Australian Broker Call *Extra* Edition – Jun 12, 2019

This story features AUSWIDE BANK LIMITED, and other companies. For more info SHARE ANALYSIS: ABA

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)

ABA   ARB   ARQ   AVH   CDA (2)   EML   EXL   MRM (2)   MVP   MYE   RIC   STG  

ABA    AUSWIDE BANK LTD

Banks – Overnight Price: $5.14

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

Bell Potter upgrades AuswideBank's earnings-per-share forecasts 1% across FY19-FY21 in response to a second-half trading update.

Strong 6% annualised loan growth combined with a downtrend in impairment costs and a strong capital position met the broker's expectation and lower-than-expected wholesale funding costs proved the icing on the cake.

Bell Potter believes the higher net interest margin will lay the foundation for a dividend increase, and raises its H2 dividend forecast to 19c per share from 18c. The higher forecast dividend yield of 6.5% compared with 6.25% previously results in a neutral valuation and the target price is unchanged at $5.95.

The broker retains a Buy rating, given the valuation implies a total share holder return over 12 months of greater than 15%.

This report was published on June 4, 2019.

Target price is $5.95 Current Price is $5.14 Difference: $0.81
If ABA meets the Bell Potter target it will return approximately 16% (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 35.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 6.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.54.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 37.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 7.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.68.

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

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $18.68

Wilsons rates ((ARB)) as Hold (3) –

ARB Corporation  recently confirmed solid sales growth, but the broker notes a divergence in segment results, with Australian Aftermarket sales slowing.

The broker believes the company remains a sound investment, citing the vertically integrated business model and strong balance sheet, but says the price-earnings ratio of 23x FY20 earnings doesn't justify excitement given weakness in certain sectors.

Wilsons anticipates the Australian Aftermarket segment should recover this year but for now retains a Hold rating.

Target price steady at $18.20.

This report was published on May 28, 2019.

Target price is $18.20 Current Price is $18.68 Difference: minus $0.48 (current price is over target).
If ARB meets the Wilsons target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $17.82, suggesting downside of -4.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY19:

Wilsons forecasts a full year FY19 dividend of 39.00 cents and EPS of 72.10 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.6, implying annual growth of 11.4%.
Current consensus DPS estimate is 39.8, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 26.1.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 42.50 cents and EPS of 79.10 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.2, implying annual growth of 9.2%.
Current consensus DPS estimate is 43.4, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 23.9.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ARQ    ARQ GROUP LIMITED

IT & Support – Overnight Price: $1.38

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

Wilsons downgrades earnings forecasts -8% to -21% across FY19/20 for ARQ Group to reflect recent guidance, and now sits below consensus and at the lower end of guidance.

While the broker believes ARQ is structurally attractive for the long term, it expects at least two halves of positive growth will be needed before the market re-rates the stock.

Wilsons notes net debt is relatively high, sitting at roughly 1.8x FY19 earnings and is optimistic that cash generation in 2020 will remedy the situation.

Broker downgrades to Hold from Buy. Target price falls to $1.75 from $2.47.

This report was published on June 4, 2019.

Target price is $1.75 Current Price is $1.38 Difference: $0.37
If ARQ meets the Wilsons target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY19:

Wilsons forecasts a full year FY19 dividend of 4.20 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.17.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 4.00 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.91.

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

AVH    AVITA MEDICAL LTD

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.36

Bell Potter rates ((AVH)) as Upgrade to Spec Buy from Hold (1) –

Bell Potter notes the commercialisation of Avita Medical's ReCell kits has proceeded faster than expected, having been either ordered or considered by roughly 70% of specialist burn units.

The product offers savings for hospitals that are estimated to be between -14% and -17% per patient. The savings reflect lower surgical procedure volumes, shorter hospital stays and lower rehabilitation costs.

Clinical results are rolling in and won ReCell the 'Best of the Best Abstract' at the American Burns Association Conference.

The broker increases the target price to 68c a share from 38c to reflect increased sales momentum and the extension of the discounted cash flow model to nine years. Rating upgraded to Speculative Buy from Hold.

This report was published on May 28, 2019.

Target price is $0.68 Current Price is $0.36 Difference: $0.32
If AVH meets the Bell Potter target it will return approximately 89% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY18:

Bell Potter forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 27.69.

Forecast for FY19:

Bell Potter forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.50.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $3.23

Canaccord Genuity rates ((CDA)) as Buy (1) –

Cannacord Genuity has increased its target price for Codan Limited to $4 from $3.68 after a trading update revealed strong second-half sales. 

The broker expects the company will experience strong momentum across all divisions as the product pipeline flows through in FY19/FY20.

Codan's net cash position also improved over the half, implying strong cash generation, and FX winds have turned in the company's favour.

