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Weekly Ratings, Targets, Forecast Changes

Weekly Reports | May 06 2019

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 April 29 to Friday May 3, 2019
Total Upgrades: 12
Total Downgrades: 22
Net Ratings Breakdown: Buy 40.99%; Hold 43.60%; Sell 15.41%

The first week following the April holiday-drought provided yet more evidence that corporate Australia is facing multiple headwinds which may not be accurately reflected in today's share prices. And so it was that when analysts and investors returned to their desks in late April/early may, their re-appraisal of freshly updated insights culminated into twelve upgrades in ratings for individual, listed ASX-stocks, vastly outnumbered by 22 downgrades.

Three companies received multiple upgrades, but the news seems less buoyant when looking into the finer details. Wealth manager Pendal Group's market update attracted three upgrades, but only one went to Buy. Gold miner Regis Resources received two upgrades; both moved to Hold/Neutral. At least nickel, copper, gold, silver and zinc miner Independence Group received two upgrades that both pushed ratings to Buy.

No surprise, there was a lot more happening on the other side of the ledger. ANZ Bank's interim report attracted three downgrades; only one went as low as Sell. A profit warning from Domain Holdings ((DHG)) also attracted three downgrades, but this time two moved to Sell.

In total, ten out of the week's 22 downgrades meant a fresh Sell rating for the stock impacted.

Among those who received a downgrade to Sell we also find Beach Energy, Dexus Group and Mirvac, Mount Gibson, REA Group, Redbubble, and Volpara Health Technologies.

The week's table for positive adjustments to valuations and price target is pretty short with Healius, Independence Group and Super Retail the only ones worth mentioning (with still relatively benign increases). Again, the negative side is showing more action led by Senex Energy and Regis Resources, followed by Scentre Group and Pilbara Minerals, and others.

Here too the average reduction in target remains petite.

Not so when it comes to reductions in earnings forecasts which is directly related to the product price leverage that characterises most commodity producers. The week's top three are all miners, interspersed by REA Group, then followed by more miners, before we meet Transurban and Super Retail Group.

Positive adjustments are enormous. The negative amendments are equally sizeable led by big cuts for Senex Energy, Syrah Resources and Alacer Gold and Northern Star, before we get to Flight Centre (yet another profit warning).

The week ahead sees a number of out-of-cycle profit reports, so no shortage in volatility and changes ahead. Australian banks have failed to concoct a miracle, and for once this includes Macquarie Group.

Upgrade

DOMAIN HOLDINGS AUSTRALIA LIMITED ((DHG)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 1/4/2

At Macquarie's conference, Domain provided a March Q update which saw weak revenues but improved yields. The new CEO is pursuing cost-outs and moving to a more segmented approach of smaller geographical zones rather than state-based pricing.

The company is also looking to monetise the "unreplicable" digital database of major shareholder Nine Entertainment ((NEC)). Macquarie agrees FY19 remains challenging but sees strong earnings growth in FY20, hence now the share price has pulled back to the broker's $2.70 target, rating upgraded back to Neutral having been downgraded to Underperform early in April.

See also DHG downgrade.

HEALIUS LIMITED ((HLS)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 3/3/0

Amid reports a private equity consortium is working on a bid for Healius, Credit Suisse notes the speculation involves selling of the diagnostic imaging operations to one party and the rump of the operation to another.

Credit Suisse estimates a break-up value of $3.80 a share. On a fundamental basis, there is significant earnings risk with headwinds from labour costs and execution risk from strategic initiatives.

However, in the short term, the share price is likely to be supported by the prospect of M&A. Credit Suisse upgrades to Neutral from Underperform and raises the target to $3.10 from $2.35.

HANSEN TECHNOLOGIES LIMITED ((HSN)) Upgrade to Buy from Hold by Ord Minnett .B/H/S: 1/0/0

Hansen Technologies has announced the acquisition of Sigma Systems for $166.2m. The strategic rationale centres on the high-quality asset, significantly adding scope and scale in telecommunications.

