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Weekly Recommendation, Target Price, Earnings Forecast Changes

Weekly Reports | Aug 29 2016

This story features 3P LEARNING LIMITED, and other companies. For more info SHARE ANALYSIS: 3PL

By Rudi Filapek-Vandyck, Editor FNArena

Guide:

The FNArena database tabulates the views of eight major Australian and international stock brokers: Citi, Credit Suisse, Deutsche Bank, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS.

For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio.

Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.

Summary

Period: Monday August 22 to Friday August 26, 2016
Total Upgrades: 30
Total Downgrades: 46
Net Ratings Breakdown: Buy 38.43%; Hold 45.70%; Sell 15.87%

The busiest week of the local August reporting season generated no less than 30 recommendation upgrades by the eight stockbrokers monitored daily by FNArena. The same week also generated 46 downgrades.

As expected, most changes in stockbroker ratings were triggered by financial results released to the market. Asaleo Care was good for two upgrades during the week, as was Healthscope. On the flipside, Aconex attracted two downgrades, as did Greencross, Insurance Australia Group and McMillan Shakespeare.

As a direct result of these changes, total percentage of Sell ratings now stands at a relatively high 15.87%, with Buy ratings at a low 38.43% and the remaining 45.70% in the Neutral basket. Morgan Stanley remains the sole broker, out of eight, with more Buy ratings than Neutral ratings for stocks under coverage.

The table for target prices shows some meaty advances with Webjet leading the pack with an increase of near 44%, followed by WorleyParsons (+34%) and Cleanaway Waste Management (+29.7%). Even the number ten on the list, Virtus Health, still enjoyed a gain in excess of 12%.

Perennial disappointer Village Roadshow leads the negative side, suffering a reduction of more than -17%. Next comes Syrah Resources (-12%), then McMillan Shakespeare (-9.6%), then Blackmores (-9%). The Reject Shop completes the bottom ten with a drop of -5%.

Despite the rather large adjustments, typical for this time of the year, the underlying skew remains to the positive.

A similar conclusion stands out from registered changes to earnings forecasts. The top of positive changes simply looks ginormous with the first eight at least doubling prior estimates. Newcomer WiseTech Global enjoyed an increase of 91%, which only just makes in into the top ten. Whitehaven Coal enjoyed the largest increase for the week, its EPS forecast jumping by more than 500%.

The largest fall for the week was for MMA Offshore (-399%), followed by Senex Energy (-202%) and Santos (-185%). These adjustments are similarly gigantic, but the pace slows down dramatically post the bottom three for the week. Monadelphous (-18.7%), ERM Power (-15%) and Platinum Asset Management (-13.9%) complete the bottom ten.

This week will see the final reports releases and carry-over adjustments from last week as analysts update for the latest insights and prepare for the seasonal lull.

Upgrade

3P LEARNING LIMITED ((3PL)) Upgrade to Buy from Hold by Deutsche Bank .B/H/S: 1/1/1

3P Learning reported FY16 results ahead of the broker's expectations and a strong beat to the company's June guidance.

The company guided to FY17 margin expansion and Learnosity achieving 50% revenue growth. Despite the positive outlook commentary, Deutsche Bank is forecasting only 6% revenue growth, given FX rates and soft lead revenue indicators.

The broker has upgraded the stock to Buy from Hold and raised the target price to $1.10 from 90c.

ARDENT LEISURE GROUP ((AAD)) Upgrade to Buy from Neutral by Citi .B/H/S: 2/5/0

Citi likes the sale of health clubs. It proves management is focused on value creation for shareholders, argue the analysts. They are now talking Ardent 2.0.

Target price jumps to $2.82 (from $2.25). Upgrade to Buy from Neutral as the analysts believe the share price is still at undemanding level.

See also AAD downgrade.

ASALEO CARE LIMITED ((AHY)) Upgrade to Outperform from Neutral by Macquarie and Upgrade to Buy from Neutral by Citi .B/H/S: 2/1/0

Asaleo Care's first half results were as expected by the broker, having been previously flagged. Higher pulp prices continue to impact the tissue business throughout the second half.

The on market buy-back continues, with a further $26m to go, and will recommence after the ex-dividend date in September. The firm reiterated guidance for a 10% drop in underlying earnings and a 15% fall in net profit in FY17.

Macquarie upgrades the stock to Outperform from Neutral and retains the $1.60 price target.

Citi analysts have drawn the conclusion that, while headwinds remain for the current half, at least conditions have stabilised after irrational promotional activity in June and this makes the share price look appealing, supported by a share buyback and strong dividend yield.

EPS estimates have been lifted by 4% in FY16 and 10% in FY17. Target price remains $1.60. Upgrade to Buy from Neutral.

AMCOR LIMITED ((AMC)) Upgrade to Hold from Reduce by Morgans .B/H/S: 2/5/1

FY16 results were better than expected. Morgans envisages plenty of acquisition opportunities and upgrades earnings forecasts for FY17 on the back of stronger management guidance.

Rating is upgraded to Hold from Reduce and target rises to $16.66 from $13.39, to reflect the fact the broker is comfortable that the negative financial situation in Venezuela is a one off amid a better expected performance in the remaining emerging market operations.

APA GROUP ((APA)) Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 3/5/0

APA's FY16 results were in line with expectations and at the upper end of the guidance range. 

The group is moving away from east coast gas and, although there is less certainty in the timing of projects, the company has identified $1.5bn in potential projects over the next three years.

With value now emerging, he broker has upgraded the stock to Accumulate from Hold and lifts the target price to $10.50 from $9.80.

APN OUTDOOR GROUP LIMITED ((APO)) Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 2/2/0

The company's first half results were disappointing to the broker, with the overall industry growth experienced elsewhere not evident for APN.

The weak result has led to an earnings downgrade by Ord Minnett of between 9% and 15% over the next three years.

The broker has upgraded the stock to Accumulate from Hold and reduced the price target to $6.15 from $7.85.

AUB GROUP LIMITED ((AUB)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 2/1/0

AUB slightly beat Credit Suisse thanks to a strong contribution from NZ, offsetting weakness in Aust. A recovery in premium rates is proving slower than many expected, the broker notes.

But Risk Services also performed well alongside NZ and Credit Suisse has thus lifted earnings forecasts. Target raised to $10.20 from $8.90 and this prompts an upgrade to Neutral.

AWE LIMITED ((AWE)) Upgrade to Neutral from Sell by UBS .B/H/S: 3/3/1

FY16 loss was marginally greater than expected, affected by impairments. FY17 production guidance of 2.7-3.0mmboe is 15% below UBS estimates, which signals a more rapid decline in existing assets than previously forecast.

The broker upgrades to Neutral from Sell, with 59% of asset valuation now resting with Ande Ande Lumut and Waitsia. The next catalyst is considered to be the potential sale of the Origin Energy ((ORG)) Perth Basin assets. Target is raised to 72c from 67c.

