Australian Broker Call
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January 15, 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)
Last Updated: 04:12 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| IDX - | INTEGRAL DIAGNOSTICS | Downgrade to Hold from Buy | Ord Minnett |
| NXT - | NEXTDC | Downgrade to Hold from Buy | Deutsche Bank |
| ORG - | ORIGIN ENERGY | Downgrade to Neutral from Buy | UBS |
| STO - | SANTOS | Downgrade to Sell from Neutral | UBS |
Overnight Price: $1.78
Macquarie rates AFG as Outperform (1) -
Macquarie finds the valuation attractive and the outlook supported by the development of an SME loan platform and additional contribution from AFGHL's higher profitability.
Over the medium to long term the broker expects underlying trends in lodgement volumes, loan sizes and mortgage broker share to be positive for the company.
Outperform retained. Target is $2.07.
Target price is $2.07 Current Price is $1.78 Difference: $0.29
If AFG meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.30 cents and EPS of 15.10 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 12.80 cents and EPS of 17.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AGL AGL ENERGY LIMITED
Infrastructure & Utilities
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Overnight Price: $24.10
UBS rates AGL as Buy (1) -
UBS analysts are worried that global oil prices have recovered too rapidly. In addition, the analysts are anticipating lower wholesale electricity prices in 2018 due to increased focus on grid stability, supply availability & demand response.
No changes have been made to price target ($29.50) or rating for AGL Energy.
Target price is $29.50 Current Price is $24.10 Difference: $5.4
If AGL meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $27.31, suggesting upside of 13.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 115.00 cents and EPS of 153.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 154.9, implying annual growth of 92.4%. Current consensus DPS estimate is 117.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 132.00 cents and EPS of 175.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 180.4, implying annual growth of 16.5%. Current consensus DPS estimate is 135.9, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $28.67
Deutsche Bank rates ANZ as Hold (3) -
The bank has confirmed the sale of UDC to HNA Group will not proceed. This follows the announcement that the NZ regulator has rejected the transaction.
Deutsche Bank is disappointed that the sale has been terminated but does not consider this significant relative to the bank's divestment program.
Target is $30. Hold rating retained.
Target price is $30.00 Current Price is $28.67 Difference: $1.33
If ANZ meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $30.28, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 160.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.8, implying annual growth of 6.7%. Current consensus DPS estimate is 160.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 165.00 cents and EPS of 240.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.4, implying annual growth of 1.5%. Current consensus DPS estimate is 162.3, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AWE as Neutral (3) -
UBS analysts are worried that global oil prices have recovered too rapidly. A sector update has generated no changes to the 83c price target or Neutral rating for AWE Ltd.
Target price is $0.83 Current Price is $0.88 Difference: minus $0.05 (current price is over target).
If AWE meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.70, suggesting downside of -20.6% (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 2.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -12.3, 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 1.7. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.36
UBS rates BPT as Neutral (3) -
UBS analysts are worried that global oil prices have recovered too rapidly. A sector update has pushed up the price target for Beach Energy to $1.25 from $1.05, while the Neutral rating remains intact.
Target price is $1.25 Current Price is $1.36 Difference: minus $0.11 (current price is over target).
If BPT meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.94, suggesting downside of -30.7% (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 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.9, implying annual growth of -61.9%. Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.1, implying annual growth of 15.2%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $35.39
UBS rates CTX as Buy (1) -
UBS analysts are worried that global oil prices have recovered too rapidly. UBS analysts have made no changes to $39 price target or Buy rating for Caltex.
Target price is $39.00 Current Price is $35.39 Difference: $3.61
If CTX meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $36.05, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 119.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.9, implying annual growth of 2.3%. Current consensus DPS estimate is 120.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 120.00 cents and EPS of 239.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.1, implying annual growth of 1.8%. Current consensus DPS estimate is 122.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: 0.4
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: $2.35
Ord Minnett rates IDX as Downgrade to Hold from Buy (3) -
The company has upgraded FY18 guidance to net profit growth of around 20% versus prior expectations for "high single digit growth". This has been driven by acceleration in referrals, particularly in Western Australia, and implementation of cost reductions.
