IGO – UBS rates the stock as Buy
Nova nickel production in the June quarter was -8% below UBS estimates. Copper and cobalt were better-than-expected.
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ORG – Credit Suisse rates the stock as Neutral
Credit Suisse had been of the view that Origin Energy did not offer compelling value relative to oil & gas peers, based on implied prices and a negative outlook for energy markets.
Read MoreGWA – Macquarie rates the stock as Neutral
Macquarie revises forecasts to reflect current housing activity and low visibility into FY21.
Read MoreAZJ – Credit Suisse rates the stock as Outperform
Credit Suisse lowers coal volume forecasts by -5.8% for FY21. Overall, the impact on the Australian export market is more benign compared with other global markets because of the relatively higher quality of Australian coal, and higher fixed costs.
Read MoreAPT – UBS rates the stock as Sell
UBS was not surprised by the $800m capital raising and the $250m sell-down by the company’s co-founders, assessing this is understandable in the current situation.
Read MoreMYX – UBS rates the stock as Neutral
Mayne Pharma has entered into a supply agreement with Chinese base manufacturer Novast Laboratories for 13 US generic oral contraceptive products, including five not previously marketed.
Read MoreMYX – UBS rates the stock as Neutral
Mayne Pharma has entered into a supply agreement with Chinese base manufacturer Novast Laboratories for 13 US generic oral contraceptive products, including five not previously marketed.
Read MoreHPI – Morgans rates the stock as Hold
Hotel Property has declared a final distributional of 9.7c for FY20, ahead of Morgans’ forecast. This brings total distributions to 20c.
Read MoreCCP – Macquarie rates the stock as Outperform
After analysing comparative US purchase debt ledger data, the broker notes PDL pricing in Australia appears to be adjusting materially when US pricing has been slower to respond, and Wallet Wizard book contraction should be an earnings headwind.
Read MoreSGM – Credit Suisse rates the stock as Downgrade to Neutral from Outperform
Credit Suisse reviews the earnings drivers and revises down earnings forecasts for the second half of FY20.
Read MoreAPT – UBS rates the stock as Sell
The company continues to benefit from a shift to online because of the pandemic restrictions while government stimulus is also helping boost consumption.
Read MoreKMD – Macquarie rates the stock as Neutral
While website traffic and industry data have been positive, Macquarie is cautious about the medium-term.
Read MoreNXT – Credit Suisse rates the stock as Reinstate Coverage with Neutral
Credit Suisse reinstates coverage with a Neutral rating and $11.35 target. The broker envisages NextDC will be a beneficiary of higher demand resulting from work-from-home arrangements.
Read MoreANN – UBS rates the stock as Neutral
UBS points out PMI data for the fourth quarter indicates manufacturing is recovering at a faster-than-expected pace.
Read MoreKAR – Morgans rates the stock as Add
The broker notes Karoon Energy was just about to make transformational acquisition before oil prices collapsed in March. The broker now sees the Bauna deal as unlikely to progress, with valuations and debt markets severely impacted.
Read MoreALQ – Macquarie rates the stock as Outperform
The broker notes lead indicators for ALS’ geochem business are improving, with Canadian resource raisings up 66% in the first half of 2020 and Australian raisings also lifting off low levels. Typically there is a 2-3 month lag for resource raisings to flow into additional exploration activity.
Read MoreLLC – Credit Suisse rates the stock as Outperform
FY20 earnings are lower than Credit Suisse expected with a statutory loss of -$230-340m guided, including $370m of after-tax engineering separation costs.
Read MoreIAG – UBS rates the stock as Upgrade to Buy from Neutral
General insurer share prices have underperformed, UBS observes, with average 2020 price declines of -30% in the year to date.
Read MoreFBU – Macquarie rates the stock as Neutral
Macquarie adjusts forecasts for earnings per share down -36% to account for the trading update for May, which implies FY20 earnings guidance of NZ$309m.
Read MoreNUF – Credit Suisse rates the stock as Outperform
Nufarm has guided to $15m in operating earnings (EBITDA) improvement with the closure of manufacturing at Raymond Road and 2, 4-D synthesis at its site in Austria.
