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Australian Broker Call *Extra* Edition – Mar 29, 2019

Daily Market Reports | Mar 29 2019

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

BAP   CCX   CGL   EML   GDF   JAN   MNY   NVL   OSL   RMC   SOM   SSM   TNK (2)  

BAP    BAPCOR LIMITED

Automobiles & Components – Overnight Price: $5.53

E.L. & C Baillieu rates ((BAP)) as Buy (1) –

Baillieu was disappointed in the operating margins in the first half, despite the strong underlying sales growth in the core Burson automotive parts business and the expansion of the store network in Australasia.

Renewed sales momentum may require investment in price and margin to grow volumes, the broker suspects, which would come at a cost. Competitive activity has also played a part in the lower rate of growth, with discounting and higher rebates from competitors designed to win volume.

Burson remains a key risk for near-term earnings guidance, in the broker's view, and a sudden improvement in growth rates appears unlikely. Baillieu retains a Buy rating and reduces the target to $6.80 from $7.40.

Report published on March 25, 2019.

Target price is $6.80 Current Price is $5.53 Difference: $1.27
If BAP meets the E.L. & C Baillieu target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $6.99, suggesting upside of 26.3%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY19:

E.L. & C Baillieu forecasts a full year FY19 dividend of 17.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of -0.6%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY20:

E.L. & C Baillieu forecasts a full year FY20 dividend of 18.00 cents and EPS of 36.10 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.6, implying annual growth of 11.6%.
Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 14.7.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CCX    CITY CHIC COLLECTIVE LTD

Apparel & Footwear – Overnight Price: $1.53

E.L. & C Baillieu rates ((CCX)) as Initiation of coverage with Buy (1) –

City Chic Collective is the company that has emerged after Specialty Fashion sold off five retail brands to Noni B ((NBL)) to successfully transition, Baillieu notes, to a standalone business focused on its eponymous brand. City Chic has a solid track record of increasing sales and following a restructure is set for expansion.

The company delivered a strong first half result despite restructuring distractions, featuring 9.6% sales growth on already solid comparables. Less discounting led to higher margins. Being well capitalised since its divestments, City Chic is seen as well positioned to deliver strong growth as restructuring shifts to expansion.

Baillieu initiates coverage with a Buy rating and $1.85 target. Report published March 21.

Target price is $1.85 Current Price is $1.53 Difference: $0.32
If CCX meets the E.L. & C Baillieu target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

E.L. & C Baillieu forecasts a full year FY19 dividend of 7.00 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.66.

Forecast for FY20:

E.L. & C Baillieu forecasts a full year FY20 dividend of 7.50 cents and EPS of 9.80 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.61.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CGL    THE CITADEL GROUP LIMITED

IT & Support – Overnight Price: $7.31

Bell Potter rates ((CGL)) as Buy (1) –

Earlier this month, Citadel announced three new contract wins, providing two hospitals and Melbourne Uni with a mix of traditional managed services and its new SaaS offering.

The contract wins are consistent with Bell Potter's assumptions and no forecast changes have been made. Bell Potter does highlight there is potential for more contracts with Spotless ((DOW)) plus the successful launch of the oncology system at John Hunter is considered "significant" as no other provider has been able to do this.

Buy and $9.50 target retained. Citadel Group remains one of the broker's key picks in the Australian technology sector. Report published March 21, 2019.

Target price is $9.50 Current Price is $7.31 Difference: $2.19
If CGL meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Bell Potter forecasts a full year FY19 dividend of 14.80 cents and EPS of 31.90 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.92.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 16.80 cents and EPS of 37.30 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.60.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

EML    EML PAYMENTS LIMITED

Business & Consumer Credit – Overnight Price: $1.77

Wilsons rates ((EML)) as Buy (1) –

The company has experienced strong momentum in its share price post the first half earnings report and Wilsons is becoming increasingly confident in its Buy rating.

The broker finds the blend of recurring and offshore earnings attractive, as well as an undemanding valuation. Further upside could be derived from the US online sports betting market opportunity.

The company has not provided FY20 guidance, which the broker expects will be delivered in November. Target is reduced to $2.12 from $2.20.

This report was published on March 27, 2019.

Target price is $2.12 Current Price is $1.77 Difference: $0.35
If EML meets the Wilsons target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Wilsons forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.04.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.13.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GDF    GARDA DIVERSIFIED PROPERTY FUND

REITs – Overnight Price: $1.31

Moelis rates ((GDF)) as Initiation of coverage with Buy (1) –

Garda Diversified Property is an externally managed A-REIT with exposures to fringe CBD office and industrial assets. The office assets are predominantly in Melbourne while the industrial assets are predominantly in Brisbane.

