FINANCIAL NEWS

Solid Short-Term Outlook For Brickworks

Brickworks continues to derive benefit from strong construction activity on Australia’s east coast but, beyond the next 6-12 months, the outlook is more uncertain.

12:11 PM


Weekly Top Ten News Stories

Our top ten news stories from 14 September 2017 to 21 September 2017

11:27 AM


Next Week At A Glance

A brief look at important company events and economic data releases next week.

10:57 AM


The Wrap: Insurance, Media, Office And NZ

Weekly Broker Wrap: Insurance; media; office; and the NZ election.

10:29 AM


New Website: Set Dedicated Email Alerts

Subscribers can set pre-defined email alerts for popular stories such as Rudi’s Views and All-Weather Stocks via My Alerts on the website.

10:06 AM


UBS rates CBA as Neutral

CBA has sold its life insurance businesses in Australia (CommInsure) and NZ to AIA for $3.8bn. The proceeds will boost tier one capital by 70bps, the broker notes, but the deal will not complete till late next year. AIA will provide products for CBA customers for 20 years.

The bank is also considering an IPO for its massive Colonial funds management business. The broker sees it as strategically sensible to revert to concentrate on the core banking business, while not making a meaningful difference to earnings. Neutral and $83 target retained.

Macquarie rates FBU as Underperform

There is speculation that the company has appointed an independent entity, KPMG, to audit four construction division projects. If confirmed, Macquarie would welcome an independent review of the company's construction book.

The broker believes a review should also include a look at transfer pricing within the construction division given higher related-party sales.

Underperform rating is retained. Target is NZ$6.54.

Deutsche Bank rates SUN as Buy

The company has outlined more detail behind the acceleration in expenditure on the marketplace strategy. The group will spend $142m to deliver an integrated customer experience for its many brands.

In general, Deutsche Bank notes top line premium growth across the sector has stepped up and margins are trending towards mid cycle levels.

Specifically, the broker considers the quality of the company's bank asset exceptional, which should ultimately benefit from a move to advanced accreditation. Moreover, the troubled life insurance business has now shrunk meaningfully and is not a major driver of valuation.

Deutsche Bank retains a Buy rating and reduces the target to $14.20 from $14.60.

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ANALYSIS & DATA

MARKET CONSENSUS FORECAST

To display the stock analysis for a company please enter the company code:

CBA | COMMONWEALTH BANK OF AUSTRALIA

Abbreviated format - see the full version here


LAST PRICECHANGE +/-CHANGE %VOLUME

$76.62

22 Sep
2017

0.550

OPEN

$76.20

0.72%

HIGH

$77.05

2,160,255

LOW

$76.18

TARGET
$78.16 2.0% upside
Franking for last dividend paid out: 100%
MARKET CONSENSUS FORECAST
CBA: 1
TitleFY16
Actual
FY17
Actual
FY18
Forecast
FY19
Forecast
EPS (cps) 542.3 577.6 574.8 580.9
DPS (cps) 420.0 429.0 437.4 445.9
EPS Growth - 2.7% 6.5% - 0.5% 1.1%
DPS Growth 0.0% 2.1% 2.0% 2.0%
PE RatioN/AN/A 13.3 13.2
Dividend YieldN/AN/A 5.7% 5.8%
Div Pay Ratio(%) 77.4% 74.3% 76.1% 76.8%

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DAILY FINANCIAL NEWS

Solid Short-Term Outlook For Brickworks

Brickworks continues to derive benefit from strong construction activity on Australia’s east coast but, beyond the next 6-12 months, the outlook is more uncertain.

12:11 PM - Australia


New Website: Set Dedicated Email Alerts

Subscribers can set pre-defined email alerts for popular stories such as Rudi’s Views and All-Weather Stocks via My Alerts on the website.

10:06 AM - FYI


Brokers are positive about the acquisition of GU Corporate Health as it expands coverage in a growing segment, yet nib Holdings still faces an uncertain outlook in mainstream private health insurance.

Sep 21 2017 - Australia


Brokers assess the outlook for Synlait Milk, which has had a strong run up in its shares on the strength of its relationship with a2 Milk.

Sep 20 2017 - Australia


The outlook has dimmed for TPG Telecom as it battles to offset margin pressures from the NBN by aggressively rolling out its mobile network.

Sep 20 2017 - Australia


The Chartist believes iron ore remains in a medium term uptrend but expects a period of price weakness.

