: $0.73
If MTS meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.89, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in April.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 14.80 cents and EPS of 24.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of N/A. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 13.30 cents and EPS of 22.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.2, implying annual growth of -8.7%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.12
Macquarie rates NAB as Upgrade to Neutral from Underperform (3) -
In a review of the bank sector, Macquarie analysts maintain a neutral view and continue to see the operating environment as challenging. The pressure on revenue from margins and fees is considered to remain and is not fully reflected in consensus.
While valuations appear stretched to the broker, rising bond yields are likely to push even higher.
Macquarie upgrades FY21 earnings for National Australia Bank by 5-15% because of lower impairment charges, while EPS changes in outer years are less material.
As the downside risk relating to credit quality appears less likely, and with better underlying trends than peers, Macquarie lifts the rating to Neutral from Underperform and the target is increased to $24 from $22.
Target price is $24.00 Current Price is $24.12 Difference: minus $0.12 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.04, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 95.00 cents and EPS of 132.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 150.1, implying annual growth of 24.2%. Current consensus DPS estimate is 101.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 105.00 cents and EPS of 147.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 160.1, implying annual growth of 6.7%. Current consensus DPS estimate is 115.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NAN NANOSONICS LIMITED
Medical Equipment & Devices
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Overnight Price: $7.15
Ord Minnett rates NAN as Lighten (4) -
Ord Minnett observes the rise in covid cases in the US and Europe has seen demand levels reduce for a number of medical technology companies.
Even so, the broker increases its target price for Nanosonics to $5.65 from $5.05 while maintaining its Lighten rating.
Target price is $5.65 Current Price is $7.15 Difference: minus $1.5 (current price is over target).
If NAN meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.97, suggesting downside of -15.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.3, implying annual growth of -2.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 214.8. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.7, implying annual growth of 163.6%. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 81.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.30
Citi rates NIC as Buy (1) -
Nickel Mines has delivered record rotary kiln-electric furnace (RKEF) production, and benefited from stronger received nickel pig iron (NPI) pricing, which was up 23% quarter-on-quarter.
The unaudited earnings (EBITDA) of US$71.6m beat the broker's estimate of US$64m, due to the production figures and lower costs. Additionally, there was a higher realised price at 90% of LME, compared to the 88% expected by the analyst.
The Buy rating and target of $1.40 are unchanged.
Target price is $1.40 Current Price is $1.30 Difference: $0.1
If NIC meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 2.87 cents and EPS of 7.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.8, implying annual growth of N/A. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 2.87 cents and EPS of 7.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.5, implying annual growth of 29.3%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.7. |
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
Credit Suisse rates NIC as Outperform (1) -
Nickel Mines' December quarter showed a record 11.5kt nickel production, ahead of Credit Suisse's 10kt estimate for 2020. Margins expanded by 46% led by rising nickel and nickel pig iron prices.
Credit Suisse is pleased with the strong result and record production levels. No formal production or operating expense guidance was given for 2021 but the broker expects nickel pig iron production to be similar to 2020 levels.
Outperform. Target rises to $1.50 from $1.35.
Target price is $1.50 Current Price is $1.30 Difference: $0.2
If NIC meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 2.87 cents and EPS of 5.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.8, implying annual growth of N/A. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 2.87 cents and EPS of 8.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.5, implying annual growth of 29.3%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.7. |
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
Macquarie rates NIC as Outperform (1) -
Macquarie’s Commodities Strategy team expects nickel prices will continue to benefit from the increased demand for stainless
steel globally, while medium term upside from batteries is growing.
Stainless steel production accounts for more than 70% of nickel demand. In late 2020/early 2021, the broker has seen strong upward pressure on input prices, particularly nickel. This is considered driven by restocking demand in China and a recovery in demand ex-China.
Separately, production in the fourth quarter was considered solid by Macquarie , with shipments marginally ahead of forecasts.
The company has secured an agreement to increase its ownership in the Angel Nickel project from 70% to 80%. This underpins a more than doubling of nickel production, highlights the broker.