Cannacord increases FY19 earnings-per-share forecasts 3.6% and outer year forecasts are unchanged.

Buy rating retained.

This report was published on May 26, 2019.

Target price is $4.00 Current Price is $3.23 Difference: $0.77
If CDA meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).

Forecast for FY19:

Canaccord Genuity forecasts a full year FY19 dividend of 13.00 cents and EPS of 24.50 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.18.

Forecast for FY20:

Canaccord Genuity forecasts a full year FY20 dividend of 13.00 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.14.

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

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Moelis rates ((CDA)) as Buy (1) –

Codan has updated guidance to reflect a strong second-half sales performance.

Moelis adjusts FY19 forecasts slightly to account for a stronger second half, and boosts FY20 net-profit-after-tax forecasts by 5.4% to reflect its faith in the company's new product releases in Metal and Radio.

The broker notes the stock is trading at a price-earnings ratio of 13x and believes it to be undervalued.

Moelis expects growth across all business divisions as the product-release pipeline flows through; notes the Minetec division is on the cusp of commercialising product; points to the strong balance sheet; and refers to high and growing returns on invested capital of roughly 22% and a strong track record of re-investing at high rates of return. 

Target price rises to $3.90 from $3.68. Buy rating retained.

This report was published on May 27, 2019.

Target price is $3.90 Current Price is $3.23 Difference: $0.67
If CDA meets the Moelis target it will return approximately 21% (excluding dividends, fees and charges).

Forecast for FY19:

Moelis forecasts a full year FY19 dividend of 14.10 cents and EPS of 24.80 cents.
At the last closing share price the estimated dividend yield is 4.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.02.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 15.50 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.77.

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: $2.88

Wilsons rates ((EML)) as Buy (1) –

Wilsons raises EML Payments' target price by 35% to $3.55 from $2.62 after news the company will partner with Smartgroup ((SIQ)) to provide salary packaging benefit cards for an extra 100,000 accounts, yielding $6m for group revenue.

Following hot on the heels of the Flex-e-card acquisition, the broker feels the company is hitting its stride.

The broker also reviews the recently legalised US online sports betting market, noting EML has flagged 7-10 gaming contracts within 12 months, and says the potential $3.1bn market represents blue-sky opportunities for the company.

Wilsons notes EML is trading at an undemanding multiple of 17x FY20 earnings, in line with peers, but believes it should be trading at a 30% premium  given superior organic growth, a cash position allowing for acquisitions, and the US online sports betting market potential.

Buy rating retained.

This report was published on June 4, 2019.

Target price is $3.55 Current Price is $2.88 Difference: $0.67
If EML meets the Wilsons target it will return approximately 23% (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 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.47.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 0.00 cents and EPS of 9.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.65.

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

EXL    ELIXINOL GLOBAL LIMITED

Health & Nutrition – Overnight Price: $3.90

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

Bell Potter reports that Elixinol-branded products are rolling out in their first US pilot across national retailer Albertsons' 330 stores. Albertsons' banners include Safeway Supermarkets.

Gravells' Pharmacies in the UK have also signed as a stockists. Gravells is a member of the Cambrian alliance with 1,200 pharmacies, representing an opportunity for further market penetration.

Elixol has also signed a distribution agreement with an unnamed prominent UK high street retailer for 60,000 units across six stockists. The Elixinol range will be launched in June, 2019, and will include a TV advertising campaign.

Speculative Buy rating retained. Target price steady at $6.36.

This report was published on May 30, 2019.

Target price is $6.32 Current Price is $3.90 Difference: $2.42
If EXL meets the Bell Potter target it will return approximately 62% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY19:

Bell Potter forecasts a full year FY19 dividend of 0.00 cents and EPS of 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 229.41.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.45.

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

MRM    MMA OFFSHORE LIMITED

Energy Sector Contracting – Overnight Price: $0.18

Canaccord Genuity rates ((MRM)) as Speculative Buy (1) –

Cannacord Genuity notes MMA Offshore's share price is trading at a big discount to net tangible asset backing and reiterates its Speculative Buy rating, after guidance confirmed that debt covenants are covered ahead of a resumption of testing on June 30.

The broker is forecasting net tangible assets of 35c a share for FY19, double the current share price, a fall in net-debt-to-earnings to 5.5x in FY20 from 7.4x in FY19, and a recovery in day rates and rates for shallow-water vessels.

The broker notes the company's high level of operating leverage and estimates a $1,000 improvement in day rates yields $7m in earnings before interest tax, depreciation and amortisation.

Target price is steady at 25c.

This report was published on May 27, 2019.

Target price is $0.25 Current Price is $0.18 Difference: $0.07
If MRM meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is N/A

Forecast for FY19:

Canaccord Genuity forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 3.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY20:

Canaccord Genuity forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.72 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

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Shaw and Partners rates ((MRM)) as Buy, high risk (1) –

MMA Offshore has reaffirmed FY19 earnings ahead of the review of its banking covenants on June 30, 2019.

