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Weekly Ratings, Targets, Forecast Changes

Weekly Reports | Jul 01 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 June 24 to Friday June 28, 2019
Total Upgrades: 13
Total Downgrades: 19
Net Ratings Breakdown: Buy 39.52%; Hold 44.44%; Sell 16.03%

Against a background of equities enjoying a stellar ride higher, stockbroking analysts are unusually busy issuing downgrades and upgrades for individual ASX-listed entities. For the week ending Friday, 28th June 2019, FNArena registered no less than 13 upgrades in recommendations and 19 downgrades.

Irrespective of the quite impressive looking tally, the underlying observation remains that individual stock ratings are trending towards the Neutral/Hold zone.

Out of all recommendations for the eight stockbrokers monitored daily by FNArena, more than 44% are now carrying a Hold/Neutral rating versus 39%+ in the Buy zone and the remaining 16% on Sell. This marks quite an unusually large gap between Hold/Neutral ratings and Buys.

A reflection of positive sentiment ignoring the tough macro-environment that is keeping a lid of corporate profits?

All of the eight stockbrokers are now carrying more Hold/Neutral ratings than Buys.

Nevertheless, a positive trend seems to be emerging in valuations and price targets where analysts are lifting their numbers for stocks including Collins Foods, Northern Star, Bingo Industries, Growthpoint Properties, and Mirvac. With exception of perennial underperformers Syrah Resources and Metcash, there is literally not much happening on the negative side.

But then, this week's tables for earnings estimates show a busy crowd of analysts equally cutting estimates at high speed, just as companies including Pushpay Holdings and Alacer Gold are enjoying noticeable increases. Here, however, the balance is overwhelmingly weighted to heavy reductions with stand-out names Galaxy Resources, Syrah Resources, Caltex Australia, Aveo Group, and Viva Energy Group.

Investors will be hoping the upcoming reporting season in August will turn the trend in corporate profits. How else can this year's share market buoyancy continue for much longer?

Upgrade

CALTEX AUSTRALIA LIMITED ((CTX)) Upgrade to Equal-weight from Underweight by Morgan Stanley .B/H/S: 3/4/0

Caltex's operations have been under pressure causing the share price to fall and investors adopting a more negative view. Morgan Stanley analysts think Caltex management will respond. In anticipation, they have upgraded to Equal-weight from Underweight.

The analysts do add success from management's response will depend on the extent of fuel margin compression across the industry versus cost-out initiatives and/or property divestments.Target is $24. Underweight. Industry view: In-Line.

Note: Both EPS and DPS estimates have received a noticeable haircut.

CROWN RESORTS LIMITED ((CWN)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 1/5/0

Macquarie has examined the strategic rationale for the Crown Resorts-Melco Resorts bid and has given it the thumbs up, pointing to the resulting revenue synergies and stronger penetration into the Asian premium market.

The broker believe the deal could offer 17% upside to the Crown share price, on a valuation basis. However, the broker notes that the near-term fundamentals are underwhelming as the US/China trade war continues to hurt VIP trade and the domestic environment faces its own hurdles.

The broker cuts earnings-per-share estimates -2% out to FY21 to recognise the removal of the share buy-back. Price target rises to $12.60 to reflect a 50:50 spread across fundamentals ($11.20 a share) vs Melco Resorts takeover at $14 a share.

Given the potential for a higher bid, the broker upgrades to Outperform from Neutral.

DOMINO'S PIZZA ENTERPRISES LIMITED ((DMP)) Upgrade to Buy from Neutral by Citi .B/H/S: 2/3/2

Domino's Pizza has been upgraded to Buy from Neutral at Citi with a slightly reduced price target of $44 (was $45.60) on the observation this stock offers excellent exposure to further store roll outs in Europe.

Citi analysts are forecasting 13% EPS CAGR between FY18 and FY22. They do think FY19 guidance seems "stretched", but also that this is already reflected in the share price.

All in all, Citi suggests the risks in Australia are well understood by investors while the upside from European store openings is not yet priced in.

GROWTHPOINT PROPERTIES AUSTRALIA ((GOZ)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 0/2/1

Growthpoint Properties has announced a $150m institutional placement and a $15m share purchase plan.

The company reaffirmed FY19 guidance and guided to an FY20 rise of 1.8%.

