Australian Broker Call
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December 05, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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
| AQG - | ALACER GOLD | Upgrade to Outperform from Neutral | Macquarie |
| GXY - | GALAXY RESOURCES | Downgrade to Neutral from Outperform | Macquarie |
| HUO - | HUON AQUACULTURE | Downgrade to Neutral from Outperform | Credit Suisse |
| NHC - | NEW HOPE CORP | Upgrade to Outperform from Neutral | Macquarie |
| ORE - | OROCOBRE | Downgrade to Neutral from Outperform | Macquarie |
| RRL - | REGIS RESOURCES | Downgrade to Neutral from Outperform | Macquarie |
| SFR - | SANDFIRE | Upgrade to Outperform from Neutral | Macquarie |
| WHC - | WHITEHAVEN COAL | Upgrade to Outperform from Neutral | Macquarie |
APT AFTERPAY TOUCH GROUP LIMITED
Business & Consumer Credit
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Overnight Price: $13.73
Ord Minnett rates APT as Buy (1) -
Ord Minnett is increasingly convinced about the global appeal of the company's product for both retailers and consumers alike. Strong demand in the US is continuing, exceeding initial expectations.
Moreover, a review from the Australians Securities and Investments Commission into the sector was overall positive for Afterpay Touch.
Ord Minnett notes FY19 earnings guidance for the US business, a loss of -$20m, is less than forecasts and incorporates UK numbers for the first time where a loss of -$10-14m is anticipated.
Ord Minnett maintains a Buy rating and reduces the target to $18 from $23.
Target price is $18.00 Current Price is $13.73 Difference: $4.27
If APT meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.90 cents. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 0.00 cents and EPS of 13.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.22
Macquarie rates AQG as Upgrade to Outperform from Neutral (1) -
Macquarie upgrades to Outperform from Neutral. Target is $2.70. The company's Copler sulphide project is approaching commercial production and recent additions to oxide resources and heap leaching capacity are expected to extend oxide gold production.
Target price is $2.70 Current Price is $2.22 Difference: $0.48
If AQG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.96, suggesting upside of 78.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 19.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.3, implying annual growth of N/A. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 67.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.99 cents and EPS of 2.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 839.4%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 7.2. |
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
ASB AUSTAL LIMITED
Commercial Services & Supplies
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Overnight Price: $1.89
Ord Minnett rates ASB as Accumulate (2) -
The company has been awarded two new contracts, a $97.7m commercial ferry contract with the government of Trinidad and Tobago and a further order from the US government for long lead-time materials, which implies the award of a contract to construct an expeditionary fast transport is likely.
This would be the 14th vessel constructed for the US Navy. Austal has more than 48 vessels either being built or in the design stage across shipyards in the US, Australia, the Philippines, Vietnam and China.
Ord Minnett maintains an Accumulate rating and $2.10 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.10 Current Price is $1.89 Difference: $0.21
If ASB meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 6.00 cents and EPS of 12.00 cents. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 6.00 cents and EPS of 13.00 cents. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.28
Macquarie rates AWC as Outperform (1) -
Macquarie reduces the price target to $2.70 from $3.50 because of near-term reductions to earnings estimates based on a downgraded outlook for the alumina price.
The broker acknowledges there exists significant upside in spot alumina price forecasts for 2020. Outperform.
Target price is $2.70 Current Price is $2.28 Difference: $0.42
If AWC meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.96, suggesting upside of 29.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 28.48 cents and EPS of 31.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of N/A. Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 13.2%. Current consensus EPS estimate suggests the PER is 6.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 29.67 cents and EPS of 32.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.8, implying annual growth of -13.1%. Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 13.6%. Current consensus EPS estimate suggests the PER is 7.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.96
Macquarie rates BSL as Outperform (1) -
The company has announced a new $250m buyback, expected to be completed by the end of June 2019. Macquarie considers the stock very cheap as it is trading on a prospective FY19 enterprise value/operating earnings ratio of 3.8x.
Macquarie updates forecasts to take in account the latest house view on commodity prices amid increases in assumptions for iron ore and metallurgical coal, which weigh on estimates for Australasia.
