COL – Macquarie rates the stock as Neutral
The company has undertaken an exclusive partnership with UK-based online retail group Ocado. This is expected to double the company’s home-delivery capacity and improve online margins.
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CGF – UBS rates the stock as Neutral
The company has extended its reinsurance quota share with MS&AD subsidiary, MS Primary, to encompass US dollar as well as Australian dollar denominated annuities.
Read MoreKMD – Credit Suisse rates the stock as Outperform
Operating earnings (EBITDA) were ahead of Credit Suisse forecasts. Growth appears robust but the broker notes the prior period did not include the Oboz business.
Read MoreWBC – Credit Suisse rates the stock as Neutral
The bank has announced that first half cash earnings will be reduced by around -$260m amid further customer remediation. This remediation does not include aligned dealer group fee-for-no-service, which is still to come.
Read MoreDCN – Macquarie rates the stock as Outperform
The company has updated the outlook for the second half. The limited availability of equipment has meant reduced FY19 guidance, at 150-160,000 ounces versus 180-210,000 ounces.
Read MoreCPU – UBS rates the stock as Neutral
UBS assesses the company’s interest-rate leverage appears to have run its course. Earnings growth is now increasingly dependent on cost reductions and growth in mortgage services.
Read MoreREA – Morgans rates the stock as Add
New for-sale listings in Australian capital cities continue to slide, which will result in lower depth listings in the second half. This leads the broker to downgrade REA earnings forecasts ahead of an expected recovery later in the calendar year.
Read MorePMV – Macquarie rates the stock as Outperform
First half results were solid, in Macquarie’s view. The global growth strategy for Smiggle continues to evolve as the company is targeting significant wholesale and online expansion.
Read MoreALL – Credit Suisse rates the stock as Outperform
Credit Suisse believes the main engine of earnings growth over the next 18 months is likely to be North America’s land-based gaming business. The company’s recurring revenue business may also capture improved yield.
Read MoreSIG – UBS rates the stock as Downgrade to Sell from Neutral
Underlying earnings (EBIT) were ahead of guidance in FY19, although UBS notes earnings quality was affected by restructuring costs and weak cash conversion. The company has indicated FY20 underlying operating earnings (EBITDA) will be $55-60m.
Read MoreTWE – Citi rates the stock as Sell
Citi analysts are happy to stick with their Sell rating for Treasury Wines, as forecasts remain below market consensus and the greater risk, in the analysts’ opinion, lays with the US wine market facing the prospect of over-supply.
Read MoreECX – Macquarie rates the stock as Outperform
The company’s trading update has signalled net profit is down -42.4%, seven weeks following an update which indicated FY19 should be in line with FY18. Weakness is particularly noted in February.
Read MoreNUF – Credit Suisse rates the stock as Outperform
Credit Suisse believes the main issue in the first half result is the mismatch between market expectations and the ability or willingness of the company to effectively manage working capital fluctuations.
Read MoreHVN – UBS rates the stock as Neutral
After a tour of the Malaysian and Singaporean operations, UBS is more positive, increasingly confident in both store targets and margin upside. The broker lifts estimates for earnings per share by 1-2% for the group and Asian operating earnings forecasts (EBITDA) by 1-9%.
Read MoreFSF – Macquarie rates the stock as Underperform
First half results were weak, down -29%, and there were a number of volume and margin issues, Macquarie observes. While the company has reduced full-year guidance, the broker suspects the midpoint may still be challenging.
Read MoreTPM – Morgans rates the stock as Hold
First half results were in line with expectations. Excluding mobile network impairments, underlying operating earnings (EBITDA) were up 3%. Morgans believes this was a strong result in the face of NBN margin pressure.
Read MoreNHC – Credit Suisse rates the stock as Downgrade to Neutral from Outperform
First-half results missed expectations because of costs. Credit Suisse suspects investors are concerned that the syndicated loan the company has acquired is a signal for lower capital returns going forward.
Read MoreCTX – UBS rates the stock as Buy
Caltex has guided to first quarter convenience retail earnings (EBIT) of $160-180m. UBS suspects some of the retail margin headwinds will abate in the second half as crude prices drop and US production lifts.
Read MoreZ1P – Morgans rates the stock as Add
The company has completed a $43m placement to fund growth initiatives and strengthen its balance sheet. Morgans considers the capital raising opportunistic but believes the strong growth trends warrant accelerated investment.
Read MoreSGR – Deutsche Bank rates the stock as Buy
Deutsche Bank notes Star Entertainment has been shortlisted for the Cairns global tourism hub. Proposals are to be lodged by July with a decision to be made late in 2019 or early 2020.
