Australian Broker Call
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January 30, 2018
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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)
THIS REPORT WILL BE UPDATED SHORTLY
Last Updated: 10:43 AM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| AHG - | AUTOMOTIVE HOLDINGS | Downgrade to Hold from Add | Morgans |
| APE - | AP EAGERS | Upgrade to Add from Hold | Morgans |
| AWE - | AWE | Downgrade to Neutral from Outperform | Credit Suisse |
| BLX - | BEACON LIGHTING | Upgrade to Add from Hold | Morgans |
| CBA - | COMMBANK | Upgrade to Add from Hold | Morgans |
| LOV - | LOVISA | Upgrade to Add from Hold | Morgans |
| SUL - | SUPER RETAIL | Downgrade to Hold from Add | Morgans |
Overnight Price: $2.13
Morgans rates ADH as Add (1) -
Ahead of result season the broker has made modest upgrades to earnings forecasts for Adair.
Add retained, target rises to $2.28 from $2.21.
Target price is $2.28 Current Price is $2.13 Difference: $0.15
If ADH meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 10.90 cents and EPS of 18.10 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 11.80 cents and EPS of 19.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AHG AUTOMOTIVE HOLDINGS GROUP LIMITED
Automobiles & Components
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Overnight Price: $3.61
Morgans rates AHG as Downgrade to Hold from Add (3) -
Auto Holdings' outlook is centered around the divestment of its cold logistics business, Morgans suggests, Given there is a risk the divestment will not proceed, the broker has moved to Hold and applied a valuation discount.
Target falls to $3.84 from $4.04.
Target price is $3.84 Current Price is $3.61 Difference: $0.23
If AHG meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.1, implying annual growth of 71.2%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -5.8%. Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.29
Morgans rates APE as Upgrade to Add from Hold (1) -
While trading remains difficult, Morgans believes AP Eagers is now better placed to grow earnings in 2018 thanks to a restructured base business and likely increase in acquisitions, among other factors. Rating upgraded to Add ahead of results season.
Target unchanged at $9.10.
Target price is $9.10 Current Price is $8.29 Difference: $0.81
If APE meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.09, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 36.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.8, implying annual growth of -10.1%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 38.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.4, implying annual growth of 5.2%. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ATL APOLLO TOURISM & LEISURE LTD
Automobiles & Components
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Overnight Price: $1.82
Morgans rates ATL as Add (1) -
The broker has rolled forward its earnings forecasts for Apollo ahead of results season, leading to a target increase to $2.03 from $1.82.
Add retained.
Target price is $2.03 Current Price is $1.82 Difference: $0.21
If ATL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.50 cents and EPS of 10.90 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 6.20 cents and EPS of 12.40 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates AWE as Downgrade to Neutral from Outperform (3) -
The company has received its third takeover bid, this time from Mitsui at $0.95 a share. The bid is conditional on the termination of the scheme with Mineral Resources ((MIN)). AWE is still evaluating the bid but Credit Suisse assumes it will move to a recommendation.
The broker considers Mitsui the most credible and credentialled player to have bid for AWE at this stage. The broker believes AWE shareholders have now been handsomely rewarded for their patience and more value could be added by redeploying the money, rather than awaiting an improved or counter bid.
The broker believes Senex Energy ((SXY)) offers this sort of value and has been surprised at the lack of reaction in the Senex share price to the heightened bid activity at AWE.
Credit Suisse downgrades to Neutral from Outperform. Target is set at 95c.
Target price is $0.95 Current Price is $1.00 Difference: minus $0.05 (current price is over target).
If AWE meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.73, suggesting downside of -26.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -12.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 306.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 2.0. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AWE as No Rating (-1) -
The company has received its third live offer, with Mitsui submitting a conditional all-cash proposal at $0.95 a share, to be implemented by an off market takeover bid.
The proposal is conditional on the company terminating the implementation deed with Mineral Resources ((MIN)) by the close of business on Friday February 2.
The company has recommended shareholders take no action and UBS expects an update on the board's view of competing proposals ahead of the deadline. UBS is restricted on a rating and target.
Current Price is $1.00. Target price not assessed.
