Australian Broker Call
January 23, 2017
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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: 12:11 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
| ALQ - | ALS LIMITED | Upgrade to Buy from Hold | Deutsche Bank |
| BEN - | BENDIGO AND ADELAIDE BANK | Downgrade to Sell from Buy | Citi |
| CIM - | CIMIC GROUP | Downgrade to Sell from Hold | Deutsche Bank |
| CQR - | CHARTER HALL RETAIL | Upgrade to Neutral from Underperform | Macquarie |
| GPT - | GPT | Downgrade to Neutral from Outperform | Macquarie |
| NSR - | NATIONAL STORAGE | Downgrade to Hold from Accumulate | Ord Minnett |
| ORL - | OROTONGROUP | Upgrade to Neutral from Sell | Citi |
| SCG - | SCENTRE GROUP | Downgrade to Accumulate from Buy | Ord Minnett |
| TOX - | TOX FREE SOLUTIONS | Upgrade to Overweight from Equal-weight | Morgan Stanley |
| VCX - | VICINITY CENTRES | Upgrade to Accumulate from Hold | Ord Minnett |
| WFD - | WESTFIELD CORP | Downgrade to Underperform from Outperform | Macquarie |
Deutsche Bank rates ALQ as Upgrade to Buy from Hold (1) -
Share prices for engineers and contractors in Australia have recovered from last year's lows on the basis that outlooks and market dynamics have improved. Deutsche Bank analysts acknowledge this much, but they still maintain it's better to remain cautious.
The analysts continue to see earnings risks across the sector, highlighting there are significant differences between markets and sub-markets when it comes to assessing this part of the share market.
ALS Ltd receives an upgrade to Buy from Hold. Price target jumps to $6.74 from $5.50.
Target price is $6.74 Current Price is $6.05 Difference: $0.69
If ALQ meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $5.92, suggesting downside of -1.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 11.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.7, implying annual growth of N/A. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 26.4. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 15.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.7, implying annual growth of 22.0%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASG AUTOSPORTS GROUP LIMITED
Retailing
Overnight Price: $2.57
Macquarie rates ASG as Initiation of coverage with Outperform (1) -
Macquarie initiates coverage on Autosports Group with an Outperform rating and $2.83 target. The company focuses on the luxury and prestige brands, which have increased market share to 36.2% from 14.6% of the new vehicle market over the past 20 years.
The broker believes the business should trade at a premium to Automotive Holdings ((AHG)) given its geographic exposure is more similar to AP Eagers ((APE)).
Target price is $2.83 Current Price is $2.57 Difference: $0.26
If ASG meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 5.30 cents and EPS of 14.00 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 15.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BEN as Downgrade to Sell from Buy (5) -
Citi analysts have been reviewing the regional lenders in Australia. While Bank of Queensland is seen as offering one of most attractive yields in the market, the opinion about Bendigo and Adelaide Bank at present share price level is quite the opposite.
Citi analysts are of the view "Bendalaide's" strong performance over H2 2016 has run ahead of expectations, and risk is now that disappointment is about to announce itself. Downgrade to Sell from Buy. Target falls to $11.75 from $12.25.
Target price is $11.75 Current Price is $12.57 Difference: minus $0.82 (current price is over target).
If BEN 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 $10.68, suggesting downside of -15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 70.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.9, implying annual growth of -11.2%. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 71.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.4, implying annual growth of 0.6%. Current consensus DPS estimate is 69.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BHP as Neutral (3) -
Samarco has reached a preliminary agreement with the federal prosecutors in Brazil. BHP expects the conclusions of the independent expert panel will be negotiated in a final settlement arrangement by June 30. The criminal investigation is ongoing.
UBS notes that Samarco is yet to restructure its debt or agree to infrastructure use terms with Vale. Samarco is expected to re-start in early 2018. Target is $27. Neutral retained.
Target price is $27.00 Current Price is $26.35 Difference: $0.65
If BHP meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $26.76, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 103.20 cents and EPS of 207.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.7, implying annual growth of N/A. Current consensus DPS estimate is 94.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 116.61 cents and EPS of 197.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 145.1, implying annual growth of -11.4%. Current consensus DPS estimate is 86.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.1. |
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
Citi rates BOQ as Buy (1) -
Citi analysts have been reviewing the regional lenders in Australia. While Bank of Queensland is seen as offering one of most attractive yields in the market, the opinion about Bendigo and Adelaide Bank at present share price level is quite the opposite.
While the latter was downgraded to Sell, the Buy rating remains in place for Bank of Queensland. The valuation gap between the two is deemed far too wide. Target falls to $13.25 from $13.75.