Macquarie breaks this down into 4% dilution from the placement; 2.6% accretion from a $475m breaking of swap contracts to a lower hedged debt rate; and 1% accretion from the acquisition of a $50m metro office building. Combined, the broker estimates the impact to be a less-than -1% dilution in earnings before the deployment of proceeds.

The broker tinkers with earnings-per-share estimates and the target price rises 15.3% to $4.08 from $3.54 to reflect stronger cap rate compression assumptions.

Broker upgrades to Neutral from Underperform, expecting the company to benefit from the rosier bond outlook.

GALAXY RESOURCES LIMITED ((GXY)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 3/2/0

Macquarie downgrades Galaxy Resources earnings-per-share estimates -20%, -3% and -3% across FY21-23 following news of delayed spodumene shipments, recent softness in the seaborne spodumene market, and higher debt and associated interest expenses following the Alliance equity investment.

Twp shipments of spodumene concentrate have been shipped from Mt Caittlin this quarter, another has been pushed into the September quarter. The target price falls to $1.30 from $1.50. Upgrade to Neutral from Underperform on valuation grounds.

See also GXY downgrade.

MYER HOLDINGS LIMITED ((MYR)) Upgrade to Neutral from Sell by UBS .B/H/S: 0/3/2

Myer has underperformed the index by -24% in June, which leads UBS to suggest the current valuation is fairly pricing in upside potential from the company's turnaround strategy. The broker sees the opportunity to hand back 18 floors of leased space for a saving of $18m by FY23, and further opportunities around cost-outs and exiting unprofitable categories.

Nonetheless, the broker warns a lack of improvement in trading post-election suggests the risks are balanced. Enough for UBS to upgrade to Neutral. Target unchanged at 59c.

NRW HOLDINGS LIMITED ((NWH)) Upgrade to Hold from Sell by Deutsche Bank .B/H/S: 1/2/0

The share price has now fallen far enough to warrant an upgrade to Hold from Sell, report analysts at Deutsche Bank. No other changes have been made.

PACT GROUP HOLDINGS LTD ((PGH)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 2/3/0

Pact Group has refinanced a $380m July 2020 debt facility out to January 2022, reducing the likelihood of an equity raising. Given guidance has been confirmed, Macquarie upgrades to Neutral from Underperform and increases the target price to $2.81 from $2.66.

The broker says the company can now look forward to higher earnings to reduce debt levels, rather than equity, and says it should be aided by a slow recovery in raw material costs, network redesign, full-year impact of the TIC acquisition, and crates expansion with Aldi.

Macquarie downgrades earnings-per-share estimates -6% and -4% to account for the expected growth trajectory, awaiting input from the new chief executive officer Sanjay Dayal.

SANDFIRE RESOURCES NL ((SFR)) Upgrade to Hold from Reduce by Morgans and Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 3/4/1

Sandfire Resources has agreed to buy MOD Resources ((MOD)) for a cash and scrip equivalent of $167m. The cash component is $42m and the scrip component is 45c per share. 

Morgans says, at first glance, the deal offers exploration upside and strategic value given the provincial tenure. Morgans increases its target price to $6.96 from $6.84, primarily to reflect lower $A forecasts.

The broker upgrades to Hold from Reduce to reflect the share-price retreat following the announcement.

Ord Minnett has upgraded to Accumulate from Hold on the news Sandfire Resources intends to acquire MOD Resources ((MOD)), noting the proposed deal will increase the company's share count by about 12%.

Clearly, the broker likes the deal, citing net addition to Net Present Value of potentially up to $1 per share, an internal rate of return of 15% post acquisition costs and upside from further exploration.

The analysts do acknowledge there now is additional geopolitical risk along with added development risk associated with a project based in Africa (Botswana). Target price unchanged at $8.

TELSTRA CORPORATION LIMITED ((TLS)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 3/3/2

Macquarie notes Optus has increased its post-paid pricing, suggesting competition in mobile is stabilising. Recent competition will still need to flow through, the broker notes, but Telstra will benefit if mobile returns to growth.

Macquarie has ticked up its mobile growth and thus earnings expectations and reduced its valuation discount rate due to lower bond prices. Target rises to $3.75 from $2.90. Upgrade to Neutral.

