Australian Broker Call

Citi rates ACX as Buy (1) -

Citi analysts argue the outlook for the Aconex share price is now closely linked to investor confidence. To keep confidence up, the company must deliver on its growth potential.

For now, management has guided to medium term revenue growth of 20%+ and Citi analysts take the reiteration as a positive. Buy rating retained. Yesterday's official release of H1 financials had been preceded by a shock profit warning in January. Target falls to $4.74 from $4.95.

Target price is $4.74 Current Price is $3.50 Difference: $1.24
If ACX meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates ACX as Downgrade to Neutral from Outperform (3) -

First half results were were soft, but expected following the previous month's warning. Credit Suisse observes the company was roughly breaking even on an operating cash-flow basis.

The company has backed away from guidance for expanded margins. While the company has a good offering and a large addressable market, the broker expects concerns around growth and unproven unit economics will weigh.

Rating downgraded to Neutral from Outperform. Target is reduced to $3.50 from $3.75.

Target price is $3.50 Current Price is $3.50 Difference: $0
If ACX meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates ACX as Hold (3) -

Aconex's first half result were in line with the trading update provided in January. FY17 guidance was reaffirmed and management also outlined growth expectations of 20% over the medium to long term.

Deutsche Bank continues to be concerned over a lack of visibility from management, adding to existing concerns around poor operating leverage and inconsistent cash flows. While the company's products are world class, the pathway to achieving a globally dominant product with strong recurring earnings is still uncertain.

Hold rating and $4.50 target retained.

Target price is $4.50 Current Price is $3.50 Difference: $1
If ACX meets the Deutsche Bank target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ACX as Neutral (3) -

Aconex's first half results were ahead of the broker's estimates. ANZ revenue growth slowed to 6% and Europe and Africa were well below expectations following the Conject acquisition.

Management reaffirmed FY17 guidance for revenues of $160m to $165m and earnings of $15m to $18m. Macquarie has raised FY17 forecasts by 6.4% and reduced FY18 by -6.4%.

Neutral and $3.70 target retained.

Target price is $3.70 Current Price is $3.50 Difference: $0.2
If ACX meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates ACX as Overweight (1) -

Morgan Stanley infers from the first half results that, while reiterating FY17 guidance and the long-term 20% sales target, the company has stepped away from the 17-23% growth range for FY18 EBITDA.

The broker makes only minor changes to forecasts and believes the earnings power of the stock is clear as it is the leader in several markets. Overweight retained. Target is $4. Industry view: In-Line.

Target price is $4.00 Current Price is $3.50 Difference: $0.5
If ACX meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates ACX as Neutral (3) -

In a brief, first-glance response, the broker notes Aconex' result was in line with the recent profit warning but still disappointing, given ongoing declines in deferred revenue and weak cash flow.

Neutral and $3.40 target retained pending the conference call.

Target price is $3.40 Current Price is $3.50 Difference: minus $0.1 (current price is over target).
If ACX meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.97, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates AGI as Neutral (3) -

Ainsworth posted a -57% fall in profit, in line with guidance and the broker. No dividend was announced. FY guidance implies an immediate turnaround but while the broker has lifted forecasts, the numbers are still short.

The broker struggles to see more upside given declining ship share and an elevated cost base. Neutral retained. Target rises to $1.77 from $1.74.

Target price is $1.77 Current Price is $1.66 Difference: $0.11
If AGI meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates ALU as Buy (1) -

First half results were slightly below broker expectations. Management strongly reiterated its FY17 organic $100m revenue guidance, implying 14% second half growth.

Deutsche Bank has made minor changes to forecasts, with FY17 falling -4% and FY18 -3%.

Buy rating and $8.80 target retained.

Target price is $8.80 Current Price is $8.01 Difference: $0.79
If ALU meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.95, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates BHP as Neutral (3) -

Most of BHP's financial achievements proved slightly better than market expectations, including Citi's, though the analysts label it all as "in line". The 40c dividend was better, no discussion.

If there is a minus, it relates to the company's cost guidance, suggest the analysts. It turns out costs have increased at the operating level for iron ore and coal operations in Australia. This is predominantly due to the unfavourable movement in FX, explain the analysts.

Citi anticipates market consensus will pare back some of its expectations on the back of higher predicted costs. Target remains $28.50. Neutral rating retained.

Target price is $28.50 Current Price is $26.73 Difference: $1.77
If BHP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.85, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Credit Suisse rates BHP as Neutral (3) -

First half results were in line with expectations. Net debt was reduced in the half to $20.1bn, helped by favourable adjustments related to interest rates and FX movements.

Credit Suisse notes there is no material ramp up in capex in US onshore business. A re-start to Samarco is considered some way off.

Neutral rating and $26.50 target retained.

Target price is $26.50 Current Price is $26.73 Difference: minus $0.23 (current price is over target).
If BHP meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.85, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Deutsche Bank rates BHP as Hold (3) -

BHP's first half results were slightly better than the broker's expectations. The company's focus remains on debt reduction and progressing longer term growth options.

Management again highlighted a possible 60% to 70% increase in copper equivalent volumes between now and post FY25. Deutsche Bank continues to believe that BHP is a free cash flow story over the medium term.

Price target remains $24 and Hold rating retained.

Target price is $24.00 Current Price is $26.73 Difference: minus $2.73 (current price is over target).
If BHP meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.85, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Macquarie rates BHP as Outperform (1) -

BHP's strong first half result was broadly in line with the broker's estimates. Net debt was down to US$20bn and with gearing down to 24%, BHP raised its dividend.

Macquarie has made minor changes to forecasts, raising FY17 earnings by 2% but cutting FY18 and FY19 forecasts by -3% and -5% respectively, largely due to higher depreciation charges.

Outperform retained and target raised to $33.00 from $31.00.

Target price is $33.00 Current Price is $26.73 Difference: $6.27
If BHP meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $27.85, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Morgan Stanley rates BHP as Overweight (1) -

EBITDA in the first half was in line with expectations. Morgan Stanley notes the focus on costs and debt continues. Dividends beat forecasts.

Overweight rating, Attractive sector view and $30 target retained.

