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Broker Updates
EHL - Morgans rates the stock as Add
Added On - 5/25/2018 3:40:28 PM
The company has announced it will acquire Matilda Equipment for $80m. Matilda is a niche rental supplier of ancillary mining equipment, comprising mostly new model dozers and civil/services vehicles.
REA - Citi rates the stock as Buy
Added On - 5/25/2018 3:40:24 PM
Detailed analysis of industry ad volumes suggests to Citi REA Group continues to exert its dominance, leaving but a few spots for Domain Holdings to lead over its bigger competitor, such as in Sydney's eastern suburbs.
WES - Macquarie rates the stock as No Rating
Added On - 5/25/2018 3:40:18 PM
Media articles signal Alteri Investors and Hilco have made offers for Homebase to Wesfarmers. Endless, a UK PE investor, is no longer in the running according to the speculation.
WPL - Macquarie rates the stock as Neutral
Added On - 5/24/2018 12:07:42 PM
The company has focused on organic growth options in the Asian LNG market at its investor presentation. Capital intensity has been reduced for Scarborough but Macquarie suspects gas buyers are still unwilling to commit.
SRX - Morgans rates the stock as Hold
Added On - 5/24/2018 12:07:32 PM
CDH has formalised its takeover offer at $33.60 via a scheme of arrangement.
COH - UBS rates the stock as Sell
Added On - 5/24/2018 12:07:25 PM
The broker has changed analysts for Cochlear, remodelled valuation drivers and switched to a discounted cash flow methodology. The result is a target price increase to $170 from $150.
CLH - Morgans rates as Hold
Added On - 5/23/2018 11:23:23 AM
The company has entered a transaction with Balbec Capital to assign part of its arrangement book for $19.5m. The company will receive the cash up front and intends to reinvest this in PDLs.
JHX - Morgan Stanley rates as Equal-weight
Added On - 5/23/2018 11:20:58 AM
Results beat Morgan Stanley's estimates at the headline while volume was a little soft in North America. Management attributed this to softer interior volumes as a result of the removal of some product.
HSO - Credit Suisse rates as Neutral
Added On - 5/23/2018 11:20:42 AM
Healthscope intends to close Geelong and Cotham private hospitals in Victoria and take an impairment on Frankston Private. The company has also lowered FY18 guidance and signalled 10% growth in hospital operating earnings in FY19.
SKI - Morgans rates as Add
Added On - 5/22/2018 10:51:47 AM
The regulator has released the final decision regarding Transgrid regulated revenue for the five-year period from July 2018. While important for Transgrid, Morgans notes the result is not significant for Spark Infrastructure as it has only a 15% equity interest relative to its 49% stakes in VPN and SAPN.
BHP - UBS rates as Buy
Added On - 5/22/2018 10:51:35 AM
UBS believes the company is the best positioned of the diversified miners and has a compelling valuation.
ECX - Credit Suisse rates as Outperform
Added On - 5/22/2018 10:49:47 AM
Credit Suisse is firmly of the view that the de-rating of the company over the past six months is overdone. Earnings are growing, operating conditions are stable and the momentum is positive.
SYD - Macquarie rates the stock as Outperform
Added On - 5/21/2018 9:03:01 AM
Macquarie believes April traffic statistics are somewhat misleading as a capture movements of Easter and school holidays.
CSL - Citi rates the stock as Buy
Added On - 5/21/2018 9:02:48 AM
As the company has lifted its guidance for the FY, Citi analysts have lifted their estimates and their price target to $215 from $175. High margins for Haegarda and Idelvion are the main drivers, they explain.
DLX - Deutsche Bank rates the stock as Sell
Added On - 5/21/2018 9:02:41 AM
Deutsche Bank analysts have held a negative view on DuluxGroup for quite a while, as illustrated by their Sell rating and $5.70 price target. Both remain in place as the analysts label the release of interim results a negative event for the company.
DLX - Deutsche Bank rates as Sell
Added On - 5/18/2018 11:36:22 AM
Deutsche Bank analysts have held a negative view on DuluxGroup for quite a while, as illustrated by their Sell rating and $5.70 price target. Both remain in place as the analysts label the release of interim results a negative event for the company.
