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Broker Updates
CTX - MS rates the stock as Underweight
Added On - 6/23/2017 10:17:59 AM
The company's first half net profit guidance is slightly below Morgan Stanley's forecasts but the company has confirmed the broker's suspicions regarding early trends on premium gasoline consumption.
MND - Deutsche Bank rates the stock as Sell
Added On - 6/23/2017 10:17:41 AM
The company has been awarded a $600m contract from Woodside ((WPL)) to provide asset maintenance services at the gas production facilities in Western Australia. The contract is for five years and has a further two 1-year extension options.
IDR - Macquarie rates the stock as Neutral
Added On - 6/23/2017 10:15:55 AM
Macquarie has considered the implications of mergers, given speculation in regards to 360 Capital's ((TGP)) intentions for its 18.2% interest.
QBE - Morgans rates the stock a Add
Added On - 6/22/2017 10:39:52 AM
Amid higher claims from emerging markets, the company has downgraded FY17 guidance. Morgans asserts the bumps on the road to recovery for the company remain annoying, although the drivers of this announcement are largely considered one-off.
MTS - Deutsche Bank rates the stock as Sell
Added On - 6/22/2017 10:39:46 AM
The broker expects Metcash will report earnings growth for the first time in three years when it releases its FY17 result next week. But this will be largely due to the hardware acquisition and investors will be more focused on grocery, particularly wholesale.
STO - Macquarie rates the stock as Outperform
Added On - 6/22/2017 10:38:54 AM
Macquarie reduces oil price forecasts for 2017, 2018, and 2019 by -8%, -12%, and -13% respectively because of lingering concerns surrounding the oversupply of oil.
SYD - Morgan Stanley rates the stock as Overweight
Added On - 6/21/2017 11:01:32 AM
Morgan Stanley observes rolling 12-month international passenger growth was around 8.0% and domestic passenger growth up 1.9% in May.
CTX - Deutsche Bank rates the stock as Buy
Added On - 6/21/2017 11:01:24 AM
Caltex' refiner margin fell to US$9.94/bbl in May, down from US$15.32 in April but above the broker's US$9.74 forecast.
JHG - Macquarie rates the stock as Outperform
Added On - 6/21/2017 11:01:12 AM
Macquarie updates valuation, assumptions and sensitivities after the merger. The broker's model is based on historical pro forma disclosures provided by the group.
DMP - Morgan Stanley rates the stock as Overweight
Added On - 6/20/2017 10:44:10 AM
Several concerns over wage under-payment, franchisee profitability and soft Australasian trading have led the stock to de-rate, Morgan Stanley observes.
AGI - UBS rates the stock as Downgrade to Sell
Added On - 6/20/2017 10:44:02 AM
Ainsworth has outperformed the ASX300 by 42% in the past six weeks, driven by hype around new game releases and particularly the highly anticipated Pac-Man offering, UBS notes.
AYS - Macquarie rates the stock as Outperform
Added On - 6/20/2017 10:43:49 AM
Competition in the mobile market has picked up recently and to reflect this Macquarie pares back its growth assumptions for the market in FY18 to 1% from 3%.
SGP - Deutsche Bank rates the stock as Hold
Added On - 6/19/2017 10:54:28 AM
The company's investor briefing in Queensland indicated management is comfortable with its overweight position in that state. Economic growth in Queensland is expected be the highest in Australia from 2018-2021.
WTP - Morgans rates the stock as Add
Added On - 6/19/2017 10:54:02 AM
The company has downgraded earnings guidance to breaking even in FY17, having previously forecast a pre-tax profit of $8.5m. The downgrade has been affected by pressure on under-performing contracts.
GMG - Macquarie rates the stock as Outperform
Added On - 6/19/2017 10:53:55 AM
The company hosted an asset tour in Sydney. Macquarie observes, given the company's significant relationship with Amazon globally, it still appears well-placed to satisfy some of the requirements.
GTY - Macquarie rates the stock as Neutral
Added On - 6/16/2017 10:44:44 AM
The company has provided an update on FY17 guidance, which implies better pricing but delays with higher margin sales. Macquarie reduces FY17 forecasts for earnings per share by -10.4% and FY18 by -0.4%.