Sep 20 2017 - Technicals


RUDI'S VIEWS

Rudi’s View: On Bear Market Alert

In this week's Weekly Insights (published in two separate parts): –Oz Construction Cycle: The Impact Is Now -On Bear Market…

Sep 21 2017

DAILY MARKET REPORTS

The Overnight Report: Not With A Bang

The Dow’s latest winning streak came to an end last night, rather undramatically. Dow down -53.

9:00 AM


Today’s Financial Calendar

Significant Scheduled Events For 22 September, 2017

8:15 AM


The Overnight Report: Magical Mystery Tour

The Fed finds persistently low inflation a mystery but will go ahead with tapering regardless and likely hike its rate in December. Dow up 41.

Sep 21 2017


Today’s Financial Calendar

Significant Scheduled Events For 21 September, 2017

Sep 21 2017


The Overnight Report: Fed Watch

Wall Street awaits the outcome of tonight’s Fed meeting but still the three major indices edged to new records. Dow up 39.

Sep 20 2017


Today’s Financial Calendar

Significant Scheduled Events For 20 September, 2017

Sep 20 2017


The Overnight Report: Onward, Ever Upward

Another day, another record high on Wall Street for the Dow and the S&P. Dow up 63.

Sep 19 2017


WEEKLY REPORTS

The Short Report

FNArena’s weekly update on short positions in the Australian share market.

Sep 21 2017

Australian Corporate Bond Price Tables

FNArena provides a weekly update of Australian listed corporate bond issues, current pricing and yield data.

Sep 21 2017

Share Buybacks – Who’s Doing It?

Weekly Update on ASX-listed companies buying in their own stock.

Sep 20 2017


Uranium Week: All Talk But Little Action

Nuclear will be the second fastest growing source of global energy out to 2040, the EIA forecast last week, but minimal impact was felt in uranium markets.

Sep 19 2017

Australian Listed Real Estate Tables

FNArena provides a weekly update of Australian listed real estate trusts (REIT) and property developers, current pricing yield and valuation data.

Sep 18 2017

Weekly Ratings, Targets, Forecast Changes

Weekly update on stockbroker recommendation, target price, and earnings forecast changes.

Sep 18 2017


Weekly Top Ten News Stories

Our top ten news stories from 07 September 2017 to 14 September 2017

Sep 15 2017

Next Week At A Glance

A brief look at important company events and economic data releases next week.

Sep 15 2017

The Wrap: Economy, Consumers And Wealth

Weekly Broker Wrap: Economic perspectives; cattle; consumer stocks; banks & resources; wealth managers.

Sep 15 2017


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THE MARKETS

    Click item/line to change chart

  • Australia

    22 September 2017   Updated : 17:56   AEDT

    SPI Overnight (Dec)