Ord Minnett is encouraged by the upgrade but, with the share price currently trading above valuation and broadly in line with the prevailing offer, downgrades to Hold from Buy and raises the target to $2.30 from $1.89.
Target price is $2.30 Current Price is $2.35 Difference: minus $0.05 (current price is over target).
If IDX meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.09, suggesting downside of -11.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 8.30 cents and EPS of 12.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 11.2%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 8.80 cents and EPS of 13.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.6, implying annual growth of 5.9%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.69
Deutsche Bank rates IPL as Buy (1) -
Deutsche Bank believes the loss of the Roy Hill contract from February is a minor negative, although it does follow the announcement of the loss of the BHP Iron Ore contract from November 2019.
The company expected a one-off impact on net profit of around -$5m in FY18, -$16m in FY19 and -$22m in FY20 with a minimal impact beyond FY22.
Deutsche Bank maintains a Buy rating and $4.40 target.
Target price is $4.40 Current Price is $3.69 Difference: $0.71
If IPL meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.97, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 12.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 13.2%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 14.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of 9.3%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.24
Citi rates MHJ as Buy (1) -
The company's trading update for the first half has signalled a slowing in sales across all regions for the Michael Hill brand.
Citi retains a Buy rating based on the fact that, when taking out the losses from Emma & Roe and the US, the stock is trading at a -29% discount to Australian retail peers, which is considered excessive as the stock is less exposed to a slowing housing cycle and Amazon.
Target is reduced to $1.60 from $1.70.
Target price is $1.60 Current Price is $1.24 Difference: $0.36
If MHJ meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $1.47, suggesting upside of 18.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 5.10 cents and EPS of 8.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of -0.7%. Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 5.90 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.0, implying annual growth of 19.0%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NGI NAVIGATOR GLOBAL INVESTMENTS LIMITED
Wealth Management & Investments
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Overnight Price: $3.57
Macquarie rates NGI as Outperform (1) -
Despite outperforming the XSO index by around 50% over the past 12 months, including a 7% yield, the stock remains at a discount to Macquarie's target price.
The broker upgrades estimates for earnings per share by 6.9% for FY18 and by 9.7% for FY19.
Outperform retained. Target rises to $3.69 from $3.04.
Target price is $3.69 Current Price is $3.57 Difference: $0.12
If NGI meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 23.81 cents and EPS of 17.31 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 25.37 cents and EPS of 18.61 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NGI as Buy (1) -
Assets under management and advice are continuing to grow strongly and are well ahead of Ord Minnett estimates. The broker notes good momentum in fund inflows and solid prospects from Asia and Europe.
Ord Minnett maintains a Buy rating and raises the target to $3.75 from $3.00.
Target price is $3.75 Current Price is $3.57 Difference: $0.18
If NGI meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 20.82 cents and EPS of 28.37 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 22.12 cents and EPS of 31.49 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.71
Deutsche Bank rates NXT as Downgrade to Hold from Buy (3) -
Deutsche Bank downgrades to Hold from Buy as the stock has significantly outperformed. The broker does not believe the current valuation provides sufficient compensation for a number of potential risks.
There is limited certainty on maintenance capex requirements for the data centres, compounded by these being heavily exposed to technological change.
The broker highlights that current conditions of rapid asset growth and high P/B values have historically signalled underperformance. Target is raised to $5.50 from $4.90.
Target price is $5.50 Current Price is $5.71 Difference: minus $0.21 (current price is over target).
If NXT meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.79, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.6, implying annual growth of -56.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 158.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.8, implying annual growth of 116.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 73.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.44
UBS rates ORG as Downgrade to Neutral from Buy (3) -
UBS analysts are worried that global oil prices have recovered too rapidly. In addition, the analysts are anticipating lower wholesale electricity prices in 2018 due to increased focus on grid stability, supply availability & demand response.
Price target for Origin Energy has risen to $10.40 from $10.10. Rating has been downgraded to Neutral from Buy.
