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Weekly Ratings, Targets, Forecast Changes – 20-03-20

Weekly Reports | Mar 23 2020

This story features ALTIUM, and other companies. For more info SHARE ANALYSIS: ALU

By Rudi Filapek-Vandyck, Editor FNArena

Guide:

The FNArena database tabulates the views of seven major Australian and international stock brokers: Citi, Credit Suisse, 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 March 16 to Friday March 20, 2020
Total Upgrades: 53
Total Downgrades: 12
Net Ratings Breakdown: Buy 45.21%; Hold 42.85%; Sell 11.95%

And while this Grand Bear Market for global equities continues dragging share prices down, stockbroking analysts keep upgrading recommendations for individual ASX-listed stocks at a frantic pace.

For the first time in a long while, total Buy recommendations for the seven stockbrokers combined that are monitored daily by FNArena now represent the largest group, outpacing the Neutral/Holds 45.21% versus 42.85%, with the remaining  11.95% on Sell.

It has been a long while since Neutral/Hold recommendations no longer represent the largest group of recommendations, but then the Bull market upswing coming out of the brief Bear Market of late 2018 had been strong and elongated. Now the Bear Market that has followed that Bull Market upswing has been quick, ruthless, and savage.

It aint over until the Fat Lady sings and on that account I am listening with intense focus, only to find it's eerily quiet out there.

For the week ending Friday, 23rd March 2020, FNArena registered no less than 53 upgrades in recommendations for individual stocks versus 12 downgrades.

Among those many upgrades are multiple stocks that received multiple upgrades, including Beach Energy, BHP Group, Boral, Flight Centre, JB Hi-Fi, National Australia Bank, Ramsay Health Care, and  REA Group. Only fourteen out the 53 upgrades didn't move beyond Neutral/Hold.

So which are the twelve stocks that still received a downgrade (mostly to Hold/Neutral, only Oil Search received one fresh Sell rating)? They are Carnarvon Petroleum, Cooper Energy, GUD Holdings, Lovisa Holdings, Oil Search, Premier Investments, Prospa Group, Senex Energy, Woodside Petroleum, and Worley.

The 2020 Grand Bear Market continues in the weeks, most likely months ahead.

Upgrade

ALTIUM LIMITED ((ALU)) Upgrade to Buy from Neutral by UBS .B/H/S: 3/0/0

UBS upgrades to Buy from Neutral as the valuation appears highly attractive for the long-term growth trajectory. A commercialisation of the relationship with Dassault is a material near-term catalyst.

While the broker believes the company is unlikely to achieve FY20 guidance, demand for the product is unchanged and sales momentum is expected to be maintained into FY21. Target is reduced to $37.50 from $39.00.

AUSTRALIA & NEW ZEALAND BANKING GROUP ((ANZ)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 3/3/1

Credit Suisse lowers estimates, increasing bad debt provisions and allowing for a peak in the second half of FY20.

The broker also incorporates additional margin impact from the announcements from the Reserve Bank, although these are less than originally feared given the introduction of a term funding facility.

Dividend forecasts are reduced by -10%. The broker upgrades to Outperform from Neutral and reduces the target to $22.80 from $24.50.

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

APA Group is considered well insulated from supply and demand shocks related to coronavirus, despite having been caught up in the broader equity sell-off. Hence, UBS upgrades to Buy from Neutral.

The stock offers an attractive mix of growth and defensive income and is the preferred exposure across the broker's utilities coverage. Target is $11.40.

AFTERPAY LIMITED ((APT)) Upgrade to Neutral from Sell by UBS .B/H/S: 5/1/0

Following the savage drop in the share price, UBS upgrades to Neutral from Sell. The broker asserts the strong equity funding and high receivables turnover mean the near-term funding risks are low.

The broker believes investors should reconsider longer-term growth assumptions. With higher customer defaults there is the likelihood of an impairment to the longer-term outlook because such customers cannot use the platform again.

Therefore longer-term customer assumptions are lowered to 18m by FY25, from 22.5m. Target is reduced to $13.20 from $17.90.

APPEN LIMITED ((APX)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 3/0/0

Credit Suisse upgrades to Outperform from Neutral. The broker expects the company's performance in the June half year will be strong.

Thereafter, sales and margins may be negatively affected in a period of economic weakness as customer performance slows. Forecasts are reduced to reflect this.

Rating is upgraded to Outperform from Neutral. Target is reduced to $22 from $27.

BHP GROUP ((BHP)) Upgrade to Overweight from Equal-weight by Morgan Stanley and Upgrade to Buy from Neutral by Citi .B/H/S: 5/2/0

BHP Group's share price has de-rated sharply, Morgan Stanley notes, down -31% year to date on oil exposure compared to Rio Tinto's ((RIO)) -19% and the ASX200's -14% (year to date).