See also AWE downgrade.

BREVILLE GROUP LIMITED ((BRG)) Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 4/0/0

FY16 results were in line with expectations. Ord Minnett remains upbeat on the strategy management has outlined and is pleased with the signs of strength in growth markets.

Rating is upgraded to Accumulate from Hold based on revenue growth and margin expansion and an emphasis on "launching" products to maximise revenue potential. Target is raised to $9.00 from $7.70.

CALTEX AUSTRALIA LIMITED ((CTX)) Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 2/5/0

First half results were better than expected, driven by stronger earnings from supply and marketing. Transport fuel volumes are soft yet margins are expanding from product mix and Ampol Singapore, Ord Minnett observes.

Ord Minnett finds greater clarity on the property portfolio now allows its rating to move back to Accumulate from Hold. Target price raised to $38.00 from $33.00.

See also CTX downgrade.

CLEANAWAY WASTE MANAGEMENT LIMITED ((CWY)) Upgrade to Add from Hold by Morgans .B/H/S: 4/1/0

FY16 results beat Morgans estimates. The broker makes material upgrades to forecasts and, despite the rally in the share price, believes there is more upside to be had.

The broker also notes the healthy balance sheet with room for growth initiatives or capital management. Rating is upgraded to Add from Hold. Target is raised to $1.13 from 77c.

ERM POWER LIMITED ((EPW)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 2/2/0

ERM Power's FY16 results were slightly better than the broker had expected. The tough trading conditions are expected to continue into FY17.

Beyond FY17, Maquarie believes the driver of growth will principally be around the company's US strategy, with the business likely to generate cash flow in FY18.

The broker has upgraded the stock to Neutral from Underperform and the target price rises to $1.24 from $1.09.

EVOLUTION MINING LIMITED ((EVN)) Upgrade to Neutral from Sell by Citi .B/H/S: 3/4/0

The company has continued its strong track record and cemented its place as Australia's second largest gold producer, Citi observes.

The broker believes the deal with Glencore over the Ernest Henry copper-gold mine is adding value and earnings and upgrades to Neutral from Sell. Target is raised to $2.55 from $2.30.

HEALTHSCOPE LIMITED ((HSO)) Upgrade to Accumulate from Hold by Ord Minnett and Upgrade to Buy from Neutral by Citi .B/H/S: 5/3/0

FY16 results were robust and ahead of expectations and Ord Minnett expects double digit growth for the next few years as the investment in capacity begins to deliver.

Ord Minnett raises the recommendation to Accumulate from Hold. Target rises to $3.35 from $2.75.

FY16 results were slightly below expectations. Citi likes the company's concentrated exposure in Australia and expects brownfields projects will add to the bottom line over the next five years.

The broker observes each project will ramp up more rapidly than previously anticipated. Rating is upgraded to Buy from Neutral. Target improves to $3.33 from $2.62.

MG UNIT TRUST ((MGC)) Upgrade to Add from Hold by Morgans .B/H/S: 2/0/0

FY16 results were in line with recently downgraded guidance. Morgans hopes this is as bad as it gets. FY17 guidance has been maintained for net profit of $42m.

The broker believes there is still a lot to be done to restore the company's reputation but its strategy is right. Rating is upgraded to Add from Hold. Target is raised to $1.45 from $1.23.

MONADELPHOUS GROUP LIMITED ((MND)) Upgrade to Hold from Reduce by Morgans .B/H/S: 0/2/4

FY16 results were broadly in line with expectations. Market conditions remain difficult and the company provided no formal FY17 guidance.

While Morgans does not envisage an improvement in the operating environment over the next 12 months, the bottom of the resources cycle is considered nigh. Hence, the rating is upgraded to Hold from Reduce. Target price rises to $7.93 from $5.56.

See also MND downgrade.

METCASH LIMITED ((MTS)) Upgrade to Accumulate from Lighten by Ord Minnett .B/H/S: 4/2/1

Ord Minnett raises its rating to Accumulate from Lighten and the target to $2.30 from $2.00 in the wake of the company's acquisition of Home Timber & Hardware.

Management has guided to earnings per share accretion of 4% in FY18 and 6% in FY19 from the acquisition.

Ord Minnett expects that good execution on the acquisition provides a positive catalyst while the exposure to the challenged food & grocery division is reduced.

See also MTS downgrade.

NORTHERN STAR RESOURCES LTD ((NST)) Upgrade to Neutral from Sell by Citi .B/H/S: 0/3/2

The combination of a weaker share price and a switch into valuation methodology at Citi has triggered a recommendation upgrade to Neutral from Sell. Price target has gained 20c to 4.90.

PACT GROUP HOLDINGS LTD ((PGH)) Upgrade to Buy from Hold by Deutsche Bank .B/H/S: 2/2/1

FY16 results were slightly above expectations. Deutsche Bank believes the results are positive as they highlight benefits from recent acquisitions and efficiencies in a subdued trading environment.

The broker upgrades to Buy from Hold as the stock is trading at a 13% discount to the revised valuation. Target is raised to $6.80 from $5.90.

ST BARBARA LIMITED ((SBM)) Upgrade to Hold from Sell by Deutsche Bank .B/H/S: 0/3/0

FY16 results were supported by a number of one-offs while underlying profit was below expectations. The company has lifted reserves at its major asset, Gwalia, to 1.8m ozs.

St Barbara will also complete a ventilation study in the current quarter to remove a bottleneck and bring peripheral resources into the mine plant.

Rating is upgraded to Hold from Sell. Target rises to $2.90 from $2.10.

SPEEDCAST INTERNATIONAL LIMITED ((SDA)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 3/1/0

SpeedCast's first half results were broadly in line with Macquarie's expectations. Full year company guidance was reiterated, and includes a four month contribution from the WINS acquisition.

The broker has upgraded FY16 earnings estimates by 0.7%. FY17 estimates remain unchanged.

Macquarie has upgraded the stock to Outperform from Neutral and raised the target price to $4.42 from $4.15.

SIMS METAL MANAGEMENT LIMITED ((SGM)) Upgrade to Buy from Neutral by Citi .B/H/S: 2/3/2

As the dust settles over the global scrap market, Citi analysts believe this company's operational leverage will stand shareholders in good stead. Scrap pricing may remain volatile but volumes should hold their own, in the analysts' view.

Citi is only anticipating a modest 3% recovery in volumes in FY17 but the analysts' confidence has increased. Sims Metal has arrived at a critical inflection point, in Citi's view. Price target jumps to $10.70 from $7.40. Rating upgraded to Buy from Neutral.

See also SGM downgrade.

SHINE CORPORATE LTD ((SHJ)) Upgrade to Add from Hold by Morgans .B/H/S: 1/0/0

FY16 results were in line with expectations. Cash flow was the main positive for Morgans.