It also provides cross selling opportunity into the utility vertical as well as pay-TV. Ord Minnett estimates the deal is 20% accretive and, while time will ultimately tell, Sigma Systems may represent the circuit breaker the company needs.

The stock has significantly de-rated over the past year. Ord Minnett upgrades to Buy from Hold and raises the target to $3.95 from $3.36.

INDEPENDENCE GROUP NL ((IGO)) Upgrade to Buy from Neutral by UBS and Upgrade to Outperform from Neutral by Macquarie .B/H/S: 4/3/0

March quarter production was well ahead of forecasts and UBS upgrades to Buy from Neutral.

The broker believes that the -10% decline in the share price in April, because of a lower nickel price, has created an opportunity to obtain exposure to a high-quality low-cost producer. Target is steady at $5.

In the wake of Independence Group's March Q report, Macquarie upgrades to Outperform. Overall production was strong thanks to record levels at Nova and consistency at Tropicana. Work on the Downstream Sulphate Study should be completed by year-end.

The DSS offers the potential for the miner to secure higher concentrate payability terms for Nova, the broker believes. Exploration results are encouraging and could provide for material upside. Target rises to $5.10 from $4.90.

OCEANAGOLD CORPORATION ((OGC)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 2/4/0

A very weak production outcome for Haile in the March quarter was offset by strong outcomes for Didipio and Macraes. 2019 guidance is unchanged.

The company has had exploration success at Martha with an underground target, defined as a potential 5-8mt at 4-6g/t gold for around 1.0-1.5m ounces.

Credit Suisse upgrades to Neutral from Underperform and maintains a $4.20 target.

PENDAL GROUP LIMITED ((PDL)) Upgrade to Neutral from Underperform by Credit Suisse and Upgrade to Neutral from Sell by UBS and Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 3/4/0

First half cash net profit was down -26% and below Credit Suisse forecasts. The miss was largely caused by unexpected revenue margin compression. The broker expects management fee compression to continue in most of the product lines.

Earnings estimates are downgraded by -7% for FY19 and -4-5% for FY20-21. The recent fall in the share price now provides more insulation from the risks and the broker upgrades to Neutral from Underperform. Target is reduced to $7.65 from $7.80.

Pendal's -26% fall in March Q profit was -13% below UBS. With lower performance fees, flows and FUM all preannounced, it was lower base fees that made the difference, the broker notes. Weakness across the JOHCM funds appear to be a key factor, and the impetus for -9-10% cuts to UBS' forecast earnings.

Target falls to $7.85 from $8.70, but a 15.6x FY20 multiple and a 7% yield warrant an upgrade to Neutral, with further downside appearing more limited.

First half net profit was down -26.2% and below Ord Minnett's forecasts. The interim dividend of $0.20 a share was slightly above expectations.

The broker believes the business will face near-term headwinds and negative news around fund flows.

However, the de-rating on re-based earnings is providing an attractive opportunity over the medium term and the broker's rating is upgraded to Accumulate from Hold. Ord Minnett raises the target to $8.90 from $8.50.

PILBARA MINERALS LIMITED ((PLS)) Upgrade to Hold from Lighten by Ord Minnett .B/H/S: 2/1/0

Ord Minnett notes recent improvements in recovery have been offset by delayed sales and higher cost guidance. Pilgangoora produced 52,000t, although sales were lower at 38,600t.

The project generated negative operating cash flow, despite $8.5m in payments falling into this quarter. Ord Minnett upgrades to Hold from Lighten, as the share price has fallen -30% from its peak in the last month. Target is reduced to $0.65 from $0.70.

REGIS RESOURCES LIMITED ((RRL)) Upgrade to Hold from Sell by Deutsche Bank and Upgrade to Neutral from Sell by UBS .B/H/S: 1/4/2

March quarter production was solid and the company is on track to meet full year guidance. Regis Resources has guided to FY19 production in the mid to upper end of its range of 340-370,000 ounces.

