Australian Broker Call
October 13, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 10:44 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.
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Today's Upgrades and Downgrades
| BOQ - | BANK OF QUEENSLAND | Downgrade to Neutral from Buy | Citi |
| Downgrade to Underweight from Equal-weight | Morgan Stanley | ||
| MTR - | MANTRA GROUP | Downgrade to Hold from Buy | Ord Minnett |
| WHC - | WHITEHAVEN COAL | Downgrade to Neutral from Outperform | Credit Suisse |
Morgans rates BAL as Hold (3) -
The company has announced a strong start to trading in FY18, upgrading earnings guidance and highlighting improvement in momentum of the core business.
Morgans sets its forecasts at the top end of the guidance, given management's track record of surprising to the upside.
While the turnaround is progressing and the robust recovery in sales highlights the strength of the brand, the broker believes the stock represents fair value and maintains a Hold rating. Target is raised to $9.95 from $7.30.
Target price is $9.95 Current Price is $10.23 Difference: minus $0.28 (current price is over target).
If BAL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.18, suggesting downside of -19.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 10.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 43.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 13.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.5, implying annual growth of 54.7%. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 27.8. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BOQ as Downgrade to Neutral from Buy (3) -
Citi observes FY17 was strong, but expected. Cash earnings were 3% above the broker's estimates. Finalisation of capital requirements has enabled the bank to undertake capital management initiatives.
With a CET1 ratio of 9.4%, as well as future organic capital generation, Citi expects more capital initiatives to be implemented in future periods.
However, revenue growth is expected to hit a wall after re-pricing initiatives wear off. Rating is downgraded to Neutral from Buy. Target is reduced to $13.00 from $13.25.
Target price is $13.00 Current Price is $13.09 Difference: minus $0.09 (current price is over target).
If BOQ meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.09, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 76.00 cents and EPS of 94.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.7, implying annual growth of -1.9%. Current consensus DPS estimate is 78.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 76.00 cents and EPS of 95.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.5, implying annual growth of 0.8%. Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BOQ as Neutral (3) -
Following the FY17 result Credit Suisse upgrades estimates for FY18 by 1%. The broker considers a result solid, delivering on costs and introducing a capital management theme.
Nevertheless, the stock is now considered highly priced. Target is $12.75. Neutral rating retained.
Target price is $12.75 Current Price is $13.09 Difference: minus $0.34 (current price is over target).
If BOQ meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.09, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 76.00 cents and EPS of 99.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.7, implying annual growth of -1.9%. Current consensus DPS estimate is 78.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 77.00 cents and EPS of 102.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.5, implying annual growth of 0.8%. Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BOQ as Underperform (5) -
FY17 results were slightly below Macquarie's expectations. The main positive surprise was the capital position and, while the broker envisages further scope to neutralise dividend reinvestment plans in FY18 and pay one more special dividend, organic capital generation is considered weak.
Macquarie also believes slowing credit growth conditions and potential headwinds to mortgage profitability do not bode well for the regional banks in the medium term.
The stock is considered fully valued at current levels and an Underperform rating is retained. Target rises to $12.75 from $12.50.
Target price is $12.75 Current Price is $13.09 Difference: minus $0.34 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.09, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 84.00 cents and EPS of 96.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.7, implying annual growth of -1.9%. Current consensus DPS estimate is 78.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 76.00 cents and EPS of 96.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.5, implying annual growth of 0.8%. Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BOQ as Downgrade to Underweight from Equal-weight (5) -
Morgan Stanley observes the bank's benefit from a sweet spot in terms of margins, as well as sound credit quality, a strong capital position and an improved franchise performance in FY17.
However, trading multiples are at multi-year highs and earnings momentum is expected to slow. Hence, Morgan Stanley downgrades to Underweight from Equal-weight.
Target is reduced to $11.40 from $11.80. In-Line industry view retained.
Target price is $11.40 Current Price is $13.09 Difference: minus $1.69 (current price is over target).
If BOQ meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.09, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 76.00 cents and EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.7, implying annual growth of -1.9%. Current consensus DPS estimate is 78.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 76.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.5, implying annual growth of 0.8%. Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BOQ as Hold (3) -
Morgans was pleasantly surprised by the announcement of a special dividend of 8c per share, fully franked at the FY17 results. FY17 cash earnings were slightly better than forecast.
A further return to shareholders may not eventuate if the company does not operate a dividend reinvestment plan and the broker's forecasts assume that no DRP will operate in respect of the 2018 interim and final dividends.