Shaw and Partners notes contracted utilisation, a forward indicator, has increased to 49% from 39%, gearing has improved and operating cash flow has risen 28% on the previous corresponding period.

While the macro outlook, particularly for oil prices, will set the tone, the broker says all things equal, continued strength in utilisation predicated on tightening pricing and availability of high-spec vessels should play in MMA Offshore's favour.

Shaw retains a Buy rating and 40c target price.

This report was published on May 28, 2019.

Target price is $0.40 Current Price is $0.18 Difference: $0.22
If MRM meets the Shaw and Partners target it will return approximately 122% (excluding dividends, fees and charges).
Current consensus price target is N/A

Forecast for FY19:

Shaw and Partners forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY20:

Shaw and Partners forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is N/A, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

MVP    MEDICAL DEVELOPMENTS INTERNATIONAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $5.24

Moelis rates ((MVP)) as Hold (3) –

Medical Developments International has signed a five-year exclusive contract with private company Mundipharma to distribute the pain-relieving inhaler Penthrox in Australia, starting July 1, 2019.

Moelis notes that Mundipharma forecasts considerable growth for the product and, given the company's large Australian networks and relationships, believes this augurs well for Medical Developments.

Moelis says the deal will help Medical Developments increase penetration across non-emergency Australian markets, which will position it for global opportunities. The broker says the deal leaves its existing profit base intact.

Near-term earnings-per-share forecasts are steady. The broker projects modest upgrades for FY21 and is awaiting feedback from an FDA meeting on June 10 before further revising US estimates. If the meeting is successful, Medical Developments could resubmit its Investigational New Drug application in November.

Hold rating and $5.45 target price retained.

This report was published on June 4, 2019.

Target price is $5.45 Current Price is $5.24 Difference: $0.21
If MVP meets the Moelis target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Moelis forecasts a full year FY19 dividend of 4.00 cents and EPS of 0.80 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 655.00.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 4.00 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 106.94.

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

MYE    MASTERMYNE GROUP LIMITED

Mining Sector Contracting – Overnight Price: $0.86

Wilsons rates ((MYE)) as Buy (1) –

Wilsons reiterates its high-conviction Buy rating for Mastermyne following a company presentation.

The broker notes the cycle is strengthening and given Mastermyne's market position, the company is likely to win the bulk of large Queenlsand underground coal work for the next two years.

Management confirmed guidance and suggested FY20/21 is shaping up very strongly. The company says recent large contract renewals will return earnings margins to 10%+ for FY20/21.

Wilsons notes the stock is trading on a low multiple of 3.3x FY20 earnings. Buy rating and $1.60 target price retained.

This report was published on June 4, 2019.

Target price is $1.60 Current Price is $0.86 Difference: $0.74
If MYE meets the Wilsons target it will return approximately 86% (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 8.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.89.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 3.20 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.72.

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

RIC    RIDLEY CORPORATION LIMITED

Agriculture – Overnight Price: $1.26

Wilsons rates ((RIC)) as Buy (1) –

Wilsons reiterates its Buy rating for Ridley Corporation, forecasting a recovery for the stock, which has been battling higher energy costs and customer churn for two-and-a-half years.

The broker also forecasts accelerated earnings growth for the next two years as new feed mills come on line. 

Wilsons notes the stock has been trading in line with expectations and that, while prospects for 3rd party investment in Novacq have waned, the product remains a strong opportunity for Ridley.

The broker retains its core valuation of $1.32 a share on a discounted cash flow basis (a price-earnings-ratio of 17.4x) and its extra 35c a share for Novacq, taking the total un-risked valuation to $1.74.

Target price steady at $1.66.

This report was published on June 5, 2019.

Target price is $1.66 Current Price is $1.26 Difference: $0.4
If RIC meets the Wilsons target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Wilsons forecasts a full year FY19 dividend of 4.30 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 4.50 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.58.

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

STG    STRAKER TRANSLATIONS LIMITED

IT & Support – Overnight Price: $1.55

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

Straker Translations maiden FY19 result beat prospectus forecasts, but gross margins slightly missed the broker's estimate.

Bell Potter trims revenue forecasts 1%-1.5% to 41% growth, of which organic growth represents 8%, a translation deal and future M&A the balance.

Earnings-per-share estimates fall 44% in FY20 and 14% in FY22.

Target price falls 4.7% to $2, to account for earnings downgrades, market movement and time creep.

Buy rating retained to reflect the 39.7% premium of the valuation to the share price.

Target price is $2.00 Current Price is $1.55 Difference: $0.45
If STG meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of 4.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.70.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 9.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.32.

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

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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, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

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