Current consensus price target is $0.73, suggesting downside of -26.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -12.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 2.0. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.91
Morgans rates AX1 as Hold (3) -
The broker has rolled forward its earnings forecasts for Accent ahead of results season, leading to a target increase to 91c from 81c.
Hold retained.
Target price is $0.91 Current Price is $0.91 Difference: $0
If AX1 meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.70 cents and EPS of 7.40 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 6.10 cents and EPS of 7.80 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.86
Morgans rates BAP as Add (1) -
The broker has rolled forward its earnings forecasts for Bapcor ahead of results season, leading to a target increase to $6.45 from $6.29.
Add retained.
Target price is $6.45 Current Price is $5.86 Difference: $0.59
If BAP meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.63, suggesting upside of 13.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 31.3%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of 14.4%. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BBN BABY BUNTING GROUP LIMITED
Apparel & Footwear
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Overnight Price: $1.61
Morgans rates BBN as Add (1) -
The broker has rolled forward its earnings forecasts for Baby Bunting ahead of results season, leading to a target increase to $1.71 from $1.67.
Add retained.
Target price is $1.71 Current Price is $1.61 Difference: $0.1
If BBN meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 6.80 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 1.0%. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 8.50 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 15.3%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.90
Morgan Stanley rates BLD as Overweight (1) -
Morgan Stanley finds further evidence the infrastructure boom is emerging, with activity levels in the September quarter 30% ahead of the prior corresponding quarter.
The broker finds the backdrop supportive for construction materials companies and reiterates an Overweight rating and preference for Boral, a key beneficiary. Target is $8.50 target. Industry view is Cautious.
Target price is $8.50 Current Price is $7.90 Difference: $0.6
If BLD meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $7.70, suggesting downside of -2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 25.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.2, implying annual growth of 24.0%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 21.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 32.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.2, implying annual growth of 22.1%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BLX BEACON LIGHTING GROUP LIMITED
Furniture & Renovation
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Overnight Price: $1.71
Morgans rates BLX as Upgrade to Add from Hold (1) -
Morgans believes FY18 will mark a return to strong earnings growth for Beacon following a year impacted by the demise of Masters and subsequent stock clearance. It is of no surprise Beacon has stepped up its store rollout following what may be a once in a lifetime opportunity.
Upgrade to Add. Target rises to $1.77 from $1.56.
Target price is $1.77 Current Price is $1.71 Difference: $0.06
If BLX meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.90 cents and EPS of 9.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.50 cents and EPS of 10.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $79.00
Morgans rates CBA as Upgrade to Add from Hold (1) -
Morgans believes earnings risk is to the upside for the majors over the next twelve months as regulatory risk subsides, bad debts remain benign and strong balance sheets present capital return opportunities. The broker has an Add rating now on all four, having upgraded CBA.
Target rises to $81.50 from $80.00.
Target price is $81.50 Current Price is $79.00 Difference: $2.5
If CBA meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $78.19, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 431.00 cents and EPS of 595.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.4, implying annual growth of 0.5%. Current consensus DPS estimate is 437.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 435.00 cents and EPS of 600.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 574.7, implying annual growth of -1.0%. Current consensus DPS estimate is 444.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.39
Morgan Stanley rates GEM as Initiation of coverage with Overweight (1) -
Morgan Stanley forecasts annual compound earnings growth of 18% in 2017-20 and considers the valuation attractive. The company appears well positioned to benefit from the changes occurring in the child care industry.
The broker initiates coverage with an Overweight rating and $4.25 target. Industry view is In-Line. Significant room for consolidation exists, Morgan Stanley notes, and the company has secured more favourable debt financing.
Target price is $4.25 Current Price is $3.39 Difference: $0.86
If GEM meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $4.15, suggesting upside of 22.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 18.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of -8.8%. Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 20.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 13.8%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.80
Macquarie rates GOR as Outperform (1) -
Macquarie notes construction at Gruyere is progressing on schedule and budget. The project is on track for first gold in the first quarter of 2019. Timeliness of construction remains the key development risk.
Exploration results, meanwhile, continue to show promise with a focus on the prospects that are near the Gruyere mill. Outperform and $1.00 target retained.