Target is $12.00. Hold retained.
Target price is $12.00 Current Price is $13.09 Difference: minus $1.09 (current price is over target).
If BOQ meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.09, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 76.00 cents and EPS of 100.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.7, implying annual growth of -1.9%. Current consensus DPS estimate is 78.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 76.00 cents and EPS of 102.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.5, implying annual growth of 0.8%. Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BOQ as Hold (3) -
FY17 cash earnings were ahead of Ord Minnett's estimates. The result confirmed for the broker that the first half marked the low point in the earnings path.
Despite a challenging revenue environment, the broker remains optimistic about the short to medium-term prospects. The capital position is also set to receive a further boost in the first half from the APRA's amendments and reduction in general reserve for credit losses.
Hold. Target is $11.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.00 Current Price is $13.09 Difference: minus $2.09 (current price is over target).
If BOQ meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.09, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.7, implying annual growth of -1.9%. Current consensus DPS estimate is 78.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.5, implying annual growth of 0.8%. Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BOQ as Sell (5) -
FY17 results were in line with UBS. The broker was pleased with the fact loan growth turned positive across most categories. However, fee income remains under pressure.
While the bank highlighted it is looking to organically deploy capital, the broker considers it unlikely in a slowing credit growth environment. Instead, UBS believes there is a preference for further special dividends.
UBS factors in the removal of the DRP discount and adds two more special dividends for the second half of FY18 and FY19. Target is raised to $12.00 from $10.75. Following the stock's rally it is now considered the most expensive bank in Australia and UBS retains a Sell rating.
Target price is $12.00 Current Price is $13.09 Difference: minus $1.09 (current price is over target).
If BOQ 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 $12.09, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 84.00 cents and EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.7, implying annual growth of -1.9%. Current consensus DPS estimate is 78.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 84.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.5, implying annual growth of 0.8%. Current consensus DPS estimate is 77.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CCL as Hold (3) -
The company will acquire Western Australian Craft beer brewer Feral Brewing. CC Amatil does not intend to change the way the business operates and Deutsche Bank observes there is little detail regarding the purchase.
However, the broker notes the craft beer segment is growing rapidly and Feral has a premium independent position which suggests it is better placed for continued growth than CC Amatil's Yenda brand.
Hold rating retained and target is $8.50.
Target price is $8.50 Current Price is $7.92 Difference: $0.58
If CCL meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $8.71, suggesting upside of 8.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 47.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 48.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates HFA as Outperform (1) -
Highlights for Macquarie from the September quarter were the net inflows, up 13.9%. The flows included a new UK mandate.
The broker also notes HFA is diversifying its revenue with client growth. Outperform retained. Target rises to $3.04 from $2.85.
Target price is $3.04 Current Price is $2.77 Difference: $0.27
If HFA meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.43 cents and EPS of 16.39 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 23.48 cents and EPS of 17.18 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 HFA as Buy (1) -
Ord Minnett observes FY18 has started well. FY18 earnings estimates are raised by 5%.
The broker continues to believe there is merit in the investment case owing to the 99% recurring revenues, a solid track record of growth in assets and a robust capital position.
Ord Minnett maintains a Buy rating and raises the target to $3.00 from $2.90.
Target price is $3.00 Current Price is $2.77 Difference: $0.23
If HFA meets the Ord Minnett target it will return approximately 8% (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 20.98 cents and EPS of 16.66 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 22.30 cents and EPS of 17.97 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 HUB as Buy (1) -
The business reported strong September quarter net inflows which pleased Ord Minnett as these grew despite a rush of inflows in June as investors sought to contribute superannuation ahead of caps which came into effect on July 1.
With continued shift to independence among planners, the broker envisages significant market opportunity ahead for the company. Buy retained. Target is raised to $9.57 from $7.51.
Target price is $9.57 Current Price is $8.76 Difference: $0.81
If HUB meets the Ord Minnett target it will return approximately 9% (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 9.70 cents and EPS of 11.20 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 25.60 cents and EPS of 20.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MTR as Downgrade to Hold from Buy (3) -
The company has entered a binding scheme of arrangement with Accor SA at $3.96 a share. Directors have unanimously recommended the bid, which is subject to regulatory approvals.
Ord Minnett believes Accor was always the most suitable acquirer of Mantra. Still, another bidder cannot be ruled out although it's considered unlikely. The ACCC will take a look at the transaction but the broker expects it to approve.
