Corporate Results Monitor

FNArena's All-Year Round Australian Corporate Results Monitor.

Currently monitoring February 2023.

Figures shown as at 22 February 2024

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TOTAL STOCKS:

163

Beats

58

In Line

62

Misses

43

Total Rating Upgrades:

22

Total Rating Downgrades:

27

Total target price movement in aggregate:

3.25%

Average individual target price change:

3.68%

Beat/Miss Ratio:

1.35

Latest

Company Result Upgrades Downgrades Buy/
Hold/Sell
Prev Target New Target Brokers Commentary
ACF - Acrow BEAT 0 0 3/0/0 1.22 1.32 3

Acrow's result comfortably beat broker forecasts, although FY24 guidance is retained. Morgans notes the 53% earnings uplift in the first half was mainly a result of organic improvement. Excluding acquisitions, earnings still rose by 37%. Importantly, the annualised return on investment on growth capex of 58% was well above management's greater-than-40% target. The formwork division remained the primary driver, with segment revenue 3% ahead of Ord Minnett's forecast, while new hire contracts continue to demonstrate growth. While the company has retained full year guidance, this broker warns it may prove conservative given the strength of the first half result. Shaw and Partners finds Acrow ideally positioned for long-term profitable growth, which should see the company take market share.

ALK - Alkane Resources IN LINE 0 0 1/0/0 0.85 1.00 1

Alkane Resources' first half earnings were slightly below Bell Potter's estimates, the difference being inventory movements. Steady-state operations from Roswell underground are expected in the second half of 2024 and following that, development of the new San Antonio open pit will commence. Bell Potter maintains a Buy rating underpinned by the consistently profitable Tomingley gold operation and the copper/gold porphyry resources at Boda.

BRI - Big River Industries IN LINE 0 0 1/0/0 2.43 2.39 1

It was a broadly in-line first half result from Big River Industries, says Ord Minnett, with the company beating the broker's revenue and gross profit forecasts by 2% and 1% respectively. The broker notes earnings were a -4% miss, explaining the result as an impact of a greater negative fixed cost leverage that stemmed from a normalisation in frame and truss volumes. Amid an uncertain macro outlook, the company has not provided full year guidance. Management suggested labour constraints continue to delay the volume of work completed, and to push the pipeline further into 2024.

CHL - Camplify Holdings MISS 0 0 2/0/0 2.84 2.78 2

Camplify Holdings' result release surprised with an unexpected accountancy loss, as non-recurring expenses and acquisition amortisation had not been communicated beforehand. Ignoring these two items, the underlying performance proved pretty much as Ord Minnett expected. More confusion stemmed from the number of vehicles on platform, which increased by circa 4% over the last six months. On face value, this points to a slowing in organic growth for the core business, but it is in effect the result of a deliberate slowing in marketing spend, explains the broker. Following the -17% share price plunge on the day, Morgans maintains its Add rating. Seasonality in key headline metrics was considered the main reason for the negative reaction. Gross transaction value rose by 94% year on year and was an 8% beat on the broker's forecast, while the gross profit margin improved to 61.4% from 58.1%. The broker advises investors to be patient and rely upon supporting structural tailwinds and the "prodigious opportunity" offshore.

CHC - Charter Hall BEAT 0 0 3/1/0 13.61 12.70 4

Charter Hall's result beat most, if not all, forecasts. Operating earnings were ahead of Macquarie (Buy), driven by higher development investment earnings and lower operating expenses. FY24 guidance is reiterated. Net equity flows remained weak, as expected, given the rising cost of capital over recent periods, along with ongoing uncertainty regarding asset prices. Macquarie expects flows to return as central banks start cutting rates. Citi has reduced forecasts, expecting more asset devaluation, but also retains Buy as Charter Hall remains levered to a recovery in transaction markets. Citi believes this recovery is likely to eventuate around mid-2024. This broker notes first half real estate funds under management declined by -6% versus June 2023, and valuations for certain parts of the platform may be subject to more asset devaluations in the June 2024 half. More devaluations will likely be smaller. From a macro perspective, UBS remains cautious on core real estate funds managers, and thus its rating remains Hold.

CSS - Clean Seas Seafood MISS 0 0 0/1/0 0.26 0.27 1

Clean Seas Seafood posted a slightly weaker than expected first half result. There was no formal earnings guidance for FY24 and, following the result, Bell Potter slightly downgrades pricing assumptions while reducing feed cost expectations as well. The broker acknowledges some of the issues affecting the business are likely to prove seasonal, which is looking to be softer at this stage of 2024. Hold rating unchanged.

CBO - Cobram Estate Olives BEAT 0 1 2/1/0 1.77 1.90 3

Cobram Estate Olives has enjoyed much stronger output pricing in Australia in the first half than anticipated. The period saw the company gain market share domestically, with Australian packaged oil sales up 41% year-on-year. Shaw and Partners (Buy) notes sales are expected to be similar in the second half, and further price increases are likely to be offset by volume constraints. Cobram expects the Australian harvest will be down year on year in an off-year (olives are biennial), while the sale value per litre of the crop is expected to be materially higher. The US market continues to require rapid investment, Ord Minnett (Buy) observes, while materially upgrading capex forecasts. FY24 should represent peak capex for the company in this broker's opinion. Bell Potter increases forecasts but downgrades to Hold following the share price rally.

CDA - Codan BEAT 0 0 1/0/0 8.48 10.65 1

Codan's first half revenue beat Macquarie's forecast, with Detection the key driver. Communications is set to deliver another year of 10-15%-plus growth, the broker suggests. Segment profit margins surprised to the upside in Detection, with Communications largely in line. A good result,  Macquarie believes, given ongoing integration of recent acquisitions. Codan is continuing to build a track record of 10%-plus growth in Communications, with Detection surprising to the upside, the broker notes. M&A-related costs being expensed and forward investment in group capability provide confidence in the medium-term growth outlook.

CTD - Corporate Travel Management MISS 1 1 4/1/0 22.85 19.23 5

Corporate Travel Management has lowered FY24 earnings guidance by -15.4% after delivering underlying earnings which fell short of consensus. Morgans (Buy) suggests it may take time for the market to rebuild its confidence in management's outlook, following aggressive earnings guidance at last year's AGM. Guidance was lowered largely because the company's UK Bridging contract has materially underperformed expectations, due to immigration issues and timing delays beyond management's control. Citi acknowledges the majority of the downgrade was out of management's control, but this broker suggests there's too much uncertainty, including a lack of clarity around the UK contract. Citi downgrades to Hold. UBS (Buy) sees an undemanding multiple and expects a four-year earnings compound annual growth rate of 14% should the company deliver on its strategy.

COS - Cosol IN LINE 0 1 1/1/0 1.13 1.13 2

Cosol's result was broadly in line with forecasts. There was weakness in the gross margin, but Ord Minnett (Buy) cites an unfavourable mix between the margin and opex. The result was accompanied by two new contract wins, both with state government entities. Management repeated FY24 targets, and the company remains keen on further acquisitions. Ord Minnett suggests M&A will be the key catalyst in the near term. The company has indicated the second half has commenced well and expects continued growth in revenue and earnings over the rest of FY24, emphasising the skew to the second half. Bell Potter downgrades revenue forecasts for FY24 and FY25, largely driven by a modest lowering of Asia-Pacific forecasts that are only partly offset by increases in North America. This broker pulls back to Hold.

DMP - Domino's Pizza Enterprises IN LINE 0 0 4/2/0 56.18 50.42 6

Domino's Pizza Enterprises had issued a profit warning in January. Japan has seen an improvement in sales since the profit warning, Macquarie (Buy) notes. The country has seen 6.7% sales growth in the first seven weeks on the back of the Cheese Volcano launch. However, momentum risks being derailed by a recent viral video in Japan showing a health violation in a store. Health violation concerns in Denmark proved incurable, the broker notes. An Asian recovery is likely to take longer than initially expected, Macquarie suggests, and franchisee profit decline is a concern. Macquarie downgrades to Hold. Morgans (Hold) suggests management is on the right path for a recovery, by getting the value equation right. However, it's thought the recovery may take some time. Similarly, given recent disappointments in Japan and France, Citi (Buy) finds it wise to wait and see when successful execution materialises. And again, Ord Minnett (Accumulate) is of the view a turnaround in global sales is slowly building, but investors will need to be patient.

EBO - Ebos Group IN LINE 0 0 2/0/1 35.49 36.13 3

Ebos Group reported underlying earnings broadly in line with consensus. Community Pharmacy was the key beat, Macquarie (Buy) notes, while Animal Care disappointed despite strong price inflation. Ebos gained new customers over the period and has seen positive traction with potential customers, given industry dynamics. Animal care revenue fell after a wholesale supplier moved to the direct supply channel. Acquisitions remain core to Ebos' strategy, with small bolt-on acquisitions in the pipeline. The current distribution pipeline will also add 20-25% of additional footprint. Morgans (Buy) believes the gap in earnings from the loss of the Chemist Warehouse contract from FY25 can be overcome via cost-out initiatives and M&A, and higher-margin diversified earnings will help out. Ord Minnett (Lighten) continues to believe the market is too confident about the outlook, despite the pending loss of the Chemist Warehouse contract. Ebos still sits head and shoulders above its competitors, acknowledges this broker, but the pharma distribution business is facing challenges.

EHL - Emeco Holdings BEAT 0 0 1/0/0 1.03 1.03 1

Emeco Holdings' revenues beat Macquarie by 3% and earnings by 2%. Rental revenue grew 9% year on year due to strong demand in both the Eastern and Western regions, the broker notes. The Rental segment was able to deploy idle fleet and secure rate increases with new projects, contract extensions, and application of contractual rise-and-fall mechanisms. Workshops revenue grew 21%. It was a solid first half result, Macquarie suggests, with a positive outlook for earnings growth in the second half. Emeco is making good progress refocusing on the core rental business, improving returns on its assets and reducing contractual risk.

FCL - Fineos Corp IN LINE 0 0 1/0/0 2.96 3.10 1

Fineos Corp's December-half result is being treated as a full-year result by Ord Minnett as the company transitions from a June reporting date to a December reporting date. Overall, the December half performance represented a strong improvement on the June half across the board. Management guided to continued revenue growth and lower operating costs in 2024, Ord Minnett expecting this will be reflected in stronger margins. Expenses were forecast to fall as a percentage of revenue.

HSN - Hansen Technologies MISS 0 0 4/0/0 6.71 6.65 4

Hansen Technologies's earnings beat forecasts but FY24 guidance has disappointed, despite revenue guidance being reiterated, due to fears of declining earnings margins and larger than forecast losses from the company's powercloud acquisition, which is also likely to require further investment. Second half guidance suggests this business will deliver incremental revenue growth but earnings losses, when Morgan Stanley had expected the business to be earnings positive. Despite the market's initial negative response, this broker remains positive about the investment, asserting this is short-term pain for long-term gain. Ord Minnett also retains the faith, pointing to the company's excellent track record on integration. Management predicts a return to run-rate profitability in H2 of FY25.

HLO - Helloworld Travel BEAT 0 0 3/0/0 3.71 3.74 3

A strong earnings margin and cash flows were highlights for Morgans within the first half results from Helloworld Travel. The results were above expectations and the analysts suggest unchanged FY24 earnings guidance is likely an understatement, given management's track record of providing a conservative outlook. The result outpaced Ord Minnett's forecasts thanks to strong demand for offshore leisure travel and this broker expects A&NZ outbound demand to continue. The company closed December with net cash of $83m, leaving plenty of room for acquisitions and other initiatives. Shaw and Partners notes the guidance range suggests 54% growth at the midpoint, a potential result this broker also finds conservative given the strong first half.

ILU - Iluka Resources IN LINE 0 0 0/2/1 7.89 7.15 3

Iluka Resources' had largely pre-reported its 2023 full-year result, so attention turned to 2024 guidance. UBS (Sell) observes production guidance for mineral sands is down -30%, in line with the broker's forecast, and that Iluka continues negotiations with the government on funding for Eneabba. The broker raises its Eneabba capital expenditure estimate by $100m. 2023 free cash flow missed Morgan Stanley's (Hold) estimates, driven by lower cash from operating activities and inventory build. This broker warns of the conservative production settings and higher costs flagged by Iluka and remains cautious about future production grades and costs. The SR1 kiln is likely to stay off-line in 2024, although Citi (Hold) notes Iluka has the ability to restart quickly if demand recovers. The company's customers have demonstrated strong production discipline and recently reported improving sales volumes, Citi adds.

IRE - Iress IN LINE 0 1 2/2/0 8.56 8.76 4

Morgans notes Iress has executed on the early stage of its business turnaround strategy via cost-out and degearing. 2023 results were in line with management guidance, and broadly in line with forecasts, with all divisions excluding Super displaying half-on-half earnings growth. Morgans downgrades to Hold after recent share price outperformance and because of an opaque outlook for 'base' free cash flow generation. Iress has upgraded underlying earnings guidance but this is more than offset, Macquarie (Buy) notes, by non-recurring items and increased capex, leading this broker to conclude "when an upgrade is a downgrade". Segment reporting has improved, Macquarie notes, but still some elements of uncertainty remain with non-recurring costs and items below the earnings and profit lines. Ord Minnett (Buy) suggests the share price appears undervalued and expects a strong recovery in the core business this year, expecting solid revenue growth from super wins and growing digital demand. Deleveraging is still a priority, brokers note, and management continues to expect the Platforms business to be sold.

TLC - Lottery Corp IN LINE 0 2 1/5/0 5.39 5.38 6

The Lottery Corp posted slight beats and misses to broker forecasts that net out to in-line. Group earnings fell by -3% year on year, with Lotteries revenue declining by -2%, while Keno ended flat. Macquaire (Hold) expects the debate over capital allocation will be onoging but points out there are limited options to pursue capital management and a higher dividend payout is also unlikely. It all appears to be fair weather sailing to UBS (Buy), with new products to be launched this year likely to further improve earnings. Digital penetration surprised to the upside, Morgans Stanley (Hold) notes, but was driven by growth in online syndicates, which the broker explains do not provide a margin benefit as the company pays a retail commission. A strong year-to-date start was seen for jackpot sequencing. Both Morgans and Citi pull back to Hold on valuation.

NSR - National Storage REIT IN LINE 0 0 1/4/1 2.33 2.37 6

National Storage REIT's underlying earnings were pre-reported and FY24 guidance has been reaffirmed. The REIT retains a defensive balance sheet, Macquarie (Hold) notes, with gearing of 23% providing opportunities for growth. Near-term uncertainty on a recovery in revenue per available square metre remains a key concern, although the broker is positive on longer-term drivers in the self-storage sector. It is Citi's (Buy) view National Storage remains well-positioned with limited competition compared to traditional real estate subsectors, carried by a strong development and acquisition pipeline. While overall, the report was in line with expectations, declining occupancy reinforces Morgans Stanley's (Sell) view that leasing may become more challenged in an economic slowdown.

PWR - Peter Warren Automotive IN LINE 0 0 2/0/0 3.15 3.35 2

Morgan Stanley observes underlying demand remains strong for Peter Warren Automotive, following a review of in-line results. Gross margin declines were driven by M&A, while earnings were a beat. The broker also notes headline profit margin declines, but explains the situation should get better given the negative impact from recent acquisitions, and the longer-term opportunity. A paydown of corporate debt is also expected to mitigate interest costs. Ord Minnett found the first half results "reasonable", with a beat at the earnings and profit lines. This broker was also pleased used car margins improved. With a healthy order book and the recently announced Macarthur acquisition, the company is seen as executing on its strategy.

PFP - Propel Funeral Partners IN LINE 0 0 3/0/0 6.12 6.09 3

Propel Funeral Partners pre-released first half earnings in January ahead of a capital raising. The company has reiterated FY24 revenue and earnings guidance. Morgan Stanley observes the midpoint of guidance implies steady margins. The company has also signalled a strong start to January, inclluding positive comparable volume growth and higher average pricing. Macquarie expects organic volumes to be broadly flat in the second half, before returning to growth in FY25. Second half earnings will benefit from acquisitions and a more normal operating environment. Post its recent capital raise, Propel has sufficient funding capacity to fund acquisitions in the medium term, Macquarie suggests. Bell Potter continues to believe growth is well supported, with pricing power in addition to an acquisition strategy in a large and fragmented market.

PSI - PSC Insurance IN LINE 0 0 3/0/0 5.73 5.55 3

The first half result from PSC Insurance was slightly softer than anticipated, with Morgan Stanley pointing out this was in part due to seasonality as well as softer UK pricing. Yet the company has upgraded FY24 guidance and the acquisition pipeline remains healthy so the broker continues to envisage growth for the foreseeable future. This view is underpinned by an under-geared balance sheet, robust margins and proven offshore capabilities. The miss was largely due to a fall in organic growth from Paragon UK. UBS expects Paragon will continue to prove a drag over the next year, but also observes the company's balance sheet is well positioned for M&A. The company has opportunities to boost UK margins and the stakes business should kick in in FY25. Upward pressure on premium rates is expected to persist, Ord Minnett notes, given the inflationary environment and increased frequency of extreme weather, and this provides a positive outlook for growth.