MPL - Macquarie rates as Neutral
Added On - 5/18/2018 11:36:11 AM
Macquarie's forecasts now include 2% average premium rises in April 2019 and April 2020, regardless of a change in government.
CGF - Credit Suisse rates as Outperform
Added On - 5/18/2018 11:35:23 AM
In the wake of the budget, the government has issued a Retirement Income Covenant Position paper setting out a range of details in relation to Comprehensive Income products for Retirement (CIPR) and allowing a short period for feedback.
BHP - Credit Suisse rates the stock as Neutral
Added On - 5/17/2018 10:06:04 AM
The process of offloading US shale is still on track, BHP noted at a conference yesterday, while insisting conventional oil still has a place in the company's portfolio. Higher energy costs have lifted medium term costs for met coal and copper production.
CPU - UBS rates the stock as Neutral
Added On - 5/17/2018 10:05:47 AM
The company has announced the acquisition of Equatex, a European employee share plan administration business headquartered in Zurich. This represents a key growth segment for the company and UBS suggests it should add significant outer year accretion based on synergies across the combined platform.
BLD - Deutsche Bank rates the stock as Buy
Added On - 5/17/2018 10:05:30 AM
The company hosted an investor briefing and made no changes to FY18 guidance. Management said demand for construction materials is robust and expects a strong number of infrastructure projects until 2022.
IVC - Citi rates the stock as Buy
Added On - 5/16/2018 10:13:24 AM
InvoCare failed to impress the broker in February, but Citi analysts have now made a 180 degrees turnaround declaring the company's Protect & Growth capex plan, costing $200m, is going to deliver.
BSL - UBS rates the stock as Buy
Added On - 5/16/2018 10:13:13 AM
BlueScope has upgraded second half earnings guidance as expected, given rising steel spreads in the US. But the 12% increase only serves to bring guidance in line with consensus forecasts, the broker notes.
TME - Credit Suisse rates the stock as Neutral
Added On - 5/16/2018 10:12:50 AM
Credit Suisse considers the company's briefing highlights a clear sense of purpose across vertical markets and the work that is underway to address a range of growth opportunities.
GWA - Morgans rates the stock as Hold
Added On - 5/15/2018 10:57:30 AM
The company has announced the sale of its door & access systems business for $107m. Morgans believes completion of the sale in early FY19 should leave plenty of capacity to pursue organic growth opportunities.
TAH - Credit Suisse rates the stock as Outperform
Added On - 5/15/2018 10:57:22 AM
Victoria has announced that it will replace the existing state wagering tax with a point of consumption tax that catches all wagering operators in the country. This will come into effect of January 1, 2019. The point of consumption tax is set at 8%.
MYR - Citi rates the stock as Sell
Added On - 5/15/2018 10:56:33 AM
The broker is forecasting a -4.9% year on year decline when Myer reports March Q sales this week. Kmart ((WES)) and Big W ((WOW)) have both been investing in price recently and disinflationary pressure is weighing on the broader department store sector, the broker notes.
XRO - Citi rates the stock as Neutral
Added On - 5/14/2018 9:17:47 AM
Xero's FY18 performance may have met market consensus, but Citi analysts had been a little more ambitious, and thus the company slightly "missed". But only on operational costs affecting EBITDA; other numbers are either better or in-line.
LNK - Deutsche Bank rates the stock as Hold
Added On - 5/14/2018 9:17:39 AM
The recent federal budget indicates the Australian government wants to consolidate inactive small accounts with the Australian Taxation Office acting as administrator.
REA - UBS rates the stock as Sell
Added On - 5/14/2018 9:17:21 AM
The company delivered a stronger-than-expected March quarter revenue and earnings outcome. UBS flags the launch of new agent branding products, which could add new revenue once fully penetrated and the Hometrack accretion, likely to be minimal because of the additional D&A.
RAP - Morgans rates as Add
Added On - 5/11/2018 11:30:37 AM
The company expects to report the headline results from two clinical studies by mid this year.
LNK - Citi rates the stock as Neutral
Added On - 5/11/2018 11:30:27 AM
It's the "material uncertainty" that has triggered the downgrade to Neutral from Buy, with Citi analysts adding the loss of the CareSuper contract, while small in impact, is not helping sentiment either.