Costs are expected at the lower end of the range of $985-1055/oz. Deutsche Bank upgrades to Hold from Sell. Target is $4.40.

UBS found the March quarter production numbers consistent. Management expects production at the upper end of guidance of 340-370,000 ounces and at the lower end of all-in sustainable costs of $985-1055/oz.

Nevertheless, the broker notes the share price has fallen -17% since its peak in February because of the decline in the Australian dollar gold price. Rating is upgraded to Neutral from Sell and the target reduced to $4.80 from $5.20.

Downgrade

AUSTRALIA & NEW ZEALAND BANKING GROUP ((ANZ)) Downgrade to Hold from Accumulate by Ord Minnett and Downgrade to Hold from Add by Morgans and Downgrade to Underperform from Neutral by Credit Suisse .B/H/S: 0/6/2

The first half result was close to Ord Minnett's forecasts, although the composition was more skewed to the institutional business than expected. Institutional operations delivered a return on equity of just under 11% and this is expected to improve further.

Nevertheless, the broker believes it will take longer to turn the retail bank around and ANZ faces greater exposure versus peers to proposed higher regulatory requirements in New Zealand.

Ord Minnett downgrades to Hold from Accumulate and lowers the target to $29.50 from $31.20.

The first half result was messy, as Morgans suspected. Excluding remediation and the gain on sale from the divestment of OnePath Life, cash earnings beat forecasts by 3%. Disciplined cost performance was the highlight for the broker.

Morgans is downgrading to Hold from Add because of recent strength in the share price. The broker believes the results will provide the market with reasons to focus on the potential earnings upside for the sector, as costs stay flat or decline over the next three years. Target is steady at $29.

ANZ's underlying earnings fell short of Credit Suisse on lower revenues, leading to a lower interest margin. A strong performance from institutional banking was encouraging, as was cost control, with a specific target now set.

The broker nevertheless notes the bank faces "outsized" headwinds from low asset growth, margin decline, a non-linear cost trajectory and capital and regulation uncertainty. Credit Suisse cuts its target to $26.55 from $28.00 and downgrades to Underperform.

BHP GROUP ((BHP)) Downgrade to Neutral from Buy by Citi .B/H/S: 1/6/1

Following updates to commodity prices forecasts, and a general re-appraisal after a strong rally in share prices, Citi analysts have decided to downgrade to Neutral from Buy.

Noteworthy: iron ore price forecasts have remained unchanged. Compared to current spot commodity prices, Citi continues to prefer base metals (ex zinc) exposure over bulks.

Today's update has mainly caused price targets across the mining sector to be reduced. For BHP, the reduction is no more than -50c to $40.

BEACH ENERGY LIMITED ((BPT)) Downgrade to Sell from Neutral by Citi .B/H/S: 1/3/1

Citi recommends investors take profits in Beach Energy, considering the good news is more than reflected in the current share price. The broker downgrades to Sell from Neutral, premised on a US$55/bbl long-term oil price.

At a US$70/bbl long-term oil price the broker's valuation increases to a level largely in line with the current share price, so limited upside is envisaged unless investors are taking a more bullish view on oil. The broker reduces the target to $1.80 from $1.87.

DOMAIN HOLDINGS AUSTRALIA LIMITED ((DHG)) Downgrade to Reduce from Hold by Morgans and Downgrade to Hold from Accumulate by Ord Minnett and Downgrade to Underperform from Neutral by Credit Suisse .B/H/S: 1/4/2

The March quarter update showed depth listings fell -13%. This was offset by yield improvements but revenue growth from all sources was below Morgans' expectations.

The broker considers near-term growth constrained until listings volumes recover. Rating is downgraded to Reduce from Hold and the target lowered to $2.19 from $2.25.

Ord Minnett expects continued weakness in new real estate listings until after the federal election on May 18. The broker reduces earnings estimates, now expecting declines of -16% in the second half of FY19.