In current circumstances Ord Minnett considers it prudent to downgrade to Hold from Buy. Target is $3.47.
Target price is $3.47 Current Price is $3.88 Difference: minus $0.41 (current price is over target).
If MTR meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.55, suggesting downside of -8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.20 cents and EPS of 17.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 16.3%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 13.70 cents and EPS of 19.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.4, implying annual growth of 9.0%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NEC as Outperform (1) -
Audience ratings remain strong in the first half and Credit Suisse expects this to translate into higher revenue share in FY18 and FY19. The broker raises FY18 operating earnings estimates by 10%.
Outperform retained. Target is $1.60.
Target price is $1.60 Current Price is $1.46 Difference: $0.145
If NEC meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.37, suggesting downside of -9.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 9.50 cents and EPS of 14.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.7, implying annual growth of N/A. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 9.21 cents and EPS of 14.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.7, implying annual growth of -7.3%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RRL as Sell (5) -
September quarter production was strong but Citi believes exploration success is needed as production will weaken later in the year. Cash costs at Duketon have been reduced for FY18 and FY19.
McPhillamys revenue is brought forward to FY19 in line with the pre-feasibility, lifting FY19 and FY20 earnings estimates. Citi retains a Sell rating and raises the target to $3.70 from $3.60.
Target price is $3.70 Current Price is $3.97 Difference: minus $0.27 (current price is over target).
If RRL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -9.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 20.00 cents and EPS of 33.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 10.5%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 18.00 cents and EPS of 30.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 11.5%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RRL as Neutral (3) -
Production was strong in the September quarter, with low costs and elevated grades. FY18 guidance is unchanged for 335-365,000 ounces.
Neutral maintained. Credit Suisse lifts its valuation on tweaking the McPhillamys profile. Target is raised to $3.85 from $3.70.
Target price is $3.85 Current Price is $3.97 Difference: minus $0.12 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -9.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 21.64 cents and EPS of 36.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 10.5%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 24.39 cents and EPS of 40.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 11.5%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates RRL as Sell (5) -
September quarter output of 91,000 ounces was ahead of Deutsche Bank's forecasts. The company plans to release a definitive feasibility study for the McPhillamys project in December, with revised costing and time assumptions.
Deutsche Bank considers the development timetable is currently aggressive, with an EIS, permit approvals and plant construction all expected in 2018. Sell rating is retained. Target is raised to $3.20 from $3.10.
Target price is $3.20 Current Price is $3.97 Difference: minus $0.77 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -9.0% (ex-dividends)
The company's fiscal year ends in June.
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 30.5, implying annual growth of 10.5%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 11.5%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RRL as Sell (5) -
September quarter production beat UBS forecasts and the broker considers guidance is conservative. The development at McPhillamys and the timing risks are moving into focus and UBS suspects the shine may come off.
While gold equity investors ask for growth, and McPhillamys will deliver on that growth, the broker points out that share prices seldom outperform during construction phases.
UBS considers the stock expensive relative to the sector and retains a Sell rating. Target is raised to $3.28 from $3.26.
Target price is $3.28 Current Price is $3.97 Difference: minus $0.69 (current price is over target).
If RRL meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -9.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 10.5%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 21.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 11.5%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SUN as Neutral (3) -
Credit Suisse believes there is too much uncertainty to upgrade the stock at this stage.
The company has underperformed the market by -10% since is FY17 result and the broker suggests a pullback has been largely driven by earnings downgrades, as opposed to a contraction in the price/earnings ratio.
Neutral rating and $14.50 target maintained.
Target price is $14.50 Current Price is $13.35 Difference: $1.15
If SUN meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $13.90, suggesting upside of 4.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 73.00 cents and EPS of 88.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.9, implying annual growth of 3.6%. Current consensus DPS estimate is 74.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 75.00 cents and EPS of 99.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.3, implying annual growth of 10.8%. Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TCL as Neutral (3) -
Citi observes a stronger-than-expected start to FY18, with proportionate revenue growth of 13.4% in the September quarter. The broker continues to envisage upside in the next 12 months to the target.
Neutral rating and $12.62 target maintained.
Target price is $12.62 Current Price is $12.17 Difference: $0.45
If TCL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $12.71, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 57.00 cents and EPS of 21.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 108.5%. Current consensus DPS estimate is 56.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 50.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 63.50 cents and EPS of 25.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 27.9%. Current consensus DPS estimate is 61.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 39.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TCL as Outperform (1) -
September quarter proportional revenue was up 11.4% and ahead of Credit Suisse estimates. The beat was due to a mix shift, evident in higher traffic growth from trucks.