The portfolio is valued at around $307m. Moelis notes the company is in the final stages of completing a $50m development in Burnley, Melbourne.

The company only takes on one development at a time, in a targeted approach to delivering an "in-demand" product. There are two more development opportunities in the portfolio totalling $30-35m.

The first of these will commence upon the completion of the one at Burnley. Moelis initiates coverage with a Buy rating and $1.44 target. Report published on March 27, 2019.

Target price is $1.44 Current Price is $1.31 Difference: $0.13
If GDF meets the Moelis target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Moelis forecasts a full year FY19 dividend of 9.00 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.89.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 9.00 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.40.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

JAN    JANISON EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.35

Bell Potter rates ((JAN)) as Buy (1) –

The company has acquired Language & Testing Consultants for $8m, plus an earn-out potential of $6.6m based on FY19 operating earnings (EBITDA). The business facilitates outsourced exam management services on behalf of large universities, colleges and professional certification bodies across Australasia.

Bell Potter observes, as a result, Janison Education's medium-term earnings profile improves significantly. The broker upgrades estimates for earnings per share in FY19 and FY20 by 52% and 43% respectively.

The broker supports the acquisition and believes it enhances the long-term strategic growth opportunities at a reasonable price. Buy rating maintained. Target rises to $0.60 from $0.50.

Report published on March 28, 2019.

Target price is $0.60 Current Price is $0.35 Difference: $0.25
If JAN meets the Bell Potter target it will return approximately 71% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Bell Potter forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.75.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.22.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MNY    MONEY3 CORPORATION LIMITED

Business & Consumer Credit – Overnight Price: $1.91

E.L. & C Baillieu rates ((MNY)) as Initiation of coverage with Buy (1) –

Last month Money3 sold its small amount credit contract (SACC) loan business and announced the acquisition of an auto lender in NZ as part of a strategy to focus solely on the sub-prime auto finance market — a market which, since the Royal Commission, the banks have largely exited. The company has grown its profit every year since listing in 2006.

Money3 has not been impacted by spikes in unemployment and the risk of its reliance on debt financing is reduced with the divestment of SACC, Baillieu notes. While regulation changes are always a threat the car loan market is not on the radar at present. Baillieu initiates coverage with a Buy rating and $2.55 target.

Report published March 21.

Target price is $2.55 Current Price is $1.91 Difference: $0.64
If MNY meets the E.L. & C Baillieu target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

E.L. & C Baillieu forecasts a full year FY19 dividend of 10.00 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 5.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

Forecast for FY20:

E.L. & C Baillieu forecasts a full year FY20 dividend of 10.00 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 5.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.98.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NVL    NATIONAL VETERINARY CARE LTD

Healthcare services – Overnight Price: $1.86

Shaw and Partners rates ((NVL)) as Buy (1) –

Shaw met with National Vet Care management post the company's first half result and suggests the key takeaway was growth in margins, supported by increased scale, despite the acquisition of the lower margin NZ Pet Doctor business. The result supports the broker's view ongoing revenue growth will increasingly see leverage realised.

The company is on track to meet FY19 guidance and the broker sees upside risk to its FY20 forecasts. Acquisitions may slow after a busy first half but there is plenty of ongoing opportunity, Shaw suggests, given major competitors are currently dealing with their own issues. Buy retained. Target $2.90.

Report published March 15.

Target price is $2.90 Current Price is $1.86 Difference: $1.04
If NVL meets the Shaw and Partners target it will return approximately 56% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Shaw and Partners forecasts a full year FY19 dividend of 2.50 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.50.

Forecast for FY20:

Shaw and Partners forecasts a full year FY20 dividend of 2.60 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.58.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

OSL    ONCOSIL MEDICAL LTD

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.06

Wilsons rates ((OSL)) as Downgrade to Hold from Buy (3) –

OncoSil Medical encountered unexpectedly major set back from European authorities whose advice is there may be a negative outcome in the company's attempt to receive approval for its pancreatic cancer treatment, OncoSil.

Wilsons is surprised and disappointed. The analysts suspect, maybe, the European regulator sees higher quality evidence coming in a few years’ time once OncoSil’s larger, randomised trial in the USA has been concluded.

Irrespectively, the analysts surmise the European rejection is a major setback because it deprives the company of sales catalysts and impedes valuation. In addition, project funding and development risks have become suddenly more acute, they add. Behind the scenes, Wilsons has a valuation of 25c, but too much risk is reducing the target to 5c for the time being.

This report was released on March 26, 2019.