VIVA ENERGY GROUP LIMITED ((VEA)) Upgrade to Overweight from Equal-weight by Morgan Stanley .B/H/S: 5/1/0

Morgan Stanley upgrades to Overweight from Equal-weight on the expectation that forecasts are close to bottoming. In addition, refining offers potential for significant upside medium term, argue the analysts.

The analysts also suggest greater evidence of Viva Energy's retail strategy expansion delivering positive results should start emerging. Lower margins in comparison with rival Caltex Australia ((CTX)) are seen as a form of protection in difficult times.

Target lifts by 5c to $2.35. Industry view is In-Line.

VOCUS GROUP LIMITED ((VOC)) Upgrade to Buy from Neutral by UBS .B/H/S: 2/5/0

UBS suggests the reason Vocus has de-rated is the swiftness with which recent suitor AGL Energy ((AGL)) and others before it, had walked away from a deal after access to due diligence, raising concern in the market. But the broker believes the key reason AGL bailed is that it could not hit its rate of return requirement at the $4.85 bid price.

While UBS still has its own reservations about the business, the broker upgrades to Buy now the stock has pulled back far enough that returns for a suitor are more achievable, implying an unpriced option value on enterprise execution. Target unchanged at $3.85.

Downgrade

ALUMINA LIMITED ((AWC)) Downgrade to Neutral from Buy by Citi .B/H/S: 1/4/0

A general update on metals producers in Australia has revealed a downgrade for Alumina ltd to Neutral from Buy. This is the result of the share price moving near the broker's price target, which has remained unchanged post the general sector update.

BINGO INDUSTRIES LIMITED ((BIN)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 2/1/0

At its investor day, Bingo noted the integration of Dial-a-Dump is going well and -$5m of cost savings have been realised thus far. Ahead of Queensland introducing a waste disposal levy from July1, Bingo plans to increase NSW pricing by 20-25%, however visibility on traction, the broker notes, is thus far low.

With the closing of the Dial-a-Dump deal mitigating risks and progress in capacity additions underpinning Bingo's growth trajectory, Macquarie lifts its target to $2.35 from $2.00. The share price has now enjoyed a recovery off its lows to a 24% premium to the ASX200 Industrials and here Macquarie sees valuation as fair. Downgrade to Neutral.

COLLINS FOODS LIMITED ((CKF)) Downgrade to Hold from Add by Morgans .B/H/S: 2/1/0

Collins Foods' FY19 result met the broker, with the Australian KFC business outperforming by roughly 3%, thanks to improved margins. Morgans notes strong cash conversion helped fund a 50% dividendend payout, $63m in capital expenditure and pay down roughly $15m in debt.

The broker estimates the 25 Australian stores set to open in FY20 should yield 10% top-line growth. However, a weaker performance from KFC Europe, on top of a higher tax bill and share dilution, have caused the broker to cut earnings-per-share forecasts -2.9%, -3.8% and -3.1% across FY20/FY21/FY22.

The broker appreciates the company's defensive growth profile and believes it justifies the FY20 price-earnings multiple of 18.6x, but downgrades to Hold from Add to account for the recent share price strength. Target price rises to $8.20 from $7.78. 

FLEXIGROUP LIMITED ((FXL)) Downgrade to Hold from Add by Morgans .B/H/S: 4/2/0

FlexiGroup has issued new profit guidance and a review of its commerical strategy, which will involve divesting its equipment finance book. The broker views the May addition of major retailers including Myer to its Humm Buy Now Pay Later platform as positive but remains cautious.

Morgans believes the divestment of the equipment finance book is sensible, and would see it join Eclipx Group ((ECX)) and Thorn Group ((TGA)) on the market, possibly triggering private equity interest. 

Broker cuts earnings per share forecasts -12% and -10% across FY20/21 to reflect a slower recovery in the AU Card impairments, and lower Commercial earnings following the equipment finance divestment.

Morgans moves to Hold from Add, awaiting greater certainty on the earnings trajectory. Target price eases to $1.80 from $1.83.

GENEX POWER LIMITED ((GNX)) Downgrade to Speculative Buy from Add by Morgans .B/H/S: 1/0/0

Genex Power is raising another $16m from sophisticated investors and $3m from shareholders, which, on top of the recently announced JPower deal, has diluted shares by -9%, well beyond the broker's estimate.