    5661.00

    +19.00

    0.34%

    All Ordinaries

    5740.60

    +23.90

    0.42%

    S&P ASX 200

    5682.10

    +26.70

    0.47%

    S&P ASX 300

    5635.10

    +25.40

    0.45%

    Consumer Discretionary

    2127.20

    +18.90

    0.90%

    Consumer Staples

    9331.90

    +34.50

    0.37%

    Energy

    9182.70

    +34.50

    0.38%

    Financials

    6419.20

    +58.30

    0.92%

    Health Care

    22558.60

    +37.30

    0.17%

    Industrials

    5633.30

    -17.50

    -0.31%

    Info Technology

    883.30

    +3.00

    0.34%

    Materials

    10264.60

    -12.50

    -0.12%

    Telecommunication

    1259.50

    +9.70

    0.78%

    Utilities

    7922.20

    +45.20

    0.57%

  • Asia

    22 September 2017   Updated : 18:06   AEDT

    NZ50

    7814.780

    +19.370

    0.250%

    Nikkei 225

    20296.45

    -51.03

    -0.25%

    Hang Seng

    27904.56

    -205.77

    -0.73%

    Click item/line to change chart

  • Australasia

    22 September 2017   Updated : 18:06   AEDT

    AUD/USD

    0.7951

    +0.0019

    0.2400%

    AUD/NZD

    1.0865

    +0.0017

    0.1600%

    NZD/USD

    0.7315

    +0.0005

    0.0700%

    AUD/JPY

    89.07

    -0.08

    -0.09%

    SGD/AUD

    0.93

    -0.00

    -0.06%

    AUD/EUR

    0.6629

    -0.0013

    -0.2000%

    AUD/GBP

    0.5849

    +0.0009

    0.1500%

  • World

    22 September 2017   Updated : 18:06   AEDT

    CAD/USD

    0.8137

    +0.0029

    0.3600%

    EUR/JPY

    133.87

    -0.36

    -0.26%

    EUR/USD

    1.1992

    +0.0054

    0.4500%

    GBP/USD

    1.3584

    +0.0009

    0.0700%

    USD/JPY

    112.02

    -0.39

    -0.35%

    Click item/line to change chart

  • World

    22 September 2017   Updated : 08:07   AEDT

    FTSE100

    7263.90

    -8.05

    -0.11%

    DAX30

    12600.03

    +30.86

    0.25%

    DJIA

    22359.23

    -53.36

    -0.24%

    S&P500

    2500.60

    -7.64

    -0.30%

    Nasdaq Comp

    6422.69

    -33.35

    -0.52%

    S&P500 VIX

    9.67

    -0.11

    -1.12%

    US 10-year yield

    2.280

    0.000

    0.000%

    USD Index

    92.18

    -0.28

    -0.30%

  • Aus Stocks

    22 September 2017   Updated : 08:07   AEDT

    BHP (UK)

    1344.00

    -8.00

    -0.59%

    Rio (UK)

    3465.50

    -41.50

    -1.18%

    BHP (US)

    41.70

    -0.35

    -0.83%

    Rio (US)

    47.85

    +0.03

    0.06%

    ResMed (US)

    77.32

    -2.28

    -2.86%

    South32 (UK)

    75604.34

    -399.81

    -0.53%

    James Hardie (US)

    13.76

    -0.16

    -1.15%

    Telstra (US)

    24.80

    -0.02

    -0.08%

    Westpac (US)

    24.96

    -0.37

    -1.46%

    Click item/line to change chart

  • Spot Metals & Minerals

    22 September 2017   Updated : 08:26   AEDT

    Gold (oz)

    1290.60

    -9.90

    -0.76%

    Silver (oz)

    16.93

    -0.20

    -1.17%

    Copper (lb)

    2.9198

    -0.0209

    -0.7100%

    Aluminium (lb)

    0.9748

    -0.0022

    -0.2300%

    Lead (lb)

    1.1356

    +0.0282

    2.5500%

    Nickel (lb)

    4.9632

    -0.1573

    -3.0700%

    Zinc (lb)

    1.4204

    -0.0139

    -0.9700%

    Copper (t)

    6437.00

    -46.00

    -0.71%

    Aluminium (t)

    2149.00

    -5.00

    -0.23%

    Lead (t)

    2504.00

    +62.00

    2.54%

    Nickel (t)

    10942.00

    -347.00

    -3.07%

    Zinc (t)

    3131.00

    -31.00

    -0.98%

    Iron Ore (t)

    63.00

    -5.00

    -7.35%

    Uranium (lb) weekly

    20.75

    +0.10

    0.48%

  • Energy Futures

    22 September 2017   Updated : 08:06   AEDT

    West Texas Crude (Nov)

    50.74

    +0.05

    0.10%

    Brent Crude (Nov)

    56.52

    +0.34

    0.61%

    Henry Hub NatGas (Oct)

    2.95

    -0.13

    -4.22%

CALENDAR

Friday, 22 September 2017
EZflash mfg PMI, Sep
USflash mfg PMI, Aug
APAearnings result
CAFex-div 8.2c
GAPex-div 1c
IGLex-div 6.4c
Monday, 25 September 2017
JPflash mfg PMI, Sep
EZGermany IFO business sentiment, Sep
USChicago Fed national activity index, Aug
CIEex-div 3.5c
CIWex-div 1.5c
CNUex-div 12.5c

ALL WEATHER STOCKS

CodeCompanyPrice
AMCAMCOR LIMITED

$15.33

ARBARB CORPORATION LIMITED

$17.44

CSLCSL LIMITED

$133.08

IVCINVOCARE LIMITED

$15.81

RHCRAMSAY HEALTH CARE LIMITED

$61.81

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FNARENA TALKS

FNARENA WINDOWS

Window on BUILDING PRODUCTS & SERVICES

Solid Short-Term Outlook For Brickworks

Brickworks continues to derive benefit from strong construction activity on Australia’s east coast but, beyond the next 6-12 months, the outlook is more uncertain.

12:11 PM


Window on INSURANCE

Nib Grows Corporate Health, Yet Risks Prevail

Brokers are positive about the acquisition of GU Corporate Health as it expands coverage in a growing segment, yet nib Holdings still faces an uncertain outlook in mainstream private health insurance.

Sep 21 2017


Window on DAIRY

Synlait Milk Energised For Growth

Brokers assess the outlook for Synlait Milk, which has had a strong run up in its shares on the strength of its relationship with a2 Milk.

Sep 20 2017


FEATURE STORIES

Rudi’s August 2017 Review

The final verdict over an August reporting season that, all in all, failed to put a bid under the Australian share market.

Sep 21 2017