FY19 and FY20 estimates for earnings per share are revised down by -5.6% and -3.6% respectively. Outperform maintained. Target is reduced to $15.65 from $16.55.
Target price is $15.65 Current Price is $11.96 Difference: $3.69
If BSL meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $17.16, suggesting upside of 43.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 18.00 cents and EPS of 190.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 201.1, implying annual growth of 35.6%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 5.9. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 20.00 cents and EPS of 159.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 164.0, implying annual growth of -18.4%. Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 7.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.09
Macquarie rates FMG as Outperform (1) -
Macquarie flattens its iron ore price outlook for Fortescue Metals for the next five years to around US$45/t. This translates to increases in earnings forecasts in the near term, up 8% for FY19 and up 5% for FY20.
The broker maintains an Outperform rating and raises the target to $5.00 from $4.70.
Target price is $5.00 Current Price is $4.09 Difference: $0.91
If FMG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.67, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 43.91 cents and EPS of 72.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of N/A. Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 39.92 cents and EPS of 58.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.7, implying annual growth of -5.0%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GXY GALAXY RESOURCES LIMITED
New Battery Elements
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Overnight Price: $2.62
Macquarie rates GXY as Downgrade to Neutral from Outperform (3) -
Macquarie downgrades to Neutral from Outperform as a rally in the stock price has closed the upside on its target, which remains steady at $3.00.
Funds from the sale of Sal de Vida tenements will be used to advance the project while securing a development partner remains a key catalyst.
Target price is $3.00 Current Price is $2.62 Difference: $0.38
If GXY meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.42, suggesting upside of 30.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 3.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.5, 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 47.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 12.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.8, implying annual growth of 96.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.57
Credit Suisse rates HUO as Downgrade to Neutral from Outperform (3) -
Credit Suisse still considers the valuation undemanding and believes FY20 should deliver a strong performance as harvest volumes catch up with trend market growth.
Nevertheless, the stock has outperformed the market since August and the broker downgrades to Neutral from Outperform. Target price steady at $4.90.
Target price is $4.90 Current Price is $4.57 Difference: $0.33
If HUO meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 11.00 cents and EPS of 42.03 cents. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 13.00 cents and EPS of 50.03 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFL IOOF HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $7.01
Citi rates IFL as Buy (1) -
IOOF's AGM revealed the fund manager will put away a mere $10m in estimated remediation cost in the wake of the RC. No systemic issues were uncovered other than some fees-for-no-service. The broker thinks the market will find this hard to believe given the extent of other remediation provisions announced to date.
The risks of other possible ramifications, such as a ban on vertical integration, seem low, but the broker still assumes some changes to its platform will be needed post-RC. IOOF is optimistic about being able to complete its ANZ wealth management acquisition by March. The broker sees risks as priced in and retains Buy and an $8.65 target.
Target price is $8.65 Current Price is $7.01 Difference: $1.64
If IFL meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $9.37, suggesting upside of 33.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 60.00 cents and EPS of 62.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.2, implying annual growth of 147.0%. Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 66.00 cents and EPS of 70.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.6, implying annual growth of 12.9%. Current consensus DPS estimate is 58.2, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IFL as Outperform (1) -
The first part of the integration of the ANZ dealer group acquisition appears to be tracking in line with, or better than, expectations. Credit Suisse also observes the company has flexibility around its IT opportunities.
The broker envisages longer-term value in the stock although the uncertainty surrounding the Royal Commission will continue to overhang the near term. Outperform rating and $10 target maintained.
Target price is $10.00 Current Price is $7.01 Difference: $2.99
If IFL meets the Credit Suisse target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $9.37, suggesting upside of 33.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 55.00 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.2, implying annual growth of 147.0%. Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 65.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.6, implying annual growth of 12.9%. Current consensus DPS estimate is 58.2, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LVH LIVEHIRE LIMITED
Jobs & Skilled Labour Services
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Overnight Price: $0.48
Morgans rates LVH as Add (1) -
The company has won another significant client, taking the number of new clients for the half-year to 11. The account is a major national property developer. Morgans assumes continued strong growth in customer numbers and revenue.
Add rating maintained. Target is $0.92.