Target price is $30.00 Current Price is $26.73 Difference: $3.27
If BHP meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $27.85, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Morgans rates BHP as Hold (3) -

First half results were ahead of estimates, supported by the raw material divisions as the company capitalised on higher coal and iron ore prices. Morgans also notes margins and cash flow are substantially higher than a year ago.

Nevertheless, the broker notes coal prices are already moderating and an end to the upward move in spot iron ore could yield a fresh opportunity for investors to add to positions. Hold rating retained. Target is raised to $27.82 from $27.24.

Target price is $27.82 Current Price is $26.73 Difference: $1.09
If BHP meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $27.85, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Ord Minnett rates BHP as Hold (3) -

First half operating earnings were ahead of forecasts but Ord Minnett considers the beat of low quality, given the US$275m in cost credits related to Escondida.

The broker observes the company's financial health has improved but a Hold rating and $25 target are maintained, as more attractive investment options are found elsewhere in the sector.

Target price is $25.00 Current Price is $26.73 Difference: minus $1.73 (current price is over target).
If BHP meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.85, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates BHP as Neutral (3) -

BHP's result beat consensus as higher prices met lower costs. Escondida copper was the standout outperformer. Costs and capex will rise in the second half, the broker notes, on higher forex assumptions and maintenance at Olympic Dam.

Free cash flow at spot prices is now double what it was six months ago, but BHP remains cautious and retains a bias towards reducing debt. The broker sees further shareholder returns at the FY result, assuming commodity prices don't collapse in the meantime.

Neutral and $28 target retained.

Target price is $28.00 Current Price is $26.73 Difference: $1.27
If BHP meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $27.85, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Credit Suisse rates BKN as Neutral (3) -

First half results were pre-released. Credit Suisse notes acceptances for the Hitachi bid have increased to 16% and closure of the offer has been pushed back to a March 10 deadline.

The broker's forecasts are unchanged, with the results reflecting mixed conditions. Neutral and $3.25 target retained.

Target price is $3.25 Current Price is $3.24 Difference: $0.01
If BKN meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting downside of -16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates BKN as Hold (3) -

Bradken's first half results were in line with the broker's forecasts. Management expects FY17 earnings to be in line with FY16.

Deutsche Bank views the assets and market position of the company as highly attractive, despite the depressed earnings and high gearing. The broker finds it somewhat regrettable that the company is likely to be acquired when earnings have bottomed and investors will not get to participate in any cyclical recovery or restructuring.

Hold rating and target of $3.25 retained.

Target price is $3.25 Current Price is $3.24 Difference: $0.01
If BKN meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting downside of -16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CDP as Hold (3) -

First half funds from operations were in line with expectations. Guidance for growth of 2.5-3% for FY17 is also in line with Ord Minnett's estimates.

Scentre Group ((SCG)) has increased its stake to 53%. The broker is unsure whether it could affect a takeover without the asset potentially being pulled away by a third party. This could ultimately block any change in ownership and hinder Carindale from realising full value.

Hold retained. Target is reduced to $8.40 from $8.45.

Target price is $8.40 Current Price is $8.00 Difference: $0.4
If CDP meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CLH as Lighten (4) -

First half net profit missed forecasts. The company has reduced the top end of its FY17 guidance range and now expects net profit of $19.4-20.0m.

Ord Minnett remains cautious about the company's ability to achieve this guidance on a cash basis, given the circa 40% increase in profitability that is required in the second half.

Lighten rating retained. Target is reduced to $1.15 from $1.25.

Target price is $1.15 Current Price is $1.27 Difference: minus $0.12 (current price is over target).
If CLH meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates CSV as Equal-weight (3) -

First half results missed guidance provided at the AGM. Guidance for FY17 EBITDA is reduced to $30-36m. Morgan Stanley's estimates are at the bottom of the range and represent a -23% downgrade to prior forecasts.

The miss was caused by disappointing equipment sales, partly from a timing issue and sales execution. The broker assumes the company will trade on a single digit FY18 multiple for some time and the first catalyst will be delivery on guidance at the August result.

Equal-weight retained. Target is cut to 54c from 90c. In-Line sector view.

Target price is $0.54 Current Price is $0.46 Difference: $0.08
If CSV meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.50, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CTX as Buy (1) -

Management is working towards offsetting the pending loss from the Woolworths ((WOW)) petrol contract and the analysts note the market remains sceptical. Citi analysts are more positive about the company's growth outlook.

Part of Citi's confidence is based upon further cost out capacity, as well as ongoing M&A options. Target price drops to $35.72 from $36.33. Buy rating retained.

Target price is $35.72 Current Price is $30.13 Difference: $5.59
If CTX meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $33.78, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates CTX as Outperform (1) -

2016 net profit was ahead of guidance but Credit Suisse notes it included unfavourable supply & marketing externalities of around $29m.

The broker makes no changes to forecasts and the results do little to change its view that the stock remains cheap. Outperform retained. Target is $39.70.

Target price is $39.70 Current Price is $30.13 Difference: $9.57
If CTX meets the Credit Suisse target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $33.78, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates CTX as Buy (1) -

Caltex's 2016 result was slightly above the broker's expectations, mainly due to a stronger end of the year in refining.

Deutsche Bank expects a return to earnings growth in 2017, as refiner margins will now cycle much easier comparables and the impact of the loss of Woolworth ((WOW)) volumes fades. Robust marketing growth is expected to continue, aided by the Gull NZ and Milemaker acquisitions.

Price target rises to $35.30 from $35.00 and Hold retained.

Target price is $35.30 Current Price is $30.13 Difference: $5.17
If CTX meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $33.78, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CTX as Outperform (1) -

Caltex's first half results were in line with the broker's expectations. Caltex is considering another restructuring program to offset the FY18 earnings gap, caused by the flow on effect of the termination of the Woolworth ((WOW)) contract.

Macquarie has reduced FY17 forecasts by -2.5% and FY18 by -4.8%. Outperform retained and target falls to $32.65 from $33.50.

Target price is $32.65 Current Price is $30.13 Difference: $2.52
If CTX meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $33.78, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates CTX as Equal-weight (3) -

2016 results were slightly above guidance. The dividend equates to just under a 3.5% yield which Morgan Stanley expects to provide support.