Target price is $13.25 Current Price is $11.90 Difference: $1.35
If BOQ meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $11.48, suggesting downside of -3.7% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 80.00 cents and EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.6, implying annual growth of -3.1%. Current consensus DPS estimate is 76.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 82.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.5, implying annual growth of 1.0%. Current consensus DPS estimate is 76.3, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CIM as Downgrade to Sell from Hold (5) -
Share prices for engineers and contractors in Australia have recovered from last year's lows on the basis that outlooks and market dynamics have improved. Deutsche Bank analysts acknowledge this much, but they still maintain it's better to remain cautious.
The analysts continue to see earnings risks across the sector, highlighting there are significant differences between markets and sub-markets when it comes to assessing this part of the share market.
The rating for Cimic has been downgraded to Sell from Hold. Target lifts to $27.12 from $25.76.
Target price is $27.12 Current Price is $34.37 Difference: minus $7.25 (current price is over target).
If CIM meets the Deutsche Bank target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $19.75, suggesting downside of -42.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 103.00 cents and EPS of 161.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.4, implying annual growth of -0.8%. Current consensus DPS estimate is 98.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 106.00 cents and EPS of 178.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 169.0, implying annual growth of 10.9%. Current consensus DPS estimate is 109.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CQR as Upgrade to Neutral from Underperform (3) -
Macquarie reviews the outlook ahead of the first half results. The stock remains a relatively defensive proposition although the broker is of the view that near-term income growth will be hindered by fewer anchor tenants in turnover rent, low initial yields on development and further dilutive asset sales.
Nevertheless, with the stock trading near estimates of net tangible assets and the potential corporate risk from Shopping Centres of Australasia ((SCP)) the rating is upgraded to Neutral from Underperform. Target is raised to $4.24 from $4.18.
Target price is $4.24 Current Price is $4.15 Difference: $0.09
If CQR meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.13, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 28.60 cents and EPS of 29.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -33.6%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 29.10 cents and EPS of 30.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.5, implying annual growth of 4.0%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates GMG as Overweight (1) -
In light of the potential sale of Global Logistics Property, there is speculation as to whether Goodman might be an interested buyer.
Goodman has made no statement, and the broker suggests that the group's track record of not participating in public sales of portfolios of stabilised assets means the chances are low.
Overweight and $7.70 target retained. Industry view is Cautious.
Target price is $7.70 Current Price is $6.84 Difference: $0.86
If GMG meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $7.42, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 25.60 cents and EPS of 42.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.6, implying annual growth of -40.8%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 27.10 cents and EPS of 45.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.0, implying annual growth of 5.6%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GPT as Downgrade to Neutral from Outperform (3) -
Macquarie expects 2016 operating earnings per share of 29.9c, in line with the growth guidance provided at the September quarter update. The growth rate into 2017 is expected to slow.
The broker considers the stock a solid, defensive proposition with a diversified exposure but with a single digit return and lower trajectory for earnings expected it is downgraded to Neutral from Outperform. Target slips to $4.98 from $5.16.
Target price is $4.98 Current Price is $4.73 Difference: $0.25
If GPT meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.01, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 23.40 cents and EPS of 27.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.7, implying annual growth of -39.1%. Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 24.40 cents and EPS of 27.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 2.4%. Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IAG as Neutral (3) -
Previewing the upcoming financial interim report, Citi analysts have made minor adjustments only. They anticipate underlying margin to be broadly flat in 1H17 on 2H16 with reported margins not too different.
The analysts do estimate natural perils are likely to exceed allowances following storms in VIC and SA towards the end of 2016, but they also see a strong probability this will reverse in 2H17 given IAG’s extra reinsurance cover. Neutral. Target gains 5c to $5.85.
Target price is $5.85 Current Price is $5.96 Difference: minus $0.11 (current price is over target).
If IAG meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.82, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 28.00 cents and EPS of 35.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.6, implying annual growth of 30.3%. Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 29.00 cents and EPS of 36.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of 6.5%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ISD as Outperform (1) -
Macquarie assesses the outlook ahead of the first half result. The broker will focus on the King Content run rate and order book pipeline, which is expected to provide an indication of the company's ability to meet expectations for a small full-year profit.
The broker continues to believe there is significant value in iSentia's core business. Macquarie retains an Outperform rating. Target is $2.95.
Target price is $2.95 Current Price is $2.71 Difference: $0.24
If ISD meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.78, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 8.30 cents and EPS of 16.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 41.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.80 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.8, implying annual growth of 15.1%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MQA as Outperform (1) -
December quarter traffic growth for APRR was slightly above expectations while Greenway was slightly below.