Target price is $0.05 Current Price is $0.06 Difference: minus $0.01 (current price is over target).
If OSL meets the Wilsons target it will return approximately minus 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY19:

Wilsons forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.00.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.67.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RMC    RESIMAC GROUP LTD

Banks – Overnight Price: $0.54

Bell Potter rates ((RMC)) as Initiation of coverage with Buy (1) –

Resimac, a non-bank mortgage provider, was a pioneer of securitisation in Australian residential mortgages back in 1988. The company merged in October 2016 with Homeloans.

While the major banks have extensive branch networks, customers with only transaction accounts typically do not have a relationship with a lending manager to assist when seeking a mortgage and this increasingly prompts the use of comparison websites and mortgage brokers, Bell Potter assesses.

In this way Resimac has relationships with over 85% of Australia's mortgage brokers, a key factor for increased originations. Bell Potter initiates coverage with a Buy rating and $0.71 target and envisages potential for the company to generate growth in earnings per share of 13.2% over FY19 and 8.9% over FY20.

The company is expected to achieve mortgage share from major banks, with a cost-of-funding advantage through its RMBS issuance and the realisation of merger synergies. Report published on March 26, 2019.

Target price is $0.71 Current Price is $0.54 Difference: $0.17
If RMC meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Bell Potter forecasts a full year FY19 dividend of 2.10 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.20.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 2.50 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.67.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SOM    SOMNOMED LIMITED

Medical Equipment & Devices – Overnight Price: $1.73

Wilsons rates ((SOM)) as Buy (1) –

Wilsons is satisfied that the company's core US business is recovering well. Re-building sustainable growth in the US is considered a key component of the broker's Buy rating, because it underpins the outlook for margin expansion at a group level.

The S3 business, on which the company's defunct RSS initiative was based, has closed down, owing -US$805,000. Wilsons expects that underlying growth at SomnoMed will offset much of what is owing.

The broker's estimates are cautious, below company guidance, as it recognises that the path back to growth in the US may not be linear. Wilsons retains a $2 target.

This report was published on March 27, 2019.

Target price is $2.00 Current Price is $1.73 Difference: $0.27
If SOM meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Wilsons forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.46.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 0.00 cents and EPS of 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.31.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SSM    SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.13

Bell Potter rates ((SSM)) as Initiation of coverage with Buy (1) –

Service Stream has made a strategic priority in recent years to focus on growing annuity-style revenue. Bell Potter notes the company primarily derives its revenue via the NBN network maintenance and metre reading services, although NBN activation should also continue to generate interior earnings for the next 2-3 years.

The company acquired Comdain Infrastructure in January which provides an opportunity to diversify into the utilities area, providing asset management and annuity-style revenue within the gas and water markets.

Comdain will also provide an expanded range of specialist engineering skills. The broker initiates coverage of Service Stream with a Buy rating and $2.42 target.

This report was published on March 27, 2019.

Target price is $2.42 Current Price is $2.13 Difference: $0.29
If SSM meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Bell Potter forecasts a full year FY19 dividend of 7.50 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 7.50 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.31.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

TNK    THINK CHILDCARE AND EDUCATION LIMITED

Childcare – Overnight Price: $1.68

Moelis rates ((TNK)) as Buy (1) –

The company has raised $18m in equity capital to fund the acquisition of four Nido-branded child care centres in Western Australia. The centres are being acquired for $6.8m and all are less than two years old, with average utilisation of 89%.

The company has announced guidance for 2019 operating earnings (EBITDA) of $13.8-14.8m. This assumes the acquisition of a further six centres, expected in the fourth quarter, as well as two greenfield developments.

Moelis maintains a Buy rating and reduces the target to $2.41 from $2.50.

This report was published on March 27, 2019.

Target price is $2.41 Current Price is $1.68 Difference: $0.73
If TNK meets the Moelis target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY19:

Moelis forecasts a full year FY19 dividend of 8.70 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.92.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 11.60 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.77.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


Wilsons rates ((TNK)) as Buy (1) –

The company has raised new equity to consolidate the acquisition of four centres and strengthen its balance sheet. Wilsons is encouraged by the quality of the centres, which are trading with a higher average occupancy.

This should make a positive impact to group earnings immediately. The broker's revised 2019 earnings forecasts (EBITDA) are at the lower end of the guidance range of $13.8-14.8m but still reflect earnings growth of 29.3%.

Buy rating retained. Target is reduced to $1.80 from $2.00.

This report was published on March 27, 2019.

Target price is $1.80 Current Price is $1.68 Difference: $0.12
If TNK meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY19:

Wilsons forecasts a full year FY19 dividend of 7.00 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.24.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 9.00 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.28.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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