The broker considers this overdone and sees an opportunity to gain exposure to a quality business with potential to generate attractive free cash flow through the cycle, a robust balance sheet and prudent capital allocation.

If the broker plugs in its base case commodity price forecasts and oil at current spot for perpetuity, valuation is still $32.70, well above the traded price. Upgrade to Overweight. Target falls to $36.50 from $37.50.

Industry view: In Line.

Citi runs stress tests to incorporate increasingly bearish commodity prices. While gearing will rise for those companies with growth projects this will not be to levels that should cause concern.

BHP Group is now trading at a -33% discount to the broker's base case and the rating is upgraded to Buy from Neutral. Target is reduced to $35.00 from $39.50.

BORAL LIMITED ((BLD)) Upgrade to Outperform from Neutral by Credit Suisse and Upgrade to Buy from Neutral by Citi .B/H/S: 3/2/0

While Boral may screen as the stock to avoid, given high financial leverage, Credit Suisse believes this is more than compensated for by valuation.

The broker is no longer of the view that Boral will raise equity, beyond the possible extension of the dividend reinvestment plan.

The broker upgrades to Outperform from Neutral. Target is steady at $4.70.

Boral shares have fallen -53% year to date compared to -28% for the index on soft domestic construction and balance sheet concerns, Citi notes. While the virus will derail US housing construction in the June quarter, stimulus measures should enable a strong rebound.

The shares are now trading below GFC lows. Citi believes balance sheet fears are overblown, and, on current valuation, investors are effectively getting the USG-Boral and NAM business for free.

Guidance has been withdrawn despite demand deterioration yet to be seen, except in China, which is now recovering. Management is nonetheless ready for the drop-off. The broker cuts its target to $3.00 from $4.80 and upgrades to Buy from Neutral.

BEACH ENERGY LIMITED ((BPT)) Upgrade to Equal-weight from Underweight by Morgan Stanley and Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 4/2/0

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves.

Rating for Beach Energy is upgraded to Equal-weight from Underweight. Target is reduced to $1.24 from $2.00. Industry view has changed to Cautious from In-Line.

Ord Minnett materially lowers oil price forecasts to US$42/bbl in 2020 and US$45/bbl in 2021 although, while spot oil prices suggest further downside risk, does not believe the US$30/bbl Brent price is sustainable.

Overall, the energy sector is considered attractive for investors looking for long-term returns and companies with strong balance sheets and limited growth should be the priority, in the broker's view.

Hence preferences include Beach Energy, upgraded to Accumulate from Hold. Target is reduced to $2.15 from $2.45.

BREVILLE GROUP LIMITED ((BRG)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 2/2/0

Macquarie assumes small retailer revenues will be severely impacted and very low earnings visibility is the near term reality. The broker is focused on balance sheets, cashflow and the ability to trade though the crisis. Share price falls to date suggest investors are acutely aware containment measures will have a negative economic impact.

The broker is recommending selective exposure as a recovery will be fast when it happens. Stimulus, rent holidays and any clarity are positive catalysts. Breville Group upgraded to Outperform from Neutral as it is considered a high quality company with lower liquidity risk as it has no stores of its own. Target falls to $16.00 from $25.14.

COMMONWEALTH BANK OF AUSTRALIA ((CBA)) Upgrade to Hold from Reduce by Morgans .B/H/S: 0/3/3

Morgans downgrades cash earnings and dividend forecasts for all four major banks as a result of expectations for lower net interest margins, lower credit growth and a deterioration in asset quality.

The broker believes Commonwealth Bank and Westpac ((WBC)) are most defensively positioned because their loan books are more skewed to Australian home lending.

The broker upgrades Commonwealth Bank to Hold from Reduce and lowers the target to $67 from $74.

COCA-COLA AMATIL LIMITED ((CCL)) Upgrade to Neutral from Sell by UBS .B/H/S: 2/4/1

Coca-Cola Amatil has withdrawn guidance, given the uncertainty. The main regions most likely to be impacted are Australia and Indonesia, particularly in the lead up to the Ramadan and Easter trading months.

While the earnings impact from coronavirus is uncertain, UBS reduces 2020 estimates for earnings per share by -4%. The broker considers the risk/reward balanced and notes the balance sheet is also strong.

Rating is upgraded to Neutral from Sell and the target lowered to $10 from $12.

CITY CHIC COLLECTIVE LTD ((CCX)) Upgrade to Buy from Sell by Citi .B/H/S: 2/0/0

Australian retail analysts at Citi have just released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out in combination with a cheaper Aussie dollar and consumers stockpiling.

As a general rule of thumb, earnings estimates have gone down by between -11%-19% for most non-food retailers, while groceries saw increases by 3%-5%. Share price valuations have now fallen to levels Citi suggests are looking "appealing".

As investors will now be eagle-eyed for any balance sheet risks, the analysts highlight balance sheet risks for the sector are limited given most retailers are well capitalised. City Chic has been upgraded to Buy from Sell.