Macquarie believes the coming quarter is likely to test the value of Greenway, which remains the largest driver of traffic growth for the stock.
The broker retains a Outperform rating and $5.90 target.
Target price is $5.90 Current Price is $4.93 Difference: $0.97
If MQA meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 12.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 18.00 cents and EPS of 27.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.5, implying annual growth of 62.6%. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 26.4. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 20.00 cents and EPS of 62.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of 87.6%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MRG MURRAY RIVER ORGANICS GROUP LIMITED
Food, Beverage & Tobacco
Overnight Price: $0.00
Morgans rates MRG as Initiation of coverage with Add (1) -
Murray River Organics is the largest organic dried vine fruit producer in Australia and has recently expanded into sourcing and packaging.
Morgans expects the company to deliver strong earnings growth over the next few years as existing vines mature and further acreage is planted.
Recently acquired businesses are expected to deliver synergies through rationalisation of facilities. The broker initiates coverage with an Add rating and $1.57 target.
Target price is $1.57
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of 8.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 3.30 cents and EPS of 8.00 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 NSR as Downgrade to Hold from Accumulate (3) -
Ord Minnett suggests the A-REIT sector retains all the necessary ingredients for attractive risk-adjusted returns. The main risk is an inflection point in the property cycle. Underperformance has potential to continue if long bond yields continue to rise.
Ord Minnett downgrades to Hold from Accumulate, mainly on valuation grounds. Target is $1.52.
Target price is $1.52 Current Price is $1.49 Difference: $0.035
If NSR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.58, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 9.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.2, implying annual growth of 5.7%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 9.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of 10.9%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ORL as Upgrade to Neutral from Sell (3) -
OrotonGroup's market update yet again did not meet market expectations. Citi analysts have reduced their price target to $1.90 from $2.05 but post share price shellacking they've also upgraded to Neutral from Sell.
The decision to upgrade is motivated by the fact the analysts anticipate a turnaround in fortune in FY18, when a new range in designer handbags, jewelry and perfume should help sales, along with less discounting.
Target price is $1.90 Current Price is $1.82 Difference: $0.08
If ORL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.90, suggesting upside of 7.0% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 5.50 cents and EPS of 5.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of -1.0%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 9.00 cents and EPS of 11.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 13.7%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SCG as Downgrade to Accumulate from Buy (2) -
Ord Minnett suggests the A-REIT sector retains all the necessary ingredients for attractive risk-adjusted returns. The main risk is an inflection point in the property cycle. Underperformance has potential to continue if long bond yields continue to rise.
The broker downgrades to Accumulate from Buy, mainly on valuation grounds. Ord Minnett retains a $4.70 target.
Target price is $4.70 Current Price is $4.40 Difference: $0.3
If SCG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 21.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of 3.6%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 22.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of 0.9%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SGR as Buy (1) -
Citi analysts have sliced -1-2% off their estimates, assuming slightly lower growth rates as trends in NSW and Victoria have not kept pace with expectations.
The interim report should not show much in terms of growth, but the analysts remain confident H2 should be better. Star remains their favourite in the sector. Buy retained. Price target falls to $6.20 from $6.35.
Target price is $6.20 Current Price is $4.88 Difference: $1.32
If SGR meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting upside of 29.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 13.00 cents and EPS of 29.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.1, implying annual growth of 23.3%. Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 14.50 cents and EPS of 33.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 9.3%. Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Buy (1) -
Management's failure to answer some key questions that overhang the company's future leaves Citi analysts unsatisfied and with doubt whether answers will be forthcoming at all in the medium term.
Buy rating retained because of the leverage to rising oil prices and the opportunity to de-risk the company in 2017. Q4 report was in-line. Target price gains 3% to $5.22.
Target price is $5.22 Current Price is $4.06 Difference: $1.16
If STO meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $4.75, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 0.00 cents and EPS of 1.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.3, 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 176.3. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 11.53 cents and EPS of 25.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 708.7%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 21.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates STO as Underperform (5) -
2016 production was strong and above guidance, Credit Suisse observes. The broker notes production cost guidance is notable for its absence for 2017.
The broker acknowledges the steps taken to repair the balance sheet but is still not convinced that the business survives in a low oil price world and more is needed to make it sustainable.
Underperform retained. Target is raised to $3.45 from $3.30.
Target price is $3.45 Current Price is $4.06 Difference: minus $0.61 (current price is over target).