The broker remains cautious about margins in marketing & supply and the potential impact from the loss of the Woolworths ((WOW)) volumes.

Equal-weight rating retained. In-Line industry view. Target is $32.60.

Target price is $32.60 Current Price is $30.13 Difference: $2.47
If CTX meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $33.78, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CTX as Lighten (4) -

2016 refining and corporate earnings were in line with expectations. Net profit of $524.3m was above the guidance range. Ord Minnett finds valuation support lacking and retains a Lighten rating.

The broker would be more constructive at a lower share price that provides valuation upside for the existing business and incorporates more of the downside risk from the increasingly likely loss of the Woolworths ((WOW))) petrol volumes. Target is raised to $27.50 from $27.00.

Target price is $27.50 Current Price is $30.13 Difference: minus $2.63 (current price is over target).
If CTX meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.78, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates CTX as Buy (1) -

Caltex' result came in ahead of guidance. Dominating the presentation was the impact of BP's acquisition of Woolworths' ((WOW)) fuel business.

Management is working hard to offset the earnings impact and has made a couple of acquisitions, the broker notes, but there was no clarity provided on just what that earnings impact might be.

The broker does not see the impact hitting until 2019 and is prepared to back management in securing sufficient growth opportunities in the meantime. Buy retained. Target falls to $33.00 from $33.80.

Target price is $33.00 Current Price is $30.13 Difference: $2.87
If CTX meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $33.78, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates FBU as Overweight (1) -

First half EBIT missed expectations but applying FY16 seasonality still implies EBIT at the top end of the full year NZ$720-760m guidance range.

Morgan Stanley finds little reason to change second half forecasts. Construction weakness in the first half was driven by the timing of earnings recognition for major projects and the bid costs incurred.

Morgan Stanley retains an Overweight rating and In-Line industry view. Target is $11.73.

Target price is $11.73 Current Price is $9.47 Difference: $2.26
If FBU meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $11.73, suggesting upside of 30.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

This company reports in NZD. 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 FXL as Buy (1) -

Yesterday's interim report release contained something for the bears and the bulls, point out analysts at Citi. They've kept their Buy rating intact.

The analysts note management reiterated its FY17 Cash NPAT guidance of $90m-$97m. Estimates have been raised. This turnaround story is not without its challenges, the analysts admit. Target $2.75 (was $2.66).

Target price is $2.75 Current Price is $2.27 Difference: $0.48
If FXL meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates FXL as Outperform (1) -

First half results were in line with expectations. Credit Suisse was unenthused by the re-basing of the dividend pay-out ratio to provide capital support for the Australian cards business.

FY17 guidance is reiterated. The broker still believes the current growth rate is at a low and on that basis the stock appears cheap. Outperform retained. Target is steady at $2.70.

Target price is $2.70 Current Price is $2.27 Difference: $0.43
If FXL meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates FXL as Buy (1) -

FlexiGroup's first half results were in line with the broker's expectations. The company has cut the interim dividend sharply, declaring a 3.85cps dividend, and rebased the payout ratio to 30% to 40% of cash NPAT.

Management expects rapid growth in the cards business which will require additional cash support to fund, hence the cut in ratio. Deutsche Bank has reduced FY17 earnings forecasts by -3% and FY18 by -4%.

Buy rating and $2.70 target retained.

Target price is $2.70 Current Price is $2.27 Difference: $0.43
If FXL meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates FXL as Neutral (3) -

First half results were slightly better than the broker had expected. The 3.85cps dividend was well below Macquarie's forecast, due to a change in dividend pay out policy.

FY17 guidance was reaffirmed and management expects cash NPAT of between $90m and $97m. Macquarie has reduced earnings forecasts by -2%.

Neutral rating retained and target raised to $2.29 from $2.28.

Target price is $2.29 Current Price is $2.27 Difference: $0.02
If FXL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates FXL as Add (1) -

First half results were slightly better than expected. FY17 guidance for cash net profit from continuing business was reiterated at $90-97m.

FY18 volume and earnings growth targets were not re-affirmed but Morgans believes a return to growth into FY18 is readily achievable.

Add retained. Target is raised to $2.73 from $2.70.

Target price is $2.73 Current Price is $2.27 Difference: $0.46
If FXL meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates FXL as Neutral (3) -

It was a mixed result from FlexiGroup, the broker suggests, given profit came in ahead but the dividend missed on a lower payout ratio. FY guidance has been maintained, including the cost of investment to reinvigorate growth in the portfolio.

The Flight Centre ((FLT)) deal is posting solid results but a target of double-digit profit growth in FY18 is a stretch given a significant step-up required in Certegy, NZ cards and Aust leasing, the broker warns. Neutral and $2.25 target retained.

Target price is $2.25 Current Price is $2.27 Difference: minus $0.02 (current price is over target).
If FXL meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates GDF as Add (1) -

First half results were in line with expectations and FY17 distribution guidance is reiterated. Morgans notes there are no current FY17 expiries and the focus is on FY18.

Add rating retained. Target is raised to $1.17 from $1.13.

Target price is $1.17 Current Price is $1.08 Difference: $0.09
If GDF meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates GOZ as Neutral (3) -

Growthpoint's first half results were slightly better than the broker's estimates. FY17 guidance was reiterated, but Macquarie believes the second half will be softer due to asset sales and DRP dilution.

Macquarie has raised FY17 forecasts by 0.6%. FY18 and FY19 forecasts have been reduced by -4%, reflecting further expected asset sales.

Target price drops to $3.05 from $3.31 and Neutral retained.

Target price is $3.05 Current Price is $3.17 Difference: minus $0.12 (current price is over target).
If GOZ meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates GOZ as Neutral (3) -

Growthpoint's earnings and dividend beat the broker, aided by acquisitions and leasing success. The fund is looking to increase exposure to Syd/Melb but then so is everyone else, the broker notes.

On a 6.7% yield with low leasing risk the REIT looks attractive. But given an 18% premium to net tangible assets the broker prefers other small cap REITs. Neutral and $3.07 target retained.