COCHLEAR LIMITED ((COH)) Upgrade to Neutral from Sell by Citi .B/H/S: 2/3/1

The company has withdrawn FY20 guidance. The current load of coronavirus cases is expected to have a substantial short-term negative impact on cochlear implant surgery, particularly in the US and Western Europe.

Moreover, adult cochlear implant candidates may have their surgery de-prioritised once the epidemic is over.

On the encouraging side, China is experiencing a growing number of surgeries over the past few weeks.

Citi points out the balance sheet is fine, but reduces FY20 estimates for earnings per share by -79%. At this stage, FY21 is unchanged.

Target is reduced to $196 from $198 and the rating is upgraded to Neutral from Sell.

COLES GROUP LIMITED ((COL)) Upgrade to Neutral from Sell by UBS .B/H/S: 3/2/2

Sales in supermarkets have spiked, consistent with global trends. However, UBS notes, increased sales have come with increased costs through the supply chain, which limits the level of operating leverage that would normally be expected.

The broker upgrades to Neutral from Sell and lifts estimates for earnings per share by 4-6% in FY20. Target is raised to $15.00 from $14.70.

The broker suggests the coronavirus outbreak will embed new behaviours in consumers, potentially leading to an acceleration in the rate of online penetration and this is also likely to mean a return to cooking at home, at least in the near term.

CROWN RESORTS LIMITED ((CWN)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 2/4/0

Credit Suisse assumes the Melbourne and Perth domestic revenues take a sharp hit in the second half before recovering to pre-coronavirus levels during FY22. Estimates are reduced by -64% for FY20 and -27% for FY21.

There is a risk as to whether the building site at Crown Sydney, slated to open at the end of 2020, is shut down to protect workers. Still, even if there is a delay, it may still allow the venue to open in time for Chinese New Year 2021.

On depressed earnings, the leverage ratio rises to 2.0x FY20 but there are still untapped debt facilities. Credit Suisse assumes Crown Resorts forgoes declaring dividends in the second half and FY21.

Rating is upgraded to Outperform from Neutral and the target reduced to $11 from $12.

DOMAIN HOLDINGS AUSTRALIA LIMITED ((DHG)) Upgrade to Outperform from Underperform by Credit Suisse .B/H/S: 5/0/1

Credit Suisse makes downgrades to near-term earnings forecasts to reflect lower listings volumes. While there is limited visibility on the impact for the near term, this effectively factors in a -35% decline in volumes in the June quarter.

The broker upgrades to Outperform from Underperform, believing the stock has fallen too far and now factors in a more permanent structural decline in listings. Target is reduced to $2.50 from $2.70.

EVOLUTION MINING LIMITED ((EVN)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 4/3/0

Macquarie considers gold to be above forecasts at current price levels of US$1510/oz, offering earnings upside over FY20 and FY21 respectively. With the AUD gold price nearing all-time highs, the broker predicts a robust earnings outlook for Australian producers.

The current equity pull-back offers a chance for value-seeking investors to upgrade, points the broker, with balance sheets of most companies in good shape. 

Evolution Mining is trading at a premium to the real weighted average cost of capital and has the least cost of production among the large producers, notes Macquarie.

Rating upgraded from Neutral to Outperform with target price at $3.80.

FLIGHT CENTRE LIMITED ((FLT)) Upgrade to Hold from Lighten by Ord Minnett and Upgrade to Buy from Neutral by Citi .B/H/S: 4/2/1

The decision to close 100 retail shops is the positive catalyst Ord Minnett was looking for, although this was overshadowed by the negative impact of coronavirus on the earnings outlook.

While the uncertainty may drive share price movements in the near term, the broker believes shop closures will have a positive impact on earnings from FY21.

Rating is upgraded to Hold from Lighten and the target is reduced to $21.54 from $25.49.

Australian retail analysts at Citi have just released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out in combination with a cheaper Aussie dollar and consumers stockpiling.

As a general rule of thumb, earnings estimates have gone down by between -11%-19% for most non-food retailers, while groceries saw increases by 3%-5%. Share price valuations have now fallen to levels Citi suggests are looking "appealing".

As investors will now be eagle-eyed for any balance sheet risks, the analysts highlight balance sheet risks for the sector are limited given most retailers are well capitalised. Flight Centre has been upgraded to Buy from Neutral, while noting financial and operating leverage is relatively high for the business.

ILUKA RESOURCES LIMITED ((ILU)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 2/3/0

Credit Suisse believes the company has several upcoming catalysts which warrant re-consideration in the current context. The MAC royalty spin-off is expected to put a floor under the share price.

While the business is not immune to the prevailing uncertainty, the broker's rating is upgraded to Outperform from Neutral on a 12-month view.

Zircon demand is expected to be soft for another six months but the supply side should tighten considerably over the next 1-3 years, the broker adds. Target is unchanged at $10.

