AVN – Macquarie rates the stock as Outperform
Aventus Group’s funds from operations were in line with the broker’s forecast and guidance. Underlying income growth was solid.
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APA – Credit Suisse rates the stock as Neutral
APA Group’s FY19 result met consensus and Credit Suisse forecasts and hit the top end of guidance. FY20 guidance missed the broker because of delayed project revenue and higher corporate costs.
Read MoreBXB – UBS rates the stock as Downgrade to Neutral from Buy
Results for the June half-year were well below UBS forecasts. The Americas division was -13% below forecasts because of weaker performances in Canada and Latin America.
Read MoreAQG – Macquarie rates the stock as Downgrade to Underperform from Outperform
Alacer Gold’s second-quarter report beat Macquarie’s estimates on production, costs, and revenue (up 48%), but missed on net profit after tax (-13%) thanks to a -US$16.9m impairment.
Read MoreIPH – Morgans rates the stock as Downgrade to Hold from Add
A very strong result from IPH beat forecasts across the board, helped by cost discipline and forex tailwinds, Morgans notes. The stock is a quality defensive with a big step-up in earnings offered by the Xenith acquisition, with margin increases expected ahead as has been the case with AJ Park.
Read MoreLLC – UBS rates the stock as Buy
FY19 development results, up 18%, were ahead of UBS estimates while construction, down -29%, was worse. Importantly, the company has announced no further provisions in engineering & services, noting the sales process is progressing.
Read MoreBPT – Credit Suisse rates the stock as Neutral
Beach Energy’s FY19 result met the broker, and FY20 guidance outpaced by 8% thanks to a stronger production target.
Read MoreNWL – Citi rates the stock as Neutral
FY19 results were solid, Citi assesses. Net flows are expected to pick up in FY20, driven by market share gains as well as an improvement in adviser activity levels.
Read MoreSYD – Morgans rates the stock as Add
First-half results were broadly in line with expectations. International passengers comprised 38% and contributed 70% of revenue. Net operating receipts increased by 5%.
Read MoreCLW – Macquarie rates the stock as Underperform
Charter Hall’s Long WALE REIT has acquired Telstra’s ((TLS)) portfolio of phone exchange properties in a consortium for $700m or a 4.4% yield.
Read MoreAPX – Credit Suisse rates the stock as Initiation of coverage with Neutral
The broker has initiated coverage of Appen, balancing a 5.1x 2019 revenue forecast with discounted cash flow to come up with a target of $23.00. This is close to the trading price so the broker begins on Neutral.
Read MoreSYD – Morgans rates the stock as Add
First-half results were broadly in line with expectations. International passengers comprised 38% and contributed 70% of revenue. Net operating receipts increased by 5%.
Read MoreGBT – UBS rates the stock as No Rating
The second half was vastly improved, UBS suggests, with the first annual profit growth since FY15. The improvement was driven by the sharp uplift in UK wealth management performance.
Read MoreVCX – Credit Suisse rates the stock as Neutral
FY19 results were at the lower end of guidance and the outlook for FY20 is better than Credit Suisse expected as asset sales are no longer proceeding.
Read MoreARF – Macquarie rates the stock as Neutral
FY19 earnings are in line with expectations. FY20 distribution guidance of 14.3c per security was reaffirmed.
Read MoreCGF – Morgans rates the stock as Hold
FY19 net profit was below expectations and at the bottom of the target range of $545-565m, Morgans notes. Overall, the broker considers the result underpins confidence that the earnings profile has largely been re-based.
Read MoreMFG – UBS rates the stock as Sell
FY19 net profit was well ahead of UBS estimates which purely reflected one-off unrealised asset gains. Otherwise, funds management profit was in line. Of more interest to the broker was the $270m equity raising announcement to fund future growth initiatives.
Read MoreGPT – UBS rates the stock as Neutral
First-half results were below UBS estimates, with the variance related to development profits and retail income. Guidance for 2019 is unchanged.
Read MorePPS – Morgans rates the stock as Add
Praemium’s FY19 profit met the broker, Australian operations continuing to underpin the stock.
Read MoreCOE – Credit Suisse rates the stock as Neutral
FY19 results were in line with estimates. There is a 10% increase to 2P estimates for Casino Henry, offset by a -2% decrease for Sole. Sole start-up guidance remains on track and firm gas sales are expected in December.
Read MoreREA – Credit Suisse rates the stock as Neutral
FY19 results were below Credit Suisse estimates, primarily because of listings weakness in the Australian market. Asia was also affected by macro weakness and competitive pressures.