RFG - Retail Food IN LINE 0 0 1/0/0 0.13 0.13 1

First half underlying earnings from Retail Food Group were broadly in line with Bell Potter. While noting the consumer has become cautious, the broker points out the key metric of net store growth returned in the first half and this should assist growth in the second half and onwards. Estimates are revised down for the near term for the US business and quick service restaurants, given a softer than expected run rate. The broker maintains a Buy rating, continuing to believe valuation is undemanding.

RIO - Rio Tinto IN LINE 0 0 2/3/0 129.67 131.20 5

Rio Tinto reported broadly in line with forecasts, with individual small beats and misses on various metrics balancing out. Despite a -12% drop in earnings, the final dividend of US258c was ahead of consensus expectation. Morgans' (Hold) biggest adjustment to forecasts was to lower long-term copper production assumptions for Escondida, after commentary from BHP earlier in the week. The broker gets the feeling from management that M&A is less of a priority than the market expects. In particular, the company appears to be satisfied with it total exposure to lithium via existing assets. Macquaire (Hold) expects 2024 may be an inflection year as the miner continues to deliver on a growth strategy and ramps up projects. Morgan Stanley (Buy) predicts strong payouts and growth will continue given the company's fundamentals remain solid. UBS (Neutral) prefers Rio Tinto to BHP based on forecast free cash flow generation.

STO - Santos MISS 0 0 3/3/0 9.44 8.96 6

Santos' 2023 result missed consensus forecasts due to heftier production costs and third-party purchases. The dividend was nevertheless well above forecasts. Morgans (Hold) suggests the larger dividend was to assuage some investor frustrations following failed merger talks. Morgan Stanley (Hold) notes the company's low-cost leverage to East Asian LNG underpins free cash flows, and suggests management's decarbonisation activities are likely undervalued by investors. Macquarie (Buy) points to catalysts including start-ups at Moomba in mid-2024, Barossa in 2025, and Alaska in 2026. The broker also expects the company to extend the investment cycle with attractive projects such as Dorado and Papua LNG. Morgans notes all growth projects remain on track, and management has left production and cost guidance unchanged.

SCG - Scentre Group IN LINE 1 0 1/3/0 2.96 3.10 4

Scentre Group delivered 2023 results that were largely in line with forecasts, while guidance is slightly ahead of expectations. Macquarie is becoming more positive on the stock and upgrades to Hold. Although work needs to be done on converting subordinated notes, the broker believes the business is closer to action on these. Citi (Hold) notes management remains confident operational momentum will continue with leasing spreads and escalations supported by underlying tenant demand. Scentre is continuing with development activities as undersupply in retail is met with stronger demand from population growth. At the macro level, Scentre Group's update is yet more evidence of consumer spending defying more benign forecasts, but UBS (Hold) continues to stick with an underweight stance on retail malls in an Australian real estate context. Morgan Stanley retains Buy.

SLR - Silver Lake Resources MISS 0 0 1/1/0 1.58 1.53 2

First half results from Silver Lake Resources were softer than Ord Minnett (Buy) expected generally because of higher costs from Sugar Zone and D&A at Mount Monger. The broker remains positive on the merger deal with Red 5, which is expected to close mid-2024, and expects the merged company will trade more in line with larger peers and be in a good position for any future consolidation in the Leonora region. Earnings were ahead of Macquarie's estimates, although profit fell short. Production guidance has been retained and Macquarie considers the miner to be comfortably on track.

SIQ - Smartgroup Corp IN LINE 0 1 2/3/0 9.49 10.00 5

Smartgroup Corp delivered an "exceptionally strong operating performance" in the second half, Citi (Buy) suggests, which sets the company up for a robust 2024. The result was in line with forecasts and guidance. No 2024 guidance was provided but Citi believes strong momentum continues. Growth was driven by all client segments which signals to the broker consumer demand for more affordable EVs is building. Macquarie notes Novated volumes were up 26% and yields up 9% as the business benefited from supply chain renegotiations, increased EV volume, and improved proportions of new car leases. As the stock has traded to this broker's target, the rating is downgraded to Hold. The current government EV policy is materially lifting sector demand, Morgans (Hold) suggests, and there remains a substantial opportunity to drive lease uptake and earnings. While it makes sense for management to invest in higher returns elsewhere, Morgan Stanley (Hold) acknowledges investors may have been surprised by a reduced dividend payout ratio.

SBM - St. Barbara MISS 0 0 0/1/0 0.20 0.17 1

St Barbara's first half underlying earnings loss was larger than Macquarie expected. There has been no change to FY24 guidance. The broker considers the outlook to be uncertain although a re-start of Atlantic, with permits and approvals important to the broker's base case, and lower capital expenditure for Simberi sulphide, potentially presenting opportunities.

SGP - Stockland MISS 0 0 2/1/0 4.51 4.91 3

Stockland's first half results highlighted to Morgan Stanley (Buy) the longer-term upside to residential volumes. Funds from operations missed forecasts due to a large second half skew across communities, land lease, and management. Stockland retained FY24 guidance. One of the main positives from the result, Citi (Buy) suggests, was the improvement in sales in the second quarter compared with the first and an increase in inquiry levels in January. The broker notes the land lease business also sustained strong sales while the commercial portfolio performed well. UBS (Hold) does see risk around second half settlements and there could be some balance sheet pain as well, as Lendlease expects to receive the first payment from the staged purchase of 50% of its Communities business. Management did provide signals underlying demand remains strong.

VNT - Ventia Services BEAT 0 0 3/0/0 3.47 4.02 3

Ventia Services reported earnings slightly ahead of forecasts and guidance. Macquarie believes the business is building a good track record, aided by defensive, essential services revenue and strong risk management. The company has signalled labour market metrics are stabilising while it is still awaiting resolution on contract renewals. Macquarie finds the valuation undemanding. Ord Minnett suggests the company is ideally placed to capitalise on strong market trends as population growth leads to higher urban densities, increased congestion and pressure on infrastructure. The broker is confident the company can achieve growth rate guidance.

VEA - Viva Energy IN LINE 0 0 1/1/0 3.44 3.55 2

Viva Energy's 2023 earnings were in line with consensus, while management's guidance, outlook and five-year ambitions were unchanged. A turnaround at the Geelong refinery ensured earnings there outpaced Morgan Stanley's (Hold) expectation. Management expects costs will normalise for Energy & Infrastructure (Refining), while growth will be subdued for Convenience & Mobility (Retail). UBS (Buy) holds a more positive outlook on the OTR Group acquisition (expecting completion in April) and incorporates the purchase into its forecasts, expecting it will yield a four-year earnings compound annual growth rate of 23%.

Previous Corporate Results Updates

Company Result Upgrades Downgrades Buy/
Hold/Sell
Prev Target New Target Brokers Commentary
3PL - 3P Learning MISS 0 0 0/1/0 1.20 1.20 1

3P Learning's 1H results missed Morgan Stanley's sales forecast and there was a much more meaningful second half skew to earnings than expected. A material year-on-year improvement for cash flow was noted. The broker suggests a meaningful acceleration is required to get to the lower-end of management's revenue guidance of between $112-115m. Earnings guidance was lowered by -$2m to allow for additional costs associated with the Edmentum transaction.

A2M - a2 Milk Co BEAT 0 2 2/4/0 5.39 6.08 6

a2 Milk Co's result beat broker forecasts on both sales and costs, as the company outperformed in a declining market. Total infant formula sales rose 2% in the first half despite double-digit declines in both value and volumes in China. The new registration process in China is proving highly disruptive, Ord Minnett (Accumulate) notes, and births continue to decline. But the broker forecasts 5% FY24 revenue growth as the company captures more market share, and expects near term pricing pressure to prove short-lived. Despite tough conditions in China, a2 Milk continued to raise prices, indicative of strong brand equity. Citi nevertheless expects the medium to long-term outlook to remain challenging, primarily a result of birth rate pressures that have seen the company push out medium-term revenue targets. This, coupled with recent strong share price performance, underpins a downgrade to Hold. The share price rally year to date also has Morgans downgrading to Hold, yet this broker suggests interest income tailwinds on the large cash balance will result in material upgrades to forecasts. It's felt the transition to the new British standards for a2 Milk's China label has vastly outperformed expectations held a year ago.

ASK - ABACUS STORAGE KING IN LINE 0 0 2/0/0 1.23 1.35 2

Abacus Storage King has reaffirmed FY24 distribution guidance of 6c per security, in line with expectations. Citi notes gearing remains relatively prudent with management focused on organic growth, opportunistic acquisitions and development. The broker expects higher finance costs will result as fixed interest loans roll off to variable rate loans, providing a headwind, also pointing out global investors are cautious regarding relative valuations of real estate companies with external management structures and this may result in a relative valuation gap to peers. Shaw and Partners has lifted its full year funds from operations expectations by 2.6%, reflecting a more active acquisition program than expected, alongside a robust outlook for occupancy and rent.

ADA - Adacel Technologies MISS 0 0 1/0/0 0.80 0.80 1

Adacel Technologies delivered a beat at the revenue line but a miss on earnings compared to Bell Potter's forecast. The broker had anticipated a positive profit result, and explains the discrepancy as a result of delays in ramping up recent contract wins. Bell Potter also points out cash flow was unexpectedly negative.While the second half revenue result should benefit from an uplift from a new US Federal Aviation Administration contract, the company has lowered its full year guidance to a loss of -US$1.8-2.0m, implying a second half result only slightly better than the first. The company has stated it has secured a contract pipeline providing a strong baseline of recurring revenue from FY25.

AGL - AGL Energy BEAT 0 0 2/2/0 11.23 10.71 4

AGL Energy's first half profit substantially exceeded expectations, highlighting the leverage to a favourable pricing environment in wholesale electricity, driven by a retail pricing increase. Gas, despite a tough winter, delivered a record gross margin. Macquarie (Hold) considers the dividend policy at a 50% payout is conservative, but understandable given capex spending. While FY24 guidance of $680-780m has been lifted $100m at the low end, the focus is on FY25 and FY26, where it is too early to provide guidance. This is where the story turns. Macquarie sees peak earnings in 2024, as weighted-average FY25 should continue to decline in the coming six months. Morgan Stanley (Hold) has cut forecasts -19% to reflect AGL's strong leverage to commodity prices, which are in backwardation. Seeing weaker wholesale electricity prices ahead, Ord Minnett (Accumulate) downgrades medium-term forecasts by -20%. This broker expects a recovery in electricity prices thereafter, and also considers the stock to be "materially" undervalued. The above leads to a cut in consensus target.

AQZ - Alliance Aviation Services BEAT 0 0 2/0/0 4.85 4.55 2

The first half result for Alliance Aviation Services came in ahead of estimates, while prior guidance for a stronger second half remains on track, which Morgans suggests augers well for FY25. However the broker found management commentary vague, leading to uncertainty over future capital needs. Ord Minnett highlights the ongoing ramp-up of the Embraer fleet deployment. The company is also benefiting from greater fleet utilisation as seasonal FIFO/contract work kicks in, and growth from the company's Aviation Services Segment. Morgans cuts its target on "materially" higher debt estimates, but Ord Minnett suggests the company has plenty of funding options. No dividends are forecast until FY26.

AMC - Amcor IN LINE 0 0 2/4/0 15.48 15.41 6

Amcor's result equally beat, met or missed broker forecasts, which we'll net out to in line. It was a weak result, but given the share price response on the day, not as bad as feared. Cost-outs helped to shore up weaker volumes. Dec Q volumes fell a weaker than expected -12% year on year following -8% in the Sep Q. Macquarie (Hold) estimates month of December volumes fell by -14%, exacerbated by end of year destocking. Amcor believes it has now moved past destocking in protein, coffee & confectionery categories but is seeing ongoing destocking in healthcare and North American beverages. More broadly, finished packaging demand remains weak. Morgans (Buy) believes the earnings growth profile will gather momentum into Q4, after ongoing weak demand and customer destocking in Q3.  Morgan Stanley (Hold) nevertheless feels attaining the top-half of management's unchanged guidance will prove challenging.

AMP - AMP BEAT 1 0 1/2/1 1.07 1.11 4

AMP beat profit forecasts, which has come as a bit of a shock given the recent track record. Morgan Stanley (Hold) notes AMP is starting to deliver on costs, revenue margins and capital management. Further share price upside is anticipated should management continue to deliver on its cost and revenue targets. While Citi's conviction in AMP is increasing, it remains sceptical on the company being able to achieve its full cost savings targets. Still, Citi upgrades to Buy. At the macro level, Ord Minnett (Hold) believes sentiment overall is improving for the financial institution that has been generating negative news headlines for such a long time. The improvement is visible, among other things, through a stabilisation in advisor numbers, and will support management in constructing a better future, suggests Ord Minnett. UBS (Sell) admits further cost reductions might stabilise the earnings outlook, but this broker's concerns have not dissipated.

ALD - Ampol BEAT 0 0 1/3/0 35.76 36.85 4

Ampol's result came in slightly ahead of expectations on a net basis, as a better than expected performance from convenience retail was more than offset by a weak outcome for fuels and infrastructure. International, while a slight miss, was strong, Macquarie (Buy) suggests, and management plans to invest more resources in the business. Capital expenditure also proved a miss. The highlight for brokers is nevertheless very strong cash flow, allowing for a special dividend of 60c on top of the $1.20 final, representing a healthy 7.2% (ff) yield. UBS (Hold) believes investors will be focused on the sustainability of the capital return as the company has returned $1.3bn in distributions to shareholders at an 89% payout over both 2022 and 2023, and there is a chance of another special ahead.

AND - Ansarada Group BEAT 0 0 1/0/0 1.90 2.00 1

Morgans believes Ansarada Group is well placed for an eventual recovery after reviewing better-than-expected December quarter/interim results. While there hasn't been a material upswing in paying customers, due to ongoing weak capital market activity, the back book ("freemium" or currently nonpaying customers) continues to grow at a rapid pace. Management also noted a strong January. The broker highlights free cash flow generation far exceeded Morgans' forecast. Consequently, Ansarada had circa $25m in net cash at bank at quarter's end. Ansarada is Morgans key small cap technology pick. 

ANN - Ansell MISS 0 0 1/3/0 25.61 26.22 4

De-stocking continued to impact Ansell in the first half, with the effect of price reductions implemented in mid-FY23. Group revenue missed forecasts, driven by a -7% miss for Healthcare. The Healthcare earnings margin of 6.8% was a material miss. Management explained cost of goods sold for Healthcare was higher from reducing inventory, and there were lower sales in Surgical and Life Sciences. Despite the potential for an improved performance over the medium term and a favourable balance sheet, Macquarie (Hold) asserts the short-term outlook remains uncertain. Management has narrowed guidance for FY24 and expressed its view that destocking should end in the second half, Citi (Hold) notes, which should allow this division to start growing again. Ord Minnett (Acccumulate) believes the shares are undervalued, noting the productivity program is progressing well. Earnings margins are forecast to become better than pre-pandemic levels and expand to 15% by FY28, from 10% in the first half of FY24.

ARB - ARB Corp BEAT 1 0 2/1/1 31.85 39.13 4

ARB Corp's earnings beat estimates for the first half, with profit margin the main driver. Aftermarket sales surprised to the upside despite the headwinds from port disruptions in November and December. The gross margin rose by more than 400bps year on year to 57.5%, the strongest level since the peak-covid margin of 57.7%, Morgans notes. Morgans retains Hold due to both valuation and the current headwinds facing the consumer. Ord Minnett finds the outlook promising amid accelerating aftermarket sales in Australia and a return to growth in the export division, and upgrades to Accumulate. Citi (Buy) is taking a stronger-for-longer approach, at least as far as the Australian market is concerned, while prospects in the US should continue to improve. One caveat is the new vehicle efficiency standards which could come into effect in Australia from 1 January 2025. As SUVs and 4x4 models are likely to be negatively impacted, Citi believes this represents one key risk that needs to be monitored closely. Macquarie (Sell) suggests a sustained acceleration in top-line growth is required in the aftermarket and export businesses to drive valuation.

ARF - Arena REIT MISS 0 0 1/0/0 3.95 3.96 1

Arena REIT reported earnings modestly below Macquarie's forecast, driven by slightly lower net property income. FY24 dividend guidance of 17.4cps is reaffirmed, in line with the broker. After the development yield on cost bottomed last June at 5.4%, development returns have started to improve. Looking forward, current development projects are being priced at a yield on cost of 6.25-6.50%, which will result in continued improvement. Macquarie expects this will be the key focus of growth for the REIT, supplemented by underlying escalators including CPI. The broker remains attracted to total returns offered, with limited risk given strong tenant base, defensive development pipeline and long WALE.

ASX - ASX MISS 0 0 1/3/2 61.03 62.68 6

ASX's first half result was marred by faster than expected cost increases and weaker market balances as volatility fell, despite 2.4% revenue growth year on year. The dividend also fell short. Morgans (Hold) believes the company's elevated expense profile will continue to weigh on the stock price in the near-term. Guidance for operating expenditure and capex in FY24 is unchanged and the CHESS replacement partnership program will commence one stage II has begun. Macquarie (Hold) suggests the stock provides relative stability against a difficult macro economic outlook, although a lack of organic catalysts until FY25 guidance is provided at the investor briefing in June is a concern. Commentary from ASX management has increased Ord Minnett's (Accumulate) confidence in a return to historical operating margins, although the exact time frame remains unclear. Operating margins are expected to start recovering in FY26. UBS (Sell) continues to envisage earnings and free cash flow risks are to the downside.