SDF - Credit Suisse rates the stock as Outperform
Added On - 6/16/2017 10:44:36 AM
The company hosted an investor briefing focused on its technology strategy. Credit Suisse cannot fault the continuously expanding strategy but does not have the confidence to forecasts bankable earnings from growth opportunities.
RHC - Ord Minnett rates the stock as Accumulate
Added On - 6/16/2017 10:44:11 AM
Ord Minnett reviews the incoming French president's health policy statements and concludes that there is reason to be encouraged by the reformist agenda.
VRL - Citi rates the stock as Neutral
Added On - 6/15/2017 11:21:00 AM
The sale of the 50% stake in the Singapore exhibition business, suspending the dividend and reducing the stake in VREG lowers Citi's concerns about the balance sheet.
BAP - Morgan Stanley rates the stock as Overweight
Added On - 6/15/2017 11:20:52 AM
Morgan Stanley notes the Hellaby integration is on track and the company is set to deliver strong growth despite current weakness in the retailing sector.
IGO - Macquarie rates the stock as Neutral
Added On - 6/15/2017 11:20:34 AM
The company will sell the Stockman copper/zinc project in Victoria for $32m and a royalty to a subsidiary of Washington H Soul Pattinson ((SOL)).
CSL - Morgan Stanley rates as Equal-weight
Added On - 6/14/2017 10:19:34 AM
The company will acquire an 80% stake in plasma-derived therapies manufacturer, Wuhan Zhong Yuan Rui De Biologics for US$352m. China is the fastest-growing immunoglobulin market in the world and, for volume, second only to the US.
SGR - Deutsche Bank rates the stock as Buy
Added On - 6/14/2017 10:19:08 AM
Deutsche Bank reduces estimates for earnings by -2-4% to reflect a softer consumer environment but believes this has been excessively discounted in the current share price as the stock is underperforming the market by -4% in the June quarter to date.
IPL - Macquarie rates the stock as Outperform
Added On - 6/14/2017 10:18:47 AM
Falling fertiliser prices are creating negative earnings momentum for the short term, Macquarie observes. The focus is on finding a floor in prices.
BSL - Credit Suisse rates the stock as Outperform
Added On - 6/13/2017 10:24:49 AM
Credit Suisse visited the US site centred in Kansas. The broker believes excess capacity, cost and site rationalisation and a more comprehensive global focus position the business to leverage its non-residential US recovery with incremental tonnage.
SKI - Macquarie rates the stock as Outperform
Added On - 6/13/2017 10:24:36 AM
Macquarie believes the Finkel Review presents some risks for the company, as it cites a need for the network operators to demonstrate they are acting in the best interests of the users of the networks.
QUB - UBS rates the stock as Buy
Added On - 6/13/2017 10:23:36 AM
The company's Patrick joint venture has announced material increases in infrastructure surcharges from July 10. Rates will increase to $33 per full container movement in Brisbane and $32 in Melbourne. Additionally, a new infrastructure surcharge of $26 per full container and Sydney and $5 in Fremantle has been announced.
WPL - UBS rates the stock as Buy
Added On - 6/9/2017 10:43:21 AM
UBS trims near-term Brent oil price estimates for 2017-19. The new forecast is US$56/bbl in 2017, US$60/bbl in 2018 and US$65/bbl in 2019.
RIO - Citi rates the stock as Buy
Added On - 6/9/2017 10:42:09 AM
Citi analysts take their clientele to Memory Lane, the good old days of the 1980s and 1990s when Rio Tinto was the world's pre-eminent mining company. Oh how things have changed since.
PGH - Macquarie rates the stock as Neutral
Added On - 6/9/2017 10:41:57 AM
The company has provided a tour of its Pascoe contract manufacturing acquisition and investment in RPC. Macquarie observes the tour provided greater detail regarding the company's ability to deliver on the growth strategy in these areas.
WES - Morgans rates the stock as Hold
Added On - 6/8/2017 10:54:39 AM
It is of no surprise that Wesfarmers intends to counter Woolworths'' ((WOW)) resurgence thanks to price investment by returning fire.
