SBM – Credit Suisse rates the stock as Outperform
FY21 guidance is for production of 370-410,000 ounces. The guidance for Gwalia as softer than Credit Suisse had expected but is not critical to the outlook or future capability.
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ILU – Credit Suisse rates the stock as Outperform
Credit Suisse found little clarity in the June quarter production result but commentary appears to suggest some of the worst may be behind the business.
Read MoreCVN – Macquarie rates the stock as Outperform
June quarter activities revealed the company is in cash conservation mode and Macquarie believes the Dorado FPSO and platform contractor selection will be key going forward.
Read MoreSGR – Macquarie rates the stock as Outperform
Macquarie reassesses the Sydney domestic tables market, given the completion of Sovereign Resort and competition from Crown Sydney ((CWN)) in early 2021.
Read MoreRIO – UBS rates the stock as Neutral
Rio Tinto will be releasing its 2020 interim financial results on July 29. UBS expects earnings to decline -6% year on year driven by declining commodity prices.
Read MoreKAR – Macquarie rates the stock as Outperform
Karoon Energy has successfully renegotiated the Bauna deal with Petrobras. This results in a -40% reduction in acquisition costs.
Read MorePPT – Credit Suisse rates the stock as Neutral
Perpetual has acquired 75% of Barrow Hanley for $465m along with a $265m equity raising. Credit Suisse factors in little growth in the Barrow Hanley business although there is upside if the distribution capability in the US can be refined and expanded into Europe/Asia.
Read MoreREA – Credit Suisse rates the stock as Neutral
Credit Suisse had expected a recovery in Sydney and Melbourne property markets would support volumes but suspects REA Group could lag Domain Holdings ((DHG)) because of its broader national exposure.
Read MoreCDD – Morgans rates the stock as Add
Cardno have positively surprised the market by providing guidance for FY20 earnings of $41m-$43m, according to Morgans.
Read MoreSTO – Macquarie rates the stock as Neutral
June quarter production and sales were in line with expectations. The company continues to progress Dorado, Barossa and the Moomba carbon capture/storage project. Infill drilling is also being considered to extend the Bayu-Undan field life.
Read MoreIAG – Credit Suisse rates the stock as Outperform
Credit Suisse notes Insurance Australia Group is suffering from some degree of uncertainty due to business interruption claims from COVID-19.
Read MoreSHL – UBS rates the stock as Sell
Analysis of Sonic Healthcare’s contribution to virus testing leads the broker to upgrade its revenue assumptions for FY21. The broker assumes a reduction in routine pathology earnings will be fully offset by increased testing earnings, and total earnings may well be above pre-virus levels.
Read MoreNAN – Morgans rates the stock as Upgrade to Add from Hold
Even though the August profit release may cause some price weakness, Morgans prefers to get in early with a upgrade to Add, given the share price is -10% below the broker’s target price of $6.92. The post-result weakness may arise from limited hospital access in the last few months.
Read MoreQBE – Credit Suisse rates the stock as Outperform
QBE Insurance Group expects to report a statutory loss of -US$750m in the first half. The group also expects to incur costs of -US$600m, of which -US$335m will be in its first-half result, reports Credit Suisse.
Read MoreAMI – Macquarie rates the stock as Outperform
Aurelia Metals posted a strong production recovery in the June quarter thanks to higher grades and improved throughput. A maiden resource was announced for Federation, which the broker sees as a significant step forward towards a substantially longer mine life for Hera.
Read MoreDOW – UBS rates the stock as Neutral
Downer EDI has announced a capital raise and trading update.
Read MorePRU – Macquarie rates the stock as Downgrade to Underperform from Neutral
Perseus Mining ‘s June quarter featured sales and costs 13% and 4% better than Macquarie’s forecast but production -6% lower. First half FY21 guidance is below expectation, although management cited conservatism in the face of covid, given growing case-counts in operating countries.
Read MoreRMD – UBS rates the stock as Neutral
UBS has analysed the current penetration of the US obstructive sleep apnoea (OSA) market and assessed the sustainability of new patient flow generator set-up growth.
Read MoreBHP – Credit Suisse rates the stock as Neutral
After a solid (if expected) end to FY20, FY21 guidance across most divisions was lower than expected by Credit Suisse. For some cases like petroleum and met coal, this can be explained by a tough market backdrop, explains the broker.
