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Broker Updates
WSA - Macquarie rates the stock as Outperform
Added On - 4/27/2017 10:40:45 AM
March quarter production was solid and in line with Macquarie's expectations. The business was cash-flow positive during the quarter.
IGO - Citi rates the stock as Upgrade to Buy
Added On - 4/27/2017 10:40:34 AM
Citi has upgraded to Buy from Neutral following share price weakness. Independence Group's March quarter update proved weaker than expected, but Citi analysts draw confidence from the fact Nova is back on track.
BXB - UBS rates the stock as Buy
Added On - 4/27/2017 10:40:01 AM
UBS has conducted a survey of pallet users in the US to gauge industry trends and assess the issues that face the company in that market.
VRL - Citi rates the stock as Neutral
Added On - 4/26/2017 10:04:31 AM
Australians are less and less queuing up to visit theme parks on the Gold Coast and management has finally succumbed to market pressure about the company's debt, announcing it is investigating asset sales to lighten up the balance sheet.
ORG - Macquarie rates the stock as No Rating
Added On - 4/26/2017 10:04:22 AM
The Australian Energy Market Commission has started a review of five-minute pricing versus 30-minute pricing. A draft decision is due in July and a final decision in September.
TTS - Deutsche Bank rates the stock as Buy
Added On - 4/26/2017 10:04:13 AM
Pacific Consortium has amended its revised proposal to allow the company to pay dividends, and not result in a reduction to the consideration of $4.21 a share.
SRX - MS rates the stock as Overweight
Added On - 4/24/2017 11:17:51 AM
The company has released data from the SARAH trial, comparing its product against the standard of care in primary liver cancer.
LVH - Morgans rates the stock as Add
Added On - 4/24/2017 11:17:42 AM
Cash receipts were up 17% in the March quarter versus the December quarter.
OZL - Citi rates the stock as Buy
Added On - 4/24/2017 11:17:23 AM
This stock remains Citi's favourite exposure to copper on the ASX. The broker has been supportive for a while and observes Prominent Hill continues to perform strongly, despite wet weather impact.
API - Morgan Stanley rates the stock as Underweight
Added On - 4/21/2017 9:58:51 AM
Morgan Stanley observes challenging conditions in Australian retail have detracted from an otherwise reasonable first half result. Retail network sales were up 2% with comparable store retail sales up 0.4%. Gross profit grew 4.5%.
CGF - UBS rates the stock as Neutral
Added On - 4/21/2017 9:58:38 AM
March quarter and unity netbook growth of $344m was slightly ahead of UBS estimates as the company benefited from stronger sales in Japan.
TPM - Credit Suisse rates the stock as Underperform
Added On - 4/21/2017 9:58:02 AM
Credit Suisse expects the company will be able to achieve its goal of 500,000 mobile subscribers, in order to break even on EBITDA. Its low-price services are expected to have a strong appeal at the low end of the pre-paid and data SIM market, where network quality is not a large consideration.
MQA - Morgans rates the stock as Add
Added On - 4/20/2017 10:46:31 AM
March quarter data was a little weaker than Morgan is expected. The broker reduces the target to $5.74 from $5.84 to reflect this, as well as the increased share purchase plan and the re-setting of the base fee forecast.
ERA - UBS rates the stock as Sell
Added On - 4/20/2017 10:46:23 AM
March quarter production was ahead of UBS estimates. Grade was consistent with the December quarter at 0.1% but also ahead of the broker's estimates.
ANN - Credit Suisse rates the stock as Neutral
Added On - 4/20/2017 10:45:51 AM
Credit Suisse has reviewed activity trends over the March quarter for a number of items that are relevant to the company.
AZJ - Morgans rates the stock as Hold
Added On - 4/19/2017 10:48:29 AM
Morgans observes, while Cyclone Debbie has caused a material impact on the company's earnings outlook, the valuation impact is immaterial, given the value protections within the network regulatory regime.
S32 - Macquarie rates the stock as Outperform
Added On - 4/19/2017 10:47:38 AM
The company will not proceed with the acquisition of the Metropolitan Colliery because of the number of concessions required by the ACCC.