Target price is $3.07 Current Price is $3.17 Difference: minus $0.1 (current price is over target).
If GOZ meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates GXL as Sell (5) -

Greencross's first half results were below the broker's expectations, mainly due to a miss in the vet business. Management expects FY17 underlying earnings growth similar to FY16, implying NPAT growth of 10%.

Deutsche Bank has lowered FY17 forecasts by -3% and FY18 by -2%. Sell rating and $6.30 price target retained.

Target price is $6.30 Current Price is $7.08 Difference: minus $0.78 (current price is over target).
If GXL meets the Deutsche Bank target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.10, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates GXL as Neutral (3) -

Greencross' first half results were slightly better than the broker's forecasts. Both the vet and retail sides of the business appear to be performing well, in Macquarie's opinion.

The group has made a good start to the second half, maintaining like for like sales momentum. FY17 guidance for earnings growth at similar levels to FY16 was reiterated.

Neutral and $7.50 target retained.

Target price is $7.50 Current Price is $7.08 Difference: $0.42
If GXL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.10, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates GXL as Neutral (3) -

Greencross' result was reasonable, the broker suggests, but a long way off those of the high growth years of the past. The defensiveness of the business was evident. Cash flow was strong but margins continue to slip.

Part of the issue stems from funding new in-store vet clinics, the broker notes, which should start to pay off from FY19. The foundations are in place to double the network but for now, Neutral retained. Target falls to $7.50 from $7.80.

Target price is $7.50 Current Price is $7.08 Difference: $0.42
If GXL meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.10, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates IDR as Hold (3) -

First half results revealed strong growth in rental income. FY17 guidance has been re-affirmed and management has flagged a skew in free funds from operations to the first half because of the receipt of a lease break fee and lease expiries.

Morgans observes near-term catalysts include corporate activity and positive news on leasing deals. Target is raised to $2.16 from $2.15. Hold rating retained.

Target price is $2.16 Current Price is $2.07 Difference: $0.09
If IDR meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates IDT as Add (1) -

The first half loss from continuing operations was weaker than expected. The reported net profit of $11.7m reflected the disposal profit of $14.4m relating to the sale of the CMAX facility.

Morgans believes the sale of that business will simplify the model and provide additional room to focus on the commercialisation of its generics portfolio. The broker retains an Add rating and lowers the target to 26c from 38c.

Target price is $0.26 Current Price is $0.16 Difference: $0.1
If IDT meets the Morgans target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates IGO as Neutral (3) -

Independence Group's financial release was overshadowed by a six weeks delay at the Nova operation. Citi analysts point out production guidance could halve. A new schedule will be released in April.

Guidance for the other three operations has been maintained. Citi analysts highlight a capital raise is not expected as cash and loan facilities should be sufficient. Neutral rating remains in place. Target $4.54 (-1c).

The analysts have now also incorporated higher price forecasts for copper into their modeling.

Target price is $4.54 Current Price is $3.95 Difference: $0.59
If IGO meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates IGO as Outperform (1) -

First half results were in line with the broker's estimates, having been previously flagged. FY17 guidance for Long, Tropicana and Jaguar was unchanged.

Credit Suisse has revised FY17 forecasts as it assumes Nova full ramp up rates will not be achieved until the end of the September quarter of 2017. FY17 forecasts are reduced by -10% and FY18 by -7%.

Outperform rating retained and target reduced to $4.30 from $4.40.

Target price is $4.30 Current Price is $3.95 Difference: $0.35
If IGO meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates IGO as Sell (5) -

The group's first half results were no surprise to the broker, having been pre-released. The company has a net debt position of $87m, with only $50m left to spend on Nova.

Management has indicated Nova will miss FY17 guidance by as much as 50%, and although this is a short term issue, the broker fails to see exactly where IGO has created value since acquiring Nova.

Price target climbs to $3.80 from $3.70 and Sell rating retained.

Target price is $3.80 Current Price is $3.95 Difference: minus $0.15 (current price is over target).
If IGO meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.09, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates IGO as Neutral (3) -

First half results were in line with the broker's forecasts, but were overshadowed by a production guidance cut at Nova. Delays in ramping up underground development are expected to result in a material cut to FY17 guidance.

Macquarie has cut Nova production forecasts by -50% for FY17 and -13% for FY18. Earnings forecasts have also been cut, to reflect the production changes, with FY17 falling -14% and FY18 -11%.

Neutral rating maintained and target reduced to $4.00 from $4.30.

Target price is $4.00 Current Price is $3.95 Difference: $0.05
If IGO meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates IGO as Neutral (3) -

Independence had pre-reported so the focus of attention yesterday was on an announced delay to the timing of nameplate production at Nova due to slower than expected mining rates. The contractor has thrown more workers at the job so rates have now picked up, the broker notes.

The broker retains Neutral, weighing up the balance of an expectation of the company reaching net cash by mid-2018 against nickel and gold price volatility risk. Target falls to $4.17 from $4.26.

Target price is $4.17 Current Price is $3.95 Difference: $0.22
If IGO meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates INA as Add (1) -

First half operating earnings were broadly in line with expectations. The company has guided to FY17 EBITDA of $30m and upgraded new home settlement numbers to 190.

Morgans increases forecasts for FY17 earnings per unit by 2.8% and believes further asset divestments present a key catalyst for the future.

Add rating retained.Target is reduced to $2.94 from $3.03.

Target price is $2.94 Current Price is $2.65 Difference: $0.29
If INA meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates KSC as Hold (3) -

K&S Corp's first half results were in line with the broker's estimates. The result was driven by improved east coast operations and K&S fuel and aviation transport, while resources revenue continued to decline.

Gearing remains high at 34.8% in the first half, relative to the target of 25%, while net debt remained flat on the pcp. Deutsche Bank believes the trend will continue into FY17 given weak resources contribution and slowing growth in other east coast businesses.

Hold rating is retained and target is raised to $1.50 from $1.30.

Target price is $1.50 Current Price is $1.56 Difference: minus $0.055 (current price is over target).
If KSC meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates LGD as Hold (3) -

There were no surprises in the first half results as one-offs and impairments were flagged in the January update. Morgans observes trading conditions appear subdued for the short term.