Rating is downgraded to Hold from Accumulate and the target lowered to $3.15 from $3.25. Ord Minnett now expects Domain to generate $350.4m in revenue in FY19.

The company's trading update has reflected a weak listings environment. Revenue growth from digital business has been flat in the March quarter. Because of weak top-line trends Domain is taking further action on costs.

Credit Suisse points out weakness in the current year's turnover is usually expected to be countered by a pick up in the following year because of weak comparables, but data from the US/UK market suggests this is not necessarily the case.

The broker downgrades to Underperform from Neutral and reduces the target to $2.30 from $2.40.

See also DHG upgrade.

DEXUS PROPERTY GROUP ((DXS)) Downgrade to Underperform from Neutral by Macquarie .B/H/S: 0/4/1

Dexus has confirmed the acquisition of 80 Collins Street, to be partly funded by a $950m equity raising. The acquisition is at a 5.0% passing yield and 5.3% capitalisation rate. Distribution guidance is for 5% growth in FY20.

While the transaction is marginally accretive, Macquarie does not believe further capital deployed in office at this point in the cycle will be taken well by equity markets and downgrades to Underperform from Neutral.

The broker considers a 5% passing yield on an 8% internal rate of return, funded with nearly $1bn of new equity, is an aggressive capital management decision. Target is steady at $11.36.

FIRSTWAVE CLOUD TECHNOLOGY LIMITED ((FCT)) Downgrade to Speculative Buy from Add by Morgans .B/H/S: 1/0/0

Morgans updates its valuation to reflect the recent capital raising and quarterly result. The company raised $6.5m in a placement and $1.2m via an oversubscribed shareholder purchase plan.

A customer deal has also been re-negotiated to bring for 12 months of revenue which, collectively, should generate cash flow of nearly $13m in the fourth quarter.

Morgans adjusts its recommendation to Speculative Buy from Add to better reflect the higher risk/reward profile. Target is raised to $0.36 from $0.22.

MIRVAC GROUP ((MGR)) Downgrade to Lighten from Hold by Ord Minnett .B/H/S: 1/3/1

In the wake of the quarterly updates from real estate investment trusts, Ord Minnett considers Mirvac is a good business and well-run, albeit fully valued. Pressure is envisaged for residential earnings beyond FY20, as sales rates have slowed noticeably.

The broker downgrades its rating to Lighten from Hold. Target is raised to $2.65 from $2.55.

MOUNT GIBSON IRON LIMITED ((MGX)) Downgrade to Sell from Neutral by Citi .B/H/S: 0/1/1

Following updates to commodity prices forecasts, and a general re-appraisal after a strong rally in share prices, Citi analysts have decided to downgrade to Sell/High Risk from Neutral/High Risk.

Noteworthy: iron ore price forecasts have remained unchanged. Compared to current spot commodity prices, Citi continues to prefer base metals (ex zinc) exposure over bulks.

Today's update has mainly caused price targets across the mining sector to be reduced. For Mount Gibson, the impact on the price target is nil. $0.80 it is.

NATIONAL TYRE & WHEEL LIMITED ((NTD)) Downgrade to Hold from Add by Morgans .B/H/S: 0/1/0

Sluggish demand and heightened competition has meant the company has downgraded FY19 revenue guidance to $165-167m and operating earnings (EBITDA) guidance to $11.5-12.5m.

Morgans is relieved the balance sheet is net cash. The company has reiterated strategies to deal with current conditions including improved price, changes to source of manufacture and a more aggressive push into the SUV segment.

Morgans believes this poses both opportunity and risk. Rating is donwgraded to Hold from Add and the target lowered to 48c from 67c.

NUFARM LIMITED ((NUF)) Downgrade to Hold from Add by Morgans .B/H/S: 5/2/0

The company's presentation highlighted a number of potential downside risks, Morgans observes. FY19 guidance is maintained but, given the downside risk, the broker revises forecasts lower.

Nufarm has acknowledged new weather-related headwinds in Australasia and North America as well as supply disruptions that are affecting the European portfolio.