The broker raises proportional operating earnings estimates for FY18 and future years by 2.4%.
Outperform rating retained. Target is raised to $13.00 from $12.90.
Target price is $13.00 Current Price is $12.17 Difference: $0.83
If TCL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $12.71, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 57.00 cents and EPS of 16.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 108.5%. Current consensus DPS estimate is 56.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 50.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 64.00 cents and EPS of 26.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 27.9%. Current consensus DPS estimate is 61.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 39.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TCL as Outperform (1) -
The Sydney network continued to stand out in the September quarter and proportional toll revenue grew 12.3%. Macquarie believes the company's strength remains in the ability to grow its road network in a disciplined manner.
The broker considers dividend policy still needs to be addressed as more greenfield road opportunities emerge but the internal rate of return continues to be enhanced.
Outperform retained. Target is $12.78.
Target price is $12.78 Current Price is $12.17 Difference: $0.61
If TCL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $12.71, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 56.00 cents and EPS of 55.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 108.5%. Current consensus DPS estimate is 56.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 50.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 60.00 cents and EPS of 63.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 27.9%. Current consensus DPS estimate is 61.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 39.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TCL as Equal-weight (3) -
September quarter revenue growth was strong. Morgan Stanley observes Melbourne's Citylink produced its worst quarter of disruptions but the new lanes will open three months sooner and is incrementally more positive on the stock.
Equal-weight rating and Cautious industry view retained. Target is $11.99.
Target price is $11.99 Current Price is $12.17 Difference: minus $0.18 (current price is over target).
If TCL 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 $12.71, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 57.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 108.5%. Current consensus DPS estimate is 56.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 50.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 62.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 27.9%. Current consensus DPS estimate is 61.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 39.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TCL as Buy (1) -
Ord Minnett found the September quarter update on traffic and revenue positive. Proportional toll revenue grew 11.4%, ahead of expectations.
Management expects planning approvals for the West Gate Tunnel project will be granted by the end of the year with construction to start soon after. Ord Minnett retains a Buy rating and $13.50 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $13.50 Current Price is $12.17 Difference: $1.33
If TCL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $12.71, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 54.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 108.5%. Current consensus DPS estimate is 56.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 50.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 61.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 27.9%. Current consensus DPS estimate is 61.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 39.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TCL as Buy (1) -
UBS raises forecasts to take into account higher average tolls because of stronger truck traffic in Sydney and Melbourne and higher toll recovery revenue in Sydney. These changes result in a 2% upgrade to operating earnings.
The broker raises its distribution forecast to $0.57, which implies 11% growth on the prior year. Buy rating retained. Target rises to $13.40 from $13.30.
Target price is $13.40 Current Price is $12.17 Difference: $1.23
If TCL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $12.71, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 57.00 cents and EPS of 15.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 108.5%. Current consensus DPS estimate is 56.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 50.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 62.00 cents and EPS of 19.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 27.9%. Current consensus DPS estimate is 61.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 39.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WHC as Downgrade to Neutral from Outperform (3) -
Credit Suisse downgrades to Neutral from Outperform as the stock has had a strong run. The broker acknowledges material cash is still being generated and there are signs it will be returned to shareholders.
However, the broker finds it hard to envisage, outside of a hike in commodity prices, a material upside catalyst, and the stock is trading above fundamentals. Target is raised to $3.40 from $3.20.
Target price is $3.40 Current Price is $3.77 Difference: minus $0.37 (current price is over target).
If WHC meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.43, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 27.58 cents and EPS of 35.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.5, implying annual growth of -1.7%. Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 14.78 cents and EPS of 29.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.9, implying annual growth of -26.2%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.3%. 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
Deutsche Bank rates WHC as Hold (3) -
The company produced 5.9mt of saleable coal in the September quarter, slightly ahead of Deutsche Bank's estimates. The broker forecasts metallurgical coal at 16% of sales for the first half.
FY18 earnings estimates are reduced by -5% after lifting AUD forecasts by 8-10%. Hold rating retained. Target is reduced to $3.50 from $3.60.
Target price is $3.50 Current Price is $3.77 Difference: minus $0.27 (current price is over target).