GMG - Morgan Stanley rates the stock as Overweight
Added On - 6/8/2017 10:54:30 AM
There were no new catalysts to get excited about, Morgan Stanley observes from the quarterly update, and the company appears in good shape to deliver superior growth in the next few years.
APA - Macquarie rates the stock as Neutral
Added On - 6/8/2017 10:53:59 AM
Final recommendations have been released for a new framework for gas pipelines. The recommendations are broadly in line with those outlined in the draft.
IFL - Credit Suisse rates the stock as Neutral
Added On - 6/7/2017 10:28:03 AM
The company's investor briefing focused on advice. No financial targets or changes to strategy were announced.
MGC - Morgans rates the stock as Hold
Added On - 6/7/2017 10:27:53 AM
The company has opened its farm-gate milk price for FY18 at $5.20-5.40/kg of milk solids. The company is also undertaking a strategic review.
RRL - Macquarie rates the stock as Neutral
Added On - 6/7/2017 10:27:28 AM
The company has released a maiden reserve for the Tooheys Well satellite deposit. The reserve estimate is in line with Macquarie's prior assumption of mineable inventory for the deposit.
FLT - Morgans rates the stock as Underweight
Added On - 6/6/2017 11:01:02 AM
Morgan Stanley observes the Australian consumer environment has weakened, yet the market appears more constructive on the company's earnings outlook.
PWH - Morgans rates the stock as Add
Added On - 6/6/2017 11:00:38 AM
Morgans reviews the growth opportunities in motor sports, US aftermarket and OEM contracts. The broker's sensitivity analysis suggests a 1p fall in the AUD/GBP increases revenue by 1% and lifts EBITDA by 3%.
MFG - Macquarie rates the stock as Outperform
Added On - 6/6/2017 10:59:52 AM
The company had $52.2bn in funds under management as of May, up 3.6%. Macquarie observes the business is on track for around $41m in performance fees in the first half.
S32 - UBS rates the stock as Buy
Added On - 6/5/2017 10:42:16 AM
UBS observes, in the wake of the CEO's meeting with analysts, that the company's focus is on generating cash in returns and not on copper-equivalent growth for the sake of it.
QUB - Morgans rates the stock as Hold
Added On - 6/5/2017 10:41:56 AM
The company's $350m capital raising will have a minor impact on metrics and valuation, Morgans observes. The capital raising includes a $228m entitlement offer and a $122m placement.
SUN - Macquarie rates the stock as Neutral
Added On - 6/5/2017 10:41:41 AM
Macquarie observes personal lines pricing has reached growth of mid-single digits while volume trends are now positive, although the company continues to lose market share.
SUN - UBS rates the stock as Buy
Added On - 6/2/2017 9:40:59 AM
At its investor briefing, despite acknowledging continued claims inflation in motor and home, the company indicated it is hopeful that general insurance underlying ITR margins will approach 12% in the second half.
AVN - Morgans rates the stock as Add
Added On - 6/2/2017 9:40:52 AM
The company has announced the acquisition of two assets for $436m, to be funded via a $215m entitlement issue at $2.32 per security plus $250m in debt.
ORG - Macquarie rates the stock as No Rating
Added On - 6/2/2017 9:40:31 AM
Macquarie observes renewable investment continues to ramp up strongly and the 2020 renewable energy target appears increasingly achievable. Since 2019 REC prices have fallen to around $50-55/Megawatt-hour.
JIN - Morgans rates the stock as Add
Added On - 6/1/2017 10:58:24 AM
The company is forecasting total transaction value in FY17 of $142.2m, down -7.2% because of a lower number of jackpots. The board has set a new pay-out ratio at 85%.
HSO - UBS rates the stock as Buy
Added On - 6/1/2017 10:58:19 AM
The broker retains a Buy rating and $3.00 target on Healthscope, noting recent industry data implies low structural risk for the company's $800m+ Mona Vale hospital project, which is ahead of schedule.
AMC - Macquarie rates the stock as Outperform
Added On - 6/1/2017 10:58:14 AM
Macquarie observes, as western Europe accounts for 33% of first half revenue, the improving value of the euro is shifting to a tailwind.