This has triggered a downgrade from Morgans to Speculative Buy from Add. Target price falls to 32c from 33c.Morgans says the extra raising may simply be for a buffer, given debt figures have yet to be determined.

Meanwhile, KS1 is to be refinanced with new debt. Morgans believes there is still upside, but the amount of upside has been reduced while the risks have risen.

GALAXY RESOURCES LIMITED ((GXY)) Downgrade to Neutral from Buy by UBS .B/H/S: 3/2/0

UBS downgrades Galaxy Resources to Neutral from Buy to reflect continued weakness in the lithium-carbonate market.

The broker says the company's operations have improved and its cash position is strong enough to develop Sal de Vida (Galaxy said it was formally closing the sale process) but the probability of it moving forward has been reduced to 25% from 75%.

Downward revisions to the broker's lithium carbonate forecasts of -8% in 2019 and -21% in 2020 have resulted in cuts to the company's 2019 and 2020 net profit estimates of -33% and -255% respectively.

Net present value falls -41% to reflect Sal de Vida issues. Target price cut to $1.40 from $2.30.

See also GXY upgrade.

ILUKA RESOURCES LIMITED ((ILU)) Downgrade to Neutral from Buy by Citi .B/H/S: 4/2/0

Iluka Resources' shares have rallied 20% over the month past and Citi analysts think it's time for a breather; they have downgraded to Neutral from Buy.

Also, the analysts believe it will be challenging for Iluka to continue to outperform into a slowing China property sector in 2H CY19. Price target lifts to $11.40 from $11.

MAGELLAN FINANCIAL GROUP LIMITED ((MFG)) Downgrade to Underweight from Equal-weight by Morgan Stanley .B/H/S: 0/6/1

Recommendation has been downgraded to Underweight from Equal-weight as the analysts at Morgan Stanley believe market expectations have risen too high, while also observing the share price is already up more than 100% year-to-date.

Countering market enthusiasm, Morgan Stanley states it thinks growth options in retirement products are not certain to succeed, expansion to US is unlikely to accelerate, and Magellan's business mix remains narrow.

Target is raised to $38 from $28.60. Industry view: In-Line. Both EPS and DPS forecasts have received a serious boost.

METCASH LIMITED ((MTS)) Downgrade to Hold from Accumulate by Ord Minnett and Downgrade to Underperform from Neutral by Macquarie .B/H/S: 2/2/3

The FY19 result missed the analysts' expectations with fingers pointing at the lower food result and slightly higher corporate, net interest and tax charges. Also, the tougher environment is now catching up with the Hardware division, suggests the broker.

Reduced earnings forecasts have pulled down the price target; to $2.85 from $3.30. Recommendation is downgraded to Hold from Accumulate. The analysts continue to see valuation support for the share price.

Metcash's FY19 result missed the broker and consensus, deteriorating cash flow triggering a downgrade to Underperform from Neutral.

Macquarie notes that Metcash must spend money just to stand still and asks, in the midst of a capital expenditure war, "when is 'investment' simply a higher cost of doing business?"

Adding insult to injury the banner count fell another 2.5%. Earnings per share estimates fall -1% and target price eases -1% to $2.44.

MONASH IVF GROUP LIMITED ((MVF)) Downgrade to Hold from Add by Morgans .B/H/S: 1/1/0

Morgans downgrades Monash IVF to Hold from Add to reflect recent share price strength.

The broker remains optimistic on the stock, believing guidance for 15% net-profit-after-tax growth will be met and industry feedback suggests competition is moderating.

Morgans adjusts longer term growth rates and raises the valuation-based target price to $1.37 from $1.25.

NEWCREST MINING LIMITED ((NCM)) Downgrade to Neutral from Buy by Citi and Downgrade to Underweight from Equal-weight by Morgan Stanley .B/H/S: 0/3/5

A general update on metals has forced Citi analysts to upgrade their prior price forecasts for gold, with positive impact on all Australian producers under coverage. Newcrest Mining, however, has nevertheless been downgraded to Neutral from Buy.

Citi believes, despite the positive impulse from higher gold price forecasts, the share price has run too far. Price target lifts to $33.25 from $28.50. Estimates have received a boost.