The Outperform rating and target price of $1.50 are unchanged.
Target price is $1.50 Current Price is $1.30 Difference: $0.2
If NIC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 2.73 cents and EPS of 6.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.8, implying annual growth of N/A. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 2.73 cents and EPS of 9.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.5, implying annual growth of 29.3%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.7. |
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: $0.17
Macquarie rates PAN as Neutral (3) -
Macquarie’s Commodities Strategy team expects nickel prices will continue to benefit from the increased demand for stainless steel globally, while medium term upside from batteries is growing.
Stainless steel production accounts for more than 70% of nickel demand. In late 2020/early 2021, the broker has seen strong upward pressure on input prices, particularly nickel. This is considered driven by restocking demand in China and a recovery in demand ex-China.
The analyst considers the forecast losses for Panoramic Resources narrow in a spot price scenario.
The Neutral rating and $0.16 target price are unchanged.
Target price is $0.16 Current Price is $0.17 Difference: minus $0.01 (current price is over target).
If PAN meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.50 cents. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.90 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RHC RAMSAY HEALTH CARE LIMITED
Healthcare services
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Overnight Price: $62.70
Ord Minnett rates RHC as Accumulate (2) -
Ramsay Health Care is Ord Minnett's key preference for the health sector going into 2021 as the stock looks set to benefit from a domestic recovery and continued demand for personal protective equipment (PPE).
The broker's price target for Ramsay Health Care rises to $70.10 from $69.50. Accumulate.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $70.10 Current Price is $62.70 Difference: $7.4
If RHC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $68.47, suggesting upside of 7.9% (ex-dividends)
Forecast for FY21:
Current consensus EPS estimate is 188.8, implying annual growth of 44.1%. Current consensus DPS estimate is 104.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 33.6. |
Forecast for FY22:
Current consensus EPS estimate is 262.8, implying annual growth of 39.2%. Current consensus DPS estimate is 146.6, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $27.90
UBS rates RMD as Buy (1) -
ResMed will report its second-quarter results on January 29, 2021. UBS expects revenue growth to be 5.2% for the US, Canada and Latin America. Gross margin is expected to remain consistent with the first quarter at 59.9%.
Total global ventilator sales are forecast to be US$43m versus US$31m in the last year and US$70m in the first quarter. UBS believes ResMed will continue to penetrate the large addressable patient population encompassing a spectrum of respiratory diseases.
The Buy rating is unchanged with a target of $US241.
Current Price is $27.90. Target price not assessed.
Current consensus price target is $28.09, suggesting downside of -1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 23.26 cents and EPS of 71.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.6, implying annual growth of N/A. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 43.0. |
Forecast for FY22:
UBS forecasts a full year FY22 dividend of 24.41 cents and EPS of 77.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.5, implying annual growth of 11.9%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 38.4. |
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
SIQ SMARTGROUP CORPORATION LTD
Vehicle Leasing & Salary Packaging
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Overnight Price: $6.87
Credit Suisse rates SIQ as Outperform (1) -
Smartgroup Corp's December earnings guidance for FY20 implies stability in earnings, observes Credit Suisse, even with its exposure to the covid-impacted Victoria. A circa $1m in earnings from corporate debt repayment is proof enough of the company's balance sheet strength.
While Smartgroup lagged McMillan Shakespeare ((MMS)) in novated lease and salary package activity levels, the broker sees overall trends as broadly positive.
Outperform rating. Target rises to $7.25 from $7.05.
Target price is $7.25 Current Price is $6.87 Difference: $0.38
If SIQ meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $6.90, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 34.00 cents and EPS of 48.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.2, implying annual growth of -1.0%. Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 36.54 cents and EPS of 53.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of 10.4%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.68
Macquarie rates SLR as Outperform (1) -
Second quarter gold production for Silver Lake Resources was -3% below Macquarie's expectations, while sales were in-line. All in sustaining costs (AISC) for the quarter were 7% higher than the broker estimated.
The company reports that all development projects remain on track, which is key to the analyst's expectation of a solid production step-up in FY22.