Morgans downgrades to Hold from Add and reduces the target to $5.50 from $6.30. The broker is concerned that, if the company cannot restore the balance sheet, another equity raising will be required.

ORICA LIMITED ((ORI)) Downgrade to Neutral from Buy by UBS .B/H/S: 1/5/1

Orica is the world's leading supplier of mining explosives, UBS notes, and as such is late-stage leveraged to mining cycle recovery. But the ammonium nitrate market is over-supplied, restricting price growth despite explosives demand growth and hence that leverage is undermined.

The stock price is up 10% year to date to a point the broker considers is fairly discounting the outlook. Hence while lifting its target to $19.20 from $18.86, UBS pulls back to Neutral.

REDBUBBLE LIMITED ((RBL)) Downgrade to Reduce from Add by Morgans .B/H/S: 0/0/1

The company continues to struggle with the severe loss of unpaid customer traffic because of the changes to the Google search algorithm. Morgans expects conditions to remain tough for the next 12-18 months.

Guidance for earnings and cash flow has been downgraded as the costs of a higher share of paid traffic continue to impact. Morgans downgrades its rating to Reduce from Add and lowers the target to $0.67 from $1.27.

REA GROUP LIMITED ((REA)) Downgrade to Lighten from Hold by Ord Minnett .B/H/S: 4/2/0

Ord Minnett expects weakness in new real estate listings will continue until after the federal election on May 18. A decline of -10% is expected for second half earnings. Revenue of $909.3m is estimated for FY19.

The broker downgrades to Lighten from Hold and reduces the target to $74 from $76.

SCENTRE GROUP ((SCG)) Downgrade to Neutral from Buy by UBS .B/H/S: 0/3/3

After the company's quarterly update, UBS is less confident that retail sales have stabilised or will grow materially in the short to medium term. This will put pressure on future operating income growth.

The broker downgrades to Neutral from Buy and reduces the target to $3.74 from $4.18. Regional retail malls are traversing a period of price discovery, UBS believes, as expected asset sales exceed investor demand.

UBS forecasts comparable net operating income growth to slow 1% in 2021/22 from 2.5% in 2019.

SUPER RETAIL GROUP LIMITED ((SUL)) Downgrade to Neutral from Buy by UBS .B/H/S: 2/6/0

Trading in the March quarter was mixed, UBS observes, with sales better and the margin outlook softer. The broker reduces estimates for earnings per share by -2-4% and downgrades to Neutral from Buy.

The main negative was a continuation of the margin pressure in BCF. The outlook is less certain too, with some signs of softening expenditure at retailers directly exposed to housing. Target is reduced to $8.50 from $8.70.

SOUTHERN CROSS MEDIA GROUP ((SXL)) Downgrade to Neutral from Buy by UBS .B/H/S: 1/2/1

The share price has risen 25% since its recent lows and, hence, UBS downgrades to Neutral from Buy on valuation grounds alone.

The overall advertising market remains soft, the broker observes, although the company is winning share from metro radio peers, given audience strength and its digital stack strategy.

The company has guided to flat FY19 costs growth. UBS raises the target to $1.25 from $1.20.

SENEX ENERGY LIMITED ((SXY)) Downgrade to Neutral from Buy by Citi .B/H/S: 2/3/0

The company has indicated that the Surat Basin will incur most of the capital expenditure from FY19-21, at the expense of drilling in the Cooper Basin.

Citi believes the balance sheet should have been capable of continuing to support expenditure in the Cooper Basin, and is disappointed.

The broker forecasts lower and deferred levels of activity in the Cooper Basin, which materially reduces earnings estimates by over -50% for FY20/21.

Rating is downgraded to Neutral/High Risk from Buy/High Risk and the target lowered to $0.41 from $0.48.

VOLPARA HEALTH TECHNOLOGIES LIMITED ((VHT)) Downgrade to Lighten from Buy by Ord Minnett .B/H/S: 1/0/0

Ord Minnett observes a continuation of solid momentum in the fourth quarter cash flow report. FY20 guidance has now been issued, signalling at least 10% penetration.