CSR - Citi rates the stock as Neutral
Added On - 4/19/2017 10:47:02 AM
Citi reviews aluminium and FX forecasts and maintains FY17 EBIT estimates unchanged. FY18 and FY19 EBIT estimates rise by 13% and 8% respectively.
CIM - Deutsche Bank rates the stock as Sell
Added On - 4/18/2017 10:20:09 AM
First quarter net profit was up 23% in the company has confirmed FY17 net profit guidance of $640-700m. Historically, Deutsche Bank notes the first quarter is a seasonally weak quarter and has accounted for 19-24% of full year net profit.
WHC - Macquarie rates the stock as Underperform
Added On - 4/18/2017 10:20:01 AM
March quarter operations were broadly in line with expectations, although sales were slightly lower than Macquarie expected. The broker observes the company has been the beneficiary of a strong rally in coal prices as well as its own operating success.
TPM - UBS rates the stock as Neutral
Added On - 4/18/2017 10:19:33 AM
UBS calculates that breaking even on operating earnings for mobiles would occur with around 2% subscriber share, which suggests a 4% market share.
TPM - Citi rates the stock as Downgrade to Neutral
Added On - 4/13/2017 10:29:53 AM
Citi analysts have downgraded to Neutral from Buy while cutting their target price by -23% to $6.70 (was $8.65). They suggest expanding into Mobile is the correct strategy for the company, but the chosen path is too expensive for their calculations and comfort.
PRU - UBS rates the stock as Neutral
Added On - 4/13/2017 10:29:42 AM
Perseus has delivered on its promise by achieving a -41% reduction in costs in the March Q.
LNK - Macquarie rates the stock as Outperform
Added On - 4/13/2017 10:29:12 AM
Kinetic Super and Sunsuper have announced a decision to merge later this year. While the risk is that Kinetic will be lost as a Link client, Macquarie still believes Link will be a net beneficiary of consolidation over time.
ORG - Credit Suisse rates the stock as Outperform
Added On - 4/12/2017 10:46:33 AM
With market dynamics playing into the company's hands and the APLNG operations strong, Credit Suisse believes market optimism on the stock is not without merit.
MTR - Macquarie rates the stock as Outperform
Added On - 4/12/2017 10:46:22 AM
Competitor Airbnb is targeting US$10bn in revenue by 2020. However, Macquarie's analysis finds that a much smaller subset of these listings are available and able to compete with hotels, and experience is winning over price.
OZL - UBS rates the stock as Buy
Added On - 4/12/2017 10:45:52 AM
UBS cuts gold price forecast by around -5% and believes the sector is looking expensive. Elsewhere, the broker remains positive on copper and nickel.
PTM - Macquarie rates the stock as Neutral
Added On - 4/11/2017 9:59:19 AM
Funds under management in the March quarter were up 1.2%, affected by -$200m in net outflows.
AGL - Citi rates the stock as Downgrade to Sell
Added On - 4/11/2017 9:51:51 AM
Upon further research, Citi analysts have come to the conclusion that high electricity prices will ultimately command a solution, and thus electricity prices will come down, just not as yet.
AAD - UBS rates the stock as Sell
Added On - 4/11/2017 9:51:44 AM
Third quarter sales were broadly in line with UBS expectationd. Main Event revenues were down 2.5%.
SGM - CS rates the stock as Underperform
Added On - 4/10/2017 10:13:16 AM
Credit Suisse expects the company will have benefited from the rise in ferrous and non-ferrous prices. Sims, however, has increasingly positioned its US business to sell into the export market and capture the arbitrage between US domestic scrap prices and export prices.
AMP - UBS rates the stock as Neutral
Added On - 4/10/2017 10:13:04 AM
UBS believes a stronger March quarter across both the domestic equity and bond markets will provide a solid start for the year for Australian wealth managers. This has driven small upgrades to earnings per share across the sector.