The broker expects benign growth and, acknowledging there is still work to be done, believes management has identified the issues to put the strategies in place to support sustainable growth.

Rating is upgraded to Add from Hold.Target is raised to $1.46 from 76c.

SPARK INFRASTRUCTURE GROUP ((SKI)) Upgrade to Buy from Neutral by Citi .B/H/S: 3/2/1

Spark Infra is now Citi's preferred exposure in the utilities space, having received an upgrade to Buy from Neutral. Cash flows in particular proved well above what Citi analysts had penciled in.

The analysts remain sceptical about growth outside regulated assets, but the cash flow profile has triggered higher dividend estimates, and this is overshadowing just about everything else. Target rises to $2.81 from $2.72.

See also SKI downgrade.

SEYMOUR WHYTE LIMITED ((SWL)) Upgrade to Add from Hold by Morgans .B/H/S: 2/0/0

FY16 results were in line with guidance. Morgans observes the year was affected by problem contracts and expects improvements in the underlying performance in FY17.

The broker acknowledges it may be early but upgrades to Add from Hold, with the stocking looking to be good value at current levels and providing exposure to NSW infrastructure expenditure. Target is raised to 91c from 70c.

SOUTHERN CROSS MEDIA GROUP ((SXL)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 1/4/1

Southern Cross' FY16 result beat Credit Suisse on revenue growth across all divisions and FY17 guidance is well above consensus. The switch of affiliation to Nine ((NEC)) is expected to drive 30-35% TV revenue growth. Investment in radio is paying off in revenue and ratings.

The broker has materially lifted earnings forecasts and its target to $1.50 from $1.15. Upgrade to Outperform.

WORLEYPARSONS LIMITED ((WOR)) Upgrade to Buy from Neutral by Citi .B/H/S: 3/1/1

FY16 results were better than expected. Citi's FY17 forecasts are little changed but FY18 net profit is upgraded by 27%.

The stock has bounced materially since February's low but the broker suspects this may just be the start and, while the shares should still move with the ebb and flow of oil prices, they should also start to reflect the shift in expected earnings momentum.

Rating is upgraded to Buy from Neutral. Target rises to $9.80 from $4.20.

WATPAC LIMITED ((WTP)) Upgrade to Add from Hold by Morgans .B/H/S: 1/0/0

FY16 results were at the low end of guidance, affected by problems in the contracting division with two loss-making contracts.

Morgans observes the company's cash position remains strong and capital has been preserved for strategic growth opportunities.

Rating is upgraded to Add from Hold as the broker believes there will be opportunities to deploy the cash accretively or return a meaningful amount back to shareholders. Target is reduced to 98c from $1.00.

Downgrade

THE A2 MILK COMPANY LIMITED ((A2M)) Downgrade to Neutral from Buy by UBS .B/H/S: 0/2/1

FY16 results were stronger than expected. UBS is encouraged by the NZ$39m in direct sales in China/Asia given the relative immaturity of the infant formula division.

The company now expects start-up losses in the US will be larger than previously anticipated as it moves to critical mass. UBS downgrades to Neutral from Buy based on forecast shareholder return. Target rises to NZ$2.22 from NZ$2.09.

ARDENT LEISURE GROUP ((AAD)) Downgrade to Neutral from Buy by UBS .B/H/S: 2/5/0

Ardent Leisure delivered a solid FY16 performance, even though constant centre revenue declined by -3.8% in Main Event. The big surprise, however, came in the form of a long term target of 200 Main Event centres.

UBS is not sure whether this new target is realistic. The analysts flag some additional research is required. They've adjusted forecasts for divestments and new development plans for Main Event.

Rating goes down to Neutral from Buy. Valuation rises by 21.3% to $2.85. New target of $3.05 compares with $2.50 prior.

See also AAD upgrade.

ACONEX LIMITED ((ACX)) Downgrade to Hold from Buy by Deutsche Bank and Downgrade to Neutral from Outperform by Credit Suisse .B/H/S: 2/4/0

Aconex's FY16 results were below expectations for the broker. UBS has cut FY17 earnings estimates by 3% and FY18 estimates by 4%.

The broker sees Aconex as well placed in the sector, with global construction firms increasingly adopting the company's technology.

UBS downgrades the stock to Hold from Buy and reduces the target price to $7.40 from $7.85.

FY16 revenue was below expectations. Credit Suisse, notes, crucially, the company believes 20-25% growth is sustainable over the medium term. The broker's estimates assume steady 20-25% growth to FY21 before tapering off.

Credit Suisse suspects weakening organic conditions in the Middle East and UK mean volume growth is unlikely to beat in FY17 and cost management and Conject appear more likely to be the catalysts in FY18.

With little upside to estimates in the short term and demanding valuation the broker downgrades to Neutral from Outperform. Target is raised to $7.40 from $7.10.

ASX LIMITED ((ASX)) Downgrade to Reduce from Hold by Morgans .B/H/S: 1/3/3

FY16 profit was slightly above consensus, Morgans observes. The broker notes the stable performance but considers the stock expensive.

Morgans believes management has done a good job in adapting to a rapidly changing environment but expects slower growth in FY17. Target is raised to $43.77 from $40.23. Rating is downgraded to Reduce from Hold.

AWE LIMITED ((AWE)) Downgrade to Underperform from Neutral by Credit Suisse .B/H/S: 3/3/1

AWE had already flagged its FY16 result when it reported June Q production numbers yet it still amounted to a small beat. The disappointment comes from FY17 production guidance which is much lower than expected. No detail was given but Credit Suisse presumes problems at BassGas persist.

AWE has done a good job of deleveraging its balance sheet but as a result, growth options are limited, Credit Suisse notes. While an oil price spike can always fire up the share price, the broker does not see anything to be excited about in terms of value. Downgrade to Underperform. Target falls to 65c from 88c.

See also AWE upgrade.

BLACKMORES LIMITED ((BKL)) Downgrade to Accumulate from Buy by Ord Minnett .B/H/S: 2/1/0

The company's FY16 profit of $100m beat market consensus, though Ord Minnett was expecting $106.2m. A similar observation seems to apply regarding sales and margins. So far, so good.

Then there's the outlook for Q1. Lower than twelve months ago due to "retailers destocking and some exporters changing the channels through which they acquire products". Ord Minnett finds this guidance quite a worry.

The stock guidance has created uncertainty over what is the true level of underlying sales, say the analysts. They have reduced forecasts substantially which pulls back the price target to $150 (was $225). Recommendation goes down one notch to Accumulate from Buy.

That said, the analysts do warn investors not to over-react and any share price weakness post the FY16 release might well represent an opportunity to start accumulating shares ahead of a resumption of growth. The longer term China growth story is still seen as intact.

BLUE SKY ALTERNATIVE INVESTMENTS LIMITED ((BLA)) Downgrade to Hold from Accumulate by Ord Minnett .B/H/S: 0/2/0

FY16 assets under management finished at $2.1bn, up from $1.35bn at the end of FY15. Ord Minnett expects the strong growth to continue.