Read MoreTPG – Credit Suisse rates the stock as Reinitiating coverage with Underperform
Credit Suisse re-initiates coverage of the new TPG Telecom with an Underperform rating.
Read MoreMYX – UBS rates the stock as Neutral
Script volume trends indicate competitors continue to take share in several of Mayne Pharma’s categories, the broker notes, albeit at a slower pace than in FY19.
Read MoreRIO – UBS rates the stock as Neutral
Rio Tinto reported Q2 iron ore shipments slightly of 86.7Mt, slightly below UBS forecasts. However, mined copper exceeded forecasts due to record throughput at Escondida. Aluminum and Alumina production were 1.2% below the broker forecast.
Read MoreCWP – Morgans rates the stock as Hold
Cedar Woods Properties had guided to $43m FY20 profit pre-virus, but now the company expects $20-21m, down -57% on FY19. The disruption has pushed a material number of settlements into July, being FY21.
Read MoreWOW – Credit Suisse rates the stock as Neutral
Credit Suisse views Woolworths as a solid hold entering FY20 and prefers it over the Coles Group ((COL)) due to its cost and operating income guidance certainty for FY20.
Read MoreAWC – Credit Suisse rates the stock as Upgrade to Outperform from Neutral
Credit Suisse upgrades to Outperform from Neutral believing the positive indicators are exceeding the negatives. Assets are performing and unit costs are down in the June quarter.
Read MoreAD8 – UBS rates the stock as Buy
While conditions are tough, UBS observes the company is making the right strategic steps to emerge stronger.
Read MoreMHJ – Macquarie rates the stock as Outperform
Sales were “reasonably strong” in the fourth quarter, Macquarie notes, as consumer demand after the depths of the lockdown exceeded expectations.
Read MoreSXL – Macquarie rates the stock as Downgrade to Neutral from Outperform
Macquarie downgrades to Neutral from Outperform. The revenue environment is uncertain and the stock is trading near the target price.
Read MoreZ1P – UBS rates the stock as Downgrade to Sell from Neutral
The trading update was strong, with total transaction volumes increasing by 62%. Second half revenue grew 88%.
Read MoreSHL – Credit Suisse rates the stock as Outperform
As testing for the coronavirus rapidly rises in key markets Credit Suisse models the revenue and earnings opportunity.
Read MoreWHC – Credit Suisse rates the stock as Outperform
Whitehaven Coal finished FY20 strongly and reached saleable production guidance.
Read MoreCRN – UBS rates the stock as Buy
June quarter production was ahead of expectations. Sales volumes were slightly below UBS forecasts because of weaker sales from the US, offset by higher sales from Curragh.
Read MoreAZJ – Morgans rates the stock as Add
As a result of volume weakness in the June quarter Morgans expects FY20 earnings (EBIT) at the lower end of the $880-930m guidance range.
Read MoreSDF – Macquarie rates the stock as Outperform
Premium rate increases have not moderated and support the outlook, Macquarie suggests.
Read MoreEHE – UBS rates the stock as Neutral
The FY20 update was in line with UBS expectations, with a non-cash impairment charge of $124-148m to be taken in the results.
Read MorePTM – Citi rates the stock as Sell
Citi observes further progress with moderating fund outflows and the first performance fees in two years, although the flagship strategy performance remains sub-optimal.
Read MoreGUD – Macquarie rates the stock as Neutral
As the broader Australian automotive aftermarket has recovered strongly after the easing of lockdown measures, Macquarie revises forecasts higher, although acknowledges a reinstatement of lockdown in Victoria emphasises the risks.
Read MoreNEC – Credit Suisse rates the stock as Outperform
Preliminary numbers for FY20 signal an EBITDA range of $390-410m. Credit Suisse considers this outcome reasonable. Net debt is also broadly consistent with expectations.
Read MoreCSL – UBS rates the stock as Buy
UBS reviews implications for plasma collection with the rise in coronavirus cases in certain US states. The broker expects a decline of -20% on average from April-September 2020 and then no growth until March 2021.
Read MoreBPT – Credit Suisse rates the stock as Outperform
Uncertainty prevails regarding the company’s upcoming FY21 guidance, Credit Suisse asserts, and this has weighed on the share price.
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