PSQ - Morgan Stanley rates as Overweight
Added On - 5/31/2017 10:24:08 AM
The company has downgraded guidance and pointed to lower growth in FY18. While Morgan Stanley observes the market has been forgiving, given strong economics and the long-term growth profile, it envisages less upside for a re-rating.
NXT - Morgans rates as Add
Added On - 5/31/2017 10:24:00 AM
The company has completed its third round of senior unsecured bonds, raising $300m at 6.625%. The funds will be used to extinguish $160m in existing notes, leaving additional capacity to fund growth.
NHF - Macquarie rates as Outperform
Added On - 5/31/2017 10:23:37 AM
The ACCC has started court proceedings against the company, alleging it contravened the consumer law.
OSH - Citi rates the stock as Neutral
Added On - 5/30/2017 10:23:04 AM
Citi increases its estimates of exploration spending by US$20m for 2017 to account for the disclosure that the company will fulfill seismic commitments for the farm-in to the Exxon acreage in PNG.
VHT - Morgans rates the stock as Add
Added On - 5/30/2017 10:22:54 AM
The company posted a net loss of NZ$9.6m for FY17, slightly weaker than Morgans expected. As of March 31 the company has signed 14 software-as-a-service contracts.
WES - Macquarie rates the stock as Outperform
Added On - 5/30/2017 10:21:39 AM
The company has announced three senior executive appointments as part of the leadership transition for FY18. Macquarie observes changes in a management team are a risk in the face of the soft outlook for Australian retail.
DMP - Morgans rates the stock as Hold
Added On - 5/29/2017 10:25:33 AM
Bain Capital has exercised its put option to sell back its 25% stake of Domino's Japan. Morgans estimates the sale will prove 3-4% earnings accretive.
MYR - Macquarie rates the stock as Neutral
Added On - 5/29/2017 10:25:21 AM
Austradia, which owns Top Shop/Top Man shops has been placed in voluntary administration and may be restructured by the UK parent, Arcadia. Myer acquired a 25% stake in Austradia in 2015.
SUN - Morgans rates the stock as Underweight
Added On - 5/29/2017 10:25:09 AM
Morgan Stanley observes the company's new strategy is to build a modular platform and package experiences to help customers achieve outcomes rather than a traditional price-led transaction model. The company is also evaluating strategic's options in the life business.
AMP - UBS rates the stock as Neutral
Added On - 5/26/2017 10:34:39 AM
The investor briefing showcased the higher growth businesses, UBS observes. While there is clearly some growth potential, the broker was left questioning how material the impact may ultimately be, given the drag from the three businesses that are now effectively in run-off or "value management".
BLX - Morgans rates the stock as Add
Added On - 5/26/2017 10:34:30 AM
The broker has pulled back its earnings forecasts for Beacon because retail is quite simply very tough at present.
ABC - Macquarie rates the stock as Outperform
Added On - 5/26/2017 10:34:17 AM
The company's outlook from its AGM is softer than expected for the first half. The balance of positives and negatives in the outlook largely offset each other, Macquarie observes, but the underlying result is expected to be lower than the prior corresponding half.
ALQ - Deutsche Bank rates the stock as Buy
Added On - 5/25/2017 10:22:54 AM
ALS reported earnings in line with guidance. A recovery in demand in minerals testing meant the Commodities division posted a stronger than forecast result, but this was offset by softness in Life Sciences.
CBA - Morgans rates the stock as Underweight
Added On - 5/25/2017 10:22:46 AM
Morgan Stanley notes APRA will release an information paper on capital requirements in the near future and believes the probability of a bear case is materially higher than the bull case and, in this regard, Commonwealth Bank will be more affected than peers by the changes.
WPL - Macquarie rates the stock as Neutral
Added On - 5/25/2017 10:22:36 AM
Macquarie believes the proposal for Browse tolling through the North West Shelf and Pluto expansion projects could potentially lift production in the 2020s but more work needs to be done to underpin this.
WPL - Citi rates the stock as Neutral
Added On - 5/24/2017 9:43:25 AM
Citi analysts returned from Woodside's Investor Briefing Day with an unchanged view. Investors already are pricing in a positive view, say the analysts. On their calculations today's share price represents oil at US$70/bbl.