Target price is $0.92 Current Price is $0.48 Difference: $0.44
If LVH meets the Morgans target it will return approximately 92% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 5.10 cents. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 4.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.37
Macquarie rates NHC as Upgrade to Outperform from Neutral (1) -
Macquarie upgrades coal price forecasts which have driven a 5% increase to the price target for New Hope to $4.00 from $3.80. The broker upgrades to Outperform from Neutral.
Target price is $4.00 Current Price is $3.37 Difference: $0.63
If NHC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.82, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 24.40 cents and EPS of 60.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.8, implying annual growth of 176.7%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 6.8. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 16.30 cents and EPS of 32.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of -37.1%. Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 10.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.37
Macquarie rates ORE as Downgrade to Neutral from Outperform (3) -
Macquarie downgrades to Neutral from Outperform. Target is raised to $4.60 from $4.40.
Target price is $4.60 Current Price is $4.37 Difference: $0.23
If ORE meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.39, suggesting upside of 23.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 26.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.3, implying annual growth of 1863.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 26.8. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 12.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.3, 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 26.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.83
Macquarie rates OZL as Outperform (1) -
Macquarie reiterates a preference for Oz Minerals as a base metals stock. The broker upgrades earnings estimates to reflect the flattening outlook for the AUD/USD exchange rate. 2019 estimates rise 12%.
The broker upgrades the target to $11.90 from $11.60. Outperform maintained.
Target price is $11.90 Current Price is $8.83 Difference: $3.07
If OZL meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $10.71, suggesting upside of 21.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.00 cents and EPS of 81.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of -3.6%. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.00 cents and EPS of 63.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.7, implying annual growth of -23.6%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 15.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PNI PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $5.46
Macquarie rates PNI as Initiation of coverage with Outperform (1) -
The company consists of 12 investment affiliates managing $47.2bn across multiple asset classes. Macquarie believes this is an attractive destination for fund managers, supported by the distribution performance.
The business has demonstrated an ability to assist funds attracting retail flows, increasingly investing in resources to support international institutional investor and listed opportunities.
Macquarie initiates coverage with an Outperform rating and $6.62 target.
Target price is $6.62 Current Price is $5.46 Difference: $1.16
If PNI meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $7.03, suggesting upside of 28.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 15.90 cents and EPS of 17.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 23.1%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 31.0. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 23.00 cents and EPS of 26.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 40.9%. Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RDH REDHILL EDUCATION LIMITED
Education & Tuition
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Overnight Price: $2.45
Morgans rates RDH as Initiation of coverage with Add (1) -
Redhill Education provides international student agency services in Australia with access across five campuses. Morgans forecasts earnings growth of 19.2% over the next three years, primarily driven by the recent expansion of the Melbourne campus.
The segment remains fragmented and the broker believes there is significant room for organic expansion. Morgans initiates coverage with an Add rating and $3.20 target.
Target price is $3.20 Current Price is $2.45 Difference: $0.75
If RDH meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.00 cents and EPS of 13.00 cents. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 6.00 cents and EPS of 16.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.22
Citi rates RMD as Neutral (3) -
ResMed has acquired Propeller Health in the US, a digital therapeutics company providing connected health solutions for people with asthma and other conditions. The deal is expected to be slightly dilutive to earnings and will be funded out of existing credit, but no other details have been revealed. This is the fourth large digital acquisition ResMed has made in the past couple of years.
The broker is yet to make any changes to estimates. Neutral and $15.20 target retained.
Target price is $15.20 Current Price is $15.22 Difference: minus $0.02 (current price is over target).
If RMD meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.61, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 20.23 cents and EPS of 48.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.3, implying annual growth of N/A. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 22.36 cents and EPS of 56.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of 11.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.6. |
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 RMD as Outperform (1) -
The company has acquired Propeller Health for US$225m. Credit Suisse observes the acquisition provides a data platform for COPD, which was previously missing from its portfolio. This also broadens the customer base.
The broker does not expect significant earnings will be generated in the short term. Outperform rating maintained. Target is raised to $16.10 from $15.10.