Macquarie feels the first half performance places the company in a good position compared to FY21 sales guidance, and expects sales just above the top of the range.
Outperform retained for Silver Lake Resources. Target remains at $2.40.
Target price is $2.40 Current Price is $1.68 Difference: $0.72
If SLR meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 17.40 cents. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 18.60 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SYD SYDNEY AIRPORT HOLDINGS LIMITED
Infrastructure & Utilities
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Overnight Price: $5.89
Macquarie rates SYD as Neutral (3) -
Macquarie believes recent commentary suggests a slower-than-expected recovery in international passenger numbers, with borders taking longer to re-open.
The broker downgrades earnings in 2021 by -37% (2022 broadly unchanged), and expects five million less passengers coming through the airport.
The Neutral rating is unchanged and the target is lowered to $6.02 from $7.09.
Target price is $6.02 Current Price is $5.89 Difference: $0.13
If SYD meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.98, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 9.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -7.5, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 11.00 cents and EPS of 0.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.6, implying annual growth of N/A. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 359.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.18
Citi rates TAH as Neutral (3) -
Tabcorp's first half result is due on 17 February. Citi makes small downgrades to FY21 forecast earnings, as the appointment of a new CEO brings risk around an earnings re-base in Wagering & Gaming Services.
The broker upgrades FY22 and FY23 EPS forecasts by 7% and 9%, respectively.
The analyst continues to rate the Lottery business highly, and estimates the Saturday Lotto game change boosts Lottery earnings by 4%, or 2% at the group level.
The broker expects earnings (EBITDA) of $536m, EPS of 8.2c and a 6c dividend for the half.
The Neutral rating is unchanged and the target increased to $4.40 from $3.60.
Target price is $4.40 Current Price is $4.18 Difference: $0.22
If TAH meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.99, suggesting downside of -4.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 12.00 cents and EPS of 15.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of N/A. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 29.1. |
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 14.00 cents and EPS of 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 22.4%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $21.78
Macquarie rates WBC as Outperform (1) -
In a review of the bank sector, Macquarie analysts maintain a neutral view and continue to see the operating environment as challenging. The pressure on revenue from margins and fees is considered to remain and is not fully reflected in consensus.
While valuations appear stretched to the broker, rising bond yields are likely to push even higher.
Macquarie upgrades FY21 earnings for Westpac by 5-15% because of lower impairment charges, while EPS changes in outer years are less material.
Ongoing franchise underperformance (i.e. market share losses) and significant management turnover leaves the broker cautious on the near-term outlook for the bank.
The Outperform rating is unchanged and the target lifted to $23 from $21.50.
Target price is $23.00 Current Price is $21.78 Difference: $1.22
If WBC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $23.43, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 100.00 cents and EPS of 133.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.7, implying annual growth of 106.5%. Current consensus DPS estimate is 105.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 105.00 cents and EPS of 138.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 160.9, implying annual growth of 7.5%. Current consensus DPS estimate is 118.9, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.96
Credit Suisse rates WEB as Upgrade to Outperform from Neutral (1) -
Credit Suisse has upgraded its rating on Webjet to Outperform from Neutral with the target rising to $5.4 from $3.7.
The broker anticipates 2022 to be a good year from an earnings perspective led by a strong top-line from pent up demand, share gains, and profitability due to cost-containment during the pandemic.
Webjet is expected to gain share as volumes recover in both B2B and B2C segments. Within B2B, the company's ability to access funding increases its appeal, notes the broker, while within B2C, the initial travel activity will likely be skewed towards domestic travel.
Target price is $5.40 Current Price is $4.96 Difference: $0.44
If WEB meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.60, suggesting downside of -4.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 31.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -18.1, implying annual growth of N/A. Current consensus DPS estimate is -0.3, implying a prospective dividend yield of -0.1%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 2.16 cents and EPS of 6.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.6, implying annual growth of N/A. Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 38.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $53.41
Morgan Stanley rates WES as Equal-weight (3) -
Morgan Stanley considers two underlying thematics (excluding covid) while analysing the consumer sector.