If STO meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.75, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 0.00 cents and EPS of 6.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.3, 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 176.3. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 27.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 708.7%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 21.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates STO as Buy (1) -
Production in the December quarter proved 6% below what the analysts had expected, but revenues were substantially above. The analysts point at higher third party sales which are low margin. Target maintained at $4.85. Rating remains Buy.
Target price is $4.85 Current Price is $4.06 Difference: $0.79
If STO meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.75, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 0.00 cents and EPS of 2.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.3, 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 176.3. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 10.72 cents and EPS of 24.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 708.7%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 21.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates STO as Outperform (1) -
December quarter production was in line with expectations. Record quarterly sales drove revenue. As capex increases in 2017 Macquarie suspects the company will find it difficult to break even on free cash flow below US$40/boe.
The focus in 2017 is expected to be on indigenous GLNG production, drilling results at Barossa and development opportunities in PNG. Outperform retained. Target is $5.40.
Target price is $5.40 Current Price is $4.06 Difference: $1.34
If STO meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $4.75, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 0.00 cents and EPS of 2.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.3, 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 176.3. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 2.28 cents and EPS of 5.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 708.7%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 21.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates STO as Hold (3) -
December quarter production was slightly softer than Morgans expected although 2016 overall was close to estimates.
Despite the improvements, the broker observes the company is trailing its peers in generating cash flow and in the quality of earnings and growth profile.
Morgans still has questions around the longer-term outlook at GLNG. Hold rating retained. Target falls to $4.27 from $4.56.
Target price is $4.27 Current Price is $4.06 Difference: $0.21
If STO meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.75, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 1.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.3, 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 176.3. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of 24.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 708.7%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 21.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates STO as Hold (3) -
2016 production and sales were at a record on the back of a solid performance in the December quarter, Ord Minnett observes. There is nothing in the quarterly report to alter the broker's view on the stock.
Ord Minnett suspects the re-segmentation of the company's financial statements, expected ahead of the results, could be a catalyst. Hold rating retained. Target edges up to $4.15 from $4.00.
Target price is $4.15 Current Price is $4.06 Difference: $0.09
If STO meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.75, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.3, 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 176.3. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 4.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 708.7%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 21.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates STO as Neutral (3) -
December quarter production slightly missed UBS's expectations. Sales volumes were a new record, up 2.8% on the prior quarter. UBS notes PNG LNG is running at a record rate and 2017 guidance is reiterated.
The broker's investment thesis is unchanged. The company has reduced costs and raised equity to ensure survival at prolonged low oil prices and is expected to now have one eye on growth. Without new growth initiatives production may have peaked in 2016, UBS contends.
Target is $4.60. Neutral retained.
Target price is $4.60 Current Price is $4.06 Difference: $0.54
If STO meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.75, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 0.00 cents and EPS of 5.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.3, 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 176.3. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 21.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 708.7%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 21.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SUN as Underweight (5) -
Suncorp's elevated reserves releases have masked underperformance in the portfolio, the broker notes, making up 52% of insurance profits over the past two years. The releases lead to more questions than answers, the broker suggests.
Was Suncorp too conservatively set to begin with? Now that Suncorp is aggressively pursuing NSW CTP share, the risk is reserves become an issue down the track, the broker suggests. Underweight and $12 target retained. Industry view: In-line.
Target price is $12.00 Current Price is $13.35 Difference: minus $1.35 (current price is over target).
If SUN meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.45, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 84.00 cents and EPS of 99.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.4, implying annual growth of 17.2%. Current consensus DPS estimate is 75.8, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 80.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.9, implying annual growth of 1.6%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SYD as Buy (1) -
Citi analysts think the company released some solid traffic numbers for the closing quarter of 2016. They believe upside risk is building for 2017, with upside risk for distributions.
Citi doesn't think investing in the Badgerys Creek airport is a genuine option. Buy rating retained. No changes made to forecasts.
Target price is $7.23 Current Price is $6.05 Difference: $1.18
If SYD meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $6.70, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 31.00 cents and EPS of 14.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 35.0%. Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 34.8. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 34.50 cents and EPS of 16.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.4, implying annual growth of 12.8%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 30.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TOX as Upgrade to Overweight from Equal-weight (1) -
Morgan Stanley forecasts Tox's earnings from resource sector construction will fall to less than 1% in FY18, from 43% in FY13. Higher margin production earnings will grow in FY18 driven by contract wins.
Tox is trading at a 35% discount to peers and has a history of rapid re-rates, Morgan Stanley points out. With earnings troughing, and the Daniels acquisition offering long term synergies, valuation and risk/reward are now attractive to the broker.