BLD - Macquarie rates as Outperform
Added On - 5/11/2018 11:30:08 AM
The company has announced the sale of its concrete & quarries business in Denver, Colorado.
GXL - UBS rates the stock as Neutral
Added On - 5/10/2018 10:26:36 AM
The company has announced one-off charges and an underlying downgrade to FY18 earnings guidance. Trading at stand-alone veterinary clinics continues to be weak. New projects have been suspended or cancelled.
JHG - Citi rates the stock as Buy
Added On - 5/10/2018 10:26:29 AM
Management has flagged the possibility of 'regular' share repurchases as part of its capital management strategy. Citi analysts suggest the first one of these is probably not too far away.
NWS - Deutsche Bank rates the stock as Buy
Added On - 5/10/2018 10:26:24 AM
Deutsche Bank updates forecasts to take into account the merger of Foxtel/Fox Sports and the new ownership structure where News Corp is a 65% shareholder.
SGP - Deutsche Bank rates as Buy
Added On - 5/9/2018 8:42:48 AM
The company has updated on its $300m divestment program, exchanging unconditional contracts to sell Wallsend and 77 Pacific Highway for a total of $193m. Both assets will be sold to domestic buyers.
ECX - Citi rates as Buy
Added On - 5/9/2018 8:42:34 AM
Yesterday's interim report was not well received in the market, but Citi analysts stay the course, arguing Eclipx management is "creating a sophisticated diversified financial services company with considerable optionality in its channels of distribution, funding and growth strategy". Buy call retained.
MQG - Citi rates as Upgrade to Neutral from Sell
Added On - 5/9/2018 8:42:11 AM
Macquarie is "firing on all cylinders", in Citi's words, with Friday's FY18 result boosted by lower taxes. Plenty of growth opportunities are on the horizon. So what's not to like?
ORI - Morgans rates as Hold
Added On - 5/8/2018 8:19:55 AM
First half results were worse than Morgans expected. There were issues with all major manufacturing plants and operating cash flow was disappointing. The company expects a much stronger second half and FY19.
IEL - Morgan Stanley rates as Overweight
Added On - 5/8/2018 8:19:50 AM
Direct competition is limited and highly fragmented so Morgan Stanley believes the company can attain global leadership.
COH - Macquarie rates as Underperform
Added On - 5/8/2018 8:19:46 AM
The broker came out of Cochlear's investor day noting the market opportunity for the company is substantial, but it will require ongoing investment in order to increase utilisation.
IEL - Morgan Stanley rates the stock as Overweight
Added On - 5/7/2018 10:11:41 AM
Direct competition is limited and highly fragmented so Morgan Stanley believes the company can attain global leadership.
COH - Macquarie rates the stock as Underperform
Added On - 5/7/2018 10:11:30 AM
The broker came out of Cochlear's investor day noting the market opportunity for the company is substantial, but it will require ongoing investment in order to increase utilisation.
CSL - Citi rates the stock as Buy
Added On - 5/7/2018 10:11:17 AM
Andexxa, a competitor to CSL's Kcentra, has been approved. Citi envisages limited short-medium term impact as Kcentra has been growing very rapidly and CSL remains a preferred name.
APO - Citi rates the stock as Sell
Added On - 5/4/2018 10:09:05 AM
We hadn't noticed anything from Citi on the company since initiating coverage in December last year. Now the broker has used a sector update to pull back its rating to Sell from Neutral.
APA - Macquarie rates the stock as Neutral
Added On - 5/4/2018 10:08:59 AM
At the Macquarie conference the company has suggested that the impact of rising interest rates on the business has been overstated. APA has a strong committed projected pipeline across a diverse client base, Macquarie observes.
QBE - Morgans rates the stock as Hold
Added On - 5/4/2018 10:08:48 AM
The company has re-affirmed full year guidance targets for a combined operating ratio of 95-97.5% and investment return of 2.5-3.0%. The company acknowledges year-to-date investment returns are below its target because of rising yields and volatility but asserts this is being offset by a higher discount rate.