Target price is $16.10 Current Price is $15.22 Difference: $0.88
If RMD meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $15.61, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.23 cents and EPS of 49.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.3, implying annual growth of N/A. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 22.09 cents and EPS of 55.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of 11.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.6. |
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 RMD as Buy (1) -
The company will acquire Propeller Health, which provides solutions for chronic obstructive pulmonary disease and asthma. Deutsche Bank believes the transaction makes sense strategically as it enables the company to become involved with the patient at an earlier stage.
The business is currently making a loss but the broker expects it to become profitable as R&D costs dissipate. Buy rating and US$122 target.
Current Price is $15.22. Target price not assessed.
Current consensus price target is $15.61, suggesting upside of 2.5% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 51.3, implying annual growth of N/A. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY20:
Current consensus EPS estimate is 57.3, implying annual growth of 11.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.6. |
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 RMD as Overweight (1) -
ResMed will acquire Propeller Health for US$225m. Propeller Health is a US-based privately held therapeutics company that provides digital connected care for patients with chronic obstructive pulmonary disease.
Morgan Stanley expects the acquisition should further develop the company's suite of COPD products. Overweight rating, In-Line industry view and $16.80 target maintained.
Target price is $16.80 Current Price is $15.22 Difference: $1.58
If RMD meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $15.61, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 19.59 cents and EPS of 49.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.3, implying annual growth of N/A. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 19.59 cents and EPS of 57.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of 11.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.6. |
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 RMD as Neutral (3) -
The company will acquire Propeller Health, a US provider of monitoring devices for those with COPD and asthma. The purchase price is US$225m, to be funded by debt.
UBS believes the transaction make strategic sense as it extends the company's connected health solutions.
The broker maintains a Neutral rating and raises the target to US$111 from US$107.
Current Price is $15.22. Target price not assessed.
Current consensus price target is $15.61, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 19.96 cents and EPS of 48.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.3, implying annual growth of N/A. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 21.03 cents and EPS of 52.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of 11.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.6. |
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
Overnight Price: $4.13
Macquarie rates RRL as Downgrade to Neutral from Outperform (3) -
Macquarie downgrades to Neutral from Outperform after a strong gain in the share price. The target is steady at $4.50.
Target price is $4.50 Current Price is $4.13 Difference: $0.37
If RRL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.18, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 14.00 cents and EPS of 33.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.5, implying annual growth of -9.0%. Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 16.00 cents and EPS of 42.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.1, implying annual growth of 21.0%. Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 10.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $18.26
Citi rates SEK as Sell (5) -
Seek's Australian job ads declined by -1% in November for the first year on year decline since 2014. The broker is concerned this could be the start of a cyclical downturn. The housing downturn is the primary source of decline, after years of strong growth up to 2017.
Job ads do traditionally fall off around the Christmas holiday period so perhaps this year has started earlier, the broker muses, but forecast earnings cuts follow to position the broker below guidance. Target falls to $16.50 from $16.90. Sell retained.
Target price is $16.50 Current Price is $18.26 Difference: minus $1.76 (current price is over target).
If SEK meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.45, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 45.00 cents and EPS of 57.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of 298.7%. Current consensus DPS estimate is 44.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.1. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 46.00 cents and EPS of 61.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 25.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.62
Macquarie rates SFR as Upgrade to Outperform from Neutral (1) -
Macquarie envisages an improved earnings outlook for Sandfire Resources and upgrades the target to $7.70 from $7.40.
The broker upgrades to Outperform from Neutral because of recent weakness in the shares against the copper price.
Target price is $7.70 Current Price is $6.62 Difference: $1.08
If SFR meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $7.48, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 24.00 cents and EPS of 64.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.6, implying annual growth of -5.5%. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 35.00 cents and EPS of 99.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 124.2, implying annual growth of 68.8%. Current consensus DPS estimate is 40.6, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 5.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.76
Morgan Stanley rates SGM as Reinstate Coverage with Overweight (1) -
Morgan Stanley reinstates coverage with an Overweight rating and $15 target. As underlying prices and volumes are improving there are structural opportunities that present over the longer term and the broker believes Sims Metal has its tactical and structural drivers aligned.
In the broker's opinion, while volatile markets and an opaque industry mean Sims Metal is often viewed as a trading stock, it currently presents a rare opportunity where short-term trading is coinciding with longer-term value.