SKI - Macquarie rates the stock as Outperform
Added On - 4/10/2017 10:12:42 AM
The company has confirmed it is bidding as part of a consortium for Endeavour Energy. Macquarie observes this, like other assets in the government sale process, will go for a hefty price and has strong fundamentals.
S32 - Citi rates the stock as Buy
Added On - 4/7/2017 12:36:41 PM
A fire incident at the Cannington mine has damaged some of the infrastructure and management had to pare back volume projections from the mine for the current financial year.
RIO - Macquarie rates the stock as Outperform
Added On - 4/7/2017 12:36:29 PM
Amended income tax assessments have been issued for 2010-13. The amendments require the company to pay an additional $447m in tax plus interest. The company intends to challenge the amendments but will pay 50% of the total amount this month.
SFR - Deutsche Bank rates the stock as Buy
Added On - 4/7/2017 12:36:08 PM
Sandfire is now committed to developing its 70% owned Monty copper project following a positive feasibility study, issuing a maiden reserve estimate and entering into a sale & purchase agreement with the 30% JV partner. Start-up is nevertheless slightly delayed.
ALU - Deutsche Bank rates the stock as Buy
Added On - 4/6/2017 10:45:15 AM
The broker has taken on board investor belief that at 22.4x forward earnings, Altium is overvalued. Not wishing to look at PEs in isolation, the broker looked at a range of comparative metrics and has decided the company is strong relative to other ASX listings on growth, risk and quality.
IAG - Macquarie rates the stock as Neutral
Added On - 4/6/2017 10:45:07 AM
The company has downgraded its FY17 reported insurance margin guidance to 10.5-12.5% from 12.5-14.5% as a result of $170m in additional natural peril claims cost assumptions.
BXB - UBS rates the stock as Buy
Added On - 4/6/2017 10:44:47 AM
UBS finds data on industry pallet trends suggests the issues in the US are temporary in nature and driven by cyclical weakness and an oversupply of white wood pallets.
WOR - Morgan Stanley rates the stock as Overweight
Added On - 4/5/2017 11:36:21 AM
Morgan Stanley suspects the company may be at the point of a significant earnings inflection. An investor briefing scheduled for May may be able to outline this potential and prove to be a material positive catalyst, in the broker's view.
REA - Morgans rates the stock as Add
Added On - 4/5/2017 11:36:08 AM
The share price has performed strongly in recent days and Morgans downgrades to Hold from Add. The shares now trade in line with the broker's target of $60.73.
BDR - UBS rates the stock as Sell
Added On - 4/5/2017 11:34:51 AM
UBS believes the appreciating Brazilian real is likely to mean the company's margins come under pressure and this could cap share price momentum.
HSO - UBS rates the stock as Buy
Added On - 4/4/2017 10:24:51 AM
The company has appointed former Telstra ((TLS)) executive Gordon Ballantyne as CEO.
SEH - Macquarie rates the stock as Outperform
Added On - 4/4/2017 10:24:42 AM
First quarter production was below Macquarie's estimates. This resulted from longer-than-planned downstream maintenance at the Chinalco facilities.
ALL - Deutsche Bank rates the stock as Buy
Added On - 4/4/2017 10:24:31 AM
Deutsche Bank increases underlying earnings forecast by 6-7% to reflect a stronger-than-expected performance from Australia and digital business in the first half.
PRU - Credit Suisse rates the stock as Outperform
Added On - 4/3/2017 10:22:56 AM
An updated mine plan has been released for Sissingue. Credit Suisse observes the net result is negligible on valuation and earnings relative to its modelling but takes comfort in the confirmed economics and the fact the development is tracking to plan.
AZJ - Deutsche Bank rates the stock as Hold
Added On - 4/3/2017 10:22:44 AM
Deutsche Bank has reviewed prior cyclones and, using Cyclone Marcia as an estimate (2015), this results in a reduction to FY17 EBIT forecasts of -$27.6m.
CBA - UBS rates the stock as Neutral
Added On - 4/3/2017 10:22:05 AM
APRA has announced further measures to tighten lending practices for residential mortgages. The flow of new interest-only lending will be restricted to 30% of total housing lending.