Morgan Stanley's downgrade for Newcrest Mining was hidden inside a commodities sector report, which is why we failed to spot it initially. Morgan Stanley is not a big fan of owning gold stocks as the analysts believe the rally this year has incorporated average gold prices of US$2000/oz or more, and this makes gold stocks expensive.

Target price has been revised up to $24.25, from $23, but this remains well below the share price. All four gold stocks under coverage in Australia are now rated Underweight. Newcrest is the only one receiving a fresh downgrade. Industry view remains Attractive, but commentary infers this applies for the rest of the commodities space, not for gold producers.

NORTHERN STAR RESOURCES LTD ((NST)) Downgrade to Sell from Neutral by UBS .B/H/S: 1/2/4

UBS downgrades Northern Star to Sell from Neutral after the recent 50% run in the share price.

The broker notes the prognosis remains positive for company, and expects a big rise in production for the June quarter and a maiden reserve at Pogo in August.

A 7% upgrade to the broker's gold-price forecasts (and lesser upgraded operating assumptions for Pogo) triggers a 30% upgrade to net-profit-after-tax estimates.

The target price rises to $10.60 from $9.

OROCOBRE LIMITED ((ORE)) Downgrade to Neutral from Buy by UBS .B/H/S: 5/2/1

UBS downgrades Orocobre from Buy to Neutral to reflect the malaise in the lithium-carbonate market.

Delays to commissioning downstream capacity, downgrade revisions to lithium carbonate prices, and the move of China to a net exporter (seaborne prices continue to outperform domestic prices), all played their part.

Add to that cash issues and flat production, the broker expects an uneventful year.

The broker has downgraded lithium carbonate forecasts -8% in 2019 and -21% in 2020. Net present value falls -17% as UBS increases the discount rate from 10% to 12%.

Target price falls to $3.50 from $4.20.

PRO MEDICUS LIMITED ((PME)) Downgrade to Hold from Add by Morgans .B/H/S: 0/2/0

Morgans downgrades Pro Medicus to Hold from Add in the light of recent share-price strength and is awaiting a better entry point.

The broker expects a good FY19 result struck on revenue and margin growth but suspects the adoption of ASC606 accounting standards around contracts may create some volatility.

The broker believes that once the market better understands the accounting rebasing, the market can expect consensus upgrades to the outer years.

Target price is $25.46, previously $23.69.

STOCKLAND ((SGP)) Downgrade to Sell from Neutral by Citi .B/H/S: 2/1/3

Citi's team of property specialists has been negative on the outlook and risks for owners of retail property, and they have again reiterated that view in the latest sector update. They point out their price targets for many a retail landlord in Australia is at least -10% below the share price.

In an attempt to emphasise the risk, Citi analysts state they expect falling underlying values to weigh heavily on retail landlords' share prices, similar to what has occurred in markets such as the US and the UK.

Stockland has been downgraded to Sell from Neutral. Price target falls to $3.80 from $3.88.

SYRAH RESOURCES LIMITED ((SYR)) Downgrade to Neutral from Buy by UBS .B/H/S: 2/3/0

UBS downgrades Syrah Resources to Neutral from Buy to reflect downgrades to the broker's graphite prices forecasts. The broker has lost patience on the Balama project, which has yet to reach positive cash flow despite yet another capital raising.

UBS doubts the company can expand production without further diluting the price and says a slow ramp-up of Balama will extend the cash burn period. Nevertheless, operations capacity is sufficient, the underlying problem is weak market demand, with anode producers favouring synthetic graphite to natural flake.

Graphite forecasts fall -14% to -19% across 2019-2022, resulting in downgrades to FY19 and FY20 net profit forecasts of -16% and -419%. Net present value falls to 62% after a rise in the discount rate of 18% and the inclusion of the one for five equity raising.

Target price more than halves to 90c from $2.40.

VIRTUS HEALTH LIMITED ((VRT)) Downgrade to Hold from Add by Morgans .B/H/S: 1/2/0

Morgans downgrades Virtus Health to Hold from Add given the share price has rallied 18% over June to reflect fair value. The broker remains positive on the company and is awaiting a better entry point.