The broker considers the stock well positioned but finds little valuation head room at current levels and downgrades to Hold from Accumulate. Target is raised to $7.60 from $7.50.

BORAL LIMITED ((BLD)) Downgrade to Neutral from Outperform by Credit Suisse .B/H/S: 3/3/1

Boral's result beat consensus. Credit Suisse believes there are few better ways to play the east coast infra cycle and is attracted to 8%pa earnings growth, a strong balance sheet, latent land value and upside potential from the US brick JV. 

However, the share price has become a bit rich. Credit Suisse lifts its target to $7.00 from $6.75 but as the stock is trading close to this level, on risk/reward the broker downgrades to Neutral, hoping for a better entry level.

CARINDALE PROPERTY TRUST ((CDP)) Downgrade to Hold from Buy by Ord Minnett .B/H/S: 0/1/0

FY16 results were lower than expected. The stock is a moderately geared exposure to a top tier regional mall and Ord Minnett likes the medium-term income growth potential and Scentre Group's ((SCG)) management.

However, the share price has re-rated since February and, with lower expected income growth, the broker downgrades to Hold from Buy. Target reduced to $7.87 from $8.41.

CHARTER HALL GROUP ((CHC)) Downgrade to Neutral from Buy by Citi .B/H/S: 2/2/2

Citi continues to be attracted to the stock but, with the share price moving up strongly, downgrades to Neutral from Buy. Target is raised to $5.54 from $5.36.

The broker notes the market has increasingly moved to a positive stance on the stock, given the interest rate environment is currently lower for longer. Citi no longer has any Buy rated stocks in the A-REITs sector as prices have moved progressively higher and are up 20% in the year to date.

CALTEX AUSTRALIA LIMITED ((CTX)) Downgrade to Neutral from Buy by Citi and Downgrade to Hold from Buy by Ord Minnett .B/H/S: 2/5/0

First half results were in line with July guidance and slightly below Citi's estimates.  Caltex has exhausted short-term opportunities, Citi maintains, and in the absence of M&A the broker expects earnings growth to moderate.

The broker downgrades to Neutral from Buy, given the recent share price performance. Target is raised to $36.06 from $34.94.

Ord Minnett has downgraded Caltex to Hold from Buy, driven by pressures in the refining business and a higher Australian dollar.

CY16 earnings forecasts are reduced by 5% due to lower refiner margins, lower commercial diesel volumes and the AUD exchange rate.

Target price reduced to $33.00 from $35.00.

See also CTX upgrade.

DUET GROUP ((DUE)) Downgrade to Reduce from Hold by Morgans .B/H/S: 3/3/2

FY16 results were broadly in line with Morgans. The broker downgrades to Reduce from Hold, given the strength in the share price and concerns about medium-term distribution support.

Morgans suspects the market's thirst for yield is clouding the long-term fundamentals. Target price is lifted to $2.14 from $2.04.

EUREKA GROUP HOLDINGS LIMITED ((EGH)) Downgrade to Hold from Add by Morgans .B/H/S: 0/1/0

FY16 results were better than expected. Morgans observes the aggressive acquisition strategy remains intact with significant partnership and development opportunities.

The broker increases occupancy rate estimates to 90% from 88% over FY17 and FY18 on the assumption that the additional support provided by Blue Care will bolster rates.

Rating is downgraded to Hold from Add because of share price strength. Target rises to 84c from 72c.

FORTESCUE METALS GROUP LTD ((FMG)) Downgrade to Underperform from Neutral by Credit Suisse .B/H/S: 2/3/2

FY16 results were in line with expectations and guidance is unchanged with 165-170mt in shipments expected in FY17.

Credit Suisse expects the Chinese steel price to moderate in October/November and iron ore to follow suit.  Rating is therefore downgraded to Underperform from Neutral. Target is raised to $4.50 from $4.30.

GWA GROUP LIMITED ((GWA)) Downgrade to Sell from Neutral by UBS .B/H/S: 0/4/2

FY16 results were ahead of UBS expectations. However, the broker notes top line growth appeared relatively soft in the context of current conditions.

UBS has raised FY17 to FY19 earnings estimates by 4% to 11%, reflecting promised reduction in costs and lower shares on issue.

The broker has downgraded the stock to Sell from Neutral and raised the price target to $2.37 from $2.16.

GREENCROSS LIMITED ((GXL)) Downgrade to Neutral from Outperform by Macquarie and Downgrade to Sell from Hold by Deutsche Bank .B/H/S: 0/2/1

Sales momentum slowed for Greencross in the second half but growth was still solid, although the profit result came in modestly below expectation. There were some one-offs involved, and cash conversion improved to over 100%, Macquarie notes.

Macquarie remains attracted to Greencross' market and the benefits of combining Vet and Pet operations. However after a stumble, the stock's valuation has pushed back into substantial premium territory and this prompts a downgrade to Neutral. Target falls to $7.50 from $7.80.

Greencross's FY16 results were just ahead of the broker's expectations. The group expects earning growth to continue throughout FY17.

The company is targeting 15 new in-store clinics and 20 new stores in FY17 and 5% growth in its private label pet food product.

Deutsche Bank has downgraded the stock to Sell from Hold. Target remains unchanged at $6.30.

INSURANCE AUSTRALIA GROUP LIMITED ((IAG)) Downgrade to Reduce from Hold by Morgans and Downgrade to Underperform from Neutral by Credit Suisse .B/H/S: 0/6/2

FY16 results were below expectations, largely because of a one-off capitalised software impairment charge. Morgans observes capital metrics are now at the bottom of, or slightly below, target ranges and does not believe further capital management is a certainty in FY17.

The broker downgrades forecasts and reduces the rating to Reduce from Hold, believing the price/earnings multiple is now expensive. Target price reduced to $5.10 from $5.31.

FY16 profit was below Credit Suisse's forecasts, affected by the inclusion of a $198m charge for amortisation and impairment of software as well as natural peril claims being $59m above allowance.

The broker appreciates the discipline in the provision of the insurance margin guidance but, with the headwinds facing the business, believes the bottom of guidance will be hard to achieve.

With guidance stretched and the dividend less compelling to the broker the rating is downgraded to Underperform from Neutral. Target is steady at $5.65.

JAPARA HEALTHCARE LIMITED ((JHC)) Downgrade to Underweight from Equal-weight by Morgan Stanley .B/H/S: 2/2/1

FY16 results were weaker than Morgan Stanley expected. The broker is losing confidence in the company's ability to maintain margins and lowers forecasts and valuation multiples.

Lower organic growth and uncertainty over funding warrants a lower multiple, the broker asserts, even if cash generation is strong.

Morgan Stanley downgrades to Underweight from Equal-weight with the target falling to $2.05 from $2.85. Industry view is In-Line.

