FINANCIAL NEWS
Weekly Top Ten News Stories – 29 March 2024
Our top ten news stories from 21 March 2024 to 28 March 2024
Mar 29 2024
ASX Winners And Losers Of Today – 28-03-24
The table inside ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day
Mar 28 2024
In Case You Missed It – BC Extra Upgrades & Downgrades – 28-03-24
A summary of the highlights from Broker Call Extra updates throughout the week past
Mar 28 2024
Australian Broker Call *Extra* Edition – Mar 28, 2024
Extra Edition of the Broker Call Report
Mar 28 2024
Bell Potter rates PTM as Upgrade to Buy from Hold
While management has been notified clients are looking to redeem -$1.4bn from funds under management (FUM) in the coming
months, Bell Potter has raised its target to $1.20 from $1.13.
The broker explains an expected -$20m reduction in costs from the company's first phase of a turnaround program has a large positive impact on earnings, due to operational gearing.
The -20% share price fall in reaction to the announced redemptions is overdone, believes Bell Potter, given an improving
risk/return trade outlook. The rating is upgraded to Buy from Hold.
UBS rates RWC as Buy
Despite Reliance Worldwide's recent share price performance, UBS remains positive on the stock, feeling an elevated multiple is less of a constraint amid improving earnings.
The broker sees the majority of Reliance Worldwide's earnings drivers as improving rather than declining, and believes the company's Euopean and Middle East holdings are moving closer to a recovery which should provide operating leverage.
The EMEA operations went through a restructure at the end of the first half to cater for further volume declines and a soft outlook, a move the broker feels was sensible and indicative that management has not wavered from its cost focus.
The Buy rating is retained and the target price increases to $6.50 from $5.40.
Citi rates WBC as Neutral
Citi suggests investors will have difficulty assessing the financial and operational progress of Westpac's Project Unite, which aims to simplify, reduce complexity and decommission duplicated technology systems.
The near-term impact of the project on the consensus FY25 cost forecasts will also be unclear, believe the analysts.
Management expects the group investment spend will rise to -$2bn per annum over FY25-28 from -$1.8bn in FY24. However, Citi reminds investors the bank has disappointed on costs in recent years, and management lacks credibility in this space.
The Neutral rating and target price of $22.25 are retained.
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ANALYSIS & DATA
FNARENA'S MARKET CONSENSUS FORECASTS
To display the stock analysis for a company please enter the company code:
WBC | WESTPAC BANKING CORPORATION
Abbreviated format - see the full version here
LAST PRICE | CHANGE +/- | CHANGE % | VOLUME |
---|---|---|---|
$26.10 28 Mar |
0.100 OPEN $26.08 |
0.38% HIGH $26.14 |
7,582,266 LOW $25.89 |
TARGET | |||
$24.198 -7.3% downside | |||
Franking for last dividend paid out: 100% |
Title | FY22 Actual |
FY23 Actual |
FY24 Forecast |
FY25 Forecast |
---|---|---|---|---|
EPS (cps) | xxx | N/A | 190.6 | xxx |
DPS (cps) | xxx | N/A | 144.3 | xxx |
EPS Growth | xxx | N/A | N/A | xxx |
DPS Growth | xxx | N/A | N/A | xxx |
PE Ratio | xxx | N/A | 13.7 | xxx |
Dividend Yield | xxx | N/A | 5.5% | xxx |
Div Pay Ratio(%) | xxx | N/A | 75.7% | xxx |
DAILY FINANCIAL NEWS
FNArena Corporate Results Monitor – 28-03-2024
FNArena’s Monitor keeps track of corporate earnings result releases, including broker views, ratings and target price changes and beat/miss assessments
Mar 28 2024 - Australia
Premier Investments’ first half earnings surprised brokers amidst a cost of living crisis. Management announced plans to separate the two growth drivers
Mar 27 2024 - Australia
The Chartist is bullish on oil prices but would like to see more upside conviction
Mar 27 2024 - Technicals
Michael Gable of Fairmont Equities notes the chart suggests shares in Fortescue Metals are yet again ready to rally higher
Mar 26 2024 - Technicals
Analysts have positive views on potential upside for the copper price based on recent news out of China and longer-term fundamentals