AUB - AUB Group BEAT 0 0 4/0/0 34.35 34.82 4

AUB Group's result beat forecasts, but recently acquired Tysers missed expectations and proved the standout disappointment, UBS highlights. Tysers' disappointment effectively spoiled stronger results in Agency and New Zealand, though lack of tangible improvement in Australian margins was also a let-down. Management has upgraded FY24 profit guidance, and Morgan Stanley feels there is material upside earnings risk to consensus if the group can deliver on its targets. Ord Minnett expects the premium rate cycle will remain supportive while the company's operating leverage is intact and should deliver extra growth relative to peers. Macquarie observes the growth outlook for AUB is being underpinned by supportive industry conditions.

AD8 - Audinate Group BEAT 0 0 2/2/0 14.34 19.71 4

Audinate Group's result comfortably beat forecasts. It was a solid performance, Macquarie (Hold) suggests, as do others, even without taking into account pent-up demand. There is remaining backlog in Ultimo, Brooklyn and Viper boards, to be worked through in the second half and FY25. Momentum in both audio & video is strong, with healthy design wins, ecosystem build and strong initial uptake from video customers. Management commentary of 48:52 first/second half split implies FY24 gross profit above guidance, despite guidance being reiterated, leading to assumptions of "conservative". While Audinate raised the potential for macro uncertainty in the second half, Morgan Stanley (Buy) remains constructive on the industry outlook. Brokers have significantly raised their targets.

AZJ - Aurizon Holdings IN LINE 0 0 1/4/1 3.89 3.93 6

While Aurizon Holdings' result was considered strong, with earnings up 26% year on year, it was broadly in line with expectations. Guidance has not been upgraded and brokers forecasts and targets are only mildly adjusted. The issue lays with composition. Coal was a highlight, Network was strong, however mostly due to over-earning, while Bulk and net interest were weaker than expected. Macquarie (Hold) notes Bulk missed expectation for the third half in a row. The Bulk result disappointed Morgans (Hold) too given significant recent capital investment. Despite the beat elsewhere, FY24 guidance is maintained, though with some adjusted assumptions. Aurizon is essentially guiding to a softer second half, given some tempering factors. The end result is only one Buy rating, which is in fact the lesser "Accumulate" from Ord Minnett, while Morgan Stanley sticks with Sell.

BBN - Baby Bunting MISS 0 1 2/3/0 1.96 1.84 5

Baby Bunting's result was in line with a recent update, but the accompanying trading update caused eyebrows to rise. Morgans (Buy) suggests a -3% like-for-like sales decline since Boxing Day indicates an ongoing challenging and highly promotional trading environment. Cost-out initiatives are largely completed, so now the story revolves around leveraging sales. The company asserts cost cutting will drive efficiencies over FY24 yet Macquarie (Hold) suspects this will be more than offset by reinvestment in marketing and store expenses. Believing the turnaround story will occur at a slower pace, and prove more difficult to achieve than initially thought, Citi downgrades to Hold. The company didn't issue FY24 guidance but alluded to "cost of living pressures" and the second half as a "transition period". Ord Minnett (Acumulate) expects comparables will become less challenging as the year progresses and a return to sales growth late in the second half is likely, capturing the benefits of recent new store openings.

BPT - Beach Energy MISS 2 0 5/2/0 1.81 1.91 7

Beach Energy's first half result disappointed, due to higher than expected costs, although there were extenuating circumstances. Broker expectations from here overshadow the result per se, which would explain the positive share price move on the day. The new CEO's strategic review will be "substantive", Macquarie believes, given his background and highly relevant experience at Santos. Organisational quality should lift, and early vision from the CEO was positive. With the Waitsia/Otway ramp-ups now imminent, the focus is on the outlook, Macquarie suggests, before upgrading to Buy. Despite the negatives, Citi points out the business doesn’t seem to be performing too much worse than consensus expected. It's felt the result may not have been as large a miss at the operating level. Citi also upgrades to Buy. Retaining full year guidance implies a production lift into the second half and easing capital expenditure, Bell Potter (Buy) notes. Realised gas prices at Otway should lift, with a price review complete and enterprise gas covered under a market-based Gas Sales Agreement.

BLX - Beacon Lighting BEAT 0 0 2/0/0 2.58 3.21 2

Citi's Buy rating on 'Top Pick' Beacon Lighting remains firmly in place post-result as the broker continues to see room for further positive surprises. An improving housing cycle remains the key driver and the cycle this time might stick around for longer, the broker suggests. There still could be more upside from stronger sales and/or a firmer gross margin. The one potential headwind on the horizon are difficulties with finding available sites with management aiming to roll out 4-6 new stores in each half year period. Beacon Lighting is a stock for investors to have in their portfolios, suggests Morgans, after noting the company's investment in development of the Trade business is now paying off. An acceleration in Trade offset a reduction in Retail sales in the period, resulting in a beat against forecasts. Even though Trade sales are at a lower margin than Retail, the gross margin widened by 140bps due to better prices from suppliers and lower freight rates.

BMT - Beamtree Holdings IN LINE 0 0 1/0/0 0.70 0.70 1

First half results from Beamtree Holdings disclosed revenue of $12.9m, representing 23% year-on-year uplift, and an operating loss of -$0.5m. Shaw and Partners points out the business continues to grow at more than 20%, with revenue growth exceeding cost growth. The broker described working capital as the only surprise from the result, where a $1m delayed receipt impacted. The company retains a strong pipeline and management continues to pursue a $60m annnual recurring revenue target by end 2026.

BEN - Bendigo & Adelaide Bank MISS 0 0 1/1/3 9.15 9.16 5

Bendigo & Adelaide Bank's first half cash profit fell -5% from the prior half, with net interest margins dropping -15 basis points. Broker reviews were mixed in terms of beat or miss. Deposit and loan pricing are ongoing headwinds, but Ord Minnett (Hold) considers the result self-inflicted, as the bank is holding more capital in lower-returning liquid assets than in loans, ready to repay its RBA term funding facility. This should unwind over the next 12 months. Macquarie (Sell) expects margins will stabilise in the June half but estimates continuing declines in market share and rising costs will result in a further slide in profit in FY24 and FY25. Homesafe revenues should protect the bank's dividend but not margins. Looking ahead, Citi (Sell) warns the bank will have to contend with the scale inefficiencies of being a regional bank, while being a price-taker in mortgages and deposits during a period of unpalatable pricing. Morgan Stanley (Buy) nevertheless has Bendelaide as its preferred small bank pick.

BHP - BHP Group IN LINE 0 0 0/0/0 46.63 46.63 0

Having already pre-announced write-downs, BHP Group reported in line with expectations. Morgans saw another "solid" underlying first half, with strong volumes for WA Iron Ore and a 27% year-on-year increase in earnings at the division. Management had a more bearish take on the Nickel West operation than expected. The company expects a surplus in nickel supply until the late 2020s. Also, medium-term production guidance for Escondida (copper) was below the consensus forecast. The US72c dividend proved slightly better than expected. Costs remain one key challenge, suggests Citi, but so too is growth. Morgan Stanley also believes focus remains on lower growth prospects, with the Escondida financial investment decision delayed and the unresolved Samarco claim. The Jansen potash project is progressing well. BHP still expects capex to lift to US$10bn in FY24/25 from US$7bn in FY23 and further to US$11bn medium-term, but management also stated it has flexibility to adjust.

BSL - BlueScope Steel MISS 0 0 2/1/2 21.60 21.86 5

BlueScope Steel's first half result beat all forecasts, but the company provided a softer outlook. Guidance for slightly lower earnings in the second half is driven by unprecedented softness in Asian steel spreads. While guidance has been reduced, UBS (Buy) still retains a positive view, noting end markets are holding up. In the US, guidance assumes a significant erosion into the fourth quarter but appears conservative to the broker. UBS believes new capital expenditure on a range of projects is sensible and ensures future growth, yet obviously comes at a cost, while the significant land portfolio is key to lessening the burden. Macquarie (Buy) found guidance to be in line with its forecasts. Reflecting low Asian spreads and the recent rapid decline in US spreads, guidance came in -7% below Morgan Stanley (Sell). Ord Minnett (Lighten) notes the company plans to sell Colorbond in the US, where roofing is predominantly asphalt shingle, and due to the massive scale the broker suggests even small market share gains would equate to large demand for volumes.

BLD - Boral BEAT 0 0 1/2/2 4.90 5.76 5

Boral's revenues were in line with expectations, so a material beat in earnings was a function of real price growth, lifting fleet efficiency, managing overheads, and realigning the operating model. The market environment is generally solid, with volumes flat in the first half, but management was somewhat cautious about infrastructure volumes due to development delays and noted signs of the expected softening in residential activity. Hitting a double-digit earnings margin is not a surprise, but the timing is well ahead of broker assumptions, and previous management comments. Morgan Stanley (Sell) is among those expecting earnings momentum to slow in the second half, and that residential and infrastructure risk persists into the new financial year. UBS (Hold) sees Boral "priced for perfection". Valuation is an issue for all brokers other than Macquarie (Buy), who believes believes trajectory of Boral's turnaround is prone to underestimation.

BVS - Bravura Solutions BEAT 0 0 1/1/0 0.92 1.50 2

First half results from Bravura Solutions came out materially ahead of expectations by Macquarie and Shaw and Partners. The company realised faster cost reductions that were also larger than expected. This has driven earnings upgrades of up to 50% across Macquarie's (Hold) forecast horizon, and circa 60% at Shaw. Macquarie lauds management for doing a great job to stabilise the business. Increased client activity levels/wins and the pushing through of price are required now for the next leg of earnings upgrades. Shaw and Partners (Buy) believes the company is on track to generate low double-digit cash margins in FY25, in line with historical averages. While this is heartening, this broker wonders how much room will be left in the budget to outpace historical averages, and comes to the conclusion there will be enough for a modest uptick.

BRG - Breville Group MISS 0 0 3/2/0 27.18 26.86 5

While Breville Group's earnings exceeded forecasts, sales and revenues were weaker than expected and FY24 guidance is either in-line or below forecasts. Earnings were supported by a 160bps lift in gross profit margin year on year, as cost pressures eased and the company spent less on promotion. It appears to Morgans (Hold) the share price was punished upon release as the company, unlike peers, did not participate over the period in heavy discounting to stimulate sales. Yet UBS (Buy) notes all geographies were softer, which comes as a surprise given recent industry feedback. But this broker takes its guidance from the impressive growth achieved over the past five years, and remains optimistic for FY25, and beyond. Macquarie (Hold) notes that while FY24 earnings growth guidance fell short of expectations, the sales outlook looks incrementally positive with stabilising macro conditions, and that Breville is performing well in a difficult macro environment. Sales were impacted by cost-of-living pressures and mean reversion, which offset growth from new products, new markets and a continued coffee tailwind.

BWP - BWP Trust IN LINE 0 0 0/1/2 3.52 3.54 3

BWP Trust's result was mostly in line. CPI increases were offset by higher interest costs and Ord Minnett (Hold) considered rent reviews to be favourable, but likely to be short-lived as rising vacancies hamper rental growth. Distribution growth was steady for the fourth consecutive year and the broker doubts an increase will materialise for several years. The trust's portfolio produced 5% like-for-like rental growth for the half, with a weighted average lease expiry (WALE) of 3.6 years, which Citi (Sell) expects will increase in the wake of the proposed tie-up with Newmark Property REIT. UBS (Sell) suggests the market will be focused on the declining WALE, inflation subsiding, and said proposed acquisition.

CAR - CAR Group BEAT 0 1 2/3/1 30.85 34.02 6

After reviewing the first half results for CAR Group, which were slightly ahead of consensus expectations, Ord Minnett (Lighten) suggests management has again demonstrated undisputed leadership skill. It's just that the broker considers the stock to be materially overvalued. UBS (Buy) remains positive on the company's ability to grow earnings at a 16% compound annual growth rate over the next three years, driven by yields and volume. The stock is trading on 21x two-year forward earnings, one standard deviation above the five-year average, but UBS views this as warranted given a structurally improved growth profile from the International business. While having nothing but praise for management, other brokers agree the valuation looks rich. CAR Group is a highly attractive business with a defendable earnings stream, Macquarie notes, but with market earnings expectations reasonably elevated and with no valuation support, this broker downgrades to Hold.

CNI - Centuria Capital BEAT 0 0 0/0/0 1.58 1.58 0

Centuria Capital posted a first half result that was ahead of Macquarie's (Hold) estimates. The operating metrics from the first half update signal to the broker the environment remains challenging, with gearing in the unlisted platform now 45% and capital inflows remaining subdued. As a result, the recovery in funds under management is likely to be limited in the near term. That said, Macquarie acknowledges there is upside risk via material growth in new sub-sectors such as credit and agriculture. Morgan Stanley (Buy) saw no stand-out negatives or positives from the results. Earnings of 7.4cpu beat the broker's 5.9cpu estimate, and management reiterated FY24 EPS guidance of 11.5-12.0cpu. Property assets under management increased to $20.3bn from $20.2bn at the end of June 2023, despite asset devaluation of -1.38% over the past six months, as well as some disposals, Morgan Stanley observes. Ord Minnett (Hold) found the release "reassuring" but adds it does see risk in the highly geared balance sheet, also because there are likely more devaluations awaiting for commercial properties.

CIP - Centuria Industrial REIT BEAT 0 0 1/4/0 3.38 3.45 5

Centuria Industrial REIT posted a small beat of forecasts. Management upgraded FY24 funds from operations guidance, driven by strong like-for-like growth of 6%, with leasing spreads coming in at an impressive 51%, compared to the 30% average in FY23. Ord Minnett (Hold) observes strong tenant demand in the Sydney, Melbourne and Brisbane industrial markets and low vacancy rates. Management advised portfolio rents were roughly -30% below market rates, leaving a strong runway for rental growth in the medium term as leases renew; and that gearing is in the bottom half of the target range. But higher debt costs are poised to continue to weigh in the medium term given the REIT's development pipeline is likely to incur -$500m in capital expenditure over five years, putting covenants at risk without an equity raising or major asset sales.

COF - Centuria Office REIT IN LINE 0 0 0/2/1 1.41 1.30 3

Centuria Office REIT's funds from operations were in line with forecasts and FY24 guidance is reiterated. The problem for brokers is the REIT's rise in gearing to 40.3%, well above the 25% to 35% target range and up from 38.4% at the end of FY23. This keeps Morgan Stanley on Sell. Occupancy slipped to 96.2% from 97.1%, with Docklands remaining the key challenge in the portfolio, with 3.3ksqm vacant and another 7.7ksqm expiring within six months. While management expects asset sales will reign in gearing, Bell Potter (Hold) also expects valuations are likely to slide over the next year.

CTT - Cettire BEAT 0 0 1/0/0 4.00 4.80 1

Cettire reported first half sales revenue ahead of Bell Potter's expectations. The result represents 89% sales revenue growth year-on-year. Accounting for the outperformance, the broker is now assuming year-on-year revenue growth of 66% in the third quarter and 62% over the second half. The company has followed up with a strong start to the second half, with gross revenue in January up 80%. It is Bell Potter's opinion that Cettire's ability to outperform its peer group far outweighs others.

CGF - Challenger BEAT 0 0 1/4/1 6.78 7.16 6

Challenger posted a slight to sharp beat of broker forecasts. FY24 guidance for profit and cost-to-income have been improved, however, the focus was on the announcement of a "transformation partnership" with Accenture, to deliver -$90m of cumulative savings over seven years. Morgans (Buy) was impressed by strong return on equity expansion and a solid cost-to-income performance. The Life business beat estimates, while Funds Management was a slight miss. While Citi (Sell) feels the market may appreciate FY24 guidance, which is now expected to reach the top half of the original range based on continued momentum in Life, as well as an improved second half for Funds Management, lower interest rates will come home to roost. Higher rates are currently assisting earnings, and Morgan Stanley (Hold) expects this will continue for around the next 12 months. Brokers cite the long-term, ageing population thematic to be a positive, but Macquarie (Hold) remains cautious on short-term investment markets given the sensitivity to Challenger's investment portfolio.

CIA - Champion Iron BEAT 0 0 2/0/0 8.95 9.40 2

Champion Iron's production was a record for a quarter and above Macquarie's forecasts, however, logistical headwinds saw sales come in lower than forecast. Production has exceeded shipments in the last three quarters, with the inventory built now growing to 2.4mt. Cash rose 22% on better than expected realised pricing and lower cash costs which boosted earnings to 14% above the broker's forecasts and 59% higher quarter on quarter. Champion Iron's earnings beat Citi by 15%. The DRPF project achieved final investment decision and the Kami study highlighted high-grade growth, although capex is higher than Macquarie had forecast.

CLW - Charter Hall Long WALE REIT IN LINE 0 0 0/4/0 3.90 3.72 4

Charter Hall Long WALE REIT's first half operating earnings were broadly in line with expectations, and FY24 guidance is reaffirmed. A key positive was -$145m of divestments completed while another -$500m is being considered, which would reduce look-through gearing to around 38%. Citi sees potential for more downside ahead for the REIT, following large book value write downs in the half. The REIT wrote down book values by -4.5% in the period, resulting in a -7% decline to infrastructure portfolios and a -9% decline to office. Macquarie suggests the outlook for earnings growth remains challenging with the roll-off in hedging resulting in interest expense continuing to rise in the medium term, but highlights an otherwise resilient portfolio. Ord Minnett expects the REIT's loan to value ratio is likely to remain elevated despite asset sales. 