Upgrade to Overweight. Target rises to $3.00 from $2.65. Industry view: In-line.
Target price is $3.00 Current Price is $2.63 Difference: $0.37
If TOX meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 9.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.2, implying annual growth of 64.7%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 9.50 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 13.2%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VCX as Upgrade to Accumulate from Hold (2) -
Ord Minnett suggests the A-REIT sector retains all the necessary ingredients for attractive risk-adjusted returns. The main risk is an inflection point in the property cycle. Underperformance has potential to continue if long bond yields continue to rise.
Ord Minnett upgrades to Accumulate from Hold, mainly on valuation grounds. Target is $3.25.
Target price is $3.25 Current Price is $2.85 Difference: $0.4
If VCX meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.11, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 17.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.5, implying annual growth of -23.8%. Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 18.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.1, implying annual growth of 3.2%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WFD as Downgrade to Underperform from Outperform (5) -
Macquarie reviews the outlook ahead of the 2016 results. The broker expects operational earnings of US33.1c, below recently downgraded guidance of US33.7-34.0c.
Positive aspects to the investment thesis include the potential for a value-affirming restructure and material apartment earnings potential not yet factored into consensus.
The broker downgrades to Underperform from Outperform as the recent re-rating of the share price has compressed total returns and there is downside risk to the 2017 outlook. Target falls to $9.30 from $9.58.
Target price is $9.30 Current Price is $8.91 Difference: $0.39
If WFD meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $10.19, suggesting upside of 14.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 25.10 cents and EPS of 3.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.3, implying annual growth of -83.1%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 33.9. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 25.90 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of 33.1%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ALQ - | ALS LIMITED | Upgrade to Buy from Hold - Deutsche Bank | Overnight Price $6.05 |
| ASG - | AUTOSPORTS GROUP | Initiation of coverage with Outperform - Macquarie | Overnight Price $2.57 |
| BEN - | BENDIGO AND ADELAIDE BANK | Downgrade to Sell from Buy - Citi | Overnight Price $12.57 |
| BHP - | BHP BILLITON | Neutral - UBS | Overnight Price $26.35 |
| BOQ - | BANK OF QUEENSLAND | Buy - Citi | Overnight Price $11.90 |
| CIM - | CIMIC GROUP | Downgrade to Sell from Hold - Deutsche Bank | Overnight Price $34.37 |
| CQR - | CHARTER HALL RETAIL | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $4.15 |
| GMG - | GOODMAN GRP | Overweight - Morgan Stanley | Overnight Price $6.84 |
| GPT - | GPT | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $4.73 |
| IAG - | INSURANCE AUSTRALIA | Neutral - Citi | Overnight Price $5.96 |
| ISD - | ISENTIA | Outperform - Macquarie | Overnight Price $2.71 |
| MQA - | MACQUARIE ATLAS ROADS | Outperform - Macquarie | Overnight Price $4.93 |
| MRG - | MURRAY RIVER ORGANICS | Initiation of coverage with Add - Morgans | Overnight Price $0.00 |
| NSR - | NATIONAL STORAGE | Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $1.49 |
| ORL - | OROTONGROUP | Upgrade to Neutral from Sell - Citi | Overnight Price $1.82 |
| SCG - | SCENTRE GROUP | Downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $4.40 |
| SGR - | STAR ENTERTAINMENT | Buy - Citi | Overnight Price $4.88 |
| STO - | SANTOS | Buy - Citi | Overnight Price $4.06 |
| Underperform - Credit Suisse | Overnight Price $4.06 | ||
| Buy - Deutsche Bank | Overnight Price $4.06 | ||
| Outperform - Macquarie | Overnight Price $4.06 | ||
| Hold - Morgans | Overnight Price $4.06 | ||
| Hold - Ord Minnett | Overnight Price $4.06 | ||
| Neutral - UBS | Overnight Price $4.06 | ||
| SUN - | SUNCORP | Underweight - Morgan Stanley | Overnight Price $13.35 |
| SYD - | SYDNEY AIRPORT | Buy - Citi | Overnight Price $6.05 |
| TOX - | TOX FREE SOLUTIONS | Upgrade to Overweight from Equal-weight - Morgan Stanley | Overnight Price $2.63 |
| VCX - | VICINITY CENTRES | Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $2.85 |
| WFD - | WESTFIELD CORP | Downgrade to Underperform from Outperform - Macquarie | Overnight Price $8.91 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 13 |
| 2. Accumulate | 2 |
| 3. Hold | 9 |
| 5. Sell | 5 |
Monday 23 January 2017
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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
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should contact their personal adviser before making any investment decision.
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