Ferrous scrap prices appear to have troughed and there is improvement observed across all key markets. Volumes trended favourably across 2018, which is expected to aid profitability over FY19. Industry view is Cautious.
Target price is $15.00 Current Price is $10.76 Difference: $4.24
If SGM meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $14.29, suggesting upside of 32.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 53.00 cents and EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.5, implying annual growth of -9.9%. Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.0. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 53.00 cents and EPS of 107.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 105.8, implying annual growth of 8.5%. Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 10.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $22.56
Macquarie rates SHL as Neutral (3) -
Macquarie observes growth in Germany is subdued and there are challenges in that region as well as in the US because of reduced reimbursement. However the broker also considers the changes present opportunities for acquisitions.
Lower Australian collection centre rents also present possible additional upside. These aspects inform the broker's investment view, with revisions to estimates for earnings per share of -2% for FY19 and -4-5% for FY20-21.
Target is reduced to $24.30 from $27.20. Macquarie maintains a Neutral rating.
Target price is $24.30 Current Price is $22.56 Difference: $1.74
If SHL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $25.77, suggesting upside of 14.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 83.80 cents and EPS of 115.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 128.4, implying annual growth of 14.0%. Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 87.60 cents and EPS of 121.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 122.6, implying annual growth of -4.5%. Current consensus DPS estimate is 89.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SVW SEVEN GROUP HOLDINGS LIMITED
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Overnight Price: $15.28
Ord Minnett rates SVW as Accumulate (2) -
The company has revised earnings forecasts because of a reduction in estimates for Beach Energy ((BPT)), in which Seven Group holds a 25.6% stake.
Estimates for earnings per share are reduced by -6% in FY19 and by -8% in FY20. More generally, the broker believes the decline in the share price is overdone.
Ord Minnett maintains an Accumulate rating and reduces the target to $21.44 from $24.07.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $21.44 Current Price is $15.28 Difference: $6.16
If SVW meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $22.95, suggesting upside of 50.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 45.00 cents and EPS of 122.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 124.9, implying annual growth of -7.5%. Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 49.00 cents and EPS of 136.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 148.5, implying annual growth of 18.9%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 10.3. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.29
Credit Suisse rates TGR as Outperform (1) -
The company is enjoying positive growing conditions while market prices remain stable and high. Hence, Credit Suisse suggests strong FY19 earnings growth is likely.
Achieving on expectations would mean the seventh straight year of earnings growth at an average 12%. Outperform rating and $4.90 target maintained.
Target price is $4.90 Current Price is $4.29 Difference: $0.61
If TGR meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.64, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 18.86 cents and EPS of 32.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of -8.0%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 20.41 cents and EPS of 36.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of 8.0%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.35
Macquarie rates WHC as Upgrade to Outperform from Neutral (1) -
Macquarie upgrades coal price forecasts which have driven an 8% increase to the price target for Whitehaven Coal to $5.60 from $5.20. The broker upgrades to Outperform from Neutral.