CQR - Charter Hall Retail REIT IN LINE 0 0 2/3/0 3.63 3.70 5

Charter Hall Retail REIT's results were largely in line. FY24 guidance is reaffirmed. Despite acquisitions and divestments over the first half that were completed at yields of around 6%, Macquarie (Hold) assesses the quality of the portfolio has improved and the focus is on assets with greater income growth potential. Capital recycling is still expected to be the main focus, as Macquarie estimates there is still $100m in deployment capacity before reaching the mid point of the target gearing range. Morgan Stanley (Hold) highlights the REIT owns the only retail portfolio this reporting season (to date at the time) for which occupancy costs improved. Specialty occupancy costs were 11.3%, down -0.1% and leasing spreads were positive at 1.2%. While the result was generally positive, Ord Minnett (Accumulate) does note specialty leasing spreads have moderated to 1.2%, yet believes the business can capitalise on mis-priced opportunities in the property sector as long as it stays disciplined.

CWY - Cleanaway Waste Management IN LINE 0 0 2/2/1 2.64 2.68 5

Cleanaway Waste Management reported largely in line. There were beats and misses, but only slight. A higher effective tax rate and net finance costs weighed on earnings, while operating cash flow suffered from a ramp-up of spending on landfill remediation and rectification and weaker working capital. Macquarie (Buy) notes challenging areas are being turned around and health services are profitable again, while labour availability is better. The company has reiterated earnings expectations for FY24. Half-on-half improvement was driven by top line growth rather than margin improvement, but UBS (Hold) expects this to change in the coming half, anticipating core business recovery and initiatives can drive an earnings beat. Ord Minnett (Lighten) envisages the market will price in a more optimistic outlook amid accelerating revenue and margin expansion, yet earnings margins need to average around 150 basis points higher than current forecasts to justify the share price.

COH - Cochlear IN LINE 0 0 0/1/5 245.92 258.08 6

First half results for Cochlear held few surprises given they had been pre-released. Despite the pre-release, the result missed Macquarie's (Sell) forecast. Cochlear's first half profit grew by 21%, driven by revenue growth of 20% on strong demand for cochlear implants and sound processor upgrades. Reaffirmed FY24 guidance implies 26-31% profit growth on FY23. Ord Minnett (Sell) continues to believe the shares are overvalued, expecting sales growth to moderate over the longer term. The balance sheet is in good shape, featuring sufficient cash to fund a 70% dividend payout out to FY33. Citi (Sell) also suggests elevated sales levels are not expected to continue. Morgans is holding out with Hold.

CBA - CommBank IN LINE 0 2 0/1/5 91.86 91.55 6

It appears CommBank's result was largely in line with forecasts, but that is not at the forefront of broker minds. Two brokers have, at their peril, now subsequently joined in the CBA chorus in downgrading to a Sell rating. That leaves five from six Sells. Result-wise, in an ongoing decline since peaking in the first half of FY23, the net interest margin again fell by -7bps in the first half of FY24. Deposit pricing, competition and mix had a combined negative impact of -4bps on the NIM. The interim dividend increased by 5c to $2.15c, driven by a 4% increase in the payout ratio, balanced against lower earnings. Morgans could find nothing to justify recent share price gains. Given elevated multiples and a declining earnings outlook, the broker's rating is downgraded. Given CBA's share price has rallied 13% in the last three months, UBS sees the stock's valuation as stretched, underpinning that broker's downgrade. Lone Hold-rater Ord Minnett emphasises the investment case is not so much about a robust balance sheets or a slight retreat in profit, it's all about the (over)valuation. A sector premium remains warranted, but how high exactly? Citi poses the question: "How long can CBA sustain falling earnings and rising dividends?"

CPU - Computershare IN LINE 0 0 4/1/0 28.24 28.63 6

Computershare’s first half earnings proved broadly in line with consensus, while FY24 guidance was reaffirmed for earnings growth of 7.5% year on year. The underlying results benefited from an improvement in overall event and transactional activity, particularly Employee Share Plan and Stakeholder Relationship Management activity. The buyback was left unchanged and Macquarie (Buy) expects more will be announced at the FY24 result, providing protection to the downside. UBS (Buy) feels a better second half is likely, basing the assumption on core revenue recovery, half-on-half seasonality, and higher for longer cash rates. Higher-margin income on client-owned cash balances remain the company's key growth driver, Ord Minnett (Hold) suggests. This broker is forecasting mid-single-digit increases in underlying earnings per share for the five years to FY28.

CBL - Control Bionics IN LINE 0 0 0/0/0 0.06 0.06 1

Morgans is moving a number of early-stage-development companies, including Control Bionics, to a new 'Keeping Stock' format, enabling regular updates but no forecasts, target or rating. The broker believes Control Bionics is now funded into 2024 following its recent $2.7m rights issue, and assesses solid revenue growth (despite NDIS delays) after reviewing the first half results. Management expects a pick-up in second half sales in the US after revealing flat first half sales.

CRN - Coronado Global Resources MISS 0 0 0/0/0 2.03 2.03 0

Coronado Global Resources' result missed most forecasts. Lower than expected FY24 production guidance nevertheless cements a miss. The miner suffered from lower realised met coal pricing and higher costs in the period. UBS (Buy) believes lowered guidance might be too conservative. Forecasts have reduced and the focus remains on growth and delivery of the Curragh underground project, which remains on track for first coal in late 2024, subject to approvals. Bell Potter (Buy) had been anticipating a stronger production guidance given significant investment in Curragh's waste movement and commencement of mining at Buchanan's southern district. The company remains on track to achieve its production target of 20.5m tonnes per annum by mid-2025, with Curragh expected to provide the additional tonnes of saleable production from late 2024. Ord Minnett (Hold) highlights the longer-term outlook for capital expenditure is softer as the additional hoisting skips for the Buchanan expansion are now expected to be completed mid 2025.

CSL - CSL MISS 0 1 5/1/0 328.70 316.73 6

CSL's announcement the day before of a failed drug trial left shareholders in a rather gloomy mood. Hence, a weak response to the result release, which was mostly in line with expectations, but still offered a few disappointments through Seqirus and Vifor, as well as a slower-than-hoped for margin recovery. Behring's profit rose 17% year on year, representing some 85% of group improvement, but the results for Seqirus and Vifor were below expectations. Reduced immunisation rates and increased competition impacted on Seqirus. For Vifor, commercial and regulatory challenges have tempered management's near-term growth expectations. Macquarie (Buy) continues to see the medium-longer term outlook as favourable, supported by a base business/Behring recovery, contributions from new and pipeline products and operational efficiencies. Ord Minnett (Accumulate) is upbeat about the company's imnmunoglobulin portfolio's prospects and expects Behring's gross margin to return to pre-pandemic levels by 2027, as it is slowly expanding each year. Citi's reduction in target and downgrade to Hold are the result of wiping out any potential benefits that might have been derived from development of the failed CS112 drug in years to come.

DTL - Data#3 MISS 0 2 0/3/0 7.97 8.03 3

Despite a first half result from Data#3 that missed the mark for Morgan Stanley, the broker retains a positive outlook on the stock, while pulling back to Hold. Earnings were -5% below Morgan Stanley's forecasts amid weaker gross margins. The broker expects some investors were looking for greater stabilisation from the result, but retains its position on longer-term margin stabilisation and expansion. Data#3 explained they are seeing a slowdown only in the networking category and the rest of the business continues to report increased tender activity. The result confirmed UBS' (Buy) view that last month's profit upgrade was driven by higher interest income rather than operational growth. The broker retains the faith, highlighting the company's three-year earnings compound annual growth rate of 14%. UBS expects the company is likely to remain supported given recent growth in tender activity and appreciates the company's relatively defensive position and strong cash-flow profile.

DRR - Deterra Royalties MISS 0 0 1/3/1 4.91 4.97 5

Deterra Royalties' result either met or missed forecasts. Revenue rose 23%, reflecting higher Mining Area C (iron ore) revenue arising from higher realised prices. A -4% slump in sales offset this benefit. Costs rose nearly 20% as business development expenses ticked up. Iron ore prices and the ramp up of South Flank are the key catalysts going forward, Macquarie (Hold) notes, while any updates on acquiring or writing new royalties remain in focus for the market. With the prices of many commodities down from recent highs and the cost of capital for many miners rising, the opportunities for the company to purchase additional royalties have increased. Yet the absence of acquisitions also shows discipline from management, Ord Minnett (Lighten) acknowledges. The company continues to target growth beyond its Mining Area C royalties, and this should be supported by a $500m undrawn credit facility. UBS (Hold) sees conditions for the company to acquire new royalties as improving. Morgan Stanley retains Buy.

DXS - Dexus BEAT 0 0 2/2/1 8.55 8.55 5

Dexus' result beat most forecasts. The office portfolio proved resilient, and industrials enjoyed strong fundamentals. Macquarie (Buy) believes the company will be able to fund its committed pipeline and remain within its target gearing range through the -$725m of asset sales required. The industrial portfolio is benefiting from ongoing market momentum, with 99% occupancy and 5.5% like-for-like income growth, Citi (Hold) notes. Ord Minnett (Accumulate) observes while Dexus is diversifying, offices remain responsible for circa 60% of annual earnings. With Dexus' office rents about 20% above effective market rents, this broker predicts lease expiries will lead to lower effective rents. Ord Minnett also believes the market is overly pessimistic on the outlook for offices. Morgan Stanley (Sell) highlights good like-for-like net operating income growth of 4%, but softening is expected in the second half due to lower occupancy. The REIT's funds under management platform is now $41.3bn, down from $43.8bn six months ago, partly due to -$1.6bn of devaluations.

DXC - Dexus Convenience Retail REIT IN LINE 0 0 3/0/0 2.97 3.01 3

Dexus Convenience Retail REIT reported funds from operations in line with forecasts. The lower end of the FY24 guidance range for FFO and dividend per share has been increased. Property FFO was -5% lower year on year with like-for-like rental growth of 2.8% partly offsetting the impact of numerous divestments over the past 18 months. Ord Minnett suggests management commentary was much more positive, indicating buyers are returning, in particular syndicators, as sentiment improves on interest rates. It is Bell Potter's opinion there is clear price discovery for the stock, with transactions over the last year proving up book value and the stock trading at a -27% discount to net tangible assets.

DXI - Dexus Industria REIT BEAT 0 0 2/0/1 2.90 2.99 3

Dexus Industria REIT posted a strong first half result with funds from operations 5% ahead of Macquarie (Buy), driven by higher net property income and lower expenses. FY24 funds from operations guidance is reaffirmed. The key positive from the result was a 10ppt increase in occupancy at Brisbane Technology Park to 95.7%. The broker estimates this is around a 2% tailwind to annualised FFO. The update featured a strong headline result and the REIT left the period with a well positioned balance sheet. While Bell Potter (Sell) sees room for improvement, it would be to the detriment of earnings. Full year guidance was maintained.

DHG - Domain Holdings Australia MISS 0 1 1/3/2 3.49 3.39 6

Volume growth for Domain Holdings Australia has continued to underperform expectations, declining -2% year-on-year in the first half. UBS (Hold) points out strong recovery has been reported in the Sydney and Melbourne markets, suggesting underperformance in other markets. Citi (Hold) considers the result missed the mark, even though underlying net profit went up by some 39% from a year earlier. Weaker revenues have caused the earnings to fall short of market consensus. Listing volumes are down and it looks like the numbers continue to lag those at REA Group, including through January. Citi wonders whether Domain is under-investing compared to REA. Bell Potter is more upbeat, noting the key driver of performance was a 20% increase in average revenue per listing generated by 15% contribution from price increase/depth penetration and favourable market mix. Because Domain is trading at a record discount to REA and a significant discount to its own average, Bell Potter retains Buy. Morgan Stanley suspects that should competition intensify, or new disruptors emerge, Domain would be vulnerable, and downgrades to Sell.

DOW - Downer EDI BEAT 0 0 1/2/0 4.75 5.13 3

Downer EDI's result sharply outpaced Macquarie's (Hold) forecasts thanks to a strong performance from Utilities (returning to profit), declining losses in power maintenance contracts, and a run-off of low margin water contracts. Management also announced an extra $75m in extra cost savings and gearing improved, the broker suggesting Downer, which is currently under credit watch from Fitch, is keen to retain its BBB investment grade credit rating. Impacts were partially offset by the mobilisation of the Queensland trains manufacturing program, UBS (Hold) notes, continued ramp up of which is expected into the second half. Ord Minnett (Accumulate) suggests FY24 was always going to be a transition year for Downer, with inherent uncertainty around near-term earnings. This broker remains unconcerned by first half earnings falling below forecasts. Ord Minnett is content management is addressing its underperforming businesses.

EVS - EnviroSuite MISS 0 0 1/0/0 0.13 0.10 1

EnviroSuite's first half result disappointed Bell Potter at both the revenue and earnings lines. Lower than expected recurring revenue saw the company report revenue -2% below the broker's forecast, and earnings of $0.1m. For the broker, it was the weak operating cash flow of -$1.8m that was the negative surprise of the result. The company reiterated a target of positive adjusted earnings during FY24.

EVN - Evolution Mining BEAT 0 0 3/1/0 3.68 3.51 4

Evolution Mining's earnings slightly outpaced forecasts but the dividend proved the big surprise. Given upcoming capital requirements and a stretched balance sheet, Ord Minnett (Acumulate) had forecast no dividend, so was surprised by the 2cps payout. However, near-term cash flows are expected to significantly improve. Macquarie (Buy) had assumed curtailment of the dividend after the Northparkes deal. UBS (Buy) had already anticipated attractive free cash flow yield over FY25. Despite a steady rebuild period ahead, UBS believes the gold and copper miner has valuation support. Delivering on production, building on the existing cash flow story, and updating plans for Northparkes could all prove catalysts for the stock. Morgan Stanley (Hold), who was not surprised by the dividend, has made adjustments to second half production estimates due to plant shutdowns for maintenance at Cowal, Ernest Henry and Northparkes.

EVT - EVT Ltd MISS 0 0 1/0/0 14.79 15.65 1

EVT Ltd's interim result fell well short of Ord Minnett's expectations, with the earnings margin around -200 basis points lower than estimates amid higher operating costs. The company also surprised in terms of guiding for a -30% lower second half box office, because of the writer's strike. The broker questions why management bothered with this, given forecasting box office is always difficult. The current share price weakness is considered a buying opportunity for patient investors.

FBU - Fletcher Building MISS 0 1 2/1/1 5.37 4.59 4

Fletcher Building's earnings missed Macquarie's forecast by -12%. Revenue outpaced, but rising product claim issues scuppered the results. Macquarie downgrades to Sell. Management announced six measures to shore up the balance sheet ahead of product claims and legacy contract outcomes, one being the suspension of the interim dividend. Other measures included the exit from Tradelink, a lowering of base capital expenditure, cutting of growth capital expenditure for FY24-25, and moves to strengthen liquidity. Morgan Stanley (Hold) notes FY24 guidance implies a -12% downgrade to consensus earnings expectations. Earnings in the Building Products division were down -30% year on year, due to a weaker market backdrop. Citi believes an equity raise is now potentially in prospect, but retains Buy. 

GUD - G.U.D. Holdings MISS 1 0 4/1/0 13.08 12.84 5

Following broadly in-line first half results, Morgans (Buy) feels the core investment case for GUD Holdings is intact and compelling, despite near-term uncertainty from weaker second half guidance for AutoPacific Group. Macquarie (Buy) observes the company's core automotive business and margins remained resilient, although higher overheads hit earnings margins. The broker appreciates the company's deleveraged balance sheet (which should support acquisitions), strong operating cash flow and the normalisation of its inventory. The APG division is experiencing near-term headwinds to the order book from the repeal of Clean Car Discount in New Zealand and Toyota (a key customer) suspending shipments. Citi still sees potential for medium-term term upside from APG’s geographic expansion from FY25, and upgrades to Buy. Ord Minnett (Hold) feels the market is overly concerned by potential impacts from a slowdown in discretionary spending for APG, and now sees value emerging in the share price. Lowered forecasts weigh on price targets.

GDF - Garda Property IN LINE 0 0 1/0/0 1.65 1.65 1

Compared to the previous corresponding period of $7.6m, Garda Property's first half funds from operations were only $7m due to asset sales and higher interest costs, explains Morgans. The broker notes the group has now exited all Melbourne office properties and applied proceeds to reduce debt and provide backing for industrial development projects in Brisbane. The $495m portfolio is now 80%-weighted to SE Queensland industrial. Management has kept DPS guidance at 6.3cpu.

GDI - GDI Property MISS 0 0 1/0/0 0.75 0.75 1

Bell Potter was disappointed with the first half results from GDI Property, stemming from a combination of lower property and management earnings. Distribution guidance has been reaffirmed at 5c. No asset sales were realised during the half with gearing increasing to 32%. The broker suspects the business is close to its low point in terms of income and, trading at an almost -50% discount to net tangible assets, value is seen as emerging.

