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
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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
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CBA | COMMONWEALTH BANK OF AUSTRALIA
Abbreviated format - see the full version here
| LAST PRICE | CHANGE +/- | CHANGE % | VOLUME |
|---|---|---|---|
$76.62 22 Sep |
OPEN $76.20 |
HIGH $77.05 | 2,160,255 LOW $76.18 |
0.550| TARGET | |||
| $78.16 2.0% upside | |||
| Franking for last dividend paid out: 100% |
| Title | FY16 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 Ratio | N/A | N/A | 13.3 | 13.2 |
| Dividend Yield | N/A | N/A | 5.7% | 5.8% |
| Div Pay Ratio(%) | 77.4% | 74.3% | 76.1% | 76.8% |
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.
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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
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
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
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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
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Sep 18 2017
Weekly Ratings, Targets, Forecast Changes
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Sep 15 2017
THE MARKETS
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%
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%
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%
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CALENDAR
Friday, 22 September 2017
EZ flash mfg PMI, Sep US flash mfg PMI, Aug APA earnings result CAF ex-div 8.2c GAP ex-div 1c IGL ex-div 6.4c Monday, 25 September 2017
JP flash mfg PMI, Sep EZ Germany IFO business sentiment, Sep US Chicago Fed national activity index, Aug CIE ex-div 3.5c CIW ex-div 1.5c CNU ex-div 12.5c ALL WEATHER STOCKS
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$15.33ARB ARB CORPORATION LIMITED 
$17.44CSL CSL LIMITED
$133.08IVC INVOCARE LIMITED
$15.81RHC RAMSAY HEALTH CARE LIMITED
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FNARENA TALKS
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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
SMS FUNDAMENTALS
SMSFundamentals: How Do We Rate Financial Advice?
A recent survey has made some interesting findings on whether Australians seek financial advice and how that advice is valued.
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