JB HI-FI LIMITED ((JBH)) Upgrade to Accumulate from Hold by Ord Minnett and Upgrade to Neutral from Sell by Citi .B/H/S: 3/3/1

Ord Minnett considers the valuation attractive following the decline in the share price, especially given JB Hi-Fi's track record.

The stock is the best positioned among its peers and the broker upgrades to Accumulate from Hold. Target is $38.

Australian retail analysts at Citi have just released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out in combination with a cheaper Aussie dollar and consumers stockpiling.

As a general rule of thumb, earnings estimates have gone down by between -11%-19% for most non-food retailers, while groceries saw increases by 3%-5%. Share price valuations have now fallen to levels Citi suggests are looking "appealing".

As investors will now be eagle-eyed for any balance sheet risks, the analysts highlight balance sheet risks for the sector are limited given most retailers are well capitalised. JB Hi-Fi has been upgraded to Neutral from Sell.

MIRVAC GROUP ((MGR)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 4/2/0

Credit Suisse upgrades to Outperform from Neutral. At this point, the broker remains attracted to the strong balance sheet and the quality investment portfolio as well as the diversified exposure.

The company has withdrawn FY20 guidance because of the uncertainty but Credit Suisse believes any earnings risks are cyclical, not structural. Target is reduced to $2.76 from $3.26.

MEDIBANK PRIVATE LIMITED ((MPL)) Upgrade to Outperform from Underperform by Credit Suisse .B/H/S: 1/4/1

While hesitant to alter earnings, Credit Suisse is increasingly confident there will be a claims holiday for the private health industry in coming months.

A pulling forward of health insurance claims in the June quarter has potential to deliver a significant benefit to the insurers.

This will be partially offset by investment income and elevated international insurance claims.

The broker notes the stock is underperformed the market by -15% over the nine months to March and then has outperformed.

Rating is upgraded to Outperform from Underperform. Target is raised to $3.00 from $2.80.

METCASH LIMITED ((MTS)) Upgrade to Buy from Neutral by UBS .B/H/S: 3/3/0

Sales in supermarkets have spiked, consistent with global trends. However, UBS notes, increased sales are coming with increased costs through the supply chain, which limits the level of operating leverage that would normally be expected.

The broker lifts estimates for earnings in FY20 by 4-6% and upgrades Metcash to Buy from Neutral. Target is raised to $2.90 from $2.80.

The broker suggests the coronavirus outbreak will embed new behaviours in consumers, potentially leading to an acceleration in the rate of online penetration and this is also likely to mean a return to cooking at home, at least in the near term.

NATIONAL AUSTRALIA BANK LIMITED ((NAB)) Upgrade to Overweight from Equal-weight by Morgan Stanley and Upgrade to Outperform from Underperform by Credit Suisse .B/H/S: 4/3/0

Morgan Stanley believes the outlook for Australian banks has shifted materially, given the combination of lower rates, less pricing power and a potential loan loss cycle.

The broker lowers FY21 estimates across the board by -10-18%. However, given the declines in share prices of more than -25%, the broker shifts its stance on the major banks to neutral from negative for the first time since September 2014.

National Australia Bank is upgraded to Overweight from Equal-weight. Target is reduced to $19.50 from $25.50. Industry view: In-line.

Credit Suisse lowers earnings estimates and allows for an increase in bad debts. The broker also incorporates additional margin impact from the Reserve Bank's announcements, which is less than originally feared given the term funding facility.

Dividend forecasts are reduced by -10%. Credit Suisse upgrades to Outperform from Underperform and reduces the target to $19.50 from $22.90.

NEWCREST MINING LIMITED ((NCM)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 1/5/1

Macquarie considers gold to be above forecasts at current price levels of US$1510/oz, offering earnings upside over FY20 and FY21 respectively. With the AUD gold price nearing all-time highs, the broker points towards a robust earnings outlook for Australian producers.

The current equity pull-back offers a chance for value-seeking investors to upgrade, points the broker, with balance sheets of most companies in good shape. 

Newcrest Mining is trading at a premium due to lower cost of production and is an attractive option for global investors desiring liquid exposure to gold. 

Rating upgraded to Neutral from Underperform with target price increased to $22 from $20.

NORTHERN STAR RESOURCES LTD ((NST)) Upgrade to Buy from Hold by Ord Minnett .B/H/S: 2/2/2

Ord Minnett upgrades to Buy from Hold, reducing the target to $13.50 from $14.00, amid a strong outlook for the US-dollar gold price and weak outlook for the Australian dollar.

The company has confirmed that Pogo has turned the corner and operating metrics have reached an inflection point. The broker expects a strong performance from Jundee, Pogo and the Super Pit.

However, Ord Minnett also notes gold equities have not provided the expected safe haven in the current climate as investors have sought liquidity. 

