SM1 – UBS rates the stock as Neutral
Guidance for FY20 addresses UBS concerns regarding lower initial returns on the Pokeno factory and “Everyday Dairy” plant.
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NHC – Citi rates the stock as Re-initiation of coverage with Neutral
Back in late 2011 Citi stopped covering New Hope Corp, leaving with a Buy recommendation and $6.10 price target. Circumstances since have obviously changed a lot. Today, Citi re-appears with a Neutral rating and $2.55 price target.
Read MoreRHC – Credit Suisse rates the stock as Upgrade to Neutral from Underperform
Since the beginning of August the stock has underperformed the healthcare sector by -11% and the broader market by -9%, Credit Suisse observes.
Read MoreMGR – Credit Suisse rates the stock as Upgrade to Neutral from Underperform
Credit Suisse reiterates a positive view on the quality of the company’s office portfolio, expecting that operating income growth will be healthy and derived from rent reviews and the rolling out/completion of the commercial development pipeline.
Read MoreSBM – Citi rates the stock as Upgrade to Neutral from Sell
Commodities analysts at Citi this week revised their price forecasts for gold bullion, now predicting US$2000/oz in the medium term should be regarded as a genuine possibility.
Read MoreGMG – UBS rates the stock as Upgrade to Buy from Neutral
UBS believes there are enough structural developments to overcome global economic uncertainty. Going forward, the company’s portfolio strategy should mean a high level of sustainable performance fees.
Read MoreSTO – UBS rates the stock as Neutral
UBS slightly reduces forecasts for oil prices through to 2021 but retains a long-term oil price at US$70/bbl, which is expected through 2022-24. The revised outlook for the next couple of years reflects a more subdued view on global demand, in line with economic forecasts.
Read MoreCGR – Morgans rates the stock as Add
The company has acquired Classic Funding Group for $11m. The business provides invoice discounting and equipment finance. Morgans observes the acquisition provides significant scale for emerging divisions and is attractive from a strategic and valuation perspective.
Read MorePLS – Macquarie rates the stock as Resume coverage with Outperform
The company has completed the institutional proportion of its $91.5m capital raising. The second portion is a strategic investment from CATL, a Chinese-based global manufacturer of electric vehicles and energy storage batteries.
Read MoreWHC – UBS rates the stock as Buy
By FY27 Whitehaven Coal expects to be producing more than 35mtpa of saleable coal through the Vickery and Winchester South projects. Currently production is 20-21mt.
Read MoreIGO – Credit Suisse rates the stock as Underperform
Credit Suisse upgrades FY20 and FY21 estimates for earnings per share by 20% and 10%, respectively, on the implementation of higher nickel pricing.
Read MoreTPM – UBS rates the stock as Upgrade to Neutral from Sell
FY19 results were in line with UBS estimates. The broker suggests the NBN aspirations could begin to affect forward earnings. The company expects FY20 to be the peak in headwinds from the NBN with the drag on earnings lifting to -$110m.
Read MoreCYB – Citi rates the stock as Buy
A little over one month ago, Citi analysts agreed on taking a broadly neutral view post-CYBG’s Q3 report release, despite the fact that management’s guidance implied a steep fall for the Net Interest Margin (NIM) in the current quarter.
Read MoreWSA – Macquarie rates the stock as Outperform
Macquarie has upgraded its FY20 and FY21 nickel price forecasts by 34% and 9% respectively to incorporate the early reinstatement of the nickel ore ban. This leads to a 266% increase in forecast FY20 earnings for Western Areas.
Read MoreIPL – Citi rates the stock as Buy
Given the bullish outlook for demand for ammonium nitrate, the company is committed to a further 15% expansion of the Moranbah output by FY22.
Read MoreSM1 – UBS rates the stock as Initiate coverage with Neutral
UBS initiates coverage with a Neutral rating and NZ$9.70 target, believing the downside is priced into the stock. The broker’s analysis suggests 60% of the company’s profit comes from manufacturing infant milk formula, mainly for a2 Milk ((A2M)) under contract until FY24.
Read MoreIPL – Citi rates the stock as Buy
Citi analysts had already concluded the risk-reward proposition for owning this stock had turned favourably again, post share market sell-off that followed another profit warning by the company. Since then the analysts attended what they label an “upbeat” Investor Day.
Read MoreSYD – Macquarie rates the stock as Neutral
The month of August is expected to reflect the impact of the Hong Kong protests on demand for flights out of Sydney. Some 7% of international passengers are bound for Hong Kong on average, and the broker now assumes a reduction in its forecasts.
Read MoreOSH – Citi rates the stock as Neutral
The PNG petroleum minister has stated the government intends to honour the existing Papua LNG gas agreement.