PMV - UBS rates the stock as Buy
Added On - 3/31/2017 10:11:39 AM
UBS retains a positive view on the stock following the 10.77% investment in Myer ((MYR)).The company has stated it does not currently intend to make a takeover offer and, should its intentions change, the broker envisages synergies of well over $25m in the form of revenues and gross profit.
KAR - Macquarie rates the stock as Outperform
Added On - 3/31/2017 10:11:20 AM
Petrobras has withdrawn the appeal process for Bauna and Tartararuga Verde, effectively ending the sales process for the final negotiation rights. Despite the disappointment, Karoon's management believes the assets will be back on the market in the future.
DCN - Macquarie rates the stock as Outperform
Added On - 3/31/2017 10:09:33 AM
Macquarie resumes coverage of the stock, with an Outperform rating and $2.90 target, following the completion of its $110m placement and retail offer.
CWN - Deutsche Bank rates the stock as Buy
Added On - 3/30/2017 10:50:57 AM
The company has entered into a cash-settled equity swap to sell an additional stake in Melco Crown. Post settlement, Deutsche Bank expects Crown to retain a 3.3% interest in the joint venture.
ORG - Citi rates the stock as Sell
Added On - 3/30/2017 10:50:47 AM
Origin has closed a deal with Engie and Citi explains Origin is effectively renting 240MW of spare Pelican Point capacity in SA for a fixed fee from FY17-20.
IAG - Macquarie rates the stock as Underperform
Added On - 3/30/2017 10:50:30 AM
Macquarie assesses that premium rate increases across the insurance market are being led by cost inflation in claims. As insurers get costs under control price rises should again moderate across of market, in the broker's view.
QAN - Macquarie rates the stock as Outperform
Added On - 3/29/2017 9:43:10 AM
The company has enjoyed a steady share price performance since the release of its first half results, Macquarie observes, supported by the share buy-back and rational international competitor behaviour.
COH - Citi rates the stock as Neutral
Added On - 3/29/2017 9:42:34 AM
Citi analysts express their concern that Cochlear might be legally ordered to pay a considerable amount in its patent dispute with the Al Mann Foundation (AMF) while trading on a lofty PE multiple.
FAR - Credit Suisse rates the stock as Outperform
Added On - 3/29/2017 9:41:36 AM
The company has secured 80% stakes in two blocks south of SNE field, offshore The Gambia. The company will pay US$5.18m up front and fund up to US $8m of the seller's share of exploration well costs.
SBM - Deutsche Bank rates the stock as Buy
Added On - 3/28/2017 9:58:49 AM
The company has approved the Gwalia extension project for $100m, which is in line with Deutsche Bank's expectations. The project will extend mining to 2000m below surface, supporting seven years of operations below the current level.
S32 - Citi rates the stock as Buy
Added On - 3/28/2017 9:58:29 AM
Citi analysts were not surprised by the announcement of a US$500m share buyback. They point out this represents circa 4.5% of outstanding capital and shall boost EPS forecasts by some 5%. Buy.
LVH - Morgans rates the stock as Add
Added On - 3/28/2017 9:56:26 AM
The company has raised 12.5m in new equity to accelerated the rate at which it can sign up new clients. The company reports it has been struggling to meet demand for its talent community systems.
VRT - UBS rates the stock as Neutral
Added On - 3/27/2017 10:01:23 AM
Despite a rebound in the industry growth over January and February, UBS expects a contraction of -3.0% for the domestic cycle in the second half of FY17.
EVN - Credit Suisse rates the stock as Outperform
Added On - 3/27/2017 10:00:52 AM
Credit Suisse analysts kept their Outperform rating and $2.30 target intact post a site visit to the Ernest Henry mine operation.
SXY - Citi rates the stock as Upgrade to Neutral
Added On - 3/27/2017 10:00:15 AM
Last month, Citi downgraded to Sell because the share price was too high. Following a retreat, the analysts have decided it is time to upgrade to Neutral/High Risk.