Recent cost controls and operating efficiencies are expected to improve margins. Hold rating retained. Target is 22c.

Target price is $0.22 Current Price is $0.22 Difference: $0.005
If LGD meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates LHC as Buy (1) -

Life Healthcare's first half FY17 result was a repeat of the first half FY16, the broker notes, in which strong revenues failed to translate into earnings growth, and thus fell short of the broker. FY guidance is unchanged, which the broker sees as plausible.

Despite the challenges the broker believes the stock is undervalued against key reference metrics. Buy retained. Target falls to $2.60 from $2.70.

Target price is $2.60 Current Price is $2.42 Difference: $0.18
If LHC meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates MND as Sell (5) -

Reported interim financials were broadly in-line, with the analysts pointing at cash flows as being the result's stand-out feature. The analysts comment high quality cash generation is one of this company's key attractions and 1H17 proved no exception.

Estimates have been lifted. Citi analysts observe markets are looking healthier and company guidance was more positive than it has been for some time. The share price looks bloated, which is why the rating remains on Sell, but Citi analysts acknowledge this doesn't mean the share price is about to come down. Target $11 (was $9.80).

Target price is $11.00 Current Price is $13.16 Difference: minus $2.16 (current price is over target).
If MND meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.77, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates MND as Sell (5) -

First half results were mostly in line with the broker's expectations, although the company achieved better than expected cash flows and net cash positions. Second half revenue guidance was ahead of Deutsche Bank's previous forecasts.

The broker has reduced E&C revenues but increased MIS revenues. Tax rate adjustments and minor changes to working capital have resulted in a 1% to 2% increase in Deutsche Bank's FY17 to FY21 EPS forecasts.

Sell rating maintained and target raised to $8.90 from $8.28.

Target price is $8.90 Current Price is $13.16 Difference: minus $4.26 (current price is over target).
If MND meets the Deutsche Bank target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.77, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates MND as Underperform (5) -

Monadelphous reported results in line with the broker's expectations. The company expects flat sequential revenue in the second half, noting business activity levels have stabilised.

The company is stepping up its acquisition drive, potentially in the civil engineering sector, to offset its overweight position in the resources and oil & gas sector. Macquarie has cut FY18 forecasts by -2% and FY19 by -4% to account for a prolonged margin downturn and weaker base revenue.

Underperform retained and target raised to $10.81 from $8.69.

Target price is $10.81 Current Price is $13.16 Difference: minus $2.35 (current price is over target).
If MND meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.77, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates MND as Underweight (5) -

First half results were in line with guidance. Although conditions appear to be stabilising, Morgan Stanley anticipates a material fall in profitability as E&C revenue unwinds.

The mix shift towards maintenance and the competitive bidding environment are expected to continue to dilute margins through FY18.

An Underweight rating and Cautious sector view are maintained. Target is raised to $7.04 from $5.57.

Target price is $7.04 Current Price is $13.16 Difference: minus $6.12 (current price is over target).
If MND meets the Morgan Stanley target it will return approximately minus 47% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.77, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates MND as Hold (3) -

First half results were broadly in line. Morgans notes market conditions remain difficult with pressure on revenue and margins, particularly in engineering and construction. This is somewhat offset by maintenance and industrial services.

The broker continues to suspect the company will struggle with a transition to infrastructure from oil & gas work over the next 12 months without an acquisition.

Hold rating retained. Target is raised to $10.95 from $7.93.

Target price is $10.95 Current Price is $13.16 Difference: minus $2.21 (current price is over target).
If MND meets the Morgans target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.77, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates MND as Sell (5) -

As it turned out, the substantial drop in profit was not as bad as feared. Guidance is also better than expected, featuring flat revenues on stabilisation in the resource sector. The broker had assumed another 12 months of weakness.

The broker sees the cycle as having bottomed but unlike the market, as is apparent in the share price, does not anticipate significant growth in the next cycle. Forecasts upgraded but Sell retained. Target rises to $9.90 from $8.18.

Target price is $9.90 Current Price is $13.16 Difference: minus $3.26 (current price is over target).
If MND meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.77, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates MP1 as Add (1) -

First half Asia Pacific revenue was up 50% and now accounts for 53% of revenue. Sale continues to build and Morgans notes margin expansion is evident. Europe accounted for 42% of revenue and continues to generate profits.

Morgans believes the foundations are now in place and operating costs stabilised so the focus can move to selling. Add maintained. Target slips to $2.76 from $2.81.

Target price is $2.76 Current Price is $2.20 Difference: $0.56
If MP1 meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates NST as Hold (3) -

First half results were ahead of the broker's expectations, and included a $20m gain from the sale of Plutonic.

Deutsche Bank has raised underlying FY17 earnings forecasts by 6% to reflect the strong first half.

The broker retains a Hold rating and $4.10 target.

Target price is $4.10 Current Price is $4.31 Difference: minus $0.21 (current price is over target).
If NST meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.51, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates OSH as Neutral (3) -

Underlying, the FY16 report slightly missed at the bottom line due to higher D&A. Citi analytss point out 3 train expansion in PNG requires positive results from ongoing appraisal at Muruk or other resources.

Citi analysts share the view that cost-out at PNG LNG has by now largely run its course. However, they implore investors should keep in mind the JV has a good track record of realising the lower end of opex guidance. Neutral. Target $7.19 (was $7.03).

On the analysts' calculations, a successful third train will add $1 to the stock's value.

Target price is $7.19 Current Price is $6.92 Difference: $0.27
If OSH meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Credit Suisse rates OSH as Outperform (1) -

Oil Search's 2016 results were in line with the broker's estimates. Underlying NPAT was above Credit Suisse's forecast as was the US2.5c dividend.

The strong result sees the broker upgrade earnings forecasts, raising CY17 by 5% and CY18 by 8%.

Outperform rating and $7.25 target retained.

Target price is $7.25 Current Price is $6.92 Difference: $0.33
If OSH meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Deutsche Bank rates OSH as Buy (1) -

Oil Search's 2016 results were broadly in line with the broker's forecasts. Deutsche Bank saw nothing in the results to change its view that Oil Search is primed to benefit from the expansion of the legacy PNG LNG project.