GMG - Goodman Group BEAT 0 2 3/2/1 23.90 29.11 6

Following a strong beat from Goodman Group, FY24 earnings growth guidance has been upgraded to 11% from 9%. Macquarie sits at 12%, given a track record of beating at the full-year result. Morgan Stanley is forecasting 13% growth. Data centres are now 37% of work in progress -- a greater than expected increase from 25% in September -- and data centres could eventually compose 50% of the development portfolio. Macquarie estimates data centres could generate development margins 60% or higher, much higher than the typical margin on warehouses. Citi argues Goodman still has multiple options to extract value from its expanding pipeline, and sees significant upside to future earnings which is not fully captured in consensus expectations. Despite the re-rate in Goodman's multiple to 27x FY24 earnings, the stock remains attractive relative to the average forward multiple of 40x of the competitor peer group, Macquarie notes. Valuation, including a share price gain on the day, see both Morgans and UBS pulling back to Hold. Ord Minnett feels the market is overexcited about the data centre opportunity, and retains Sell.

GPT - GPT Group IN LINE 0 0 4/1/0 4.88 4.93 5

GPT Group's FY23 result broadly met forecasts save for the dividend, which proved a -6% miss to Macquarie (Buy) due to higher-than-expected tenant incentives in the office portfolio leading to lower free cash flow, plus a decline in the payout ratio for the GPT Wholesale Fund from 90% to 60% of funds from operations. The broker expects the latter will prove an earnings headwind in the near term. By segment, both retail and logistics performed well and delivered funds from operations growth of 9.6% and 5.1% respectively, while office funds from operations declined on lower average occupancy. With the REIT currently trading at a -23% discount to net tangible assets, Citi (Buy) sees reasonable value given the company's exposure to retail and logistics. Morgan Stanley (Hold) suggests office cash flows will be challenged due to incentives and capex.

GQG - GQG Partners BEAT 0 0 4/0/0 2.20 2.53 4

GQG Partners delivered a positive result, ahead of most forecasts. The investment performance was considered strong across all strategies, supporting a solid start for 2024 flows. Morgans points out recent growth for funds under management provides near-term earnings growth visibility. Currently, FUM is exceeding the average 2023 figure by around 30%. Stronger management and performance fees were slightly offset by costs, Macquarie notes. Ord Minnett welcomes the result, considering the investment market was volatile and the macro economic environment difficult. This broker is confident in the flow outlook and expects it will drive a shareholder return of 26% over the next two years. The stock is still considered inexpensive.

GWA - GWA Group BEAT 0 0 1/0/0 2.20 2.70 1

GWA Group's first half result outpaced Macquarie's forecasts, highlighted by a good operational result, with cash flow proving the star. Macquarie believes the company's strategic execution is starting to kick in, with GWA regaining strength with plumbers. The broker is upbeat while acknowledging mixed outlooks for the company's markets.

HCW - HealthCo Healthcare & Wellness REIT IN LINE 0 0 3/1/0 1.65 1.62 4

HealthCo Healthcare & Wellness REIT's funds from operations were a little above or a little below forecasts. Morgans (Buy) highlights first half portfolio metrics remained stable with cash collection of 100%, occupancy of 99% and a weighted average lease expiry of 12 years. It's noted 75% of leases are linked to CPI. At 42%, look-through gearing at end-December offers limited capacity for deployment into developments, Macquarie (Buy) notes, but progress on divestments will assist the REIT's capacity. It is Bell Potter's (Buy) opinion that among the REIT sector, HealthCo Healthcare & Wellness REIT is one of the better value propositions. Funds from operations fell short of Morgan Stanley (Hold).

HMC - HMC Capital BEAT 0 0 0/0/0 5.36 5.36 0

HMC Capital's profit exceeded consensus, largely driven by a strong fund performance by HMC Capital Partners Fund 1, Morgan Stanley notes. Maiden FY24 guidance is broadly in line with Macquarie's prior expectations. More information has been provided on growth initiatives including the energy transition, digital infrastructure and global healthcare. Further detail on the progress of growth initiatives provides the broker with a greater line of sight for achieving management's target, which is forecast to be achieved in FY28, but Macquarie needs continued execution before becoming comfortable around the valuation. As the stock has rallied since Bell Potter initiated in November, its rating is downgraded to Hold.

HDN - HomeCo Daily Needs REIT IN LINE 0 0 2/4/0 1.31 1.31 6

HomeCo Daily Needs REIT delivered a first half result in line with forecasts. Guidance for free funds from operations is reaffirmed. Macquarie (Hold) assesses the health of the underlying tenant base is robust, allowing the business to achieve rental growth. Morgan Stanley (Hold) cautions around growing evidence of a broader slowdown in large format retail. HomeCo has been recycling out of large format and into neighbourhood retail, with -$302m of assets divested in the year to date and two neighbourhood assets were acquired, anchored by Woolworths. As gearing is at 34.3% there is further potential for capital recycling. The active development pipeline should complete in the second half, underpinning a valuation uplift, suggests Morgans (Buy). Brokers believe the REIT's fundamentals remain solid, as the re-weighting towards higher-growth Daily Needs assets versus Large Format Retail continues.

HPI - Hotel Property Investments IN LINE 0 0 1/1/0 3.49 3.53 2

Portfolio metrics for Hotel Property Investments were stable in the first half, notes Morgans (Buy), with rental income increasing by 3.4% year on year, while funds from operations fell by -2%. Management reiterated FY24 dividend guidance of 19c. Leasing risk remains minimal, with around 70% of leases linked to CPI and 100% occupancy of the 61 assets in the portfolio. As expected by Ord Minnett (Hold), higher debt costs offset 3.4% rental growth. The latter broker agrees portfolio metrics are considered sound, with 100% occupancy and a long weighted average expiry (WALE) of 9.5 years.

HUB - Hub24 IN LINE 0 0 3/3/0 38.50 40.44 6

Hub24's results were mostly in line but otherwise a slight beat to broker forecasts. Second half growth in funds under administration has begun strongly with around $1.2bn of implied net inflows. Management reaffirmed its FUA target of $92-100bn by the end of FY25, which Morgans (Hold) notes has been assisted by recent market strength and ‘transition’ wins, including the recent Equity Trustees migration. Macquarie (Hold) was disappointed with both Class and myprosperity, although acknowledges it is still early days for the latter acquisition, noting management is confident with the initial interest being generating from licensees. Ord Minnett (Buy) believes the business is well-placed to increase market share and returns to shareholders. The $50m buyback is expected to be completed by September. UBS concludes the outlook for Australian Wealth Platforms has improved on the back of rising equities and greater visibility over interest rates, and slightly reduces estimates because of rising costs.

IEL - IDP Education BEAT 0 1 2/4/0 25.51 24.78 6

IDP Education posted a strong result, beating forecasts and leaving brokers upbeat for the future. Morgan Stanley (Buy) suggests the result highlights strength in the student placement (SP) business. While medium-term growth will be lower due to migration policies/competitive landscape, it's felt these factors are already reflected in the current share price. UBS (Buy) expects the company's quality bias should continue to yield gains in market share, particularly in Canada, which should help ameliorate government-policy headwinds. Morgans (Hold) comments the result showed positives that will continue to drive long-term growth, such as fee increases, SP market share gains, and geographic expansion. Despite negative industry growth of -3%, the company's SP volumes rose by 33%, helping to offset a weaker-than-forecast performance by the IELTS division. Tests taken in India fell by -31% due to changing industry conditions but ex-India, IELTS volumes grew by 17% in the half. Bell Potter has upgraded revenue forecasts on strength in SP volumes and recent pricing increases, but this is more than offset by an increase in overhead assumptions and interest expenses. On valuation, this broker downgrades to Hold.

IMD - Imdex BEAT 1 0 3/1/0 1.97 2.16 4

Imdex's result beat all forecasts. The strong performance in challenging conditions augurs well, suggests Macquarie (Buy), with Devico and sensors on hire outpacing despite weaker drilling activity. Sensor and fluids margins expanded sharply and even core business margins pushed ahead. The broker sees further upside to margins in FY24 and FY25. Imdex has had the opportunity to demonstrate some of the attractions in its core business, notably its global diversity and structural growth in average revenue per unit, UBS (Buy) points out. Bell Potter upgrades to Hold from Sell as near-term earnings margins are proving resilient and the mix towards higher-margin sensor and SaaS sales is materialising faster than previously expected. Management expects product demand in the second half will remain steady and completion of an organisational redesign should drive a reduction in the cost base for the second half.

IFM - Infomedia BEAT 0 0 3/0/0 1.88 1.93 3

Infomedia's first half revenue and earnings beat both UBS and Shaw and Partners, while only revenue beat for Bell Potter. Strong growth in APAC and cost control proved the drivers. EMEA and the Americas disappointed, with UBS arguing any real progress in these regions will take time. Management has reaffirmed FY24 total revenue guidance. Strong free cash flow following lease payments of $8.4m were a positive surprise for Bell Potter, particularly compared to the -$0.1m cash flow result a year prior. The stock appears to be undervalued to Shaw and Partners, suggesting not only a buying opportunity but potential for a takeover bid, recalling the multiple bids received in 2022.

INA - Ingenia Communities BEAT 0 0 1/0/0 4.95 5.22 1

Ingenia Communities' first half revenue and earnings beat Ord Minnett's forecasts, driven by a higher number of settlements and higher average settlement price, as well as continued strength in the holidays business. Ingenia has maintained its guidance and expects earnings growth of 10-15% in FY24. Despite the challenging macro economic backdrop, the broker continues to believe there is value in the stock.

ING - Inghams Group IN LINE 1 0 3/1/0 4.33 4.26 4

Despite Inghams Group's strongest ever first result since listing, the market was disappointed by softer-than-expected volume growth in Australia, due to weakness in the 'out of home' channels, explains Morgans (Buy). Overall, the result was in line with guidance. Selling price growth of 8.5% more than offset the cost pressures, Macquarie notes. Moreover, efficiency programs that are set to come online should provide opportunity for margin expansion. Management has signalled the recent installation of de-boning machines is ahead of schedule and under budget and the broker asserts the improvements could also reduce labour costs and drive productivity benefits. Macquarie upgrades to Buy. Management suspects earnings could ease in the June half due to seasonality as previously guided and highlights the channel shift from eating out to eating in. Bell Potter (Buy) believes Inghams represents a derivative exposure to improved winter cropping prospects remaining intact. UBS (Hold) notes the company indicated a higher level of inventory was being held as of the end of 2023, due to the softening of out-of-home, and will require rebalancing moving forward.

IAG - Insurance Australia Group MISS 0 0 2/4/0 5.95 6.08 6

Insurance Australia Group's profit fell short of consensus and the dividend disappointed, but margins were solid. Citi (Buy) notes the insurer is on track to hit the top end of margin guidance in the second half as inflation eases, premium rates rise and fixed-income yields remain elevated. Management is passing on higher reinsurance costs and increased peril allowances, defending margins at the expense of market share, Ord Minnett (Hold) reports. Management announced a further $200m buyback, following on from the buyback of 63m shares last December. Macquarie asserts, with the strength of the premium rate cycle continuing to ease and the benefits of higher interest rates, a Buy (Outperform) rating is appropriate.  While expecting modest near-term market share losses, Ord Minnett does not believe management will endure this over the long-term and therefore premium rate increases are likely to moderate.

IDX - Integral Diagnostics IN LINE 0 0 0/0/0 2.24 2.24 0

Integral Diagnostics' earnings were in line with forecasts. Ord Minnett (Buy) notes operating leverage has returned. Significantly, the company is set for sustained operating margin expansion as organic revenue growth is accelerating and underlying staff costs are moderating. After a strong start to the second half, Macquarie (Buy) expects domestic revenue growth of 10% as the ageing population and increased prevalence of chronic diseases drive demand for diagnostic services. Margin recovery appears to be slow to Morgan Stanley (Sell), despite Medicare indexation. This highlights ongoing cost pressures. This broker believes the discount in the stock is warranted until a more positive margin outlook becomes evident.

JHX - James Hardie Industries MISS 0 0 4/1/0 57.64 62.22 5

Record marketing and Selling, General & Administration expenses reported by James Hardie Industries likely led to a weak market response, as well as short-term guidance looking rather conservative. In every other respect the quarterly result proved a clear beat, and brokers remain very positive. Increased expenditure remains a concern, Citi (Buy) suggests, but management advises the drag on near-term profits will be worth it and Citi appears to concur, for now. Excess spending was due to the company positioning for the recovery in the lucrative US Renovate & Repair market. The group is well positioned to capture a recovery in US R&R activity, Macquarie (Buy) believes, with heightened contractor and market engagement evidenced by brand lift. Guidance was weaker than expected, but the cash performance was exceptional, the broker suggests, and James Hardie continues to lift real prices. The company is managing to steal significant market share, Ord Minnett (Hold) notes, triggering a beat on revenue thanks to strong sales and volumes. This broker expects James Hardie will romp home in the March quarter to post a solid FY24 performance.

JAN - Janison Education IN LINE 0 0 2/0/0 0.63 0.60 2

Bell Potter saw a soft, although broadly in line, first half update from Janison Education, with the company reporting an earnings result down -37% year-on-year. Revenue was largely flat year-on-year, while gross profit declined -5%. Both net cash and free cash flow proved better than expected, the former due to improved debtor collection and interest income, and the latter on reduced capital expenditure spend. No full year guidance at this stage, but the company suggests there is a healthy pipeline of solutions deals at various stages of tender. The result demonstrates ongoing growth in the company's core solutions, up 11% year-on-year, but Shaw and Partners points out this has been overshadowed by a lack of growth throughout the rest of the company. The broker expects this growth drag to impact less in the second half, and forecasts 7% year-on-year revenue growth over the full year, while additional cost out initiatives should help offset.

JBH - JB Hi-Fi BEAT 0 0 1/3/2 46.90 56.25 6

JB Hi-Fi's result came in ahead of Macquarie's (Hold) expectations driven by stronger consumer confidence and tight cost control. JB Hi-Fi Australia remains the pace-setter in Consumer Electronics, the broker suggests. JB Hi-Fi boasts a "pristine" balance sheet, with no debt and $488m of net cash, a high quality management team and resilient demand. But the broker sees valuation as rich. First half sales and earnings were actually down year on year, but JB Australia and The Good Guys posted beats while JB New Zealand fell short. Trading was resilient, UBS (Hold) notes, despite trade feedback of softness. Discipline over costs was "exemplary", Morgans (Hold) comments. The superlatives kept coming. Inventory management remains "excellent", Citi (Buy) suggests. A January update was considered strong given consumer weakness fears, although concerns on margins and the direction of consumer spending are likely to persist. Morgan Stanley sticks with Sell.

JDO - Judo Capital IN LINE 0 1 1/2/2 1.17 1.20 5

Judo Capital's results were largely pre-announced so there were no surprises. The net interest margin declined by -47bps year on year and Morgans (Buy) assumes a further decline in the second half towards the top-end of management’s guidance range. But the broker believes the second half will be the trough. Morgan Stanley (Hold) asserts the additional disclosure on FY25 margin drivers is indicative of a more stable margin outlook, but a more positive view requires an upgrade to FY25 earnings and more visibility regarding the path to double-digit returns on equity. Macquarie suspects Judo Capital will now take longer than previously anticipated to achieve returns above the cost of capital and notes the business has been a beneficiary of lower interest rates and cheaper funding. Macquarie downgrades to Hold. The bank's growth ambition for FY25 of 15% profit growth looks ambitious to Citi (Sell) given new loan originations may not go as smoothly as predicted in a slowing environment.

LLC - Lendlease Group MISS 0 1 1/2/0 10.00 9.17 4

Lendlease Group's first half result sharply missed forecasts and management has cut return on equity guidance by -10% from the lower end of its target range. Weakness was recorded across the board. Gearing rose sharply to 22.9% from 14.8% but management retained FY24 gearing guidance to the midpoint of its 10% to 20% target range. While management expects an earnings recovery, Citi is concerned by ongoing pressure on core earnings and execution risk, and downgrades to Hold. Morgan Stanley (Hold) notes Lendlease is ultimately a company that builds assets and sells them for a profit. This broker believes earnings will improve when the transaction market recovers. Macquarie has slashed its earnings forecasts but is on research restriction. Analysts at Citi have come to the conclusion there's now too much risk involved. They've downgraded to Neutral.

LNK - Link Administration IN LINE 0 0 0/1/0 1.85 2.10 2

Link Administration's result was generally in line with forecasts and FY24 guidance has been retained. Macquarie observes the sale of the company to Mitsubish is running to schedule, the LFSL Creditors Scheme having been approved by the UK courts and should close in May, assuming no appeals or hiccoughs with global regulatory approvals. Macquarie is on research restriction. In time, Ord Minnett (Hold) expects investments will better scale Link's services offering and this will support customer acquisition and retention. The broker ascribes a 75% probability that Link will be successfully acquired.

MGH - Maas Group IN LINE 0 0 2/0/0 4.30 4.45 2

First half results for Maas Group were in line with Morgans' estimate. Civil Construction and Hire fell -6% short of consensus expectations, with electrical service revenue declining half-on-half. Construction Materials beat the consensus estimate by 7% on the back of strong quarry markets. Following a "solid" result, Macquarie notes FY24 earnings guidance and capital recycling targets are reaffirmed. Cash generation improved strongly and remains a key focus. Maas has since acquired three hard rock quarries in Victoria which are complementary to Dandy's existing footprint which creates significant synergy opportunities, the broker suggests. To drive a re-rate, Macquarie believes management needs to build a track record of delivering on guidance, sustaining organic growth, maintaining leverage in target range or below, and delivering on capital recycling targets.