LEND LEASE CORPORATION LIMITED ((LLC)) Downgrade to Neutral from Buy by Citi .B/H/S: 5/1/0

Citi analysts were pleased to see that, after years of investing, free cash flow is coming in thick and fast at Lend Lease. Management is de-risking the apartment developments in Australia, which is yet another positive.

It is Citi's view that Lend Lease's enhanced earnings visibility from a growing pipeline across business segments positions the company well in a low global growth environment. Alas, the price target only moves up to $15.46 from $14.79 and this then triggers a downgrade to Neutral from Buy due to insufficient upside left from present share price level.

MINERAL RESOURCES LIMITED ((MIN)) Downgrade to Equal-weight from Overweight by Morgan Stanley .B/H/S: 1/3/0

Full year results were slightly better than the broker had expected. The company expects a 32% increase in earnings in FY17, if the iron ore spot price holds.

Morgan Stanley has downgraded the stock to Equal-Weight from Overweight and raised the target price to $11.10 from $8.90. Industry view is In-Line.

MCMILLAN SHAKESPEARE LIMITED ((MMS)) Downgrade to Neutral from Buy by Citi and Downgrade to Neutral from Outperform by Macquarie .B/H/S: 2/2/0

FY16 results were slightly below expectations. Citi is downgrading to Neutral from Buy, believing each division is facing unique headwinds which creates too much ambiguity and profit risk.

In light of the FY16 results as well as the potential of reduced profits from the company's largest client, the broker lowers core earnings per share forecast by 5-8%

Target is reduced to $14.52 from $15.97.

FY16 results were just below the broker's expectations. No FY17 guidance was forthcoming. Management stated that its largest client is evaluating a tender proposal which, if successful, could see net profit fall by between $5.4m and $7.8m per annum.

Macquarie has cut FY17 and FY18 earnings estimates by 4.7% and 6% respectively.

The broker has downgraded the stock to Neutral from Outperform and reduced the target price to $13.17 from $15.48.

MONADELPHOUS GROUP LIMITED ((MND)) Downgrade to Sell from Neutral by UBS .B/H/S: 0/2/4

Monodelphous Group's FY16 results were broadly in line with UBS forecasts.

The most recent mining sector survey suggests a 38% decline in capex in FY17, a significant headwind for the mining services sector. Given this, UBS estimates the company's FY17 earnings will fall by 20%.

The stock is downgraded to Sell from Neutral and the price target raised to $8.18 from $7.50.

See also MND upgrade.

MEDIBANK PRIVATE LIMITED ((MPL)) Downgrade to Underperform from Neutral by Credit Suisse .B/H/S: 1/5/2

FY16 results were in line with Credit Suisse. The broker expects health insurance operating profit to peak in FY16 and now forecasts an 11% decline in earnings in FY17. Premium growth will be slow because of market share losses.

The broker believes FY17 and FY18 offer little in the way of earnings growth, with intense competition and the need to invest to limit further customer attrition signalling downside risk to forecasts.

Rating is downgraded to Underperform from Neutral. Target is reduced to $2.50 from $2.70.

METCASH LIMITED ((MTS)) Downgrade to Neutral from Buy by Citi .B/H/S: 4/2/1

Metcash will purchase Home Timber & Hardware for $165m. Given the existing Mitre 10 business, Citi believes the fit is good and should provide around $17m in synergies or 1.1% of sales.

The broker downgrades to Neutral from Buy, given the share price already had some probability of this deal proceeding. The price target lifts to $2.30 from $2.15.

See also MTS upgrade.

NIB HOLDINGS LIMITED ((NHF)) Downgrade to Underperform from Neutral by Credit Suisse .B/H/S: 1/5/1

FY16 results were broadly in line with Credit Suisse estimates. The broker observes the trends emerging in the second half and the uncertainty around claims inflation and premium rate increases have led to soft guidance for FY17.

This suggests to Credit Suisse net margins have likely peaked and there are a number of volatile items outside the company's control. The broker downgrades to Underperform from Neutral and reduces the target to $4.30 from $4.40.

NEXTDC LIMITED ((NXT)) Downgrade to Hold from Add by Morgans .B/H/S: 4/1/0

FY16 results were ahead of expectations. Morgans expects the company to deploy most of its cash in FY17 as it expands the existing footprint and the Brisbane and Melbourne data centres become operational.

The broker downgrades to Hold from Add, given the strong run in the share price. Target is raised to $4.22 from $4.12.

PRIMARY HEALTH CARE LIMITED ((PRY)) Downgrade to Underweight from Equal-weight by Morgan Stanley .B/H/S: 1/6/1

The balance sheet may be strengthened but, near term, the operations appear light to Morgan Stanley. The broker would prefer to be more confident that an operational inflection point has been reached.

The broker downgrades to Underweight from Equal-weight, preferring to hold Sonic Healthcare ((SHL)) or Healthscope ((HSO)) as these have more predictable earnings. Price target is raised to $3.77 from $3.40. In-Line sector view retained.

PLATINUM ASSET MANAGEMENT LIMITED ((PTM)) Downgrade to Lighten from Hold by Ord Minnett .B/H/S: 0/1/2

Following consistent outflows in the second half of FY16, estimated to be around $600m, Ord Minnett has downgraded the stock to Lighten from Hold.

With the situation likely to continue into FY17 and FY18, the broker has cut earnings estimates by 12% and 17% respectively.

Price target reduced to $5.28 from $6.47.

SOUTH32 LIMITED ((S32)) Downgrade to Sell from Neutral by Citi .B/H/S: 3/3/2

FY16 performance beat expectations but Citi has nevertheless downgraded to Sell on a negative outlook for commodities prices, combined with a stronger-for-longer AUD assessment and updated cost and production guidance.

The stockbroker's Net Present Value (NPV) has remained unchanged at $1.90. Price target loses 5c to $1.70. Citi sits above management on future costs.

SCENTRE GROUP ((SCG)) Downgrade to Sell from Neutral by Citi .B/H/S: 1/2/3

First half results were in line. Citi revises forecasts lower to reflect softer rental income. Citi observes the stock is up 21% year to date after significant outperformance in 2015 and the premium looks too high.

Rating is downgraded to Sell from Neutral on valuation grounds. Price target unchanged at $4.28.

SEEK LIMITED ((SEK)) Downgrade to Sell from Neutral by UBS .B/H/S: 3/3/1

Seek reported in line with guidance and FY17 guidance was reiterated. As expected, Learning was weak due to regulatory and competition pressures, UBS notes.

Guidance has growth moderating in FY17 as the company cycles strong FY16 comps and continues its reinvestment program. UBS notes Seek and its online peers are trading on historic PE premiums, likely because they offer growth in a market rather devoid of growth otherwise.

On valuation, the broker prefers Fairfax's ((FXJ)) Domain business and downgrades Seek to Sell. Target unchanged at $14.00.