CSL - UBS rates the stock as Buy
Added On - 5/3/2018 8:42:55 AM
Earnings reports from drug companies Merck and GSK showed strong growth for Gardasil and Cervarix, translating into around US$35m in royalties for CSL, in line with the broker's expectations. Meanwhile, US industry data show strong IG growth is still evident.
AMC - Credit Suisse rates the stock as Neutral
Added On - 5/3/2018 8:42:48 AM
Credit Suisse notes the challenges have extended into the second half and modestly downgrades earnings. The broker notes rising raw material prices and a lag in recovery in emerging markets in the March quarter.
NAM - Morgans rates the stock as Hold
Added On - 5/3/2018 8:42:23 AM
FY18 results were strong and supported by a large cotton crop, Morgans notes. However, dry conditions and reduced dam levels will likely reduce the size of the 2019 crop. Morgans makes material downgrades to forecasts as a result.
ASX - Morgans rates the stock as Reduce
Added On - 5/2/2018 9:46:49 AM
The company's market update indicated a strong performance in the March quarter. Management has announced plans to accelerate investment in systems and infrastructure.
ANZ - Citi rates the stock as Buy
Added On - 5/2/2018 9:46:44 AM
Cash earnings in the first half were slightly above Citi's estimates. The broker notes a large number of one-off items relating to divestments obscured the underlying trends. The CET1 ratio is growing rapidly and now at 11%.
ALL - UBS rates the stock as Buy
Added On - 5/2/2018 9:46:41 AM
Aristocrat did not provide guidance at its investor day but rather focused on growth opportunities in its various segments. The broker conservatively values these opportunities.
WES - Deutsche Bank rates as Hold
Added On - 5/1/2018 8:51:42 AM
The company's update provided insights into the operating conditions for Bunnings UK. Life-for-like sales growth was 3.0% and strong trade in plumbing and heating offset weakness in consumer segments, which was attributed to a "fragile UK consumer environment".
SYR - Morgan Stanley rates as Equal-weight
Added On - 5/1/2018 8:51:39 AM
The company is now targeting the lower end of 160-180,000t for 2018. Morgan Stanley focuses on the committed offtakes for 2018, which are running at around 100,000t as of December and leave 60,000t without offtake.
SFR - Morgans rates as Hold
Added On - 5/1/2018 8:51:36 AM
Gold output was better than Morgans expected in the March quarter, slightly offset by marginally weaker copper production versus forecasts.
SYD - Morgans rates as Add
Added On - 4/30/2018 9:00:05 AM
The ACCC has released its airport monitoring report for 2016/17. Morgans makes no changes but does ease back cash flow estimates as a result of changes to debt service and maintenance capital expenditure forecasts.
RMD - Morgan Stanley rates as Overweight
Added On - 4/30/2018 9:00:01 AM
March quarter results were characterised, in Morgan Stanley's opinion, by a weaker US top line. This was countered by better operating margins, which appear set to continue, although gross margins are not expected to improve further.
SFR - Citi rates as Sell
Added On - 4/30/2018 8:59:41 AM
Copper production was soft in the March quarter while gold was strong. Doolgunna exploration underwhelmed Citi, which also notes the DeGrussa copper reserve was increased by 46,000t.
WES - Macquarie rates the stock as No Rating
Added On - 4/27/2018 2:20:57 PM
March quarter retail sales revealed a pick up in growth across key businesses, Macquarie observes. Sales at Coles were up 0.3% and Bunnings Australasia up 9.1%. Bunnings UK remains problematic with declining comparable sales of -15.4%.
VOC - Morgans rates the stock as Hold
Added On - 4/27/2018 2:20:49 PM
The company has announced the discontinuation of the NZ sale process and a temporary extension of its debt covenants. Debt is expected to peak in the first half of FY19 and decline thereafter.
AMP - Credit Suisse rates the stock as Outperform
Added On - 4/27/2018 2:20:22 PM
The broker regrets not downgrading its rating on AMP earlier, but no one was to know just what brand damage the Royal Commission would inflict.
BPT - Morgan Stanley rates the stock as Overweight
Added On - 4/26/2018 9:54:36 AM
Morgan Stanley believes there is potential for a re-rating should the company successfully extend its reserve life over time.