Target price is $5.60 Current Price is $4.35 Difference: $1.25
If WHC meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $5.93, suggesting upside of 36.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 36.00 cents and EPS of 70.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 32.7%. Current consensus DPS estimate is 49.4, implying a prospective dividend yield of 11.4%. Current consensus EPS estimate suggests the PER is 6.2. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 14.00 cents and EPS of 28.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.9, implying annual growth of -39.2%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
| Company | Broker | New Target | Prev Target | Change | |
| APT | AFTERPAY TOUCH | Ord Minnett | 18.00 | 23.00 | -21.74% |
| AWC | ALUMINA | Macquarie | 2.70 | 3.50 | -22.86% |
| BSL | BLUESCOPE STEEL | Macquarie | 15.65 | 16.55 | -5.44% |
| CLQ | CLEAN TEQ HOLDINGS | Macquarie | 1.20 | 1.10 | 9.09% |
| FMG | FORTESCUE | Macquarie | 5.00 | 4.70 | 6.38% |
| IGO | INDEPENDENCE GROUP | Macquarie | 3.90 | 4.20 | -7.14% |
| ILU | ILUKA RESOURCES | Macquarie | 8.60 | 8.70 | -1.15% |
| MGX | MOUNT GIBSON IRON | Macquarie | 0.65 | 0.60 | 8.33% |
| NHC | NEW HOPE CORP | Macquarie | 4.00 | 3.80 | 5.26% |
| ORE | OROCOBRE | Macquarie | 4.60 | 4.40 | 4.55% |
| OZL | OZ MINERALS | Macquarie | 11.90 | 11.60 | 2.59% |
| RIO | RIO TINTO | Macquarie | 94.00 | 92.00 | 2.17% |
| RMD | RESMED | Credit Suisse | 16.10 | 15.10 | 6.62% |
| Morgan Stanley | 16.80 | N/A | - | ||
| S32 | SOUTH32 | Macquarie | 3.80 | 4.10 | -7.32% |
| SEK | SEEK | Citi | 16.50 | 16.90 | -2.37% |
| SFR | SANDFIRE | Macquarie | 7.70 | 7.40 | 4.05% |
| SGM | SIMS METAL MANAGEMENT | Morgan Stanley | 15.00 | 11.65 | 28.76% |
| SHL | SONIC HEALTHCARE | Macquarie | 24.30 | 27.20 | -10.66% |
| SVW | SEVEN GROUP | Ord Minnett | 21.44 | 24.07 | -10.93% |
| WHC | WHITEHAVEN COAL | Macquarie | 5.60 | 5.20 | 7.69% |
| WSA | WESTERN AREAS | Macquarie | 2.60 | 3.30 | -21.21% |
Summaries
| APT | AFTERPAY TOUCH | Buy - Ord Minnett | Overnight Price $13.73 |
| AQG | ALACER GOLD | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $2.22 |
| ASB | AUSTAL | Accumulate - Ord Minnett | Overnight Price $1.89 |
| AWC | ALUMINA | Outperform - Macquarie | Overnight Price $2.28 |
| BSL | BLUESCOPE STEEL | Outperform - Macquarie | Overnight Price $11.96 |
| FMG | FORTESCUE | Outperform - Macquarie | Overnight Price $4.09 |
| GXY | GALAXY RESOURCES | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $2.62 |
| HUO | HUON AQUACULTURE | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $4.57 |
| IFL | IOOF HOLDINGS | Buy - Citi | Overnight Price $7.01 |
| Outperform - Credit Suisse | Overnight Price $7.01 | ||
| LVH | LIVEHIRE | Add - Morgans | Overnight Price $0.48 |
| NHC | NEW HOPE CORP | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $3.37 |
| ORE | OROCOBRE | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $4.37 |
| OZL | OZ MINERALS | Outperform - Macquarie | Overnight Price $8.83 |
| PNI | PINNACLE INVESTMENT | Initiation of coverage with Outperform - Macquarie | Overnight Price $5.46 |
| RDH | REDHILL EDUCATION | Initiation of coverage with Add - Morgans | Overnight Price $2.45 |
| RMD | RESMED | Neutral - Citi | Overnight Price $15.22 |
| Outperform - Credit Suisse | Overnight Price $15.22 | ||
| Buy - Deutsche Bank | Overnight Price $15.22 | ||
| Overweight - Morgan Stanley | Overnight Price $15.22 | ||
| Neutral - UBS | Overnight Price $15.22 | ||
| RRL | REGIS RESOURCES | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $4.13 |
| SEK | SEEK | Sell - Citi | Overnight Price $18.26 |
| SFR | SANDFIRE | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $6.62 |
| SGM | SIMS METAL MANAGEMENT | Reinstate Coverage with Overweight - Morgan Stanley | Overnight Price $10.76 |
| SHL | SONIC HEALTHCARE | Neutral - Macquarie | Overnight Price $22.56 |
| SVW | SEVEN GROUP | Accumulate - Ord Minnett | Overnight Price $15.28 |
| TGR | TASSAL GROUP | Outperform - Credit Suisse | Overnight Price $4.29 |
| WHC | WHITEHAVEN COAL | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $4.35 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 19 |
| 2. Accumulate | 2 |
| 3. Hold | 7 |
| 5. Sell | 1 |
Wednesday 05 December 2018
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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