MAH - Macmahon IN LINE 0 0 1/0/0 0.25 0.25 1

Macmahon's "solid"  first half result proved a mixed bag, revenue proving a miss on Macquarie's forecasts and profit and earnings in line. Operating cash flow fell sharply short of the broker's estimate while free cash flow outpaced, resulting in a 19% beat on net debt on top of a dividend beat. Margins rose to 18.2% from 15.1% as covid effects continue to unwind, observes Macquarie. Management upgraded FY24 revenue guidance, but earnings guidance was steady.

MAD - Mader Group BEAT 0 0 1/0/0 7.30 7.60 1

Mader Group reported first half revenue up 34% year on year, and underlying earnings up 43% year-on-year. Net profits were up 38% and a fully franked interim dividend of 3.8 cents per share represented a 31% payout ratio. The company's North American operations delivered a 20.6% earnings margin, beating Bell Potter's expectations. The broker explains the result was driven by scaling and maturation of the Canadian operations, and anticipates further margin improvement over the second half.

MFG - Magellan Financial IN LINE 0 0 1/2/3 8.55 8.91 6

Magellan Financial's first half profit came in 43% ahead of expectations, but this was largely driven by $38m of realised gains on the sale of fund investments. The funds management result was broadly in line. FY24 expense guidance remains unchanged, but expected to be at the top end. Negative trends are stabilising, but Macquarie (Sell) does not believe the remaining risks are being appropriately reflected in the current multiple. Capital returns are off the table for now, with acquisitions more likely. Citi (Sell) does believe the risk for further disappointment from the troubled asset manager has diminished, though the transitory nature likely means the turnaround will be a prolonged process. While earnings are still finding a “base level”, and mild net outflows continue, Morgans (Hold) feels a base can be reached in FY24-25. UBS (Buy) suggests the fund manager's plans to release the majority of fund investments appears to have been largely overlooked. This broker suggests the move will yield liquid surplus capital in excess of $500m. About $200m of that is to be reinvested into more productive seed investments and the company is keeping $300m aside for its strategic M&A war chest.

MMS - McMillan Shakespeare BEAT 1 0 4/0/0 20.16 21.76 4

McMillan Shakespeare posted a clear beat of forecasts. Earnings rose 42.9% on an expanded margin of 33.3%. Ord Minnett suggests the performance of the novated leasing business was the standout contributor. EV sales continue to climb, leading to an increase in total novated lease sales of 25.7% year on year. The broker also considers the performance of the Group Remuneration Services segment a standout, with revenue up 29.2% year on year. Due to the company's strong operational momentum, and attractive valuation, Ord Minnett upgrades to Accumulate. Citi notes the loss of the South Australian government contract will impact on earnings margins within GRS in FY25, but sees potential for a broadening of the customer base and increased awareness of novated leasing to offset the loss. Citi points out strong growth in novated leasing has been driven by the private segment, which remains a largely new customer cohort for the company. Morgan Stanley suspects investors will push back given the re-rating and year-to-date performance of the stock, yet notes it historically trades on the novated trajectory and outlook; both remain very strong.

MP1 - Megaport IN LINE 0 0 2/1/0 13.46 14.50 3

Megaport's share price shot up back in January when its first half result was pre-released, and there were no surprises in the official result. The company's free cash flow improvement is the biggest intra-year turnaround Morgans (Hold) has witnessed, with cost control the highlight. Only a year ago, the broker was anticipating a capital raise but now, capital allocation is back on the table in the form of an acquisition, a buyback, or dividends. The reinstatements of the Employee Share Scheme and incentives for key executives is likely to underpin high share-based payments for at least three years, suggests Macquarie (Buy). FY24 guidance has been reaffirmed and UBS (Buy) sees potential for upside surprise. This broker continues to view the long term opportunity as "compelling". Strong demand for the company's services should continue on the back of the structural shift to multi-cloud and AI.

MGR - Mirvac Group BEAT 0 0 2/2/0 2.47 2.52 4

Mirvac Group's first half earnings beat most forecasts. FY24 guidance was reiterated and Macquarie (Buy) believes key concerns going into the result have been alleviated to a degree, being achieving residential settlement guidance for the low end of 2,500-3,000, and delivering commercial development earnings from 55 Pitt Street in the second half. While the resi environment remains sluggish, Mirvac is well placed to capitalise on a market recovery, the broker suggests, supported by its growing resi development pipeline and expected RBA rate cuts from August. Citi retains Hold, noting while Mirvac's repositioning away from office and into industrial and living sectors is likely to see it emerge as a high quality company in the future, the path to get there is likely to pressure earnings growth. Citi also flags weaker residential sales for the company in the first half, with full year settlements now anticipated towards the lower end of previous targets. Ord Minnett (Accumulate) suggests that with national apartment construction approvals at a decade low, limited new supply should favour Mirvac's existing pipeline and pre-sales.

MLG - MLG Oz BEAT 0 0 1/0/0 0.98 1.05 1

Turnaround momentum continued for MLG Oz in the first half, notes Morgans, with results beating expectations. The highlight were rebounding margins. Compared to the prior year, revenue and earnings rose by 29% and 72%, respectively. The earnings margin jumped to 12.8% from 9.7% on optimisation of existing contracsts and rates renewed at higher levels. The broker upgrades FY24-26 EPS forecasts and highlights the company has grown revenue run-rates by 75% in the less than three years since IPO amid tough markets.

MND - Monadelphous Group IN LINE 0 0 2/2/0 15.13 15.13 4

A solid result for Monadelphous Group was largely in line with forecasts, and featured strong demand for maintenance services in resources and energy, and increasing expenditure related to decarbonisation. The company secured more than $1.8bn of new and extended contracts over the period, nearly double a year ago. This accords with Ord Minnett's (Hold) expectation for strengthening group revenue in the near to mid term. Macquarie (Buy) observes the company's bidding pipeline has been backfilled and remains strong and steady, although tender competition is rising. This broker believes this should cushion Monadelphous from recent commodity price volatility. The company is guiding to 10% revenue growth for the full year, but Citi (Buy) notes any potential upside to guidance is limited by the ongoing skilled labour shortage, despite Monadelphous being able to successfully increase headcount over the last six months. UBS (Hold) suggesst the market has already priced in FY24 guidance.

NWL - Netwealth Group IN LINE 0 0 2/3/1 16.23 18.02 6

Netwealth Group reported broadly in line with forecasts. Underlying profit rose 28% year on year, driven by 18% revenue growth and 275bps margin expansion. Citi (Hold) foresees revenue growth picking up in combination with strong operating leverage coming through. Margins seem poised for upside surprise, the broker suggests, while share market gains could continue for longer, but the stock is also seen as well-valued. Ord Minnett (Hold) agrees. The result actually beat Morgan Stanley's expectations and outlook commentary suggests to this broker that net inflow momentum has been sustained into the second half. Macquarie retains Sell, but only because Netwealth is trading at a "strong" premium to the broker's valuation. UBS argues the platform business is benefitting from investments made in recent years.

NWS - News Corp BEAT 1 0 3/0/1 36.67 42.08 4

News Corp's December quarter result comfortably beat forecasts. The result was strong across all businesses, with advertising exposure and consumer-facing subscriptions more resilient than expected, and cost discipline helping operating leverage. The digital information businesses continue to perform, but brokers highlight the runaway performance of Dow Jones in particular. News Corp indicated it is in advanced discussions with AI providers around receiving monetisation for its content, which suggests upside risk to Macquarie, which upgrades to Buy. Morgan Stanley (Buy) highlights an impressive ongoing turnaround for Books, the strong cyclical recovery underway at REA Group, and ongoing solid growth for Dow Jones. Ord Minnett (Lighten) nevertheless believes the company is looking significantly overvalued, especially given the recent US tech rally is behind much of the stock's recent strong rise.

NCK - Nick Scali BEAT 0 0 1/1/0 12.09 13.75 2

Nick Scali's written sales gained momentum in the first half and into the second half, with the December quarter up 8.2% and January up 3.6%. Higher gross margins and lower costs drove a beat of profit forecasts and guidance. The company reported a first half gross margin of 65.6%, in line with the previous half, in a result that impressed Citi (Hold) considering the previous half had benefitted from falling shipping rates. Macquarie (Buy) expects store roll-out, Plush refurbishment and Plush store optimisation to continue to drive sales growth over the longer term. Group sourcing benefits and lower freight should support strong margins in the near term, supporting earnings upgrades.

NWH - NRW Holdings BEAT 0 0 1/1/0 3.00 2.93 2

NRW Holdings' first half earnings growth beat UBS' (Buy) forecast by 5%, thanks to strong margin growth. The broker highlights better project delivery, particularly within Primero. UBS upgrades earnings forecasts, outpacing guidance, which the broker considers conservative. The broker highlights the company's positive operating environment, observing the capital expenditure cycle underpins its three-year earnings compound annual growth rate forecast of 12%. Headline financials were largely in line to above Macquarie's (Hold) forecasts, while free cash flow was weaker than expected. The interim dividend of 6.5c is 30% above the broker's expectation. Earnings margins rose to 6.4% year on year as wage and cost pressures were incorporated into contracts. FY24 guidance is maintained, implying margin growth. Macquarie notes all of FY24 and much of FY25 revenue is already secured, and the pipeline remains robust.

NXL - Nuix BEAT 1 0 2/0/0 2.20 2.45 2

Nuix's first half result beat Shaw and Partners' forecasts, with top-line metrics falling above or near the top end of guidance. The broker believes the company's legal issues are largely finalised and confidence in Nuix Neo is rising thanks to a kickstart from early adopters and more product launches scheduled for the June half. Morgan Stanley believes Nuix remains a turnaround story. Recent market updates have been stronger than expected, and amid positive industry feedback, this provides more confidence. Investor sentiment remains mixed, but Morgan Stanley suspects the thesis can now be revisited, noting the strategic relaunch is gaining momentum. While expecting ongoing share price volatility, this broker sees an improved risk/return outlook, and upgrades to Buy.

OML - oOh!media BEAT 0 0 1/1/0 1.77 1.98 2

Ord Minnett (Hold) describes oOh!media's 2023 report as featuring "unmissable result quality and margin integrity". Revenue growth of 7% slightly exceeded the broker's forecast, but it was driven by accelerating road ad growth, the largest and likely highest-margin unit. A return to revenue growth for the second-largest unit, street & rail, is also notable, up 4% compared to a decline of -3% in the first half. Success in concession renewals and pending contributions from new contracts support Ord Minnett's confidence in sustainable earnings power, although the stock is trading in line with the broker's fair value. The result beat Macquarie's (Buy) forecast by 10% thanks to a big beat on gross margins, which fell less than the broker expected. Macquarie attributes this to management's determination to pursue profitable deals over market share. FY24 guidance has pleased the broker, with management expecting a weak first half followed by an improved second half.

ORG - Origin Energy BEAT 0 1 2/2/0 8.96 9.29 4

A strong first half result for Origin Energy beat broker forecasts. The dividend was solid and management has promised to publish a new distribution policy at its investor meeting in April/May. UBS (Buy) expects this will yield a higher payout ratio of 40% to 70% of free cash flow. The broker also expects Eraring can be retired profitably over FY26 to FY28 thanks to Origin's battery investments and underwriting of renewable offtake. Ord Minnett's (Hold) longer-term forecasts are little changed with earnings expected to fall by around -30% in the next three years from FY25 on weaker electricity and LNG prices. With risks now appearing more balanced to Morgan Stanley, this broker has downgraded its rating to Hold, as the company's earnings and deleveraging cycle peaks. Alongside peaking earnings and investment in Octopus Energy, Morgan Stanley expects Origin can lift its distribution payout modestly over FY24 and FY25, but that gearing may be at the upper end by FY26.

ORA - Orora MISS 0 0 3/2/0 3.08 3.03 5

Orora's first results were in line with forecasts. Higher margins in both Australasia and North America resulted in the group earnings margin rising by 130bps to 8.6%. Cash conversion jumped to 92.7% from 75.25% year on year due to both increased earnings and better management of working capital. Management maintained FY24 guidance for higher earnings, excluding the contribution from the Saverglass acquisition. Management also guided to substantially higher June half interest costs, well above consensus forecasts, reflecting higher leasing costs. Despite a challenging environment, Citi (Buy) believes Orora executed strongly in the first half, and this broker believes it bodes well for earnings growth and operating leverage looking forward. Citi expects FY24 will prove a low point in earnings, and that Orora can deliver a strong compound annual growth rate over the medium term. UBS (Hold) forecasts Australasian earnings growth while Australian glass volumes will continue to drag on segment earnings because of a challenged backdrop in wine exports. Morgan Stanley (Buy) believes the share price will re-rate higher once the market becomes comfortable with the Saverglass acquisition.

PRN - Perenti BEAT 0 0 2/0/0 1.48 1.48 2

Perenti delivered large earnings, cash and dividend beats on Macquarie's forecasts. FY24 guidance was retained and the company declared a surprise 2c interim dividend. The broker appreciates Perenti's strong orderbook and pipeline, agreeing 2025 margin expansion targets are on track. Citi highlights Perenti has been improving its balance sheet through disciplined capital management and this is paying off. Improving cash generation led to the reinstated dividend. This is also supported by the ramp up at Motheo A4. Revenue and earnings guidance is unchanged for the full year, which Citi suggests is understandable in the current market. The stock is considered undervalued.

PNI - Pinnacle Investment Management IN LINE 0 0 2/1/0 9.58 10.95 3

Pinnacle Investment Management's first half profit was in line with or below broker forecasts, but funds under management provided the positive surprise. Thanks to flows and a market uplift late in the half, starting funds under management for the second half are up around 8% on the first half average. FUM rose by 9% over the half to $100.1bn. Closing FUM supports the second half outlook, Macquarie suggests, and excludes $1.1bn of inflows secured in late December. Continued investment in medium-term opportunities has moderated short-term profits, but Pinnacle expects investment cost to reduce in the second half and revenues to build. Morgans believes a step-up in FY25-26 earnings will spring from a number of sources, including improved flows and material operating leverage on improved FUM.

PME - Pro Medicus MISS 0 1 1/1/2 75.10 78.63 4

Prior to Pro Medicus' result, Morgans (Hold) felt a significant beat was required to sustain the current valuation. Shares then fell materially as reported profit and revenue only met expectations. The 'miss' came through the earnings margin remaining relatively flat at 66%, thereby missing the consensus forecast for 68.9%. The 18c dividend was short of the 19c predicted by Morgans. The broker upgrades its organic customer volume growth assumptions, partially offset by higher near-term opex for an increased headcount to support new and near-term contracts. Earnings were -4% below Macquarie (Buy) on slightly lower revenue and higher costs. The company announced four contract wins in the half, but the first revenues from these are expected from the second half, later than assumed. The pipeline remains robust across various market segments. In addition to speed and functionality, Pro Medicus' cloud capabilities support recent market share gains. Macquarie sees cost savings from cloud deployment and a broadening of the pool of potential customers. Ord Minnett (Sell) continues to believe the company is materially overvalued and the market is likely underestimating competitive threats. Bell Potter downgrades to Sell with this broker observing underlying revenue growth came in at 24% only, signalling serious slowing of the pace in comparison with the years prior. Also, operating expenses grew faster than revenues over the period.

QBE - QBE Insurance MISS 0 0 5/0/1 17.61 17.81 6

Morgan Stanley (Buy) expected a muted share price reaction to QBE Insurance' results given mildly disappointing FY24 combined operating ratio guidance, a weaker-than-expected dividend and no capital management, and was not far off. While 2024 guidance for gross written premium growth in the mid single digits is below expectations, Macquarie (Buy) does not believe this signals a conservative stance. Capital remains strong and the payout ratio is expected to remain low as the business continues to grow. Morgans (Buy) considered the result fundamentally sound, despite weaker-than-forecast headline numbers. The broker liked the 16% return on equity and the very strong balance sheet. Citi (Buy) found the 2024 guidance for a combined operating ratio of 93.5%, towards the high-end of the target range, disappointing, and believes QBE Insurance should be "performing better than it is", given this is the strongest insurance market for at least 20 years. Ord Minnett (Sell) expects stronger industry profitability will lead to heightened price competition and weaker returns over 2024.

RMS - Ramelius Resources IN LINE 0 0 2/1/0 1.92 1.87 3

Ramelius Resources produced a straightforward result with revenue, earnings and profit all in line with Ord Minnett (Buy) but just pipped forecasts from Shaw and Partners (Buy) and Macquarie (Hold). Ord Minnett expects margins to improve significantly as Penny and Cue combine at Mt Magnet. The market appears concerned about M&A given the company’s strong balance sheet and dwindling mineral inventory at Edna May, but Ord Minnett sees significant organic optionality in the portfolio which will be highlighted to the market imminently. The result featured a jump in gold production and realised prices, and lower costs, which Shaw expects will deliver record FY24 margins. Management upgrades full-year production guidance, expecting further strength in the June half, and margin expansion in 2025 should current prices persist. Full-year cost guidance has risen sharply to reflect higher than expected production at Edna May and conveyor repairs at Mt Magnet, but costs are expected to fall sharply in the June half.