Target price is $10.40 Current Price is $9.44 Difference: $0.96
If ORG meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.09, suggesting downside of -3.7% (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 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 34.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.3, implying annual growth of 27.9%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.86
UBS rates OSH as Neutral (3) -
UBS analysts are worried that global oil prices have recovered too rapidly. A sector update has pushed up the price target to $8.05 from $7.40. Neutral rating retained.
Target price is $8.05 Current Price is $7.86 Difference: $0.19
If OSH meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.03, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.71 cents and EPS of 23.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.5, implying annual growth of N/A. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.01 cents and EPS of 28.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.3, implying annual growth of 20.4%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.8. |
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
UBS rates STO as Downgrade to Sell from Neutral (5) -
UBS analysts are worried that global oil prices have recovered too rapidly. They note the Santos share price is above their fair value calculation and considerable downside could follow if the Harbour bid fails to materialise.
Hence, UBS has downgraded to Sell from Neutral. Price target has gained 10c to $5.20.
Target price is $5.20 Current Price is $5.45 Difference: minus $0.25 (current price is over target).
If STO meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.21, suggesting downside of -4.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 20.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of N/A. Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 36.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 23.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of 68.0%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 21.6. |
This company reports in USD. 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
Overnight Price: $0.44
Macquarie rates WAF as Outperform (1) -
The company has reported further high grade infill and extension drilling at the Sanbrado gold project in Burkina Faso. Macquarie notes upgrading inferred resources to indicated is an essential step in generating a maiden high-grade mineral reserve.
The optimised feasibility study is expected to be completed mid 2018. The broker retains Outperform and a 50c target.
Target price is $0.50 Current Price is $0.44 Difference: $0.06
If WAF meets the Macquarie target it will return approximately 14% (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 minus 0.60 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $34.50
UBS rates WPL as Buy (1) -
UBS analysts are worried that global oil prices have recovered too rapidly. A sector update has pushed up the price target for Woodside to $38.10 from $35. Buy rating retained.
Target price is $38.10 Current Price is $34.50 Difference: $3.6
If WPL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $31.21, suggesting downside of -9.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 119.71 cents and EPS of 148.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.5, implying annual growth of N/A. Current consensus DPS estimate is 118.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 23.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 119.71 cents and EPS of 148.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.8, implying annual growth of 9.6%. Current consensus DPS estimate is 129.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 21.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AFG | AUSTRALIAN FINANCE | Outperform - Macquarie | Overnight Price $1.78 |
| AGL | AGL ENERGY | Buy - UBS | Overnight Price $24.10 |
| ANZ | ANZ BANKING GROUP | Hold - Deutsche Bank | Overnight Price $28.67 |
| AWE | AWE | Neutral - UBS | Overnight Price $0.88 |
| BPT | BEACH ENERGY | Neutral - UBS | Overnight Price $1.36 |
| CTX | CALTEX AUSTRALIA | Buy - UBS | Overnight Price $35.39 |
| IDX | INTEGRAL DIAGNOSTICS | Downgrade to Hold from Buy - Ord Minnett | Overnight Price $2.35 |
| IPL | INCITEC PIVOT | Buy - Deutsche Bank | Overnight Price $3.69 |
| MHJ | MICHAEL HILL | Buy - Citi | Overnight Price $1.24 |
| NGI | NAVIGATOR GLOBAL INVESTMENTS | Outperform - Macquarie | Overnight Price $3.57 |
| Buy - Ord Minnett | Overnight Price $3.57 | ||
| NXT | NEXTDC | Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $5.71 |
| ORG | ORIGIN ENERGY | Downgrade to Neutral from Buy - UBS | Overnight Price $9.44 |
| OSH | OIL SEARCH | Neutral - UBS | Overnight Price $7.86 |
| STO | SANTOS | Downgrade to Sell from Neutral - UBS | Overnight Price $5.45 |
| WAF | WEST AFRICAN RESOURCES | Outperform - Macquarie | Overnight Price $0.44 |
| WPL | WOODSIDE PETROLEUM | Buy - UBS | Overnight Price $34.50 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 9 |
| 3. Hold | 7 |
| 5. Sell | 1 |
Monday 15 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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