Mar 26 2024 - Commodities
Tim Boreham highlights Hydrix as one of the most innovative small-cap healthcare companies on the ASX
Mar 26 2024 - Small Caps
PR NEWSWIRE
JellyC Launches Bluebottle Digital Infrastructure Fund Using Fireblocks Integration
Mar 29 2024 - PR NewsWire
Exclusive Networks announces a major step in its growth strategy in APAC with NEXTGEN Group acquisition
Mar 28 2024 - PR NewsWire
Sungrow Kicks Off South Australia’s 2nd Largest Energy Storage Project
Mar 28 2024 - PR NewsWire
HungryPanda is Leading the Way in Advancing Food Delivery Solutions for APAC
Mar 28 2024 - PR NewsWire
CHiQ Proud to Partner with Dragons for 2024 and 2025
Mar 28 2024 - PR NewsWire
ACE Money Transfer and Bank AL Habib Partner Again to Empower Overseas Pakistanis and Strengthen Pakistan’s Economy this Ramadan
Mar 28 2024 - PR NewsWire
RUDI'S VIEWS
Rudi’s View: Facts & Fiction About Gold
In this week's Weekly Insights: -Facts & Fiction About Gold-Conviction Calls & Best Buys-Risk-On Bubble & Mid-Caps Outperformance By Rudi…
Mar 27 2024
DAILY MARKET REPORTS
ASX Winners And Losers Of Today – 28-03-24
The table inside ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day
Mar 28 2024
Australian Broker Call *Extra* Edition – Mar 28, 2024
Extra Edition of the Broker Call Report
Mar 28 2024
The Overnight Report: Another New High
Wall Street spun around last night, with the S&P500 up 0.9% to another new high after three weak sessions. (Available for non-subscribers after 10am)
Mar 28 2024
ASX Winners And Losers Of Today – 27-03-24
The table inside ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day
Mar 27 2024
Australian Broker Call *Extra* Edition – Mar 27, 2024
Extra Edition of the Broker Call Report
Mar 27 2024
WEEKLY REPORTS
Weekly Top Ten News Stories – 29 March 2024
Our top ten news stories from 21 March 2024 to 28 March 2024
Mar 29 2024
In Case You Missed It – BC Extra Upgrades & Downgrades – 28-03-24
A summary of the highlights from Broker Call Extra updates throughout the week past
Mar 28 2024
The Short Report – 28 Mar 2024
FNArena’s weekly update on short positions in the Australian share market
Mar 28 2024
Next Week At A Glance – 1-5 April 2024
A brief look at important company events and economic data releases next week
Mar 28 2024
In Brief: M&A Beneficiaries, Retail, Optus, World Trade & Mortgage Stress
Weekly Broker Wrap: rising global capital markets activity; preferences within retail; impact from potential Optus takeover; resilient world trade; and mortgage stress
Mar 28 2024
Weekly Update On LICs & LITs – 26 March 2024
FNArena provides a weekly update of Listed Investment Companies (LICs) & Listed Investment Trusts (LITs) on the ASX in the form of a comparables table, courtesy to Vested Equities/Banyantree Investment Group
Mar 26 2024
Uranium Week: Politics Dominates
The uranium market remains in a state of uncertainty, awaiting geopolitical developments
Mar 26 2024
Australian Listed Real Estate Tables – 25-03-2024
FNArena provides a weekly update of Australian listed real estate trusts (REIT) and property developers, current pricing yield and valuation data
Mar 25 2024
Weekly Ratings, Targets, Forecast Changes – 22-03-24
Weekly update on stockbroker recommendation, target price, and earnings forecast changes
Mar 25 2024
THE MARKETS
Click item/line to change chart
FNARENA WINDOWS
Window on APPAREL & FOOTWEAR
A Premier Result, With De-Mergers Next
Premier Investments’ first half earnings surprised brokers amidst a cost of living crisis. Management announced plans to separate the two growth drivers
Mar 27 2024
Window on CRUDE OIL
Crude Oil: On Watch
The Chartist is bullish on oil prices but would like to see more upside conviction
Mar 27 2024
Window on GOLD & SILVER
Rudi’s View: Facts & Fiction About Gold
In this week's Weekly Insights: -Facts & Fiction About Gold-Conviction Calls & Best Buys-Risk-On Bubble & Mid-Caps Outperformance By Rudi…
Mar 27 2024
SMSFUNDAMENTALS
SMSFundamentals: Inflation Beats Covid, Markets As Retirement Influencer
Australians have become less comfortable with their plans for retirement, and inflation is to blame
Nov 29 2023