Target price is $1.00 Current Price is $0.80 Difference: $0.2
If GOR meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.10 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.50 cents. |
Market Sentiment: 1.0
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: $4.42
Macquarie rates HVN as Neutral (3) -
Macquarie notes media reports which suggest the company is considering a potential acquisition of the South African listed Steinhoff assets in Australia. These include Freedom, Snooze, Fantastic Furniture, Plush and OMF in household goods and Best & Less and Harris Scarfe in general merchandise.
Such an acquisition would be accretive for Harvey Norman and likely drive earnings upgrades but would introduce execution risk, in the broker's opinion, as the category is already cycling all-time housing market strength.
Neutral rating and $4.50 target maintained.
Target price is $4.50 Current Price is $4.42 Difference: $0.08
If HVN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.20, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.50 cents and EPS of 34.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.2, implying annual growth of -12.8%. Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 27.20 cents and EPS of 35.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.4, implying annual growth of 0.6%. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IDX INTEGRAL DIAGNOSTICS LIMITED
Medical Equipment & Devices
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Overnight Price: $2.28
Morgan Stanley rates IDX as Underweight (5) -
First half results were characterised by improved industry activity and cost reductions. Morgan Stanley found the recent upgrade to guidance surprising in the light of significant de-leveraging during the 2016 downturn and relatively new management.
Given poor earnings visibility historically, the broker considers the cost restructuring measures are one-off in nature. Moreover, uncertainty about the completion of a takeover offer means the broker defaults to a base case valuation.
Underweight rating maintained. Target is raised to $2.25 from $2.15. Industry view: In-Line.
Target price is $2.25 Current Price is $2.28 Difference: minus $0.03 (current price is over target).
If IDX 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 $2.18, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 8.30 cents and EPS of 12.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.4, implying annual growth of 15.9%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 8.70 cents and EPS of 13.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.7, implying annual growth of 10.5%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.29
Citi rates ILU as Neutral (3) -
2017 production was ahead of guidance and Citi's estimate. The broker make significant changes to its production profile, increasing rutile and reducing zircon, particularly for 2020.
The broker expects realised prices to rise for both zircon and rutile in 2018, to US$1230/t and US$960/t respectively. Neutral rating and $10 target retained.
Target price is $10.00 Current Price is $10.29 Difference: minus $0.29 (current price is over target).
If ILU meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.84, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 12.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 45.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.00 cents and EPS of 48.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.6, implying annual growth of 157.0%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ILU as Outperform (1) -
Credit Suisse was pleased with the December quarter production numbers, which exceeded guidance, while sales volumes reached guidance.
The broker expects further positive pricing momentum should play out in both zircon and high-grade titanium dioxide markets throughout 2018, given the favourable supply/demand dynamics.
The broker retains a Outperform rating and $11.10 target.
Target price is $11.10 Current Price is $10.29 Difference: $0.81
If ILU meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $9.84, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 16.00 cents and EPS of 21.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 45.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.00 cents and EPS of 75.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.6, implying annual growth of 157.0%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ILU as Underperform (5) -
December quarter production was solid and realised prices for zircon and rutile were broadly in line with Macquarie's expectations. The company anticipates more price increases for both zircon and rutile in 2018.
Macquarie lifts 2017 earnings estimates by 2%. The broker believes there is limited upside to either zircon or rutile prices beyond its forecasts, and that the valuation premium will start to contract once pricing momentum slows.
Underperform rating maintained. Target rises to $8.80 from $8.20.
Target price is $8.80 Current Price is $10.29 Difference: minus $1.49 (current price is over target).
If ILU meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.84, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 19.00 cents and EPS of 29.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 45.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 18.00 cents and EPS of 50.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.6, implying annual growth of 157.0%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ILU as Overweight (1) -
2017 production was largely in line with Morgan Stanley's estimates. The broker notes continued strength in both zircon and rutile, allowing the company to lift prices for rutile in the first half of 2018.
The company has also flagged what appears to be now a structural deficit in zircon markets. The target price is $9.95. Industry View: Attractive. Overweight rating retained.