Project reserves increased 50% on a 1P basis and 12% on a 2P basis. Production guidance for 2017 remains unchanged.

Buy rating retained and target rises to $8.60 from $8.40.

Target price is $8.60 Current Price is $6.92 Difference: $1.68
If OSH meets the Deutsche Bank target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Macquarie rates OSH as Outperform (1) -

Oil Search's 2016 results were ahead of the broker's expectations. The US2.5c dividend was above expectations and represents a 50% pay out ratio, the high end of company's policy.

The CY17 cost guidance of US$8.50-10.50boe is expected to be higher than 2016 and above Macquarie's estimate. CY17 and CY18 forecasts have been cut by -7% and -3% as a result of higher opex and expenditure.

Outperform retained and target raised to $7.70 from $7.60.

Target price is $7.70 Current Price is $6.92 Difference: $0.78
If OSH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Morgan Stanley rates OSH as Equal-weight (3) -

2016 results were in line with expectations. Morgan Stanley believes clarity on the timeline for expansion is required to drive the stock higher.

The long-term growth story is intact and at some point the broker believes the company will outperform peers.

Morgan Stanley reduces the target to $8.19 from $8.43. Equal-weight rating and In-Line sector view retained.

Target price is $8.19 Current Price is $6.92 Difference: $1.27
If OSH meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Morgans rates OSH as Add (1) -

2016 results were broadly in line with expectations. Morgans considers the stock materially undervalued. PNG LNG is operating well above nameplate.

The broker believes the largest potential value kick for the company, which is not currently priced in, is the tying together of its two flagship LNG projects. Co-operation between PNG LNG and Elk/Antelope has been brought forward as a possibility as a Yukon court has approved Exxon's acquisition of InterOil.

Morgans maintains an Add rating. Target slips to $9.70 from $9.71.

Target price is $9.70 Current Price is $6.92 Difference: $2.78
If OSH meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Ord Minnett rates OSH as Accumulate (2) -

2016 operating earnings were in line with expectations. Ord Minnett found the 2017 guidance on the soft side, with management expecting both production costs and capital expenditure to rise.

Nevertheless, the broker believes the company has interests in low-cost projects which offer substantial growth and there is significant corporate appeal.

Ord Minnett's Accumulate rating is retained. Target is reduced to $8.15 from $8.40.

Target price is $8.15 Current Price is $6.92 Difference: $1.23
If OSH meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

UBS rates OSH as Neutral (3) -

Oil Search's underlying earnings were broadly in line with the broker. The PNG LNG gas resource is expected to increase "significantly", the company said, and de-bottlenecking plans mean increased production guidance.

The offset is higher costs and a large increase in capex to fund the Muruk evaluation, which so far looks promising. While the broker likes the expansion story, it could still be six years before first expansion gas is produced. Neutral retained. Target falls to $7.65 from $7.75.

Target price is $7.65 Current Price is $6.92 Difference: $0.73
If OSH meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.05, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Morgans rates OTW as Add (1) -

First half results were in line with expectations. Costs were higher than Morgans forecast. A maiden interim dividend of 0.75c was declared. The company is confident in achieving stated growth targets.

Morgans increases revenue forecasts, but also cost forecasts as the company invests for growth. Hence, FY17 and FY18 forecasts for earnings per share are reduced by around  -10%. The broker retains an Add rating. Target is reduced to $2.99 from $3.03.

Target price is $2.99 Current Price is $2.60 Difference: $0.39
If OTW meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates PLG as Accumulate (2) -

Relative to prospectus, first half distributable earnings suggest to Ord Minnett that the company is ahead on net operating income after making progress on the leasing front.

The company is slightly behind on its acquisition growth target in the funds business but the broker believes this can be addressed with a large deal or two.

Accumulate rating and $1.00 target retained.

Target price is $1.00 Current Price is $0.81 Difference: $0.195
If PLG meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates PRU as Outperform (1) -

Revised Edikan gold reserves are essentially flat, Credit Suisse observes. The broker wants to look at the revised mine plan and associated strip ratios to assess the economic impact of the revision.

Credit Suisse retains an Outperform rating and $0.85 target.

Target price is $0.85 Current Price is $0.33 Difference: $0.525
If PRU meets the Credit Suisse target it will return approximately 162% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 57.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates RRL as Buy (1) -

Net profits in H1 seem to have missed the mark but Citi analysts comment the miss is related to the timing of gold sales. Overall, the result is labeled "strong", assisted by sub-A$1000/oz gold production at Duketon.

Regis Resources is likely to accumulate excess cash from here onwards. Citi analysts suggest. Unless management finds an alternative means for spending the cash, shareholders might be extra rewarded. DPS estimates have received a boost. Target lifts to $3.85 (was $3.48). Buy rating retained.

Target price is $3.85 Current Price is $3.50 Difference: $0.35
If RRL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates RRL as Neutral (3) -

First half net profit was ahead of Credit Suisse expectations. The beat reflected a material reduction in depreciation expense.

FY17 guidance is maintained for 300-330,000 ozs. Neutral rating and $2.80 price target unchanged.

Target price is $2.80 Current Price is $3.50 Difference: minus $0.7 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.28, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates RRL as Sell (5) -

Interim EBITDA was ahead of forecasts because of lower-than-expected operating costs. Deutsche Bank continues to find the stock compelling as an ASX gold exposure with good cash flow and dividends.

Nevertheless, as the stock is trading 20% above valuation a Sell rating is retained. Target is $2.80.

Target price is $2.80 Current Price is $3.50 Difference: minus $0.7 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.28, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates RRL as Neutral (3) -

Regis Resources' first half results were better than Macquarie had expected, mainly due to operating costs being lower than the broker's estimate.

A drill program at Rosemount South has returned encouraging results outside the current reserve. Macquarie has increased its FY17 earnings forecast by 9% following the strong first half.

Neutral rating and $3.00 target price are maintained.