If WHC meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.43, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.5, implying annual growth of -1.7%. Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 17.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.9, implying annual growth of -26.2%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.3%. 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
Macquarie rates WHC as Underperform (5) -
September quarter production was particularly strong from Narrabri, Macquarie observes. With current prices, the company plans to bring the Sunnyside open cut mine back into operation to harvest the remaining value.
The broker believes the downside comes from semi-soft coal, with weaker pricing and metallurgical coal sales implying this market cannot absorb extra volume.
Underperform retained. Target price falls to $3.10 from $3.20.
Target price is $3.10 Current Price is $3.77 Difference: minus $0.67 (current price is over target).
If WHC meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.43, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.00 cents and EPS of 38.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.5, implying annual growth of -1.7%. Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 24.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.9, implying annual growth of -26.2%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.3%. 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
Morgans rates WHC as Hold (3) -
September quarter production was in line with Morgans expectations. The broker believes the company's coal marketing strategy is appropriate in the current pricing environment.
The broker envisages the flow of US thermal coal into the Pacific market and the unwinding of temporary supply constraints as downward drivers for thermal coal prices, and sentiment, in the short term.
Hold rating retained. Target rises to $3.35 from $3.20.
Target price is $3.35 Current Price is $3.77 Difference: minus $0.42 (current price is over target).
If WHC meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.43, suggesting downside of -8.3% (ex-dividends)
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 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.5, implying annual growth of -1.7%. Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 11.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.9, implying annual growth of -26.2%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.3%. 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
UBS rates WHC as Neutral (3) -
Coal sales volumes in the September quarter were ahead of UBS expectations but price realisation was disappointing. The broker downgrades earnings estimates by -1% for FY18.
Neutral retained. Target is $3.60.
Target price is $3.60 Current Price is $3.77 Difference: minus $0.17 (current price is over target).
If WHC 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 $3.43, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 23.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.5, implying annual growth of -1.7%. Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 17.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.9, implying annual growth of -26.2%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.3%. 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
Summaries
| BAL - | BELLAMY'S AUSTRALIA | Hold - Morgans | Overnight Price $10.23 |
| BOQ - | BANK OF QUEENSLAND | Downgrade to Neutral from Buy - Citi | Overnight Price $13.09 |
| Neutral - Credit Suisse | Overnight Price $13.09 | ||
| Underperform - Macquarie | Overnight Price $13.09 | ||
| Downgrade to Underweight from Equal-weight - Morgan Stanley | Overnight Price $13.09 | ||
| Hold - Morgans | Overnight Price $13.09 | ||
| Hold - Ord Minnett | Overnight Price $13.09 | ||
| Sell - UBS | Overnight Price $13.09 | ||
| CCL - | COCA-COLA AMATIL | Hold - Deutsche Bank | Overnight Price $7.92 |
| HFA - | HFA HOLDINGS | Outperform - Macquarie | Overnight Price $2.77 |
| Buy - Ord Minnett | Overnight Price $2.77 | ||
| HUB - | HUB24 | Buy - Ord Minnett | Overnight Price $8.76 |
| MTR - | MANTRA GROUP | Downgrade to Hold from Buy - Ord Minnett | Overnight Price $3.88 |
| NEC - | NINE ENTERTAINMENT | Outperform - Credit Suisse | Overnight Price $1.46 |
| RRL - | REGIS RESOURCES | Sell - Citi | Overnight Price $3.97 |
| Neutral - Credit Suisse | Overnight Price $3.97 | ||
| Sell - Deutsche Bank | Overnight Price $3.97 | ||
| Sell - UBS | Overnight Price $3.97 | ||
| SUN - | SUNCORP | Neutral - Credit Suisse | Overnight Price $13.35 |
| TCL - | TRANSURBAN GROUP | Neutral - Citi | Overnight Price $12.17 |
| Outperform - Credit Suisse | Overnight Price $12.17 | ||
| Outperform - Macquarie | Overnight Price $12.17 | ||
| Equal-weight - Morgan Stanley | Overnight Price $12.17 | ||
| Buy - Ord Minnett | Overnight Price $12.17 | ||
| Buy - UBS | Overnight Price $12.17 | ||
| WHC - | WHITEHAVEN COAL | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $3.77 |
| Hold - Deutsche Bank | Overnight Price $3.77 | ||
| Underperform - Macquarie | Overnight Price $3.77 | ||
| Hold - Morgans | Overnight Price $3.77 | ||
| Neutral - UBS | Overnight Price $3.77 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 8 |
| 3. Hold | 15 |
| 5. Sell | 7 |
Friday 13 October 2017
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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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