OCEANAGOLD CORPORATION ((OGC)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 5/0/0

Gold at current price levels of US$1510/oz is considered to be above forecasts, states Macquarie, offering earnings upside over FY20 and FY21 respectively. With the AUD gold price nearing all-time highs, the broker points towards a robust earnings outlook for Australian producers.

The current equity pull-back offers a chance for value-seeking investors to upgrade, points the broker, with balance sheets of most companies in good shape. 

Improvements in production at Haile and construction of the Martha underground at Waihi would likely see production growth in 2020 and 2021, states Macquarie, along with the renewal of Didipio's FTAA being a key potential catalyst.

Rating for OceanaGold upgraded to Outperform from Neutral with target price at $3.00.

PARADIGM BIOPHARMACEUTICAL ((PAR)) Upgrade to Hold from Reduce by Morgans .B/H/S: 0/1/0

Paradigm Biopharmaceutical has fallen -70% since the market high which Morgans puts down to the virus but also the fact investors had overpriced the stock to unsustainable levels beforehand. While delays are not uncommon in the life sciences sector, recent lags to timelines have also added to investor concerns.

Those timelines can only now be pushed out, the broker warns, given health regulators have other more pressing matters to deal with right now. The broker also remains concerned around Paradigm's intellectual property and substitution risk given a number of alternative and novel treatments in the pipeline. Morgans upgrades to Hold from Reduce on the share price fall, but is not at this stage a buyer.

Target unchanged at $2.16 with the warning this is one for speculative investors only.

PRO MEDICUS LIMITED ((PME)) Upgrade to Buy from Neutral by UBS .B/H/S: 2/0/0

UBS upgrades to Buy from Neutral as the valuation now appears less demanding. The broker suggests the company has a strong long-term growth outlook and its earnings are defensive under economic pressures derived from coronavirus.

The balance sheet is net cash. No changes are made to earnings estimates or the target of $29.30.

PREMIER INVESTMENTS LIMITED ((PMV)) Upgrade to Buy from Sell by Citi .B/H/S: 3/2/0

Australian retail analysts at Citi have just released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out in combination with a cheaper Aussie dollar and consumers stockpiling.

As a general rule of thumb, earnings estimates have gone down by between -11%-19% for most non-food retailers, while groceries saw increases by 3%-5%. Share price valuations have now fallen to levels Citi suggests are looking "appealing".

As investors will now be eagle-eyed for any balance sheet risks, the analysts highlight balance sheet risks for the sector are limited given most retailers are well capitalised. Premier Investments has been upgraded to Buy from Sell.

See also PMV downgrade.

QANTAS AIRWAYS LIMITED ((QAN)) Upgrade to Buy from Neutral by Citi .B/H/S: 3/2/0

The earnings outlook is considerably uncertain as international capacity in the second half is reduced by -90% and domestic capacity by -60%. Citi models a U-shaped recovery, with demand and operating conditions bouncing back through FY21.

The airline is expected to suspend the dividend in the second half in order to preserve the balance sheet.

Given the slump in the share price and valuations, Citi upgrades to Buy/High Risk and reduces the target to $3.70 from $6.70. The broker envisages no material risks to the balance sheet.

REA GROUP LIMITED ((REA)) Upgrade to Outperform from Underperform by Credit Suisse and Upgrade to Hold from Reduce by Morgans .B/H/S: 3/2/0

The company has withdrawn guidance. Credit Suisse suggests this reflects a lack of visibility in the June quarter. However pent-up supply is expected to return in FY21.

The company has also delayed the timing of contracted price increases in the residential business.

Credit Suisse upgrades to Outperform from Underperform to reflect expectations that volumes will recover and the company's strong position in property classifieds. Target is reduced to $94.80 from $100.20.

The company has reduced earnings expectations for FY20, abandoning the likelihood of a strong rebound in premium ad volumes in the current half. An automatic price rise of around 8% has also been postponed.

Morgans downgrades forecasts to reflect this. The company believes predicting advertising volumes is now impossible.

The balance sheet is clean, the broker notes, and there is no refinancing risk so the business should rebound strongly once the crisis has passed.

As the stock is close to valuation, Morgans upgrades to Hold from Reduce. Target is reduced to $86.93 from $89.93.

RAMSAY HEALTH CARE LIMITED ((RHC)) Upgrade to Buy from Neutral by Citi and Upgrade to Outperform from Neutral by Credit Suisse and Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 4/2/1

The company has withdrawn FY20 earnings guidance. Citi considers the debt position strong and, at the other end of this crisis, the relative value of hospital infrastructure will be enhanced.

Given the uncertain nature of the crisis, earnings estimates are unchanged.

Yet, as a result of the decline in the share price and the low level of valuation sensitivity to a one-off earnings hit, the broker upgrades to Buy from Neutral. Target is $75.

FY20 earnings guidance has been withdrawn. Credit Suisse believes the deferral of elective surgeries globally is imminent. However the company will obtain more medical work as public hospital capacity becomes stretched.