Target price is $3.00 Current Price is $3.50 Difference: minus $0.5 (current price is over target).
If RRL meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.28, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates RRL as Hold (3) -

There were no surprises for Morgans in the first half result. Lower gold production was offset by an increase in the realised gold price and reduced costs.

The stock offers debt-free gold exposure with an above-average dividend but in lieu of significant exploration results or a lift in gold prices, the broker envisages little upside risk.

Target is $3.30. Hold retained.

Target price is $3.30 Current Price is $3.50 Difference: minus $0.2 (current price is over target).
If RRL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.28, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates RRL as Accumulate (2) -

First half earnings beat expectations. The dividend was 40% above forecasts.

The stock remains Ord Minnett's preferred ASX gold exposure, given compelling dividend yields of 4-5% for the next three years and a pipeline of organic growth options.

Accumulate retained. Target is $4.00.

Target price is $4.00 Current Price is $3.50 Difference: $0.5
If RRL meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates RRL as Neutral (3) -

The broker saw a solid, clean and in-line result from Regis Resources. The dividend was in line and FY guidance has been maintained.

The broker continues to watch progress on the McPhillamys project. Neutral and $3.44 target retained.

Target price is $3.44 Current Price is $3.50 Difference: minus $0.06 (current price is over target).
If RRL meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.28, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates SAR as Neutral (3) -

Saracen's first half results doubled on the pcp, but still fell short of expectations for the broker. The company has also increased its cost guidance for the second half as it manages near-term production outlook of Thunderbox.

An additional $16m capital has been allocated to support a 5 year plan and an additional $6m in the second half to develop Kailis earlier than planned to provide high grade feed to the Thunderbox mill.

Taking into account the first half result and changes to mining assumptions at Thunderbox, Macquarie has cut FY17 earnings forecasts by -18%. Neutral and a $1.10 target are retained.

Target price is $1.10 Current Price is $1.23 Difference: minus $0.13 (current price is over target).
If SAR meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates SBM as Outperform (1) -

First half net profit was stronger than expected. Credit Suisse observes capital management will now compete with growth options, and scale sustainability is a near-term imperative.

Simberi was impaired by -$27.3m but the impact reversed by FX gains and tax credits. Outperform and $2.60 target retained.

Target price is $2.60 Current Price is $2.83 Difference: minus $0.23 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.87, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SCG as Neutral (3) -

Citi analysts found free funds from operations (FFO) in H1 in line. FY17 guidance for 4.25% growth was 1% better than what the analysts had penciled in.

The shares are seen as trading in line with valuation. Target drops -1% to $4.36. Neutral rating retained.

Target price is $4.36 Current Price is $4.45 Difference: minus $0.09 (current price is over target).
If SCG 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 $4.68, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates SCG as Underperform (5) -

Scentre's 2016 results were in line with the broker's expectations. 2017 guidance was in line with Macquarie's estimate, with Scentre providing growth guidance of 4.25%, implying FFO of 24.3cps.

Macquarie has made minor changes to future forecasts, lowering CY17 by -0.1% and raising CY18 by 0.2%.

Underperform retained and target raised to $4.52 from $4.51.

Target price is $4.52 Current Price is $4.45 Difference: $0.07
If SCG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates SCG as Overweight (1) -

FY17 guidance of 4.25% growth in free funds from operations makes Morgan Stanley confident that the company can continue to deliver in a difficult retail environment.

The move to a lower pay-out level signals greater visibility and confidence in the development pipeline. Overweight retained. Target unchanged at $4.40. Industry view: Cautious.

Target price is $4.40 Current Price is $4.45 Difference: minus $0.05 (current price is over target).
If SCG meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.68, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates SCG as Accumulate (2) -

2016 funds from operations were in line with forecasts. Guidance for 2017 is for growth of 4.25%.

Ord Minnett notes sales are moderating from high levels while re-leasing spreads are improving, albeit still negative. Net operating income growth is modestly increasing.

Accumulate rating and $4.80 target retained.

Target price is $4.80 Current Price is $4.45 Difference: $0.35
If SCG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SCG as Neutral (3) -

Scentre's funds from operations were in line with the broker and specialty sales growth in most centres underscores portfolio quality. The distribution is nevertheless soft, the broker suggests, as management reviews its payout ratio.

Retailing remains a difficult sector thus despite portfolio quality and a solid development pipeline, and with uncertainty over distributions, the broker retains Neutral. Target falls to $4.67 from $4.73.

Target price is $4.67 Current Price is $4.45 Difference: $0.22
If SCG meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SEK as Neutral (3) -

The key headwind for Seek, explain Citi analysts, remains rising costs. This is even more exacerbated since challenging economic conditions in key geographies keep a lid on top line growth.

At the same time, new investments made are longer term dated. Citi analysts caution investors better not have too high expectations regarding EPS growth for the years ahead. Target improves to $16.20 from $15.25. Neutral rating retained.

Target price is $16.20 Current Price is $15.52 Difference: $0.68
If SEK meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $15.99, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates SEK as Neutral (3) -

First half net profit was ahead of forecasts while results were behind at the EBITDA level. Credit Suisse notes domestic employment revenue increased 12.8%, a strong result.

Zhaopin was the stand-out of the offshore businesses, in the broker's view. The company has stated its stake will remain the same if the privatisation bid succeeds.

A Neutral rating is retained. Target is lowered to $14.70 from $15.00.

Target price is $14.70 Current Price is $15.52 Difference: minus $0.82 (current price is over target).
If SEK meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.99, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates SEK as Hold (3) -

First half results were lower than Deutsche Bank forecast at the EBITDA level. Guidance for FY17 was upgraded, with management now expecting net profit of $220m, at the top end of the prior range.

The Zhaopin transaction removes the risk that the company's holding is diluted to a non-controlling interest but, as the company intends to fund part of the consideration to minorities through cash, the ultimate valuation impact is difficult for the broker to assess.

Hold rating and $15.20 target retained.

Target price is $15.20 Current Price is $15.52 Difference: minus $0.32 (current price is over target).
If SEK meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.99, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates SEK as Outperform (1) -

Seek's first half results were in line with the broker's expectations. Management affirmed FY17 guidance for NPAT of $220m, at the top end of previous guidance.