SIMS METAL MANAGEMENT LIMITED ((SGM)) Downgrade to Sell from Hold by Deutsche Bank .B/H/S: 2/3/2

FY16 results were in line with guidance. Deutsche Bank believes that despite the volatility highlighted in the results management has done an excellent job in cutting costs.

The broker believes the industry structure is not supporting rational behaviour and remains unsure whether the capital base will be unaffected by the cost reductions given the potential decline in scrap prices.

Deutsche Bank downgrades to Sell from Hold. Target is raised to $8.02 from $7.88.

See also SGM upgrade.

SMARTGROUP CORPORATION LTD ((SIQ)) Downgrade to Hold from Add by Morgans .B/H/S: 3/1/0

First half results were in line with recent guidance. Morgans expects the company will deliver operational leverage and drive organic growth from its larger base in the second half.

The broker expects there are further acquisition opportunities to come. Rating is downgraded to Hold from Add on valuation. Target is steady at $7.55.

SPARK INFRASTRUCTURE GROUP ((SKI)) Downgrade to Neutral from Outperform by Credit Suisse .B/H/S: 3/2/1

First half results were well ahead of Credit Suisse forecasts and cash generation underlines the strong position that led to the recent step change to distribution guidance.

The broker downgrades to Neutral from Outperform, believing the scope for further step changes in distributions is largely exhausted for now. Target is raised to $2.50 from $2.35.

See also SKI upgrade.

SPOTLESS GROUP HOLDINGS LIMITED ((SPO)) Downgrade to Hold from Buy by Deutsche Bank .B/H/S: 1/2/0

FY16 results missed expectations. Deutsche Bank acknowledges the company has  high level of recurring revenue and strong customer relationships but considers the timing of a recovery in earnings growth is uncertain.

Rating is downgraded to Hold from Buy. Target drops to $1.14 from $1.37.

SANTOS LIMITED ((STO)) Downgrade to Neutral from Outperform by Credit Suisse .B/H/S: 4/3/0

First half results were broadly in line with Credit Suisse. Given the loss that was recorded a dividend was not paid. The broker believes new management is doing a good job but struggles to find the valuation compelling.

An improvement in oil could make the downgrade look too early, the broker acknowledges, but the risk/reward is considered more balanced at current levels.

Rating is downgraded to Neutral from Outperform. Target is raised to $4.90 from $4.10.

TOX FREE SOLUTIONS LIMITED ((TOX)) Downgrade to Reduce from Hold by Morgans .B/H/S: 1/3/1

FY16 revenue was in line with expectations although Morgans notes at the EBITDA line there was a miss after stripping out the Worth acquisition.

The broker observes the company will continue to be affected by the roll off of high volume construction contracts. Assuming the Worth acquisition is making its pro forma contribution the broker calculates guidance implies the core business is declining by 10.7%.

Rating is downgraded to Reduce from Hold. Target is reduced to $2.14 from $2.72.

THE REJECT SHOP LIMITED ((TRS)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 1/2/0

A strong first half helped Reject Shop deliver an "impressive" FY16 result, which was expected by the broker. Management expects to see further improvement in FY17, with costs well under control.

However, a weaker A$, together with a need to be price competitive could provide headwinds through the first half of FY17, in the broker's opinion. Consequently, FY17 and FY18 earnings estimates have been reduced by 4%.

Macquarie has downgraded the stock to Neutral from Outperform and reduced the target price to $12.80 from $13.50. The broker anticipates a significant drop in dividend in FY18.

VILLAGE ROADSHOW LIMITED ((VRL)) Downgrade to Hold from Buy by Deutsche Bank .B/H/S: 2/2/0

FY16 earnings missed expectations. Film distribution and theme parks disappointed Deutsche Bank and capex was higher than expected.

The broker takes a more conservative view, notwithstanding management's optimism. Rating is downgraded to Hold from Buy. Capex and gearing are higher and send the target to $4.90 from $6.95.

VIRTUS HEALTH LIMITED ((VRT)) Downgrade to Neutral from Buy by UBS .B/H/S: 1/3/0

FY16 results were in line with the broker's forecasts. Singapore and Ireland performed strongly, but the Australian sector lagged due to fading margins.

The broker believes offshore expansion is important to sustain group growth, and the company says it continues to actively look to the UK and EU.

UBS has downgraded the stock to Neutral from Buy and raised the price target to $8.25 from $7.20.

WESTFIELD CORPORATION ((WFD)) Downgrade to Underperform from Neutral by Macquarie .B/H/S: 3/1/2

Westfield's first half results were below the broker's expectations. Macquarie also found the company's FY17 outlook uninspiring.

The second half is expected to be impacted by currency fluctuations in the USD/GBP rate. The broker has reduced FY17 and FY18 forecasts by 5.4% and 7.8% respectively.

The rating is downgraded to Underperform from Neutral and the target reduced to $10.14 from $11.31.

 

Total Recommendations
Recommendation Changes

 

Broker Recommendation Breakup

 

Broker Rating

 