The broker reduces estimates for earnings per share by -2% for FY20 and lowers operating earnings margins in Australia by -20 basis points.

Rating is upgraded to Outperform from Neutral, given a more positive longer-term outlook. Target is reduced to $70 from $73.

Ramsay Health Care has withdrawn guidance. Ord Minnett reduces estimates for revenue and margins across the global operations to reflect the postponement of elective surgery and a lift in labour costs.

Still, beyond the current crisis, the broker considers the company's hospital portfolio an attractive asset, given the rising health needs of ageing populations.

The weakness presents an opportunity to build a position and the rating is upgraded to Accumulate from Hold. Target is lowered to $63 from $74.

REGIS RESOURCES LIMITED ((RRL)) Upgrade to Outperform from Underperform by Macquarie .B/H/S: 5/2/0

Macquarie considers gold to be above forecast at current price levels of US$1510/oz and offering earnings upside over FY20 and FY21 respectively. With the AUD gold price nearing all-time highs, the broker indicates a robust earnings outlook for Australian producers.

The current equity pull-back offers a chance for value-seeking investors to upgrade, points the broker, with balance sheets of most companies in good shape. 

Regis Resources offers low-cost production, has paid dividends consistently and offers an upside in production potential at the Duketon operations, believes Macquarie.

Rating upgraded to Outperform from Underperform with target price at $3.60.

RESOLUTE MINING LIMITED ((RSG)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 2/0/0

Macquarie considers gold to be above forecasts at current price levels of US$1510/oz, offering earnings upside over FY20 and FY21 respectively. With the AUD gold price nearing all-time highs, the broker points towards a robust earnings outlook for Australian producers.

The current equity pull-back offers a chance for value-seeking investors to upgrade, points the broker, with balance sheets of most companies in good shape. 

The broker is cautious about balance sheet risks for Resolute Mining with the firm trying to refinance debt but believes the risk is outweighed by the production and earnings growth expected from the Syama underground project.  

Rating upgraded to Outperform from Neutral with target price at $0.80.

SOUTH32 LIMITED ((S32)) Upgrade to Outperform from Underperform by Macquarie .B/H/S: 6/1/0

Macquarie upgrades to Outperform from Underperform, noting short-term earnings momentum has improved.

The robust nature of the iron ore market continues to underpin earnings upgrade momentum for the major miners as well. Target is $2.20.

ST BARBARA LIMITED ((SBM)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 3/1/0

Even at US$1510/oz, Macquarie considers gold to be above forecasts at current price levels, offering earnings upside over FY20 and FY21 respectively. With the AUD gold price nearing all-time highs, the broker forecasts a robust earnings outlook for Australian producers.

With balance sheets of most companies in good shape, the current equity pull-back offers a chance to upgrade for value-seeking investors, observes Macquarie. 

Short-term catalysts for St. Barbara include completion of the final Raisebore at Gwalia and the ramp-up of the Extension Project, notes Macquarie.

Rating upgraded to Outperform from Neutral with target price at $2.00.

SILVER LAKE RESOURCES LIMITED ((SLR)) Outperform by Macquarie .B/H/S: 1/0/0

Even at US$1510/oz, Macquarie considers gold to be above forecasts and offer earnings upside over FY20 and FY21 respectively. With the AUD gold price nearing all-time highs, the broker points towards a robust earnings outlook for Australian producers.

The current equity pull-back offers a chance to upgrade for value-seeking investors, states the broker, with balance sheets of most companies in good shape.

Rating for Silver Lake Resources maintained at Outperform with target price at $1.60.

SUNCORP GROUP LIMITED ((SUN)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 1/4/2

Macquarie understands the general insurers have limited exposure to losses stemming from coronavirus.

Following some concerns about the banking arm the broker incorporates -$400m in pre-tax impairment losses.

However, value appears to be returning at current levels and Macquarie upgrades to Neutral from Underperform. Target is reduced to $9.80 from $11.30.

SYDNEY AIRPORT HOLDINGS LIMITED ((SYD)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 4/2/1

Sydney Airport has liquidity of more than $2bn, Credit Suisse notes. In the broker's base-case scenario, it is assumed that Australia ends up with lockdowns and the airport is effectively closed for six weeks during 2020.

In this instance, EBITDA interest coverage would fall to 2.2x and remain well above the likely debt covenants. Rating is upgraded to Neutral from Underperform. Target is lowered to $6.00 from $6.90.

TECHNOLOGYONE LIMITED ((TNE)) Upgrade to Neutral from Sell by UBS .B/H/S: 1/3/0

UBS upgrades to Neutral from Sell on valuation grounds. The broker considers the earnings relatively defensive under the deteriorating economic backdrop.

That said, the stock is not considered cheap and the broker considers there are both quality issues and some near-term risks. No changes are made to earnings and the target of $7.25.