BKW - Deutsche Bank rates the stock as Buy
Added On - 3/24/2017 9:59:53 AM
First half results were ahead of Deutsche Bank's expectations, largely on the back of the investment earnings.
SAR - Citi rates the stock as Buy
Added On - 3/24/2017 9:59:31 AM
Citi analysts forecast strong YoY FY17 growth for revenues and profits. And growth is expected to continue in FY18/19/20 carried by expanded production and multiple new mines.
SIP - UBS rates the stock as Buy
Added On - 3/24/2017 9:58:16 AM
Sigma had pre-announced its result so yesterday's report brought no surprises. Second half growth outperformed despite a difficult industry backdrop, the broker notes.
BSL - Deutsche Bank rates the stock as Hold
Added On - 3/23/2017 10:12:16 AM
Deutsche Bank observes the company has transformed itself into an internationally competitive, higher margin and higher returning steel company over the past five years. Over 50% of the steel sales are value-add painted or galvanised product.
NUF - UBS rates the stock as Buy
Added On - 3/23/2017 10:12:02 AM
First half operating performance was in line with UBS expectations. Of importance, the broker notes the results demonstrated leverage to the internal initiatives that have been underway for the last 1-2 years.
AST - Citi rates the stock as Downgrade to Sell
Added On - 3/23/2017 10:11:18 AM
Citi believes the stock is expensive relative to its peer Spark Infrastructure ((SKI)). The dividend yield is 5.2% versus 6.5% and dividend growth is limited.
A2M - Citi rates the stock as Upgrade to Neutral
Added On - 3/22/2017 10:12:58 AM
Policy changes in China have caused Citi to upgrade its recommendation to Neutral from Sell. The new policy reduces the risk that the company will be exposed to a risky transition period.
KMD - Macquarie rates the stock as Outperform
Added On - 3/22/2017 10:12:37 AM
First half net profit was in line with guidance provided in February. EBITDA was down -2% and modestly below Macquarie's forecasts.
NHC - Morgans rates the stock as Hold
Added On - 3/22/2017 10:11:23 AM
First half underlying net profit was well ahead of forecasts. Cash flow was strong and driven by the performance of Bengalla.
HSO - Credit Suisse rates the stock as Neutral
Added On - 3/21/2017 9:30:14 AM
The analysts have taken another detailed look into what makes the inner-growth engine tick at Ramsay Health Care, as well as what goes on under the bonnet at peer Healthscope.
SEK - UBS rates the stock as Sell
Added On - 3/21/2017 9:29:59 AM
The company is purchasing a further 30% stake in Online Education Services, taking its stake to 80% from 50%. The transaction is expected to be accretive to cash earnings per share in FY18.
ANN - Citi rates the stock as Sell
Added On - 3/21/2017 9:29:24 AM
Citi analysts are of the view investors already have priced in a bullish scenario regarding the intended divestment of the Sexual Wellness division.
FBU - UBS rates the stock as Buy
Added On - 3/20/2017 9:08:12 AM
The comely has entered a trading halt as it is reviewing the financial performance of its construction division and the impact on FY17 guidance. UBS notes the first half result missed expectations with the main issue being a -$30m loss on one construction project.
CWN - UBS rates the stock as Buy
Added On - 3/20/2017 9:07:18 AM
UBS reviews the material changes to the business over the past year, which has resulted in a greater focus on domestic casinos and the distribution of around $1.1bn to shareholders. The broker incorporates a $90m reduction in costs.
PMV - Citi rates the stock as Neutral
Added On - 3/20/2017 9:05:24 AM
The company is scheduled to release H1 financials on March 21. Citi analysts remind investors a pre-release has already occurred, to appease market concerns, on Feb 8.
CTX - UBS rates the stock as Buy
Added On - 3/17/2017 10:08:16 AM
The ACCC has released an initial statement of issues regarding the acquisition of Milemaker.
FBU - UBS rates the stock as Upgrade to Buy
Added On - 3/17/2017 10:08:03 AM
UBS rates the stock as Upgrade to Buy from Neutral
 

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