MQA - Morgans rates the stock as Add
Added On - 4/26/2018 9:54:20 AM
Favourable economic conditions for APRR in the March quarter signals to Morgans 2018 should deliver solid earnings growth. The decline in traffic on Dulles Greenway was not a surprise to the broker.
VOC - UBS rates the stock as Neutral
Added On - 4/26/2018 9:53:56 AM
UBS notes Vocus has abandoned the NZ asset sale process. The answer to whether the company needs to raise equity to de-leverage depends on the new covenants negotiated as part of the re-financing, the broker suggests.
CYB - Citi rates the stock as Sell
Added On - 4/24/2018 10:33:15 AM
Following a noticeable weakening in the share price, down -13% year-to-date, Citi analysts believe risk is now more evenly balanced, hence why they have upgraded their view to Neutral from Sell.
ADH - Morgans rates as Hold
Added On - 4/24/2018 10:33:00 AM
The second half trading update showed an acceleration in sales, with like-for-like growth of 18% in the year-to-date. Guidance has been upgraded to $44-46.5m in EBIT for FY18, which Morgans notes is the third upgrade this year.
MYR - Macquarie rates as Neutral
Added On - 4/24/2018 10:32:14 AM
Macquarie is pleased a new CEO has been appointed reasonably quickly, minimising the potential for leadership disruption. Yet the broker suggests financial capacity limits the investment and turnaround possibilities.
BOQ - Citi rates the stock as Neutral
Added On - 4/23/2018 9:58:18 AM
First half results were weaker than Citi expected and the broker reinstates coverage with a Neutral rating and $11 target, reduced from $13.
API - Credit Suisse rates the stock as Neutral
Added On - 4/23/2018 9:58:10 AM
First half results were in line with guidance. The short-term outlook remains challenging, Credit Suisse believes, and PBS revenue is expected to be under pressure as some manufacturers choose to by-pass wholesale distributors, going direct to pharmacies.
GEM - UBS rates the stock as Buy
Added On - 4/23/2018 9:58:02 AM
Industry supply for 2018 is expected to grow 3-3.5% and remain higher than growth in demand. As a result occupancy is not improving, counter to former expectations.
CGF - Morgans rates the stock as Hold
Added On - 4/20/2018 9:58:25 AM
March quarter annuity sales were soft, Morgans observes, down -13%. Nevertheless, net book growth was solid because of a slowing of the annuity run-off rate.
S32 - Citi rates the stock as Neutral
Added On - 4/20/2018 9:58:12 AM
In the wake of the mixed March quarter production result, Citi upgrades medium-term forecasts for earnings per share by 12-15%.
BHP - Morgan Stanley rates the stock as Overweight
Added On - 4/20/2018 9:57:37 AM
BHP's March Q production was disappointing, with only copper meeting the broker's forecast. Progress at Olympic Dam is slow and a rail car dumper issue impacted on iron ore. There is little impact on earnings forecasts nonetheless, the broker notes.
WPL - Morgans rates as Hold
Added On - 4/19/2018 9:43:26 AM
First quarter production was slightly softer than Morgans expected. The broker retains some issues with the company's recent decisions but continues to like the earnings profile of the mostly mature projects.
FBU - Morgan Stanley rates as Overweight
Added On - 4/19/2018 9:43:12 AM
Morgan Stanley suggests the NZ$750m capital raising addresses many of the investor concerns.
CYB - Credit Suisse rates as Outperform
Added On - 4/19/2018 9:43:05 AM
CYBG has announced an increase in payment protection insurance provisions of GBP350m. The broker has downgraded its FY18 "company defined" profit forecast by -65%. This does not impact on earnings forecasts.
BOQ - Morgan Stanley rates as Underweight
Added On - 4/18/2018 10:29:58 AM
Morgan Stanley believes margins are turning lower and reduces second half forecasts for margins by -5 basis points, given greater front book competition and wider spreads.
HUB - Credit Suisse rates as Outperform
Added On - 4/18/2018 10:20:53 AM
HUB24 reported another very strong quarter of inflows and net funds under management, leading the broker to upgrade forecasts ahead of what is seasonally the strongest quarter of June.
 

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