Read MorePAN – Macquarie rates the stock as Outperform
Panoramic Resources’ underlying earnings were in line with expectation. No guidance was provided and the broker has made no changes to forecasts.
Read MoreIPL – Credit Suisse rates the stock as Outperform
The company has downgraded guidance again for FY19 and pulled forward a strategic review of the fertiliser business. Credit Suisse was not surprised by the drought-driven downgrade but further plant downtime at the Louisiana plant is of concern.
Read MoreACF – Morgans rates the stock as Add
FY19 results were below expectations. Morgans is encouraged by some projects which are coming on line and likes the outlook for civil infrastructure activity on the east coast, although project timing remains uncertain.
Read MoreFXL – UBS rates the stock as Neutral
FY19 results were slightly below expectations. UBS notes volume growth is solid and expected to accelerate in FY20.
Read MoreHVN – Credit Suisse rates the stock as Neutral
FY19 results missed forecasts. The company has announced an equity raising of $173m. Credit Suisse suspects this will exacerbate investor debates regarding gearing. The franchisee segment was affected by weaker profitability and also increased expenditure on compliance.
Read MoreWOW – Credit Suisse rates the stock as Underperform
Credit Suisse considers the stock expensive relative to valuation, which drives an Underperform rating. A lack of operating leverage in the FY19 result and cost headwinds appear to be incrementally negative, and the result was marginally below forecasts.
Read MoreDCG – Citi rates the stock as Buy
Buy rating retained with a $1.20 price target post the release of FY19 financials. The release revealed margin pressure, with the analysts pointing out the Sunraysia solar farm project is mostly responsible.
Read MoreALX – UBS rates the stock as Neutral
First half proportional operating earnings (EBITDA) grew by 1.6%. Cash flow from APRR grew by 18% because of the exit of high-cost funding structures, although some of this was eroded by additional costs associated with internalisation.
Read MoreVAH – Credit Suisse rates the stock as Downgrade to Underperform from Neutral
FY19 results were weaker than expected. Credit Suisse notes the aggressive initiatives to cut costs amid reviews of fleet capacity and network.
Read MoreMQG – Citi rates the stock as Neutral
Macquarie surprised friend and foe yesterday by announcing a fresh $1bn capital raising plus a share purchase plan which Citi estimates has the magnitude of $150m. Estimates have been sliced to incorporate the immediate dilution.
Read MoreABC – UBS rates the stock as Sell
First-half results were in line with expectations, given recent guidance. The results were affected by lower volumes and margin pressure as a result of the contraction in residential activity.
Read MoreING – Citi rates the stock as Upgrade to Neutral from Sell
As reported yesterday, the FY19 report missed consensus forecasts, and it was accompanied by guidance for a decline in profits for FY20. Following on from the share price shellacking that ensued post the release, Citi has upgraded to Neutral from Sell.
Read MoreRWC – UBS rates the stock as Neutral
FY19 operating earnings (EBITDA) were in line with expectations. UBS is more confident in the revenue outlook as the company is growing in line with expectations in the US.
Read MoreFMG – Citi rates the stock as Neutral
FY19 results were slightly ahead of Citi’s estimates. The company has provided no change to guidance with costs expected to be in the range of US$13.25-13.75/wmt.
Read MoreVEA – Morgans rates the stock as Hold
Viva Energy Group’s first-half result met June guidance and Morgans’ forecasts as tough operating conditions persisted across retail, refining, and commercial.
Read MoreAHG – Credit Suisse rates the stock as Neutral
FY19 results were affected by accounting changes and the reclassification of refrigerated logistics as discontinued. Credit Suisse expects this will be the last time the business is reported on as a separate entity.
Read MoreSXL – UBS rates the stock as Neutral
Southern Cross Media’s FY19 result was in line with the broker. Management did not provide guidance but reports early weakness in metro radio markets, which it expects should turn around in September, and lower costs thanks to declining TV advertising revenue.
Read MoreSGF – Citi rates the stock as Neutral
The company estimates that around $15-20m in FY20 income will shift to future years. Citi assumes $18m is moved from FY20. This does not materially affect valuation.
Read MoreCOL – UBS rates the stock as Sell
The company’s maiden FY19 result was messy, UBS observes, but in line with expectations. Supermarket earnings were 3% ahead of the brokers forecasts.
Read MoreLOV – Morgans rates the stock as Add
Lovisa Holdings’ FY19 result outpaced Morgans estimates by roughly 3% to 5%, thanks to strong revenue from acceleration in like for like sales.
Read MorePPT – Citi rates the stock as Neutral
The new CEO is actively looking for acquisitions. Citi thinks further expansion into global equities is probably on his radar. No surprise, since the core business in Australia continues to suffer.
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