TREASURY WINE ESTATES LIMITED ((TWE)) Upgrade to Buy from Neutral by UBS .B/H/S: 1/6/0

UBS reduces estimates by -3-11%, now expecting a -3% decline in earnings (EBITS) in FY20 and 7% growth in FY21. Margins are likely to remain under pressure until the second half of FY21.

Nevertheless, the broker upgrades to Buy from Neutral, with a view that the slump in the share price to date is overdone. Target is reduced to $15.40 from $18.00.

WOOLWORTHS LIMITED ((WOW)) Upgrade to Buy from Neutral by UBS .B/H/S: 2/3/0

Sales in supermarkets have spiked, consistent with global trends. However, UBS notes, increased sales have come with increased costs through the supply chain, which limits the level of operating leverage that would normally be expected.

The broker upgrades to Buy from Neutral and lifts estimates for earnings per share by 4-6% in FY20. Target is raised to $39.70 from $39.30.

The broker suggests the coronavirus outbreak will embed new behaviours in consumers, potentially leading to an acceleration in the rate of online penetration and this is also likely to mean a return to cooking at home, at least in the near term.

XERO LIMITED ((XRO)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 3/1/1

Rating is upgraded to Outperform from Neutral. Target is steady at $80. In light of significant global headwinds, UBS believes revenue base is sustainable.

In a longer-term period of macro weakness, the primary exposure is to small business conditions. The next catalyst will be the FY20 result on May 14.

Downgrade

COOPER ENERGY LIMITED ((COE)) Downgrade to Accumulate from Buy by Ord Minnett .B/H/S: 3/1/0

Ord Minnett materially lowers oil price forecasts to US$42/bbl in 2020 and US$45/bbl in 2021 although, while spot oil prices suggest further downside risk, does not believe the US$30/bbl Brent price is sustainable.

Overall, the energy sector is considered attractive for investors looking for long-term returns and companies with strong balance sheets and limited growth should be the priority, in the broker's view.

The broker downgrades to Accumulate from Buy and reduces the target to $0.60 from $0.64.

CARNARVON PETROLEUM LIMITED ((CVN)) Downgrade to Hold from Buy by Ord Minnett .B/H/S: 1/1/0

Ord Minnett materially lowers oil price forecasts to US$42/bbl in 2020 and US$45/bbl in 2021 although, while spot oil prices suggest further downside risk, does not believe the US$30/bbl Brent price is sustainable.

Overall, the energy sector is considered attractive for investors looking for long-term returns and companies with strong balance sheets and limited growth should be the priority, in the broker's view.

The broker downgrades to Hold from Buy, largely because its preferences are elsewhere. Target is reduced to $0.39 from $0.47.

G.U.D. HOLDINGS LIMITED ((GUD)) Downgrade to Hold from Accumulate by Ord Minnett .B/H/S: 0/5/0

GUD Holdings has outperformed the S&P/ASX small industrials index, amid a perceived defensive sales profile and strong cash generation

Yet, Ord Minnett notes the manufacturing base is largely in China and the significant deterioration in the Australian dollar is yet to be priced in.

The broker appreciates there could be a number of mitigating factors but downgrades to Hold from Accumulate and awaits more clarity around margins. Target is reduced to $9.50 from $12.50.

LOVISA HOLDINGS LIMITED ((LOV)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 2/2/0

Macquarie assumes small retailer revenues will be severely impacted and very low earnings visibility is the near term reality. The broker is focused on balance sheets, cashflow and the ability to trade though the crisis. Share price falls to date suggest investors are acutely aware containment measures will have a negative economic impact.

The broker is recommending selective exposure as a recovery will be fast when it happens. Stimulus, rent holidays and any clarity are positive catalysts. Longer term the broker remains comfortable with Lovisa's structural growth story. For now, downgrade to Neutral from Outperform. Target falls to $5.80 from $13.50.

OIL SEARCH LIMITED ((OSH)) Downgrade to Equal-weight from Overweight by Morgan Stanley and Downgrade to Underperform from Neutral by Credit Suisse and Downgrade to Hold from Accumulate by Ord Minnett .B/H/S: 2/4/1

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves. The broker's industry view is changed to Cautious from In-Line.

Oil Search is downgraded to Equal-weight from Overweight and the target lowered to $3.10 from $7.80.

Amid further risk to growth prospects, Credit Suisse downgrades to Underperform from Neutral. The broker suspects oil prices may get worse before they get better, leaving Oil Search most exposed, as its balance sheet and cost base is less favourable compared with its peers.

Notwithstanding the fact long-term fundamentals could be supportive, the broker suspects some operators in the market may shift out of the stock based on balance sheet metrics. Target is reduced to $2.23 from $3.34.

Ord Minnett materially lowers oil price forecasts to US$42/bbl in 2020 and US$45/bbl in 2021 although, while spot oil prices suggest further downside risk, does not believe the US$30/bbl Brent price is sustainable.