The broker has a constructive view on the housing market and expects hardware, appliances and furniture retailers to grow. Consumer electronics are expected to lag.
Regional Australia's economic backdrop is considered supportive by the broker with the last three years of severe drought conditions now reversing.
Both these thematics are expected to help Harvey Norman ((HVN)) and Metcash ((MTS)) more than Wesfarmers.
Equal-weight rating. Target rises to $53 from $48. industry view moves to Attractive from Cautious.
Target price is $53.00 Current Price is $53.41 Difference: minus $0.41 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $49.03, suggesting downside of -11.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 191.00 cents and EPS of 205.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 187.8, implying annual growth of 31.0%. Current consensus DPS estimate is 166.6, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 177.00 cents and EPS of 197.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 189.3, implying annual growth of 0.8%. Current consensus DPS estimate is 166.5, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 29.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.97
Macquarie rates WSA as Outperform (1) -
Macquarie’s Commodities Strategy team expects nickel prices will continue to benefit from the increased demand for stainless steel globally, while medium term upside from batteries is growing.
Stainless steel production accounts for more than 70% of nickel demand. In late 2020/early 2021, the broker has seen strong upward pressure on input prices, particularly nickel. This is considered driven by restocking demand in China and a recovery in demand ex-China.
The analyst considers that in FY21, Western Areas offers the greatest leverage on average to nickel prices.
The rating remains Outperform with a price target of $3.30.
Target price is $3.30 Current Price is $2.97 Difference: $0.33
If WSA meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.81, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 2.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of -45.1%. Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 46.4. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 2.00 cents and EPS of 7.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of 46.9%. Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 31.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
ANN | Ansell | $37.44 | Morgan Stanley | 46.90 | 45.50 | 3.08% |
ANZ | ANZ Banking Group | $24.50 | Macquarie | 26.00 | 24.00 | 8.33% |
ASX | ASX Ltd | $72.66 | Morgan Stanley | 72.90 | 67.90 | 7.36% |
BEN | Bendigo And Adelaide Bank | $9.71 | Macquarie | 9.00 | 8.00 | 12.50% |
BOQ | Bank Of Queensland | $8.38 | Macquarie | 7.50 | 6.50 | 15.38% |
BWP | BWP Trust | $4.31 | Morgan Stanley | 3.65 | N/A | - |
CBA | Commbank | $86.45 | Macquarie | 78.00 | 72.00 | 8.33% |
CPU | Computershare | $14.63 | Morgan Stanley | 16.50 | 15.75 | 4.76% |
CSL | CSL | $272.70 | Ord Minnett | 293.70 | 306.00 | -4.02% |
CTD | Corporate Travel | $17.06 | Credit Suisse | 22.00 | 14.00 | 57.14% |
FMG | Fortescue | $23.78 | Macquarie | 27.00 | 27.20 | -0.74% |
HVN | Harvey Norman Holdings | $5.39 | Morgan Stanley | 6.00 | 5.30 | 13.21% |
JBH | JB Hi-Fi | $52.66 | Morgan Stanley | 52.00 | 48.50 | 7.22% |
MTS | Metcash | $3.47 | Morgan Stanley | 4.20 | 4.15 | 1.20% |
NAB | National Australia Bank | $24.20 | Macquarie | 24.00 | 22.00 | 9.09% |
NAN | Nanosonics | $7.09 | Ord Minnett | 5.65 | 5.05 | 11.88% |
NIC | Nickel Mines | $1.33 | Credit Suisse | 1.50 | 1.35 | 11.11% |
Macquarie | 1.50 | 1.40 | 7.14% | |||