The broker expects the company to outpace consensus primarily because of a contribution from a licence fee for its artificial intelligence software called Ivy that can predict viable pregnancies in embryos, from the Swedish company Embryoscope and Australian company Harrison AI. The technology supports elective single embryo transfers and shorten pregnancy times.

Target price rises to $4.87 from $4.60.

Total Recommendations
Recommendation Changes

Broker Recommendation Breakup

Broker Rating

 

Order Company New Rating Old Rating Broker
Upgrade
1 CALTEX AUSTRALIA LIMITED Neutral Sell Morgan Stanley
2 CROWN RESORTS LIMITED Buy Neutral Macquarie
3 DOMINO'S PIZZA ENTERPRISES LIMITED Buy Neutral Citi
4 GALAXY RESOURCES LIMITED Neutral Sell Macquarie
5 GROWTHPOINT PROPERTIES AUSTRALIA Neutral Sell Macquarie
6 MYER HOLDINGS LIMITED Neutral Sell UBS
7 NRW HOLDINGS LIMITED Neutral Sell Deutsche Bank
8 PACT GROUP HOLDINGS LTD Neutral Sell Macquarie
9 SANDFIRE RESOURCES NL Neutral Sell Morgans
10 SANDFIRE RESOURCES NL Buy Neutral Ord Minnett
11 TELSTRA CORPORATION LIMITED Neutral Sell Macquarie
12 VIVA ENERGY GROUP LIMITED Buy Neutral Morgan Stanley
13 VOCUS GROUP LIMITED Buy Neutral UBS
Downgrade
14 ALUMINA LIMITED Neutral Buy Citi
15 BINGO INDUSTRIES LIMITED Neutral Buy Macquarie
16 COLLINS FOODS LIMITED Neutral Buy Morgans
17 FLEXIGROUP LIMITED Neutral Buy Morgans
18 GALAXY RESOURCES LIMITED Neutral Buy UBS
19 GENEX POWER LIMITED Buy Buy Morgans
20 ILUKA RESOURCES LIMITED Neutral Buy Citi
21 MAGELLAN FINANCIAL GROUP LIMITED Sell Neutral Morgan Stanley
22 METCASH LIMITED Sell Neutral Macquarie
23 METCASH LIMITED Neutral Buy Ord Minnett
24 MONASH IVF GROUP LIMITED Neutral Buy Morgans
25 NEWCREST MINING LIMITED Neutral Buy Citi
26 NEWCREST MINING LIMITED Sell Neutral Morgan Stanley
27 NORTHERN STAR RESOURCES LTD Sell Neutral UBS
28 OROCOBRE LIMITED Neutral Buy UBS
29 PRO MEDICUS LIMITED Neutral Buy Morgans
30 STOCKLAND Sell Neutral Citi
31 SYRAH RESOURCES LIMITED Neutral Buy UBS
32 VIRTUS HEALTH LIMITED Neutral Buy Morgans

Recommendation

Positive Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 GOZ GROWTHPOINT PROPERTIES AUSTRALIA -33.0% -67.0% 34.0% 3
2 MGR MIRVAC GROUP -8.0% -30.0% 22.0% 6
3 PGH PACT GROUP HOLDINGS LTD 40.0% 20.0% 20.0% 5
4 MYR MYER HOLDINGS LIMITED -42.0% -58.0% 16.0% 6
5 VOC VOCUS GROUP LIMITED 29.0% 14.0% 15.0% 7
6 DMP DOMINO'S PIZZA ENTERPRISES LIMITED -6.0% -19.0% 13.0% 8
7 SYD SYDNEY AIRPORT HOLDINGS LIMITED -13.0% -25.0% 12.0% 8
8 WPL WOODSIDE PETROLEUM LIMITED 25.0% 13.0% 12.0% 8
9 HUB HUB24 LIMITED -20.0% -25.0% 5.0% 5
10 NWL NETWEALTH GROUP LIMITED -8.0% -10.0% 2.0% 6