The broker believes the market has moved too far and, suspecting consensus earnings reductions, downgrades to Lighten from Buy. Target is raised to $1.54 from $1.18.

Total Recommendations
Recommendation Changes

Broker Recommendation Breakup

Broker Rating

 

Order Company New Rating Old Rating Broker
Upgrade
1 DOMAIN HOLDINGS AUSTRALIA LIMITED Neutral Sell Macquarie
2 HANSEN TECHNOLOGIES LIMITED Buy Neutral Ord Minnett
3 HEALIUS LIMITED Neutral Sell Credit Suisse
4 INDEPENDENCE GROUP NL Buy Neutral Macquarie
5 INDEPENDENCE GROUP NL Buy Neutral UBS
6 OCEANAGOLD CORPORATION Neutral Sell Credit Suisse
7 PENDAL GROUP LIMITED Neutral Sell UBS
8 PENDAL GROUP LIMITED Neutral Sell Credit Suisse
9 PENDAL GROUP LIMITED Buy Neutral Ord Minnett
10 PILBARA MINERALS LIMITED Neutral Sell Ord Minnett
11 REGIS RESOURCES LIMITED Neutral Sell UBS
12 REGIS RESOURCES LIMITED Neutral Sell Deutsche Bank
Downgrade
13 AUSTRALIA & NEW ZEALAND BANKING GROUP Neutral Buy Morgans
14 AUSTRALIA & NEW ZEALAND BANKING GROUP Sell Neutral Credit Suisse
15 AUSTRALIA & NEW ZEALAND BANKING GROUP Neutral Buy Ord Minnett
16 BEACH ENERGY LIMITED Sell Neutral Citi
17 BHP GROUP Neutral Buy Citi
18 DEXUS PROPERTY GROUP Sell Neutral Macquarie
19 DOMAIN HOLDINGS AUSTRALIA LIMITED Sell Neutral Morgans
20 DOMAIN HOLDINGS AUSTRALIA LIMITED Sell Neutral Credit Suisse
21 DOMAIN HOLDINGS AUSTRALIA LIMITED Neutral Buy Ord Minnett
22 FIRSTWAVE CLOUD TECHNOLOGY LIMITED Buy Buy Morgans
23 MIRVAC GROUP Sell Neutral Ord Minnett
24 MOUNT GIBSON IRON LIMITED Sell Neutral Citi
25 NATIONAL TYRE & WHEEL LIMITED Neutral Buy Morgans
26 NUFARM LIMITED Neutral Buy Morgans
27 ORICA LIMITED Neutral Buy UBS
28 REA GROUP LIMITED Sell Neutral Ord Minnett
29 REDBUBBLE LIMITED Sell Buy Morgans
30 SCENTRE GROUP Neutral Buy UBS
31 SENEX ENERGY LIMITED Neutral Buy Citi
32 SOUTHERN CROSS MEDIA GROUP Neutral Buy UBS
33 SUPER RETAIL GROUP LIMITED Neutral Buy UBS
34 VOLPARA HEALTH TECHNOLOGIES LIMITED Sell Buy Ord Minnett

Recommendation

Positive Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 IGO INDEPENDENCE GROUP NL 50.0% 8.0% 42.0% 7
2 RRL REGIS RESOURCES LIMITED -19.0% -44.0% 25.0% 8
3 OGC OCEANAGOLD CORPORATION 25.0% 8.0% 17.0% 6
4 HLS HEALIUS LIMITED 42.0% 25.0% 17.0% 6
5 PLS PILBARA MINERALS LIMITED 67.0% 50.0% 17.0% 3
6 WES WESFARMERS LIMITED -21.0% -31.0% 10.0% 7
7 WSA WESTERN AREAS NL 71.0% 67.0% 4.0% 7