RHC | Ramsay Health Care | $63.44 | Ord Minnett | 70.10 | 69.50 | 0.86% |
SIQ | Smartgroup | $6.95 | Credit Suisse | 7.25 | 7.05 | 2.84% |
SYD | Sydney Airport | $5.75 | Macquarie | 6.02 | 7.09 | -15.09% |
TAH | Tabcorp Holdings | $4.16 | Citi | 4.40 | 3.60 | 22.22% |
WBC | Westpac Banking | $21.62 | Macquarie | 23.00 | 21.50 | 6.98% |
WEB | Webjet | $4.79 | Credit Suisse | 5.40 | 3.70 | 45.95% |
WES | Wesfarmers | $55.25 | Morgan Stanley | 53.00 | 44.00 | 20.45% |
Summaries
ANN | Ansell | Overweight - Morgan Stanley | Overnight Price $36.28 |
ANZ | ANZ Banking Group | Outperform - Macquarie | Overnight Price $24.64 |
ASX | ASX Ltd | Upgrade to Equal-weight from Underweight - Morgan Stanley | Overnight Price $71.61 |
BEN | Bendigo And Adelaide Bank | Neutral - Macquarie | Overnight Price $9.57 |
BOQ | Bank Of Queensland | Underperform - Macquarie | Overnight Price $8.30 |
BWP | BWP Trust | Initiation of coverage with Underweight - Morgan Stanley | Overnight Price $4.30 |
CBA | Commbank | Underperform - Macquarie | Overnight Price $85.09 |
CHN | CHALICE GOLD MINES | Outperform - Macquarie | Overnight Price $4.66 |
CLQ | Clean Teq Holdings | No Rating - Macquarie | Overnight Price $0.30 |
CLW | Charter Hall Long Wale Reit | Initiation of coverage with Overweight - Morgan Stanley | Overnight Price $4.45 |
CPU | Computershare | Overweight - Morgan Stanley | Overnight Price $14.49 |
CSL | CSL | Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $274.60 |
CTD | Corporate Travel | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $16.79 |
ELO | Elmo Software | Overweight - Morgan Stanley | Overnight Price $7.20 |
FMG | Fortescue | Outperform - Macquarie | Overnight Price $24.32 |
FPH | Fisher & Paykel Healthcare | Neutral - Credit Suisse | Overnight Price $32.50 |
Outperform - Macquarie | Overnight Price $32.50 | ||
HVN | Harvey Norman Holdings | Upgrade to Overweight from Equal-weight - Morgan Stanley | Overnight Price $5.23 |
IGO | IGO Co | No Rating - Macquarie | Overnight Price $7.05 |
JBH | JB Hi-Fi | Equal-weight - Morgan Stanley | Overnight Price $51.01 |
LNK | Link Administration | Equal-weight - Morgan Stanley | Overnight Price $4.88 |
MCR | Mincor Resources | Outperform - Macquarie | Overnight Price $1.15 |
MTS | Metcash | Overweight - Morgan Stanley | Overnight Price $3.47 |
NAB | National Australia Bank | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $24.12 |
NAN | Nanosonics | Lighten - Ord Minnett | Overnight Price $7.15 |
NIC | Nickel Mines | Buy - Citi | Overnight Price $1.30 |
Outperform - Credit Suisse | Overnight Price $1.30 | ||
Outperform - Macquarie | Overnight Price $1.30 | ||
PAN | Panoramic Resources | Neutral - Macquarie | Overnight Price $0.17 |
RHC | Ramsay Health Care | Accumulate - Ord Minnett | Overnight Price $62.70 |
RMD | Resmed | Buy - UBS | Overnight Price $27.90 |
SIQ | Smartgroup | Outperform - Credit Suisse | Overnight Price $6.87 |
SLR | Silver Lake Resources | Outperform - Macquarie | Overnight Price $1.68 |
SYD | Sydney Airport | Neutral - Macquarie | Overnight Price $5.89 |
TAH | Tabcorp Holdings | Neutral - Citi | Overnight Price $4.18 |
WBC | Westpac Banking | Outperform - Macquarie | Overnight Price $21.78 |
WEB | Webjet | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $4.96 |
WES | Wesfarmers | Equal-weight - Morgan Stanley | Overnight Price $53.41 |
WSA | Western Areas | Outperform - Macquarie | Overnight Price $2.97 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 22 |
2. Accumulate | 1 |
3. Hold | 11 |
4. Reduce | 1 |
5. Sell | 3 |
Wednesday 27 January 2021
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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