Negative Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 VRT VIRTUS HEALTH LIMITED 33.0% 67.0% -34.0% 3
2 CKF COLLINS FOODS LIMITED 67.0% 100.0% -33.0% 3
3 BIN BINGO INDUSTRIES LIMITED 67.0% 100.0% -33.0% 3
4 NCM NEWCREST MINING LIMITED -63.0% -38.0% -25.0% 8
5 MTS METCASH LIMITED -14.0% 7.0% -21.0% 7
6 SYR SYRAH RESOURCES LIMITED 40.0% 60.0% -20.0% 5
7 AWC ALUMINA LIMITED 20.0% 40.0% -20.0% 5
8 ILU ILUKA RESOURCES LIMITED 58.0% 75.0% -17.0% 6
9 FXL FLEXIGROUP LIMITED 67.0% 83.0% -16.0% 6
10 NST NORTHERN STAR RESOURCES LTD -43.0% -29.0% -14.0% 7

Target Price

Positive Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 CKF COLLINS FOODS LIMITED 8.483 7.760 9.32% 3
2 NST NORTHERN STAR RESOURCES LTD 8.886 8.300 7.06% 7
3 BIN BINGO INDUSTRIES LIMITED 2.137 2.020 5.79% 3
4 GOZ GROWTHPOINT PROPERTIES AUSTRALIA 3.847 3.667 4.91% 3
5 MGR MIRVAC GROUP 2.895 2.782 4.06% 6
6 NCM NEWCREST MINING LIMITED 24.501 23.814 2.88% 8
7 ILU ILUKA RESOURCES LIMITED 10.792 10.558 2.22% 6
8 SYD SYDNEY AIRPORT HOLDINGS LIMITED 7.296 7.141 2.17% 8
9 RRL REGIS RESOURCES LIMITED 4.651 4.564 1.91% 8
10 VRT VIRTUS HEALTH LIMITED 4.870 4.780 1.88% 3

Negative Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 SYR SYRAH RESOURCES LIMITED 1.390 2.170 -35.94% 5
2 MTS METCASH LIMITED 2.767 2.886 -4.12% 7
3 ORE OROCOBRE LIMITED 4.518 4.605 -1.89% 8
4 AWC ALUMINA LIMITED 2.530 2.550 -0.78% 5
5 DMP DOMINO'S PIZZA ENTERPRISES LIMITED 42.196 42.396 -0.47% 8
6 FXL FLEXIGROUP LIMITED 1.765 1.770 -0.28% 6

Earning Forecast

Positive Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 PPH PUSHPAY HOLDINGS LIMITED 6.458 5.804 11.27% 3
2 AQG ALACER GOLD CORP 36.288 34.369 5.58% 3
3 CYB CYBG PLC 49.745 48.387 2.81% 3
4 FMG FORTESCUE METALS GROUP LTD 113.263 111.308 1.76% 8
5 TAH TABCORP HOLDINGS LIMITED 19.838 19.505 1.71% 7
6 ILU ILUKA RESOURCES LIMITED 93.635 92.102 1.66% 6
7 NST NORTHERN STAR RESOURCES LTD 36.233 35.850 1.07% 7
8 QBE QBE INSURANCE GROUP LIMITED 88.969 88.047 1.05% 8
9 GOZ GROWTHPOINT PROPERTIES AUSTRALIA 23.133 22.900 1.02% 3
10 BIN BINGO INDUSTRIES LIMITED 7.833 7.767 0.85% 3

Negative Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 GXY GALAXY RESOURCES LIMITED -1.621 -0.279 -481.00% 5
2 SYR SYRAH RESOURCES LIMITED -9.187 -5.289 -73.70% 5
3 CTX CALTEX AUSTRALIA LIMITED 147.400 189.833 -22.35% 7
4 AOG AVEO GROUP 9.400 12.067 -22.10% 3
5 VEA VIVA ENERGY GROUP LIMITED 11.300 14.150 -20.14% 6
6 OGC OCEANAGOLD CORPORATION 17.471 19.496 -10.39% 6
7 AWC ALUMINA LIMITED 23.718 25.569 -7.24% 5
8 MTS METCASH LIMITED 22.060 23.230 -5.04% 7
9 HUB HUB24 LIMITED 14.392 15.125 -4.85% 5
10 WTC WISETECH GLOBAL LIMITED 18.067 18.700 -3.39% 4

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CHARTS

AGL AWC BIN CKF CTX CWN DMP ECX FXL GNX GOZ GXY ILU MFG MOD MTS MVF MYR NCM NST NWH ORE PGH PME SFR SGP SYR TGA TLS VEA VOC VRT