Read MoreAMP – Macquarie rates the stock as Neutral
The broker calls AMP’s earnings result “fairly sound” with strong performances in other businesses offsetting pressures in wealth management. The focus was on the probable sale of Life at a rebased price, a $650m equity raise that will be some -15% dilutive and $300m of targeted cost-cuts by FY22.
Read MoreNCK – Citi rates the stock as Sell
FY19 net profit was ahead of Citi’s estimates. Downside risk to earnings is envisaged for FY20 as sales momentum has turned negative and the higher store base means upside from roll-outs is likely to be smaller.
Read MoreAGL – Credit Suisse rates the stock as Neutral
FY19 underlying net profit was slightly ahead of Credit Suisse estimates but FY20 guidance for $780-860m disappointed.
Read MoreMGR – UBS rates the stock as Sell
FY19 results were in line with UBS expectations. FY20 guidance has been updated to reflect the Tuckerbox transaction not proceeding. Distribution growth guidance is maintained at 5%.
Read MoreSUN – UBS rates the stock as Buy
FY19 results signal to UBS the company has solid leverage to commercial rate increases. However, volume losses across personal lines remain an issue. Results were in line with expectations.
Read MoreAQZ – Credit Suisse rates the stock as Neutral
The broker sees tailwinds ahead in further contract rollovers and asset expansion and the development of FIFO and Wet Lease opportunities.
Read MoreCBA – Morgans rates the stock as Hold
FY19 net profit was -2% below Morgans’ forecasts. The broker considers the result bodes well for the outlook for major bank earnings in terms of home lending and residential mortgage asset quality.
Read MoreAIZ – Credit Suisse rates the stock as Neutral
Despite a downgrade to guidance at the beginning of the year, Credit Suisse notes Air New Zealand continues to trade near its recent peaks and at a premium to the airline sector.
Read MoreWES – Morgans rates the stock as Hold
Morgans expects a mixed result when the company reports on August 27. FY19 earnings (EBIT) is forecast to be down -34%, largely because of the Coles ((COL)) de-merger.
Read MoreCRN – Credit Suisse rates the stock as Outperform
Credit Suisse suspects the subdued reaction to the larger-than-expected distribution in the first half likely reflected broader sentiment and softening coal prices. The broker notes there is a commitment to release 11% of the stock from voluntary escrow six months early.
Read MoreGNC – Morgans rates the stock as Hold
The company has provided weaker FY19 guidance and expects to report an underlying net loss of $70-90m. Morgans is disappointed and concerned about the trading and risk management policies.
Read MoreURW – Citi rates the stock as Sell
Citi remains concerned about the de-leveraging that needs to occur. Management presented a confident outlook at the first half results but the broker is more worried about asset values falling faster, lowering collateral value and leading to more dilutive asset sales, or lenders applying higher debt costs.
Read MoreBGA – Morgans rates the stock as Hold
Bega Cheese has downgraded FY19 guidance for the second time. Underlying operating earnings (EBITDA) have been lowered to $113-117m versus prior guidance of $123m.
Read MoreDHG – Credit Suisse rates the stock as Underperform
Weakness in property listings has become a familiar theme, Credit Suisse notes, and CoreLogic data show that in the second half of FY19 new listings in the capital cities were down -17%, with Sydney down -24% and Melbourne down -22%.
Read MoreNUF – Credit Suisse rates the stock as Outperform
Credit Suisse suspects, while a capital raising and downgrade to guidance was widely expected, the support from Sumitomo was likely to have been underestimated. The company has downgraded earnings estimates for North America because of weather impacts.
Read MoreDOW – UBS rates the stock as Buy
The company has assessed the additional costs to complete the Murra Warra wind farm contract to be $45m. The additional obligations have arisen through the insolvency of its turbine partner.
Read MoreABC – Macquarie rates the stock as Downgrade to Neutral from Outperform
Macquarie had already set its forecasts below Adelaide Brighton’s prior guidance range on concerns over Queensland demand, but new guidance is lower still, given weak demand in SA and Victoria as well, leading the broker to cut forecasts a further -22%.
Read MoreALQ – Morgans rates the stock as Hold
The first half guidance issued at the AGM was slightly below Morgans’ expectations. The broker believes peak commodities-driven growth is now behind the company and the health of the exploration and mining capital raisings remain key to the performance in FY20.
Read MoreORG – Citi rates the stock as Neutral
APLNG cash flows were slightly ahead of Citi’s expectations. The break-even operating oil price is now calculated at US$21/bbl.
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