Read MoreIEL – UBS rates the stock as Buy
IDP Education is highly dependent on international travel but, UBS asserts, the structural thematic is unchanged.
Read MoreGOZ – Credit Suisse rates the stock as Outperform
Management has indicated that earnings to date have not been materially affected by the pandemic. The total amount of rent waved over the three months period is less than $1m.
Read MoreRHC – UBS rates the stock as Neutral
UBS has quantified the volume of non-urgent elective surgery that was likely deferred across Australia during the peak of the pandemic-related restrictions.
Read MoreSTA – Morgans rates the stock as Add
Strandline Resources is approaching a final decision on its long-life Coburn mineral sands project in WA, which th broker describes as world-class. The stock offers a compelling capital growth prospect for investors willing to tak on project risk, the broker suggests.
Read MoreQAN – Credit Suisse rates the stock as Underperform
Qantas has announced an equity raising of $1.36bn. The proceeds will fund a three-year recovery plan and pay down debt.
Read MoreTWE – UBS rates the stock as Buy
UBS observes Treasury Wines share loss is accelerating in the US. Overall, the broker forecasts a -9% decline in second half volume in the Americas.
Read MoreCSL – Macquarie rates the stock as Neutral
CSL has entered into a licensing agreement with uniQure for exclusive rights to a gene therapy product for haemophilia B.
Read MoreORE – Credit Suisse rates the stock as Downgrade to Neutral from Outperform
Provisional June quarter sales indicate lithium carbonate pricing has fallen to a record low of US$4015/t. Volumes are also weak.
Read MoreBAP – Macquarie rates the stock as Outperform
FY20 guidance has been reinstated with net profit expected to be $84-88m. Trading in May and June has been very strong.
Read MoreSYD – Citi rates the stock as Sell
The news out of Qantas ((QAN)) yesterday only serves to reinforce the broker’s Sell rating on Sydney Airport.
Read MoreAVN – Morgans rates the stock as Add
The company has indicated its operating performance has improved significantly over May and June. All 20 centres are open.
Read MoreCRN – Credit Suisse rates the stock as Outperform
The company has updated 2020 production guidance to 16.5-17mt. Sales volumes will be higher, given the draw on inventory in the US.
Read MoreOZL – UBS rates the stock as Buy
The prefeasibility study has indicated that a transition to a block cave at the lower half of the Carrapateena ore body is accretive to value. Mining rates would lift to 12mtpa from 5mtpa for around $1.2-1.3bn of incremental expenditure.
Read MoreAMP – Macquarie rates the stock as Neutral
AMP has received final regulatory approval for the sale of the life business. Macquarie estimates this leaves AMP with around $950m in excess capital.
Read MoreWPL – Morgans rates the stock as Hold
The broker retains a Hold rating on Woodside Petroleum, but is cautious as there are many questions that remain unanswered. Does Woodside buy Chevron’s North West Shelf stake, now on offer?
Read MoreSEK – Credit Suisse rates the stock as Outperform
Seek has guided to FY20 being slightly ahead of Credit Suisse’s estimates, expecting operating earnings (EBITDA) of $410m.
Read MoreSGP – UBS rates the stock as Neutral
CEO Mark Steinert will retire and a flexible transition period has been agreed in order to smooth the handover in the context of the recovery from the pandemic.
Read MoreANZ – Morgans rates the stock as Add
Morgans does not believe, at this stage, the bad debt damage inflicted on the banks by the virus will be as bad as the GFC, largely due to the extent of monetary/fiscal support.
Read MoreSIG – UBS rates the stock as Upgrade to Neutral from Sell
UBS estimates a combined earnings benefit of $8m for Sigma Healthcare from 2021 on the basis of the pharmacy wholesale funding in the seventh Community Pharmacy Agreement.
Read MoreHLS – Credit Suisse rates the stock as Outperform
Credit Suisse analyses the opportunity for profitability to improve in pathology as the company sells its medical centre businesses.
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