Negative Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 ANZ AUSTRALIA & NEW ZEALAND BANKING GROUP -25.0% 6.0% -31.0% 8
2 DHG DOMAIN HOLDINGS AUSTRALIA LIMITED -14.0% 7.0% -21.0% 7
3 SXY SENEX ENERGY LIMITED 40.0% 60.0% -20.0% 5
4 SCG SCENTRE GROUP -50.0% -33.0% -17.0% 6
5 NUF NUFARM LIMITED 71.0% 86.0% -15.0% 7
6 SUL SUPER RETAIL GROUP LIMITED 19.0% 31.0% -12.0% 8
7 ORI ORICA LIMITED -6.0% 6.0% -12.0% 8
8 REA REA GROUP LIMITED 50.0% 57.0% -7.0% 7
9 VCX VICINITY CENTRES 13.0% 17.0% -4.0% 4

Target Price

Positive Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 HLS HEALIUS LIMITED 3.068 2.943 4.25% 6
2 IGO INDEPENDENCE GROUP NL 4.793 4.650 3.08% 7
3 SUL SUPER RETAIL GROUP LIMITED 8.885 8.735 1.72% 8
4 WES WESFARMERS LIMITED 32.249 32.174 0.23% 7
5 ORI ORICA LIMITED 17.693 17.670 0.13% 8

Negative Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 SXY SENEX ENERGY LIMITED 0.450 0.466 -3.43% 5
2 RRL REGIS RESOURCES LIMITED 4.564 4.708 -3.06% 8
3 SCG SCENTRE GROUP 3.830 3.948 -2.99% 6
4 PLS PILBARA MINERALS LIMITED 0.900 0.917 -1.85% 3
5 NUF NUFARM LIMITED 6.326 6.440 -1.77% 7
6 OGC OCEANAGOLD CORPORATION 4.775 4.850 -1.55% 6
7 DHG DOMAIN HOLDINGS AUSTRALIA LIMITED 2.699 2.736 -1.35% 7
8 ANZ AUSTRALIA & NEW ZEALAND BANKING GROUP 27.856 28.200 -1.22% 8
9 REA REA GROUP LIMITED 86.481 86.939 -0.53% 7

Earning Forecast

Positive Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 PLS PILBARA MINERALS LIMITED -0.140 -14.550 99.04% 3
2 WSA WESTERN AREAS NL 6.033 3.086 95.50% 7
3 IGO INDEPENDENCE GROUP NL 12.518 9.228 35.65% 7
4 REA REA GROUP LIMITED 242.733 226.629 7.11% 7
5 MIN MINERAL RESOURCES LIMITED 102.667 96.933 5.92% 3
6 ORG ORIGIN ENERGY LIMITED 63.669 61.111 4.19% 8
7 NCM NEWCREST MINING LIMITED 104.528 100.518 3.99% 8
8 TCL TRANSURBAN GROUP 21.973 21.140 3.94% 8
9 SUL SUPER RETAIL GROUP LIMITED 74.373 72.487 2.60% 8
10 ANZ AUSTRALIA & NEW ZEALAND BANKING GROUP 234.243 229.043 2.27% 8

Negative Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 SXY SENEX ENERGY LIMITED 0.720 1.180 -38.98% 5
2 SYR SYRAH RESOURCES LIMITED -4.209 -3.343 -25.90% 5
3 AQG ALACER GOLD CORP 32.392 40.814 -20.64% 3
4 NST NORTHERN STAR RESOURCES LTD 35.850 41.828 -14.29% 7
5 FLT FLIGHT CENTRE LIMITED 244.571 278.000 -12.02% 8
6 VEA VIVA ENERGY GROUP LIMITED 14.150 15.420 -8.24% 6
7 AWC ALUMINA LIMITED 25.290 26.757 -5.48% 5
8 NAB NATIONAL AUSTRALIA BANK LIMITED 209.043 218.500 -4.33% 8
9 DHG DOMAIN HOLDINGS AUSTRALIA LIMITED 7.223 7.399 -2.38% 7
10 NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED 14.400 14.728 -2.23% 5

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CHARTS

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