Order Company New Rating Old Rating Broker
Upgrade
1 3P LEARNING LIMITED Buy Neutral Deutsche Bank
2 AMCOR LIMITED Neutral Sell Morgans
3 APA GROUP Buy Neutral Ord Minnett
4 APN OUTDOOR GROUP LIMITED Buy Neutral Ord Minnett
5 ARDENT LEISURE GROUP Buy Neutral Citi
6 ASALEO CARE LIMITED Buy Neutral Macquarie
7 ASALEO CARE LIMITED Buy Neutral Citi
8 AUB GROUP LIMITED Neutral Sell Credit Suisse
9 AWE LIMITED Neutral N/A UBS
10 BREVILLE GROUP LIMITED Buy Neutral Ord Minnett
11 CALTEX AUSTRALIA LIMITED Buy Neutral Ord Minnett
12 CLEANAWAY WASTE MANAGEMENT LIMITED Buy Neutral Morgans
13 ERM POWER LIMITED Neutral Sell Macquarie
14 EVOLUTION MINING LIMITED Neutral Sell Citi
15 HEALTHSCOPE LIMITED Buy Neutral Citi
16 HEALTHSCOPE LIMITED Buy Neutral Ord Minnett
17 METCASH LIMITED Buy Sell Ord Minnett
18 MG UNIT TRUST Buy Neutral Morgans
19 MONADELPHOUS GROUP LIMITED Neutral Sell Morgans
20 NORTHERN STAR RESOURCES LTD Neutral Sell Citi
21 PACT GROUP HOLDINGS LTD Buy Neutral Deutsche Bank
22 SEYMOUR WHYTE LIMITED Buy Neutral Morgans
23 SHINE CORPORATE LTD Buy Neutral Morgans
24 SIMS METAL MANAGEMENT LIMITED Buy Neutral Citi
25 SOUTHERN CROSS MEDIA GROUP Buy Neutral Credit Suisse
26 SPARK INFRASTRUCTURE GROUP Buy Neutral Citi
27 SPEEDCAST INTERNATIONAL LIMITED Buy Neutral Macquarie
28 ST BARBARA LIMITED Neutral Sell Deutsche Bank
29 WATPAC LIMITED Buy Neutral Morgans
30 WORLEYPARSONS LIMITED Buy Neutral Citi
Downgrade
31 ACONEX LIMITED Neutral Buy Credit Suisse
32 ACONEX LIMITED Neutral Buy Deutsche Bank
33 ARDENT LEISURE GROUP Neutral Buy UBS
34 ASX LIMITED Sell Neutral Morgans
35 AWE LIMITED Sell Neutral Credit Suisse
36 BLACKMORES LIMITED Buy Buy Ord Minnett
37 BLUE SKY ALTERNATIVE INVESTMENTS LIMITED Neutral Buy Ord Minnett
38 BORAL LIMITED Neutral Buy Credit Suisse
39 CALTEX AUSTRALIA LIMITED Neutral Buy Ord Minnett
40 CALTEX AUSTRALIA LIMITED Neutral Buy Citi
41 CARINDALE PROPERTY TRUST Neutral Buy Ord Minnett
42 CHARTER HALL GROUP Neutral Buy Citi
43 DUET GROUP Sell Neutral Morgans
44 EUREKA GROUP HOLDINGS LIMITED Neutral Buy Morgans
45 FORTESCUE METALS GROUP LTD Sell Neutral Credit Suisse
46 GREENCROSS LIMITED Neutral Buy Macquarie
47 GREENCROSS LIMITED Sell Neutral Deutsche Bank
48 GWA GROUP LIMITED Sell Neutral UBS
49 INSURANCE AUSTRALIA GROUP LIMITED Sell Neutral Morgans
50 INSURANCE AUSTRALIA GROUP LIMITED Sell Neutral Credit Suisse
51 JAPARA HEALTHCARE LIMITED Sell Neutral Morgan Stanley
52 LEND LEASE CORPORATION LIMITED Neutral Buy Citi
53 MCMILLAN SHAKESPEARE LIMITED Neutral Buy Macquarie
54 MCMILLAN SHAKESPEARE LIMITED Neutral Buy Citi
55 MEDIBANK PRIVATE LIMITED Sell Neutral Credit Suisse
56 METCASH LIMITED Neutral Buy Citi
57 MINERAL RESOURCES LIMITED Neutral Buy Morgan Stanley
58 MONADELPHOUS GROUP LIMITED Sell Neutral UBS
59 NEXTDC LIMITED Neutral Buy Morgans
60 NIB HOLDINGS LIMITED Sell Neutral Credit Suisse
61 PLATINUM ASSET MANAGEMENT LIMITED Sell Neutral Ord Minnett
62 PRIMARY HEALTH CARE LIMITED Sell Neutral Morgan Stanley
63 SANTOS LIMITED Neutral Buy Credit Suisse
64 SCENTRE GROUP Sell Neutral Citi
65 SEEK LIMITED Sell Neutral UBS
66 SIMS METAL MANAGEMENT LIMITED Sell Neutral Deutsche Bank
67 SMARTGROUP CORPORATION LTD Neutral Buy Morgans
68 SOUTH32 LIMITED Sell Neutral Citi
69 SPARK INFRASTRUCTURE GROUP Neutral Buy Credit Suisse
70 SPOTLESS GROUP HOLDINGS LIMITED Neutral Buy Deutsche Bank
71 THE A2 MILK COMPANY LIMITED Neutral Buy UBS
72 THE REJECT SHOP LIMITED Neutral Buy Macquarie
73 TOX FREE SOLUTIONS LIMITED Sell Neutral Morgans
74 VILLAGE ROADSHOW LIMITED Neutral Buy Deutsche Bank
75 VIRTUS HEALTH LIMITED Neutral Buy UBS
76 WESTFIELD CORPORATION Sell Neutral Macquarie

Recommendation

Positive Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 AUB AUB GROUP LIMITED 67.0% 33.0% 34.0% 3
2 BBG BILLABONG INTERNATIONAL LIMITED 50.0% 17.0% 33.0% 3
3 EVN EVOLUTION MINING LIMITED 43.0% 14.0% 29.0% 7
4 CWY CLEANAWAY WASTE MANAGEMENT LIMITED 70.0% 42.0% 28.0% 5
5 IRE IRESS MARKET TECHNOLOGY LIMITED 50.0% 25.0% 25.0% 4
6 EPW ERM POWER LIMITED 50.0% 25.0% 25.0% 4
7 SDA SPEEDCAST INTERNATIONAL LIMITED 75.0% 50.0% 25.0% 4
8 WOR WORLEYPARSONS LIMITED 40.0% 20.0% 20.0% 5
9 NST NORTHERN STAR RESOURCES LTD -40.0% -60.0% 20.0% 5
10 IVC INVOCARE LIMITED 10.0% -8.0% 18.0% 5

Negative Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 GXL GREENCROSS LIMITED -33.0% 67.0% -100.0% 3
2 MMS MCMILLAN SHAKESPEARE LIMITED 50.0% 100.0% -50.0% 4
3 SYR SYRAH RESOURCES LIMITED 25.0% 67.0% -42.0% 4
4 SPO SPOTLESS GROUP HOLDINGS LIMITED 33.0% 67.0% -34.0% 3
5 ACX ACONEX LIMITED 33.0% 67.0% -34.0% 6
6 LOV LOVISA HOLDINGS LIMITED 33.0% 67.0% -34.0% 3
7 TRS THE REJECT SHOP LIMITED 33.0% 67.0% -34.0% 3
8 BAP BAPCOR LIMITED 50.0% 75.0% -25.0% 4
9 VRL VILLAGE ROADSHOW LIMITED 50.0% 75.0% -25.0% 4
10 VRT VIRTUS HEALTH LIMITED 25.0% 50.0% -25.0% 4

Target Price

Positive Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 WEB WEBJET LIMITED 10.000 6.948 43.93% 5
2 WOR WORLEYPARSONS LIMITED 8.014 5.978 34.06% 5
3 CWY CLEANAWAY WASTE MANAGEMENT LIMITED 1.100 0.848 29.72% 5
4 LOV LOVISA HOLDINGS LIMITED 3.190 2.510 27.09% 3
5 GWA GWA GROUP LIMITED 2.655 2.150 23.49% 6
6 NXT NEXTDC LIMITED 4.288 3.546 20.92% 5
7 BAP BAPCOR LIMITED 6.195 5.163 19.99% 4
8 BRG BREVILLE GROUP LIMITED 8.750 7.638 14.56% 4
9 TWE TREASURY WINE ESTATES LIMITED 10.410 9.247 12.58% 7
10 VRT VIRTUS HEALTH LIMITED 7.950 7.078 12.32% 4