Target price is $9.95 Current Price is $10.29 Difference: minus $0.34 (current price is over target).
If ILU meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.84, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 24.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 45.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 19.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.6, implying annual growth of 157.0%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ILU as Buy (1) -
December quarter production was 10% ahead of UBS forecasts, from stronger volumes at the Eucla/Perth Basins. Pricing for rutile in the first half lifts 8%, in line with the broker's estimates.
Cataby has been approved with offtake secured for 85% of synthetic rutile production for a minimum of four years. Price target raised to $11.50 from $10.50. Buy rating.
Target price is $11.50 Current Price is $10.29 Difference: $1.21
If ILU meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $9.84, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 17.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 45.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 12.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.6, implying annual growth of 157.0%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $28.80
Morgans rates JBH as Hold (3) -
The broker has rolled forward its earnings forecasts for JB Hi-Fi ahead of results season, leading to a target increase to $27.34 from $25.36.
Hold retained.
Target price is $27.34 Current Price is $28.80 Difference: minus $1.46 (current price is over target).
If JBH meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $27.33, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 138.00 cents and EPS of 212.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 208.2, implying annual growth of 34.9%. Current consensus DPS estimate is 133.9, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 146.00 cents and EPS of 225.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 216.8, implying annual growth of 4.1%. Current consensus DPS estimate is 139.5, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LLC LEND LEASE CORPORATION LIMITED
Infra & Property Developers
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Overnight Price: $15.98
Morgan Stanley rates LLC as Overweight (1) -
Morgan Stanley highlights increased Australian infrastructure activity, which supports its forecasts for 20-30% growth in the company's engineering revenues.
The broker suggests the majority of the stock's underperformance since October has been because of concerns surrounding the ability of the engineering business to capture the upside and acknowledges margins appear to be still outside of the company's targeted 8-12% range.
Overweight. Target is $18.65. Industry view is Cautious.
Target price is $18.65 Current Price is $15.98 Difference: $2.67
If LLC meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $18.04, suggesting upside of 12.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 67.20 cents and EPS of 134.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 138.7, implying annual growth of 6.6%. Current consensus DPS estimate is 66.2, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 74.00 cents and EPS of 148.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.8, implying annual growth of 8.0%. Current consensus DPS estimate is 76.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 10.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.55
Morgans rates LOV as Upgrade to Add from Hold (1) -
Morgans has rolled forward its earnings forecasts for Lovisa ahead of results season, leading to a target increase to $7.84 from $7.82.
The recent share price pullback leads to an upgrade to Add.
Target price is $7.84 Current Price is $7.55 Difference: $0.29
If LOV meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $7.16, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 20.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.7, implying annual growth of 21.8%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 22.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of 10.1%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.28
Morgans rates MHJ as Hold (3) -
The broker has rolled forward its earnings forecasts for Michael Hill ahead of results season, leading to a target increase to $1.30 from $1.23.
Hold retained.
Target price is $1.30 Current Price is $1.28 Difference: $0.02
If MHJ meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.48, suggesting upside of 15.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.90 cents and EPS of 8.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.5, implying annual growth of -23.2%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.30 cents and EPS of 8.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.5, implying annual growth of 15.4%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MTO MOTORCYCLE HOLDINGS LIMITED
Automobiles & Components
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Overnight Price: $4.80
Morgans rates MTO as Add (1) -
Recent industry data suggests a margin squeeze may be under way in the motorcycle sector. Ahead of results season the broker retains Add on Motorcycle Holdings but cuts its target to $5.26 from $5.57 on earnings downgrades.
Target price is $5.26 Current Price is $4.80 Difference: $0.46
If MTO meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 14.90 cents and EPS of 24.90 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.70 cents and EPS of 30.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.22
Morgans rates NBL as Add (1) -
The broker has rolled forward its earnings forecasts for Noni B ahead of results season, leading to a target increase to $2.70 from $2.45.
Add retained.
Target price is $2.70 Current Price is $2.22 Difference: $0.48
If NBL meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 12.00 cents and EPS of 20.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 13.00 cents and EPS of 22.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.60
Morgans rates RBL as Add (1) -
Redbubble's first half result beat the broker comfortably on all metrics. The company is confident margins will lift in the second half and maintains FY18 guidance of 30% earnings growth.