The company is showing strong top line momentum in its domestic and Zhaopin assets, and confirmation of earnings near the top end of guidance is a positive for the broker. Macquarie has raised FY17 forecasts by 1.4% and cut FY18 forecasts by -4.5%.

Outperform retained and target rises to $16.50 from $16.05.

Target price is $16.50 Current Price is $15.52 Difference: $0.98
If SEK meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.99, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates SEK as Overweight (1) -

First half results were slightly below expectations. FY17 guidance for net profit, ex start up losses, of $220m was reiterated.

Morgan Stanley believes the company deserves credit for its oldest and most mature business, Australia, generating impressive growth. The weak spot in the first half versus expectations was international operations.

Overweight rating. Target is $19.10. Attractive sector view maintained.

Target price is $19.10 Current Price is $15.52 Difference: $3.58
If SEK meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $15.99, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates SEK as Add (1) -

First half Australian employment earnings, while solid, were a little below expectations. Morgans believes the company is on track to deliver many years of double-digit earnings growth.

As the stock trades below valuation the broker retains an Add rating. Target is $16.25.

Target price is $16.25 Current Price is $15.52 Difference: $0.73
If SEK meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.99, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SEK as Sell (5) -

Seek beat the broker on profit but take out one-offs and the underlying result was in line and earnings softer on weakness in Asia. Guidance is confusing but the broker is forecasting lower earnings in the second half.

The broker nevertheless sees a rebound in FY18 from a lower base and notes the potential privatisation of Zhaopin remains a catalyst. Sell and $14.00 target retained.

Target price is $14.00 Current Price is $15.52 Difference: minus $1.52 (current price is over target).
If SEK meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.99, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SFR as Neutral (3) -

Citi holds a positive view on the prospects for copper in the years ahead and Sandfire's interim report seems to have come out better than expected. Neutral rating retained.

The somewhat more cautious view is related to the fact remaining mine life at the DeGrussa Mine is probably only about 4.5 years. The Monty feasibility study can be the next catalyst, but uncertainty still rules, suggest the analysts. Target gains 20c to $7.50.

The company is debt free, with cash projected to accumulate to $232m by June 2018, subject to higher development capex or M&A.

Target price is $7.50 Current Price is $6.85 Difference: $0.65
If SFR meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.82, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates SFR as Underperform (5) -

First half net profit was in line. Credit Suisse adjusts for second half copper prices which increases FY17 earnings and cash flow expectations.

Underperform rating is retained on valuation. Target is raised to $4.65 from $4.35.

Target price is $4.65 Current Price is $6.85 Difference: minus $2.2 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.82, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates SFR as Buy (1) -

First half profit was slightly below estimates. Deutsche Bank retains a preference for Sandfire as its ASX copper exposure, with improving production, earnings and cash flow expected over the next two years.

Buy rating retained. Target is raised to $7.20 from $6.90.

Target price is $7.20 Current Price is $6.85 Difference: $0.35
If SFR meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.82, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates SFR as Outperform (1) -

Sandfire's first half results were in line with Macquarie's estimates. Cash flow generation was as expected and the company repaid the last of its bank debt in January.

Expectations for higher exploration costs has seen Macquarie cut FY17 earnings forecasts by -7%. FY18 and beyond have been reduced by -1%.

Outperform and $8.00 target retained.

Target price is $8.00 Current Price is $6.85 Difference: $1.15
If SFR meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.82, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates SFR as Add (1) -

First half net profit was slightly ahead of forecasts. Morgans recognises upside risk in copper pricing and a potential narrowing of the value gap to peers.

The broker notes cash flow is robust, given a stable production base, and there is significant exploration appeal.

 Add retained. Target rises to $7.10 from $6.59.

Target price is $7.10 Current Price is $6.85 Difference: $0.25
If SFR meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.82, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates SFR as Hold (3) -

First half net profit beat expectations. The dividend was lower than expected, the miss being attributed to the retention of cash for the Monty project and future growth options.

Ord Minnett prefers other stocks in the sector, given the relative short mine life at DeGrussa and full valuation. Hold rating is retained. Target is raised to $6.80 from $6.00.

Target price is $6.80 Current Price is $6.85 Difference: minus $0.05 (current price is over target).
If SFR meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.82, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SFR as Buy (1) -

Sandfire's underlying result was in line but the dividend fell short of the broker given expensed exploration costs. The company paid off the last of its debt in the period.

The broker retains Buy and lifts its target to $7.43 from $7.05, but notes the market is pricing in a positive feasibility study for Monty, expected in a month, and the broker sees risks on mine life and development speed.

Target price is $7.43 Current Price is $6.85 Difference: $0.58
If SFR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.82, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates SIV as Neutral (3) -

Silver Chef's first half results were slightly below Macquarie's forecasts. Management has reaffirmed FY17 guidance for underlying NPAT of $23m to $25m.

Bad debts are an ongoing concern to the broker, especially in the rapidly growing GoGetta book. As a percentage of revenue, bad debt rose to 7.6% in the first half, against 4.9% in FY16. Macquarie has cut FY17 earnings forecast by -4%.

Target falls to $6.81 from $10.26 and Neutral retained.

Target price is $6.81 Current Price is $7.24 Difference: minus $0.43 (current price is over target).
If SIV meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates SIV as Add (1) -

First half results were in line with recent guidance. FY17 underlying net profit guidance of $23-25m was reiterated. Morgans suspects the low end is the more realistic outcome.

The broker retains an Add rating, believing the risk/reward remains favourable for the medium term. Target is reduced to $10.10 from $11.05.

Target price is $10.10 Current Price is $7.24 Difference: $2.86
If SIV meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates SVW as Hold (3) -

First half operating results beat expectations. Deutsche Bank observes the outlook for the mining-exposed business appears to be stabilising although conditions remain challenging.

WesTrac is benefitting from strong east coast infrastructure markets. The broker observes this trend is also helping Coates.

A Hold rating is maintained. Target is raised to $8.65 from $7.30.

Target price is $8.65 Current Price is $9.62 Difference: minus $0.97 (current price is over target).
If SVW meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).