REA - REA Group MISS 0 0 1/5/1 164.86 172.74 7

Brokers generally found REA Group's result solid, slightly ahead of consensus. The relative disappointment was management guiding towards higher-than-anticipated costs, which has triggered downgrades to forecasts. The company reported a 19% increase to "buy yield", comprised of a 13% price increase passed through in the first quarter, as well as a listings increase. Management has flagged a strong start to January, with listings up 12% year-on-year, and reiterated its outlook for 3-5% listings growth over the full year. According to the company, should momentum continue through February and March, the top end of this range is achievable. Margins also expanded to 59% from 56% year on year, highlights Morgan Stanley (Buy). A sharp 13% average increase in residential listings was a major contributor to the result and Ord Minnett (Sell) suggests REA's position in the market supports price rises without fears of market share loss, as opposed to rival Domain Group, which suffered market share loss recently as a result of price rises. Ord Minnet nevertheless considers the stock to be overvalued. Hold raters are of a similar opinion.

RKN - Reckon IN LINE 0 0 0/1/0 0.60 0.65 1

Reckon's FY23 results were in line with Morgan Stanley's expectations. It's anticipated improved leverage will be a catalyst for a share price re-rate. A stronger subscription performance was offset by legacy products in the Business Division and transactional revenue in the Legal Division, explain the analysts. The broker lowers capex assumptions.

RGN - Region Group IN LINE 0 0 2/2/0 2.41 2.45 4

Region Group's first half earnings were broadly in line with forecasts. Sales growth has slowed from FY23. Discount department stores, specialty stores and mini-majors all saw a material deterioration in growth rate, while sales at supermarkets were up. Management upgraded its long-term funds from operations annual growth target to 3-4% from 2-4%. The possibility of a buyback was also flagged, should asset sales proceed, and if the shares trade materially below net tangible asset valuation for a sustained period. Macquarie (Hold) suggests the adjusted funds from operations outlook has improved materially, driven by hedge restructuring at zero cost and suspension of the dividend reinvestment plan. But the broker sees limited valuation support relative to peers on a 6.5% yield. Ord Minnett (Accumulate) suggests that, given the group's relatively predictable income, and the current yield on Australian ten-year bonds, the REIT's dividend yield is, by comparison, attractive.

RWC - Reliance Worldwide BEAT 3 0 5/1/0 4.16 5.08 6

Reliance Worldwide's result either met or beat forecasts. Despite a subdued trading environment in the Americas, earnings jumped by 19%. Cost reduction initiatives kept the earnings margin decline to a modest -10bps in the EMEA and APAC regions, even though volumes were lower. Morgans feels Reliance is well placed to prosper when trading conditions improve, and upgrades to Buy. Citi notes the US segment demonstrated strong margin expansion. With the environment improving, the broker is optimistic about where margins could land as volume growth returns. Citi also upgrades to Buy. With end-markets potentially stabilising later this year, and new product initiatives underway, Reliance is well-placed for an eventual upturn in the cycle, Ord Minnett agrees, before upgrading to Accumulate. Morgans Stanley (Hold) notes the company will shift its capital management to a mix of lower dividend and buyback due to lower Australian earnings resulting from the shifting of manufacturing assets to the US from Australia.

RMD - ResMed BEAT 0 0 5/1/0 32.23 34.21 6

The highlights of a strong result from ResMed was a long-awaited improvement in gross margins, outpacing consensus forecasts, and guidance to lower freight costs, price rises and favourable FX. There may nevertheless be an impact from the Red Sea freight situation. It has become increasingly clear that the rise of GLP-1 weight loss drugs will not impact on demand for ResMed's devices as feared, and indeed GLP-1s may lead to greater awareness of, and demand, for CPAP devices. Regulatory and reimbursement approval has been received for a new mask offering, with market launch expected "soon". Philips is still delayed in its attempts to return to the US market with its previously recalled devices, and is seen as unlikely to win back all of the market share it lost to ResMed, if it even returns at all.

RIC - Ridley Corp IN LINE 0 0 1/0/0 2.80 2.80 1

Ridley Corp's result met UBS's forecasts, the broker describing the result as solid. Stockfeeds drove an uplift in procurement margins. Since the result, weaker tallow prices in January have dampened investor sentiment. UBS expects this could continue to dog the company in the June half. Ridley is nevertheless one of UBS's preferred agricultural companies, the broker considering the company to be relatively resilient to market cycles, and expecting 17% earnings growth in FY24. This estimate reflects the OMP acquisition, cost and plant efficiencies, and improvements in supply chains and freight network rationalisation, improved volumes as poultry recovers and bottlenecks are removed, and continuing expansion.

SEK - Seek MISS 0 0 0/0/0 25.84 25.84 0

Seek's first half revenue and earnings missed consensus forecasts, while the midpoints of lower guidance for revenue, earnings and profit proved also a miss.  Management noted the seasonal rate of decline for job ad volumes into November/December was stronger than originally assumed. Macquarie cites a miss due to higher reinvestment and softer Asian volumes, leading to the guidance downgrade. This broker had been expecting a downward revision but the quantum surprised. Macquarie is nevertheless more positive on the cycle and concurs with the company's expectation for listings to trough into the second half before growing into FY25. Macquarie upgrades to Buy. UBS (Buy) cites the key driver of the guidance downgrade as being expectations of continued volume weakness in A&NZ and Asia over the second half. More positively, notes Morgans (Buy), the company expects ongoing growth in yield in the second half, with A&NZ expecting around 10% growth on dynamic pricing. Seek Asia is also expected to grow by “mid-teens” compared to the a year ago. Ord Minnett (Lighten) had been forecasting a normalisation from pandemic levels (downward) in Seek's A&NZ business for some time and continues to view the share price as overvalued, believing there is still a way to go.

SVW - Seven Group BEAT 1 0 3/0/1 33.40 40.22 4

Seven Group's result outpaced Macquarie's forecasts by 19% thanks to a stellar performance from WesTrac, which outpaced the broker's forecast by 26%. Demand continues to run hot across the business. Coates' earnings rose 10% thanks to stronger margins. Overall, operating cash flow was strong in the face of rising working capital and gearing fell, leaving room for M&A and capital management. Bell Potter similarly highlights WesTrac but also Seven Group's stake in Boral. Boral's prior result had also beaten Bell Potter's forecasts. Upgraded guidance implies a weaker second half across each of the Industrial Services businesses, but Bell Potter suggests this is conservative, and upgrades to Buy. Seven Group’s businesses and investments are market leaders in their respective industries, this broker notes, with scale, brand and industry expertise underpinning commercial advantages that are hard to replicate by competitors. The company lifted its full year earnings growth guidance to mid to high-teens growth, with WesTrac, Coates and Boral all expected to deliver earnings growth between 20-25%. Ord Minnett (Lighten) considers the shares to be overvalued.

SWM - Seven West Media MISS 0 0 1/2/1 0.37 0.28 4

Seven West Media posted a result that ranged from in-line to a sharp miss, and Morgan Stanley (Sell) called it of low quality. The wait for macro recovery continues, UBS (Hold) suggests, noting the FTA ad market declined -13% over the first half and industry visibility remains limited. Ord Minnett (Buy) is annoyed by management's decision to reduce disclosure, which meant the high-growth BVOD segment could no longer be separated from free-to-air. This broker notes management leaned heavily on its only available option - costs - but normalised expenses still rose 6%. Ord Minnett retains Buy on undervaluation. Macquarie (Hold) notes March quarter trends to date remain negative, but less so than the December quarter. This broker's industry feedback suggests 2024 looks to be another tough year for TV, particularly linear, with ad markets expected to be down -10-15%. Seven indicated it is in discussions with generative AI operators regarding commercialisation, but brokers are not yet factoring anything in.

SGF - SG Fleet BEAT 0 0 2/0/0 2.99 3.16 2

SG Fleet's first half profit sharply outpaced Macquarie's forecasts, thanks to beats on net rental income, finance commissions and net additional products and services. The strong earnings beat was carried by a 57% jump in novated leases and a 14% rise in fleet, despite a -25.8% fall in end-of-lease vehicle risk income. Morgan Stanley highlights record earnings in the first half despite lower recreational vehicle income, noting earnings upside was envisaged ahead of the result because of supply improvements. This broker believes the market is too focused on normalising activity affecting recreational vehicles, and not enough on how broader revenue lines move higher with supply. Morgan Stanley now believes the earnings power argument is strengthened amid an undemanding valuation.

SGM - Sims MISS 1 0 1/2/1 13.90 13.78 4

Sims' result sharply missed most forecasts. The export business was the source of weakness with North America and UK Metals posting a loss as China's steel exports muscled out scrap, Macquarie (Buy) notes, in a more challenging global economy. Corporate costs also rose sharply. The trends identified by company management are unlikely to revert in the near term, suggests UBS (Hold). While improvement will come, UBS believes the low starting point likely means any return to a normal run-rate will have to wait until FY26 at the earliest. No dividend was declared. The company aims to shift its North American focus towards the domestic market because of weaker prices. Citi cuts earnings forecasts, but upgrades to Hold. Morgans Stanley (Sell) suggests strong competition for scrap is likely to continue and notes geopolitical tensions are driving volatility in export demand.

SVR - Solvar IN LINE 0 1 0/1/0 1.09 1.07 1

Solvar's first half results are reflective of the extent of weakness within the company's New Zealand operations, Bell Potter suggests. The company reported first half net profits down -48.7% year on year while revenue lifted 5.9%. The broker highlights bad debt charges increased 36%, representing 4.2% of the total loan book, but notes much of this relates to weak conditions in New Zealand. Despite the results being largely as expected by the broker, Bell Potter believes there is little on offer to get more excited about the prospects of the company, and downgrades to Hold.

SHL - Sonic Healthcare MISS 0 0 3/2/0 34.46 32.06 5

It was a mixed result for Sonic Healthcare, with revenue and underlying results broadly in line with forecasts, but margins and profits impacted by elevated costs. Clinical Services remains the weak point, Morgans (Buy) suggests, on lower covid-related services, while the base business is growing across all key geopgraphies. Radiology was also strong in the half. Management remains confident of a turnaround in the second half, but is now targeting the lower end of the prior earnings guidance range. Macquarie (Hold) believes Sonic has a way to go to meet FY24 guidance and it will require a strong second half skew.

S32 - South32 BEAT 0 0 4/1/0 3.82 3.63 5

South32's first half earnings beat estimates. A production skew in the second half is required to meet guidance, Macquarie (Hold) observes, adding that operating leverage poses the main upside into FY25 as base metals have potential to strengthen. Earnings at Worsley, Cannington and Australian manganese were solid and the main issue, in the broker's opinion, despite a reduced buyback, is how management demonstrates an ability to generate value from its projects and operations. The negative surprise was the announced sanctioning of the development of an underground mine at the Hermosa zinc/lead/silver project. Brokers are disappointed with management's projected return profile of only 12% (despite an assumption for the zinc price 28% above consensus), which leaves little margin for error when management attempts to execute the project. Lower grades (-5%), higher pre-production capital expenditure (up 10%), and lower sustaining capital expenditure (-25%) are still to be digested, Morgan Stanley (Buy) suggests.

SRG - SRG Global BEAT 0 0 2/0/0 1.04 1.08 2

SRG Global's result beat forecasts thanks to ongoing momentum in the Asset Maintenance division. Ord Minnnett feels the turnaround for the company is underappreciated and expects more consistent cash generation and profit margins. Cross-selling and geographic expansion opportunities are expected to drive further divisional growth. SRG moved to a net cash position of $6.4m from being in net debt of -$17m at June 30, Shaw and Partners notes, despite a miss on costs. This broker appreciates SRG's recurring revenue and low-risk profile relative to peers, and expects fundamentals to remain strong.

STP - Step One Clothing BEAT 0 0 1/0/0 1.20 1.65 1

Morgans increases its target for Step One Clothing to $1.65 from $1.20 (on a higher multiple) following an "exceptional" 1H performance which delivered strong growth for men’s and women’s products in all markets. Australian and UK sales grew by 9% and 38%, respectively, while US sales were higher than the analysts expected. An interim dividend of 4cps was declared, well up on the 3.1cps forecast by Morgans. Add rating maintained on potential expansion for the existing products plus potential to add more product adjacencies.

TLS - Telstra Group IN LINE 0 0 4/2/0 4.37 4.38 6

Telstra reported broadly in line with forecasts, with softer than expected Network Applications & Services revenues partially offset by higher mobile. Thanks to the Optus outage, and marketing efforts, Telstra enjoyed material subscriber growth in mobile. NBN margins increased to 10% when Macquarie (Buy) had expected subdued margins due to market share losses. Further price increase announcements would be positive, the broker suggests, but the next material step up for the stock would be contracted annual increases. UBS (Buy) is confident the company will hit its earnings compound annual growth rate targets in FY24, expecting this will underpin dividend growth. Management left free cash flow guidance unchanged, but lowered earnings guidance by -1% due to slowing business demand for transformational projects.

TPW - Temple & Webster BEAT 2 0 3/2/0 7.66 11.31 5

Temple & Webster's sales have grown 35% in the second half to date, Macquarie notes, having grown 23% in the first half. The company is gaining significant market share, with the overall market down -6% in the first half versus Temple & Webster up 23%. Revenue growth year to date and record active customers support the broker's forecast revenue upgrades. Early signs of AI-driven cost leverage is apparent, Macquarie suggests, before upgrading to Buy. Citi observes the company's cost dynamics are improving and appear to be decoupling from revenue movements. The next step is to steal market share from physical retailers, says Citi, before also upgrading to Buy. Morgan Stanley (Buy) finds it hard to fault the result. Note a significant jump in target price.

THL - Tourism Holdings Rentals MISS 0 0 2/0/0 5.02 4.70 2

Describing the first result for Tourism Holdings Rentals as a beat or miss against consensus is too simplistic given various moving parts, explains Ord Minnett. Traditionally the company derived most earnings from motorhome rentals, but during the pandemic switched largely to a seller of used RVs. Now that international visitors are returning, management is rebuilding the RV rental fleet it sold off during covid, and medium-term earnings will be largely driven by rental revenue. Normalised profit rose by 52% but missed Ord Minnett's forecast. The results, which are skewed to northern hemisphere performance, were in line with Morgans' forecasts despite a weak US outcome due to a challenging environment for vehicle sales. Management has lowered FY24 profit guidance due to higher debt and interest payments, due to a slower vehicle sales market, and earlier than expected payments for a new fleet.

TCL - Transurban Group IN LINE 0 0 2/3/0 14.02 13.68 5

Transurban reported in line with expectations, which Macquarie (Buy) suggests is "remarkable" given the softness in fourth quarter traffic, with roadworks hurting Sydney and Melbourne and rain dampening Brisbane. A lack of dividend guidance upgrade has disappointed, but brokers assume it reflects the impact of roadworks continuing to have a drag on organic growth and the pressure from re-financings adding to interest expense. Morgans (Hold) forecasts dividends will grow at a mid-single digit compound annual growth rate across FY25-27. Citi (Buy) sees upside to full year dividend guidance, despite first half traffic growth tracking below the broker's expectations. Macquarie suggests a traffic surge will emerge as roadworks complete, driving momentum from FY26 through to FY29, which drives strong earnings and cash flow growth.

TWE - Treasury Wine Estates IN LINE 0 0 4/2/0 13.07 13.10 6

Treasury Wine Estates' result was soft, with underlying earnings falling -6% year on year, as brokers had expected. The Americas portfolio struggled and shipments to Asia declined. For strategic reasons, some Penfolds product was held back ahead of a potential reduction/removal of Chinese tariffs, potentially next month. The result showed Penfolds continues to deliver, Macquarie suggests. This broker sees significant growth opportunities for the DAOU brand in coming periods in the US, with optionality to expand sourcing into Napa. Citi (Hold) needs to see more evidence of improvement in core operations before turning more positive. US sales disappointed as did costs, but UBS (Buy) observes the company is pivoting to the luxury market, where it is currently enjoying better success.

URW - Unibail-Rodamco-Westfield IN LINE 0 0 1/0/0 7.80 7.80 1

Unibail-Rodamco-Westfield's full-year result appears to have met Ord Minnett's forecast. Earnings growth continued in the face of $1bn in asset sales and the broker expects this trend to continue in 2024 as the company continues its sharp reduction in European exposures (one-fifth of the entire property portfolio). While asset sales and higher rates are likely to dampen earnings growth, Ord Minnett believes the share price does not reflect the company's value, despite the recent 66% rally, which is likely to be supported by a better balance sheet.

VCX - Vicinity Centres IN LINE 0 0 0/3/1 1.90 2.03 4

Vicinity Centres's first half funds from operations came in 7% ahead of Macquarie's (Hold) expectations, but driven by write-backs, lower corporate overheads, and a larger skew to second half property expenses. Management remains cautious on the retail outlook, and despite the likelihood for retail conditions to beat Vicinity's expectations embedded in guidance, leasing metrics are directionally negative. The REIT offers resilient top-line growth over the medium term, driven partly by the development pipeline, but trading at an -8% discount to net tangible assets, Macquarie sees limited upside. Citi (Hold) highlights continued strong retail sales, reduced rent from development activity, and firm recovery of rent once developments are completed. This broker remains optimistic of a bottoming of discretionary spend in 2024, to be followed by a strong recovery in 2025. Citi acknowledges the REIT's current redevelopment program temporarily reduces rent in FY24-FY26 but there should follow strong rental recovery and growth thereafter into FY27. With signs of easing growth in specialty, Morgan Stanley retains Sell.