Negative Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 VRL VILLAGE ROADSHOW LIMITED 5.303 6.410 -17.27% 4
2 SYR SYRAH RESOURCES LIMITED 6.438 7.333 -12.21% 4
3 MMS MCMILLAN SHAKESPEARE LIMITED 14.120 15.623 -9.62% 4
4 BKL BLACKMORES LIMITED 172.217 189.367 -9.06% 3
5 AWE AWE LIMITED 0.859 0.942 -8.81% 7
6 JHC JAPARA HEALTHCARE LIMITED 2.764 3.024 -8.60% 5
7 SPO SPOTLESS GROUP HOLDINGS LIMITED 1.390 1.507 -7.76% 3
8 PTM PLATINUM ASSET MANAGEMENT LIMITED 5.228 5.545 -5.72% 4
9 BBG BILLABONG INTERNATIONAL LIMITED 1.817 1.917 -5.22% 3
10 TRS THE REJECT SHOP LIMITED 13.300 14.000 -5.00% 3

Earning Forecast

Positive Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 WHC WHITEHAVEN COAL LIMITED 9.776 1.574 521.09% 8
2 BBG BILLABONG INTERNATIONAL LIMITED 4.500 -2.333 292.88% 3
3 UGL UGL LIMITED 29.317 8.414 248.43% 5
4 NXT NEXTDC LIMITED 5.304 1.633 224.80% 5
5 S32 SOUTH32 LIMITED 7.975 -9.658 182.57% 8
6 HLO HELLOWORLD LIMITED 17.000 7.933 114.29% 3
7 AWE AWE LIMITED 0.792 -15.040 105.27% 7
8 WSA WESTERN AREAS NL 0.421 -8.618 104.89% 7
9 WTC WISETECH GLOBAL LIMITED 9.400 4.920 91.06% 4
10 NST NORTHERN STAR RESOURCES LTD 43.192 25.556 69.01% 5

Negative Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 MRM MMA OFFSHORE LIMITED -2.333 -0.467 -399.57% 3
2 SXY SENEX ENERGY LIMITED -10.750 10.500 -202.38% 7
3 STO SANTOS LIMITED -4.654 5.455 -185.32% 8
4 BSL BLUESCOPE STEEL LIMITED 92.796 698.650 -86.72% 7
5 ILU ILUKA RESOURCES LIMITED 11.888 19.650 -39.50% 7
6 SYR SYRAH RESOURCES LIMITED -5.140 -3.853 -33.40% 4
7 WOR WORLEYPARSONS LIMITED 57.517 83.866 -31.42% 5
8 MND MONADELPHOUS GROUP LIMITED 60.143 74.000 -18.73% 7
9 EPW ERM POWER LIMITED 7.450 8.775 -15.10% 4
10 PTM PLATINUM ASSET MANAGEMENT LIMITED 31.200 36.250 -13.93% 4

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CHARTS

3PL A2M AMC APA ASX AUB BKL BLD BRG CDP CHC CWY EGH EVN FMG GWA IAG LLC MIN MMS MND MPL MTS NEC NHF NST NXT ORG PGH PTM S32 SBM SCG SEK SGM SHJ SHL SIQ STO SXL TRS WOR

For more info SHARE ANALYSIS: 3PL - 3P LEARNING LIMITED

For more info SHARE ANALYSIS: A2M - A2 MILK COMPANY LIMITED

For more info SHARE ANALYSIS: AMC - AMCOR PLC

For more info SHARE ANALYSIS: APA - APA GROUP

For more info SHARE ANALYSIS: ASX - ASX LIMITED

For more info SHARE ANALYSIS: AUB - AUB GROUP LIMITED

For more info SHARE ANALYSIS: BKL - BLACKMORES LIMITED

For more info SHARE ANALYSIS: BLD - BORAL LIMITED

For more info SHARE ANALYSIS: BRG - BREVILLE GROUP LIMITED

For more info SHARE ANALYSIS: CDP - CARINDALE PROPERTY TRUST

For more info SHARE ANALYSIS: CHC - CHARTER HALL GROUP

For more info SHARE ANALYSIS: CWY - CLEANAWAY WASTE MANAGEMENT LIMITED

For more info SHARE ANALYSIS: EGH - EUREKA GROUP HOLDINGS LIMITED

For more info SHARE ANALYSIS: EVN - EVOLUTION MINING LIMITED

For more info SHARE ANALYSIS: FMG - FORTESCUE LIMITED

For more info SHARE ANALYSIS: GWA - GWA GROUP LIMITED

For more info SHARE ANALYSIS: IAG - INSURANCE AUSTRALIA GROUP LIMITED

For more info SHARE ANALYSIS: LLC - LENDLEASE GROUP

For more info SHARE ANALYSIS: MIN - MINERAL RESOURCES LIMITED

For more info SHARE ANALYSIS: MMS - MCMILLAN SHAKESPEARE LIMITED

For more info SHARE ANALYSIS: MND - MONADELPHOUS GROUP LIMITED

For more info SHARE ANALYSIS: MPL - MEDIBANK PRIVATE LIMITED

For more info SHARE ANALYSIS: MTS - METCASH LIMITED

For more info SHARE ANALYSIS: NEC - NINE ENTERTAINMENT CO. HOLDINGS LIMITED

For more info SHARE ANALYSIS: NHF - NIB HOLDINGS LIMITED

For more info SHARE ANALYSIS: NST - NORTHERN STAR RESOURCES LIMITED

For more info SHARE ANALYSIS: NXT - NEXTDC LIMITED

For more info SHARE ANALYSIS: ORG - ORIGIN ENERGY LIMITED

For more info SHARE ANALYSIS: PGH - PACT GROUP HOLDINGS LIMITED

For more info SHARE ANALYSIS: PTM - PLATINUM ASSET MANAGEMENT LIMITED

For more info SHARE ANALYSIS: S32 - SOUTH32 LIMITED

For more info SHARE ANALYSIS: SBM - ST. BARBARA LIMITED

For more info SHARE ANALYSIS: SCG - SCENTRE GROUP

For more info SHARE ANALYSIS: SEK - SEEK LIMITED

For more info SHARE ANALYSIS: SGM - SIMS LIMITED

For more info SHARE ANALYSIS: SHJ - SHINE JUSTICE LIMITED

For more info SHARE ANALYSIS: SHL - SONIC HEALTHCARE LIMITED

For more info SHARE ANALYSIS: SIQ - SMARTGROUP CORPORATION LIMITED

For more info SHARE ANALYSIS: STO - SANTOS LIMITED

For more info SHARE ANALYSIS: SXL - SOUTHERN CROSS MEDIA GROUP LIMITED

For more info SHARE ANALYSIS: TRS - REJECT SHOP LIMITED

For more info SHARE ANALYSIS: WOR - WORLEY LIMITED