The broker retains Add (High Risk). Target rises to $1.76 from $1.38.
Target price is $1.76 Current Price is $1.60 Difference: $0.16
If RBL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 4.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.71
Citi rates SEK as Sell (5) -
The company is restructuring its business into two divisions. Asia Pacific & Americas comprises Australasia, Asia, Brasil Online, OCC and aligned early-stage ventures. The Investments division includes Zhaopin, OES and other early-stage ventures.
Citi observes the company is shifting the high-cost growth businesses into "Investments", which should allow the market to focus on the performance of the more mature AP&A division.
The broker suspects the company will now provide earnings guidance "excluding Investments". Investments contributed 22% of group operating earnings in FY17 and currently make up a quarter of Citi's valuation.
Sell rating maintained. Target is $14.55.
Target price is $14.55 Current Price is $19.71 Difference: minus $5.16 (current price is over target).
If SEK meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $17.73, suggesting downside of -10.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 40.40 cents and EPS of 57.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of -39.0%. Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 33.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 44.20 cents and EPS of 63.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.6, implying annual growth of 16.6%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.23
UBS rates SPK as Neutral (3) -
UBS takes a more conservative view on margins versus management's stated aspirations at its investor briefing last year. The broker incorporates margins for FY20 of around 27.5% rather than the aspirational target of over 30%.
This is partly driven by the broker's conclusions on the economics of the consumer broadband market, a reduction in Southern Cross dividends and back-end loading of some of the cost savings. Neutral rating and NZ $3.50 target maintained.
Current Price is $3.23. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 23.09 cents and EPS of 20.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of N/A. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 23.09 cents and EPS of 19.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.6, implying annual growth of 2.5%. Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 9.8%. Current consensus EPS estimate suggests the PER is 15.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SUL SUPER RETAIL GROUP LIMITED
Automobiles & Components
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Overnight Price: $8.74
Morgans rates SUL as Downgrade to Hold from Add (3) -
Morgans has rolled forward its earnings forecasts for Super Retail ahead of results season, leading to a target increase to $9.58 from $9.00.
The recent rally in the stock following Christmas leads the broker to pull back to Hold.
Target price is $9.58 Current Price is $8.74 Difference: $0.84
If SUL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.36, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 52.00 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 42.4%. Current consensus DPS estimate is 50.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 58.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of 8.3%. Current consensus DPS estimate is 54.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.68
Citi rates SUN as Buy (1) -
Citi adjusts estimates slightly to reflect the higher catastrophe costs following the Melbourne hailstorms as well as other minor changes. The hailstorms are likely to dent insurance margins by around -1.6%, the broker estimates.
Still, the company appears well-placed to cope with large event losses in the second half. Citi retains a Buy call, believing Suncorp offers cheaper exposure to the improving general insurance environment versus Insurance Australia Group ((IAG)). Target rises to $15 from $14.
Target price is $15.00 Current Price is $13.68 Difference: $1.32
If SUN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $14.15, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 76.00 cents and EPS of 86.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.3, implying annual growth of 5.3%. Current consensus DPS estimate is 74.4, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 79.00 cents and EPS of 98.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.7, implying annual growth of 10.6%. Current consensus DPS estimate is 76.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
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: $6.86
Ord Minnett rates SYD as Initiation of coverage with Buy (1) -
Ord Minnett considers Sydney Airport offers exposure to an attractive asset class with high barriers to entry and an end market that has demonstrated resilient growth. The broker initiates coverage with a Buy rating and $8.45 target.
The broker estimates international passenger growth of 7.1% in 2017, 6.7% in 2018 and 6.4% in 2019. This remains a key contributor to the company's annual growth rate estimate of 10.7% for the three years to 2019.