VUK - Virgin Money UK IN LINE 0 0 3/0/0 3.73 3.85 3

Virgin Money UK's Dec Q trading update was broadly in line with market expectations. Contained cost growth offset softer margins and volume growth. Rising personal lending offset a decline in mortgages, which suffered from rising competition from the majors. Macquarie has reduced its 2H24 impairment expenses assumption and Virgin expects to release some credit card provisions as its current approach appears more conservative than peers. The outlook for the UK economy has incrementally improved in recent months, Macquarie notes, with headline inflation numbers continuing to decline. The broker continues to see valuation appeal on an absolute and relative basis, to both the UK market and UK peers. Ord Minnett expects net interest margins will continue to ease and sees little more room for cost savings. Citi thought it was an uneventful market update.

VVA - Viva Leisure MISS 0 0 1/0/0 2.97 2.74 1

Viva Leisure's first half result appears to have missed Citi's forecasts but the broker retains the faith, appreciating the company's level of organic growth in a weak consumer environment. Citi observes an acceleration in the company's club roll-out, management guiding to 10 to 15 acquisitions and the opening of three to four greenfields sites, while corporate club memberships rose 10% (6000) in the half, the company adding another 5000 in January alone (possibly due to New Year's resolutions and rejoining of December cancellations, surmises the broker). Earnings forecasts fall to reflect higher depreciation and amortisation and net interest.

VSL - Vulcan Steel MISS 0 0 2/0/0 8.93 8.40 2

As Morgans expected, first half results for Vulcan Steel were weak, but management commentary was slightly more upbeat than anticipated. The broker feels earnings for this cyclical business are close to hitting the bottom. The company noted sales activity is showing early signs of stabilising, and there have been increased customer inquiry levels in certain segments so far in the second half. UBS concurs that overall activity seems to be stabilising, but a lot needs to happen still to drive an earnings recovery in the second half. The second half offers seasonally weaker sales because it has less trading days. Overall, it is UBS' assessment Vulcan Steel delivered a "solid" performance amidst tough trading conditions. Reductions in forecasts have followed the interim update, which also weighs on price targets.

WES - Wesfarmers BEAT 1 1 0/5/1 50.31 56.73 6

The standout from Wesfarmers' result was an upside surprise in Kmart margins, with significant operating leverage delivered over the half. As customers are becoming more value conscious, earnings at Kmart exceeded Morgans' forecast by 43%, but the broker downgrades to Hold on valuation. Bunnings continues to trade well across DIY and Trade segments, Macquarie (Hold) suggests, and the new Pet and Cleaning ranges have brought in a different customer cohort. But Ord Minnett (Sell) suggests the stellar performance by Kmart offset muted sales growth at Bunnings, and the collapse in commodity prices which cut WesCEF's earnings nearly in half (lithium exposure in particular). Ord Minnett sees an unwarranted share price premium. UBS (Hold) believes weakness in spodumene prices will continue until the December half of FY26. Morgan Stanley (Hold) also expects WesCEF will continue to post losses, before turning earnings positive in the second half of FY25.

WHC - Whitehaven Coal MISS 2 0 3/2/0 8.27 8.30 6

Whitehaven Coal's numbers were either in line with or slightly softer than forecast. The dividend came up short, which spooked the market given recent payouts. Morgan Stanley (Buy) was surprised by the sell-off given production guidance was maintained and Narrabri was already included in previous guidance. On the balance sheet front, the broker doubts the company will need a capital injection until the FY25 second half and the Daunia sell-down should manage any concerns. Ord Minnett upgrades its rating to Buy from Accumulate on the lower share price. Morgans (Hold) now fully incorporates the BHP coal assets in forecasts, which would have raised its target, but a valuation discount is applied to reflect shorter-term risks around asset guidance and price realisations.

Total: 130

ASX50 TOTAL STOCKS:

29

Beats

7

 24.1% 

In Line

12

 41.4% 

Misses

10

 34.5% 

Total Rating Upgrades:

3

Total Rating Downgrades:

9

Total target price movement in aggregate:

1.46%

Average individual target price change:

2.03%

Beat/Miss Ratio:

0.70

ASX200 TOTAL STOCKS:

95

Beats

31

 32.6% 

In Line

34

 35.8% 

Misses

30

 31.6% 

Total Rating Upgrades:

17

Total Rating Downgrades:

23

Total target price movement in aggregate:

2.79%

Average individual target price change:

2.86%

Beat/Miss Ratio:

1.03

Yet to Report

Indicates that the company is also found on your portfolio

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19 February

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20 February

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21 February

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22 February

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Friday
23 February

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Monday
26 February

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Tuesday
27 February

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Wednesday
28 February

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					from calendar c left join countrycode cc on c.type = cc.code
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					AND seasonReport = 1
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					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
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				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Thursday
29 February

earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/01'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/01'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Friday
1 March

earnings report


earnings report


SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/04'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/04'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Monday
4 March
SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/05'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/05'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Tuesday
5 March
SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/06'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/06'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Wednesday
6 March
SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/07'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/07'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Thursday
7 March
SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/08'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/08'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Friday
8 March

earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/11'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/11'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Monday
11 March
SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/12'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/12'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Tuesday
12 March
SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/13'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/13'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Wednesday
13 March

earnings report


earnings report


SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/14'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/14'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Thursday
14 March

earnings report


earnings report


earnings report


earnings report


SELECT calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone, max(p.portfolioID) as portfolioID,
					sec.sector,CASE WHEN (sec.sectorurl IS NULL OR sec.sectorurl = '')
                        THEN 'sector'
                        ELSE sec.sectorurl
                    END as SectorURL   
					FROM (
					select seasonReport,calendarID, source, externalID, title, symbol, itemdate, isDisplayed, 1 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/15'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol != '')
					
					UNION
					
					select seasonReport,calendarID, source, externalID, title, type AS symbol, itemdate, isDisplayed, 0 as display, timezone
					from calendar c left join countrycode cc on c.type = cc.code
					where convert(varchar(10),itemDate,111) = '2024/03/15'
					AND isDisplayed = 1
					AND seasonReport = 1
					AND (symbol = '') 
				) AS calendar
				left join (select p.* from portfolio p inner join customerportfolio cp on p.CustomerPortfolioID = cp.CustomerPortfolioID where cp.customerid = '' and cp.archived is NULL) 
				p on calendar.symbol = p.symbol
				LEFT JOIN (SELECT sr.symbol, s.sector,s.sectorID,dbo.RemoveNonAlphaCharacters(s.sector) as sectorurl FROM sector s 
                    INNER JOIN SectorRelationship sr on s.sectorID = sr.sectorID 
                    WHERE isPriority = 1) AS sec on calendar.symbol = sec.symbol
				GROUP BY calendar.calendarID,calendar.source,calendar.externalID,
					calendar.title,calendar.symbol,calendar.itemdate,calendar.isDisplayed,
					calendar.display,calendar.timezone,sec.Sector,sec.sectorurl
				ORDER BY calendar.display, calendar.timezone desc, calendar.symbol, calendar.title 
Friday
15 March

earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


earnings report


Listed Companies on the Calendar

Date Code
23/02/202429Mearnings report
01/03/2024360earnings report
20/02/20243PLearnings report
15/03/2024A11earnings report
21/02/2024A1Nearnings report
22/02/2024A1Nearnings report
19/02/2024A2Mearnings report
23/02/2024A4Nearnings report
23/02/2024ABBearnings report
27/02/2024ABBearnings report
27/02/2024ABCearnings report
27/02/2024ABGearnings report
26/02/2024ABYearnings report
21/02/2024ACFearnings report
20/02/2024ACLearnings report
23/02/2024ACLearnings report
26/02/2024ADHearnings report
23/02/2024AEFearnings report
23/02/2024AFGearnings report
28/02/2024AGIearnings report
26/02/2024AHLearnings report
23/02/2024AIAearnings report
23/02/2024AIAearnings report
26/02/2024AIMearnings report
27/02/2024AISearnings report
22/02/2024AIZearnings report
19/02/2024ALDearnings report
20/02/2024ALUearnings report
29/02/2024ALXearnings report
23/02/2024AMIearnings report
29/02/2024AMXearnings report
20/02/2024ANNearnings report
22/02/2024APAearnings report
22/02/2024APEearnings report
23/02/2024APMearnings report
27/02/2024APXearnings report
20/02/2024ARBearnings report
27/02/2024ARTearnings report
23/02/2024ASBearnings report
26/02/2024ASBearnings report
22/02/2024ASGearnings report
22/02/2024ATGearnings report
26/02/2024AUAearnings report
20/02/2024AUBearnings report
29/02/2024AVHearnings report
27/02/2024AWCearnings report
22/02/2024AX1earnings report
23/02/2024AX1earnings report
23/02/2024BAPearnings report
20/02/2024BBNearnings report
19/02/2024BENearnings report
20/02/2024BGAearnings report
22/02/2024BGAearnings report
15/03/2024BGLearnings report
20/02/2024BHPearnings report
13/03/2024BKTearnings report
08/03/2024BOEearnings report
21/02/2024BRIearnings report
23/02/2024BRNearnings report
19/02/2024BSLearnings report
27/02/2024BTHearnings report
28/02/2024BVSearnings report
23/02/2024BXBearnings report
23/02/2024CAJearnings report
27/02/2024CCXearnings report
21/02/2024CDAearnings report
21/02/2024CGCearnings report
21/02/2024CHCearnings report
21/02/2024CHLearnings report
14/03/2024CHNearnings report
08/03/2024CMMearnings report
29/02/2024CMWearnings report
08/03/2024CNBearnings report
20/02/2024CNIearnings report
27/02/2024CNUearnings report
27/02/2024CNUearnings report
27/02/2024COEearnings report
19/02/2024COHearnings report
27/02/2024COLearnings report
20/02/2024CRNearnings report
21/02/2024CRNearnings report
21/02/2024CTDearnings report
23/02/2024CUVearnings report
28/02/2024CUVearnings report
28/02/2024CVNearnings report
22/02/2024CWPearnings report
08/03/2024CXOearnings report
26/02/2024DBIearnings report
27/02/2024DDRearnings report
23/02/2024DEGearnings report
26/02/2024DEGearnings report
27/02/2024DGLearnings report
21/02/2024DMPearnings report
23/02/2024DTCearnings report
21/02/2024EBOearnings report
26/02/2024EDVearnings report
21/02/2024EHLearnings report
20/02/2024EVTearnings report
21/02/2024FCLearnings report
22/02/2024FLTearnings report
22/02/2024FMGearnings report
15/03/2024FSFearnings report
29/02/2024GDGearnings report
20/02/2024GEMearnings report
27/02/2024GEMearnings report
14/03/2024GL1earnings report
14/03/2024GLNearnings report
22/02/2024GMDearnings report
Date Code
22/02/2024GORearnings report
23/02/2024GORearnings report
22/02/2024GOZearnings report
19/02/2024GPTearnings report
23/02/2024GRRearnings report
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15/03/2024HASearnings report
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27/02/2024HLSearnings report
20/02/2024HMCearnings report
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21/02/2024HSNearnings report
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28/02/2024HVNearnings report
29/02/2024HVNearnings report
20/02/2024IDXearnings report
22/02/2024IFLearnings report
20/02/2024IFMearnings report
22/02/2024IGOearnings report
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19/02/2024IMDearnings report
29/02/2024IMEearnings report
28/02/2024IMUearnings report
20/02/2024INAearnings report
27/02/2024INRearnings report
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21/02/2024IREearnings report
20/02/2024JDOearnings report
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27/02/2024JLGearnings report
29/02/2024JMSearnings report
08/03/2024JRVearnings report
23/02/2024KARearnings report
29/02/2024KARearnings report
26/02/2024KEDearnings report
27/02/2024KEDearnings report
26/02/2024KGNearnings report
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26/02/2024LAUearnings report
26/02/2024LFGearnings report
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21/02/2024LICearnings report
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08/03/2024LM8earnings report
20/02/2024LNKearnings report
26/02/2024LNKearnings report
27/02/2024LNWearnings report
22/02/2024LOVearnings report
22/02/2024LTMearnings report
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28/02/2024LTMearnings report
15/03/2024LTRearnings report
28/02/2024LVHearnings report
26/02/2024LYCearnings report
27/02/2024LYCearnings report
26/02/2024M7Tearnings report
22/02/2024MAFearnings report
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21/02/2024MAHearnings report
21/02/2024MAQearnings report
13/03/2024MEIearnings report
22/02/2024MGHearnings report
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26/02/2024MHJearnings report
22/02/2024MINearnings report
28/02/2024MMEearnings report
20/02/2024MMSearnings report
20/02/2024MNDearnings report
20/02/2024MP1earnings report
26/02/2024MP1earnings report
22/02/2024MPLearnings report
28/02/2024MTOearnings report
23/02/2024MVFearnings report
26/02/2024MX1earnings report
23/02/2024MYSearnings report
27/02/2024MYXearnings report
21/02/2024NANearnings report
26/02/2024NANearnings report
22/02/2024NECearnings report
22/02/2024NEMearnings report
22/02/2024NEUearnings report
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22/02/2024NGIearnings report
26/02/2024NHFearnings report
28/02/2024NICearnings report
21/02/2024NSRearnings report
22/02/2024NSRearnings report
20/02/2024NSTearnings report
22/02/2024NSTearnings report
27/02/2024NTDearnings report
20/02/2024NWLearnings report
19/02/2024NXLearnings report
28/02/2024NXTearnings report
29/02/2024OBLearnings report
22/02/2024OCLearnings report
23/02/2024OFXearnings report
19/02/2024OMLearnings report
20/02/2024OMLearnings report
19/02/2024ORAearnings report
28/02/2024PBHearnings report
23/02/2024PDNearnings report
26/02/2024PDNearnings report
29/02/2024PERearnings report
21/02/2024PFPearnings report
Date Code
08/03/2024PLLearnings report
22/02/2024PLSearnings report
20/02/2024PNVearnings report
23/02/2024PNVearnings report
27/02/2024PNVearnings report
29/02/2024PPMearnings report
23/02/2024PPTearnings report
28/02/2024PPTearnings report
20/02/2024PRNearnings report
21/02/2024PRNearnings report
22/02/2024PRUearnings report
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21/02/2024PSIearnings report
22/02/2024PSIearnings report
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22/02/2024PTMearnings report
29/02/2024PTMearnings report
21/02/2024PWHearnings report
21/02/2024PWRearnings report
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22/02/2024QALearnings report
22/02/2024QANearnings report
27/02/2024QRIearnings report
22/02/2024QUBearnings report
27/02/2024RDXearnings report
27/02/2024RDYearnings report
27/02/2024REDearnings report
26/02/2024REGearnings report
19/02/2024REHearnings report
22/02/2024REHearnings report
21/02/2024RFFearnings report
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29/02/2024RHCearnings report
21/02/2024RIOearnings report
27/02/2024RMCearnings report
20/02/2024RMSearnings report
21/02/2024RMSearnings report
14/03/2024RNUearnings report
22/02/2024RRLearnings report
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21/02/2024RSGearnings report
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19/02/2024RWCearnings report
01/03/2024RXMearnings report
22/02/2024SBMearnings report
21/02/2024SCGearnings report
28/02/2024SDFearnings report
27/02/2024SDRearnings report
21/02/2024SEKearnings report
23/02/2024SFRearnings report
20/02/2024SGFearnings report
20/02/2024SGMearnings report
21/02/2024SGPearnings report
21/02/2024SGRearnings report
20/02/2024SHLearnings report
20/02/2024SIQearnings report
21/02/2024SIQearnings report
22/02/2024SKCearnings report
22/02/2024SLCearnings report
27/02/2024SLHearnings report
21/02/2024SLRearnings report
22/02/2024SLRearnings report
21/02/2024SLXearnings report
23/02/2024SLXearnings report
26/02/2024SMRearnings report
23/02/2024SOLearnings report
22/02/2024SPKearnings report
28/02/2024SPKearnings report
23/02/2024SQ2earnings report
22/02/2024SRVearnings report
22/02/2024SSMearnings report
21/02/2024SSRearnings report
22/02/2024SSRearnings report
21/02/2024STOearnings report
20/02/2024STPearnings report
21/02/2024STXearnings report
23/02/2024STXearnings report
22/02/2024SULearnings report
26/02/2024SUNearnings report
20/02/2024SVRearnings report
29/02/2024SXLearnings report
15/03/2024SYAearnings report
29/02/2024SYMearnings report
22/02/2024TAHearnings report
15/03/2024TBNearnings report
27/02/2024TERearnings report
20/02/2024THLearnings report
21/02/2024TLCearnings report
15/03/2024TLGearnings report
22/02/2024TLXearnings report
26/02/2024TPGearnings report
22/02/2024TRSearnings report
27/02/2024TYRearnings report
22/02/2024UNIearnings report
21/02/2024VEAearnings report
28/02/2024VGLearnings report
21/02/2024VNTearnings report
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23/02/2024WBTearnings report
27/02/2024WDSearnings report
19/02/2024WGNearnings report
21/02/2024WGNearnings report
23/02/2024WGXearnings report
28/02/2024WORearnings report
21/02/2024WOWearnings report
26/02/2024WPRearnings report
21/02/2024WTCearnings report
22/02/2024ZIPearnings report