GEM - Deutsche Bank rates the stock as Buy
Added On - 5/24/2017 9:43:03 AM
G8 Education's trading update revealed the surprise stock placement announced in February did not go as smoothly as hoped, requiring a restructure to ultimately a lower net price. The broker is not unhappy, given much needed balance sheet support.
BVS - Macquarie rates the stock as Outperform
Added On - 5/24/2017 9:42:52 AM
The company has signed a long-term contract for the implementation of its Sonata platform in South Africa. STANLIB is the second major customer in South Africa and significant regulatory changes in that country are expected to drive other opportunities.
CAT - Morgans rates the stock as Add
Added On - 5/23/2017 10:00:55 AM
Morgans revises estimates to reflect recent acquisitions, the appointment of a new CEO and several forecasting scenario changes.
FPH - UBS rates the stock as Neutral
Added On - 5/23/2017 10:00:47 AM
Headline results were slightly ahead of UBS estimates. FY18 guidance for net profit of NZ$180-190m is below expectations.
HVN - Macquarie rates the stock as Neutral
Added On - 5/23/2017 10:00:12 AM
Comparables sales growth of Australian franchisees for the four months to April was up 4.8%, which implies comparables sales growth of around 2.3% over March and April. Macquarie compares this with the 7.4% recorded over January and February.
OML - Credit Suisse rates the stock as Outperform
Added On - 5/22/2017 11:10:54 AM
The company has formally abandoned its merger plans with APN Outdoor ((APO)), given the concerns raised by the preliminary view from the ACCC.
RRL - Morgans rates the stock as Underweight
Added On - 5/22/2017 11:10:47 AM
The stock has traded in a range since the start of the year on steady operations and a stable gold price, Morgan Stanley observes. Nevertheless, it has outperformed the gold sector, rising 9% over the past 12 months.
VAH - Citi rates the stock as Sell
Added On - 5/22/2017 11:10:14 AM
The carrier released a larger-than-expected loss for the March quarter, but management's guidance is for a much better Q4 and Citi analysts ask the question: is a turnaround arriving?
JHX - Macquarie rates the stock as Outperform
Added On - 5/19/2017 9:45:14 AM
FY17 results were below Macquarie's expectations. The miss was mostly driven by North American production inefficiencies. The company has also announced greenfield capacity expansion in Alabama for FY20.
SRX - UBS rates the stock as Buy
Added On - 5/19/2017 9:45:02 AM
UBS notes the American Society of Oncology abstracts for the company's FOXFIRE/Gloval study shows overall survival rates were not enhanced by Sir-Spheres.
FPH - Citi rates the stock as Buy
Added On - 5/19/2017 9:44:18 AM
The company is scheduled to report FY17 financials on Monday 22 May. Citi analysts note market consensus anticipates net profits of NZ$169.6m, Citi sits at NZ$168.5m.
ORL - Citi rates the stock as Neutral
Added On - 5/18/2017 10:06:42 AM
Post yet another - grave- profit warning, Citi analysts have kept their Neutral rating intact, alongside a $1.14 price target (versus $1.65 at the end of March).
FPH - Deutsche Bank rates the stock as Hold
Added On - 5/18/2017 10:06:32 AM
ResMed ((RMD)) has terminated its request for an investigation into alleged patent infringement by Fisher & Paykel Healthcare. Deutsche Bank believes this is a clear positive for FPH.
ORA - Macquarie rates the stock as Outperform
Added On - 5/18/2017 10:05:51 AM
Macquarie observes the stock is back near a market multiple on FY18/19 earnings and has de-coupled from the traditional share price/earnings per share correlation.
FMG - Morgans rates the stock as Upgrade to Add
Added On - 5/17/2017 9:49:51 AM
Morgans has become more positive on the stock now the factors affecting the marketability of lower grade iron ore are starting to reverse.
ORI - Citi rates the stock as Neutral
Added On - 5/17/2017 9:49:22 AM
Orica's interim performance slightly beat expectations and Citi analysts point out opposing forces of a drag from increased environmental provisions and the sale of some assets during the period.
 

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