Target price is $8.45 Current Price is $6.86 Difference: $1.59
If SYD meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $7.41, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 35.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of 10.9%. Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 43.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 38.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 14.5%. Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 37.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WGN WAGNERS HOLDING COMPANY LIMITED
Building Products & Services
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Overnight Price: $3.86
Credit Suisse rates WGN as Initiation of coverage with Outperform (1) -
Wagners has exposure to large infrastructure and major project construction. The company's cement, quarries and services are expected to be well-positioned for the cyclical upswing in road and rail projects.
Cement sales account for 48% of revenue and almost 70% of operating earnings. Credit Suisse initiates coverage with a Outperform rating and $4.20 target.
While very speculative, the broker notes the company is increasing its efforts to replicate the Australian success of its composite fibre materials in the US in other markets.
Target price is $4.20 Current Price is $3.86 Difference: $0.34
If WGN meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.10 cents and EPS of 14.46 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.60 cents and EPS of 17.64 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ADH | ADAIRS | Add - Morgans | Overnight Price $2.13 |
| AHG | AUTOMOTIVE HOLDINGS | Downgrade to Hold from Add - Morgans | Overnight Price $3.61 |
| APE | AP EAGERS | Upgrade to Add from Hold - Morgans | Overnight Price $8.29 |
| ATL | APOLLO TOURISM & LEISURE | Add - Morgans | Overnight Price $1.82 |
| AWE | AWE | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $1.00 |
| No Rating - UBS | Overnight Price $1.00 | ||
| AX1 | ACCENT GROUP | Hold - Morgans | Overnight Price $0.91 |
| BAP | BAPCOR LIMITED | Add - Morgans | Overnight Price $5.86 |
| BBN | BABY BUNTING | Add - Morgans | Overnight Price $1.61 |
| BLD | BORAL | Overweight - Morgan Stanley | Overnight Price $7.90 |
| BLX | BEACON LIGHTING | Upgrade to Add from Hold - Morgans | Overnight Price $1.71 |
| CBA | COMMBANK | Upgrade to Add from Hold - Morgans | Overnight Price $79.00 |
| GEM | G8 EDUCATION | Initiation of coverage with Overweight - Morgan Stanley | Overnight Price $3.39 |
| GOR | GOLD ROAD RESOURCES | Outperform - Macquarie | Overnight Price $0.80 |
| HVN | HARVEY NORMAN HOLDINGS | Neutral - Macquarie | Overnight Price $4.42 |
| IDX | INTEGRAL DIAGNOSTICS | Underweight - Morgan Stanley | Overnight Price $2.28 |
| ILU | ILUKA RESOURCES | Neutral - Citi | Overnight Price $10.29 |
| Outperform - Credit Suisse | Overnight Price $10.29 | ||
| Underperform - Macquarie | Overnight Price $10.29 | ||
| Overweight - Morgan Stanley | Overnight Price $10.29 | ||
| Buy - UBS | Overnight Price $10.29 | ||
| JBH | JB HI-FI | Hold - Morgans | Overnight Price $28.80 |
| LLC | LEND LEASE CORP | Overweight - Morgan Stanley | Overnight Price $15.98 |
| LOV | LOVISA | Upgrade to Add from Hold - Morgans | Overnight Price $7.55 |
| MHJ | MICHAEL HILL | Hold - Morgans | Overnight Price $1.28 |
| MTO | MOTORCYCLE HOLDINGS | Add - Morgans | Overnight Price $4.80 |
| NBL | NONI B | Add - Morgans | Overnight Price $2.22 |
| RBL | REDBUBBLE | Add - Morgans | Overnight Price $1.60 |
| SEK | SEEK | Sell - Citi | Overnight Price $19.71 |
| SPK | SPARK NEW ZEALAND | Neutral - UBS | Overnight Price $3.23 |
| SUL | SUPER RETAIL | Downgrade to Hold from Add - Morgans | Overnight Price $8.74 |
| SUN | SUNCORP | Buy - Citi | Overnight Price $13.68 |
| SYD | SYDNEY AIRPORT | Initiation of coverage with Buy - Ord Minnett | Overnight Price $6.86 |
| WGN | WAGNERS HOLDING | Initiation of coverage with Outperform - Credit Suisse | Overnight Price $3.86 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 21 |
| 3. Hold | 9 |
| 5. Sell | 3 |
Tuesday 30 January 2018
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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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