Read MoreFNP – Citi rates the stock as Buy
Citi analysts have updated with the view that a deal between Freedom Foods Group and Lion is now unlikely, removing a potential overhang from its share price. The analysts remain of the view this company’s outlook is all about margin expansion medium-term.
Read MoreCBA – Macquarie rates the stock as Downgrade to Underperform from Neutral
Following a broader market re-rating, Macquarie finds the bank sector looking increasingly attractive on a relative basis. The sector is offering healthy dividend yields and supportive relative valuations.
Read MoreSYR – Credit Suisse rates the stock as Outperform
Syrah Resources has downgraded its March quarter graphite price to US$460-470/t from prior guidance of US$500-600/t provided in January.
Read MoreMP1 – UBS rates the stock as Buy
The company has announced a capital raising of up to $60m, a little earlier than UBS anticipated. Still, the broker believes this aligns with the company’s strategy and further de-risks future growth.
Read MoreMPL – Credit Suisse rates the stock as Downgrade to Underperform from Neutral
Credit Suisse finds considerable uncertainty prevails for FY20 and FY21 earnings and does not envisage much upside for the share price. The broker finds listed health insurers expensive.
Read MoreKAR – Macquarie rates the stock as Neutral
Karoon Gas posted a first-half loss in line with the broker’s forecast. The good news is the new chairman has highlighted a need for a clear strategy, to maximise value from existing assets and improve capital management.
Read MoreFPH – UBS rates the stock as Sell
After reviewing the Vapotherm results, UBS believes the competitive threat to Fisher & Paykel is modest.
Read MoreAGL – Macquarie rates the stock as Neutral
Macquarie observes retail business profitability is under pressure. The company’s earnings outlook is suffering as LREC pricing is declining quickly and providing downside risk to forecasts.
Read MoreDXS – Macquarie rates the stock as Neutral
Dexus and DWPF have exercised their rights to acquire the remainder of MLC tower, taking ownership to 50% each.
Read MoreIPH – Deutsche Bank rates the stock as Hold
IPH has announced a proposal to acquire listed competitor Xenith IP ((XIP)) with a scrip and cash offer. This offer values the business at $1.97 per share and under the proposal shareholders will receive $1.28 in cash and 0.1056 IPH shares for every Xenith share.
Read MoreANZ – Credit Suisse rates the stock as Downgrade to Neutral from Outperform
Credit Suisse points out ANZ’s recent announcement, that it may have been too conservative in its approach to mortgage lending, has been interpreted by some that this is an inflection point for growth.
Read MoreORG – Macquarie rates the stock as Outperform
Macquarie points out earnings expectations in energy markets now reflect the falling LREC price and the inability for Origin Energy to offset this from other sources.
Read MoreBSL – UBS rates the stock as Buy
Six months ago management was of the opinion the industry structure was the best in 10 years. Since then, weak Chinese hot-rolled coil prices have meant the North Star spread has fallen around -35% to US$360/t and the broker notes incremental new supply is coming to the US.
Read MoreIPH – Macquarie rates the stock as Upgrade to Outperform from Neutral
Macquarie believes IPH is well-positioned in the three-way merger tussle, as the Qantm ((QIP)) merger deal with Xenith ((XIP)) remains subject to a number of hurdles.
Read MoreHPI – Deutsche Bank rates the stock as Initiation of coverage with Buy
Hotel Property is the owner/landlord of 42 hotels, of which 41 are leased by and operated by Coles ((COL)). Coles has entered a JV with Australian Venue Co in relation to its hotels business.
Read MoreBSL – UBS rates the stock as Buy
Six months ago management was of the opinion the industry structure was the best in 10 years. Since then, weak Chinese hot rolled coil prices have meant the North Star spread has fallen around -35% to US$360/t and the broker notes incremental new supply is coming to the US.
Read MoreLLC – Credit Suisse rates the stock as Outperform
Credit Suisse notes press reports there is foreign interest in the company’s engineering & services business. China’s State Construction and Engineering Company is allegedly a front runner.
Read MoreMYR – Deutsche Bank rates the stock as Upgrade to Hold from Sell
Deutsche Bank found some positive signs in the Myer first half result. Operating costs declined and sales trends improved.
Read MoreGDF – Morgans rates the stock as Downgrade to Hold from Add
First half results were in line and distribution guidance is reiterated at $0.09 per security. Morgans notes some good leasing activity during the half.
Read MoreOZL – Macquarie rates the stock as Outperform
Macquarie is encouraged by the economics of the Carrapateena expansion study. The increased production, due mid next decade, will more than offset the decline in output that is forecast from Prominent Hill.
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