Overall, the energy sector is considered attractive for investors looking for long-term returns and companies with strong balance sheets and limited growth should be the priority, in the broker's view.

The broker downgrades to Hold from Accumulate, largely because of preferences elsewhere. Target is reduced to $3.65 from $7.20.

PROSPA GROUP LTD ((PGL)) Downgrade to Neutral from Buy by UBS .B/H/S: 0/1/1

UBS downgrades to Neutral from Buy because of revised forecasts stemming from the likely economic impact of coronavirus on Australian small-medium enterprises and an expected increase in non-performing loans that will drive higher impairment charges.

Target is reduced to $0.90 from $3.05, reflecting material downgrades to FY20-22 earnings and heightened near-term risks to the balance sheet.

PREMIER INVESTMENTS LIMITED ((PMV)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 3/2/0

Macquarie assumes small retailer revenues will be severely impacted and very low earnings visibility is the near term reality. The broker is focused on balance sheets, cashflow and the ability to trade though the crisis. Share price falls to date suggest investors are acutely aware containment measures will have a negative economic impact.

The broker is recommending selective exposure as a recovery will be fast when it happens. Stimulus, rent holidays and any clarity are positive catalysts. Longer term, the broker remains comfortable with Premier Investments' structural growth story. For now, downgrade to Neutral from Outperform. Target falls to $11.71 from $20.00.

See also PMV upgrade.

SENEX ENERGY LIMITED ((SXY)) Downgrade to Accumulate from Buy by Ord Minnett .B/H/S: 6/0/0

Ord Minnett materially lowers oil price forecasts to US$42/bbl in 2020 and US$45/bbl in 2021 although, while spot oil prices suggest further downside risk, does not believe the US$30/bbl Brent price is sustainable.

Overall, the energy sector is considered attractive for investors looking for long-term returns and companies with strong balance sheets and limited growth should be the priority, in the broker's view.

The broker downgrades to Accumulate from Buy and reduces the target to $0.34 from $0.38.

WORLEY LIMITED ((WOR)) Downgrade to Hold from Buy by Ord Minnett .B/H/S: 3/3/0

Ord Minnett materially lowers oil price forecasts to US$42/bbl in 2020 and US$45/bbl in 2021 although, while spot oil prices suggest further downside risk, does not believe the US$30/bbl Brent price is sustainable.

Overall, the energy sector is considered attractive for investors looking for long-term returns and companies with strong balance sheets and limited growth should be the priority, in the broker's view.

The broker believes the investment case for Worley has been challenged by the current situation and there is likely to be a material impact on earnings and valuation. Rating is downgraded to Hold from Buy and the target lowered to $8.30 from $17.60.

WOODSIDE PETROLEUM LIMITED ((WPL)) Downgrade to Hold from Accumulate by Ord Minnett .B/H/S: 3/4/0

Ord Minnett materially lowers oil price forecasts to US$42/bbl in 2020 and US$45/bbl in 2021 although, while spot oil prices suggest further downside risk, does not believe the US$30/bbl Brent price is sustainable.

Overall, the energy sector is considered attractive for investors looking for long-term returns and companies with strong balance sheets and limited growth should be the priority, in the broker's view.

Rating is downgraded to Hold from Accumulate, largely because of preferences elsewhere. Target is reduced to $24.00 from $40.20.

Total Recommendations
Recommendation Changes

Broker Recommendation Breakup

Broker Rating

 

Order Company New Rating Old Rating Broker
Upgrade
1 AFTERPAY LIMITED Neutral Sell UBS
2 ALTIUM LIMITED Buy Neutral UBS
3 APA GROUP Buy Neutral UBS
4 APPEN LIMITED Buy Neutral Credit Suisse
5 AUSTRALIA & NEW ZEALAND BANKING GROUP Buy Neutral Credit Suisse
6 BEACH ENERGY LIMITED Neutral Sell Morgan Stanley
7 BEACH ENERGY LIMITED Buy Neutral Ord Minnett
8 BHP GROUP Buy Neutral Citi
9 BHP GROUP Buy Neutral Morgan Stanley
10 BORAL LIMITED Buy Neutral Citi
11 BORAL LIMITED Buy Neutral Credit Suisse
12 BREVILLE GROUP LIMITED Buy Neutral Macquarie
13 CITY CHIC COLLECTIVE LTD Buy Sell Citi
14 COCA-COLA AMATIL LIMITED Neutral Sell UBS
15 COCHLEAR LIMITED Neutral Sell Citi
16 COLES GROUP LIMITED Neutral Sell UBS
17 COMMONWEALTH BANK OF AUSTRALIA Neutral Sell Morgans
18 CROWN RESORTS LIMITED Buy Neutral Credit Suisse
19 DOMAIN HOLDINGS AUSTRALIA LIMITED Buy Sell Credit Suisse
20 EVOLUTION MINING LIMITED Buy Neutral Macquarie
21 FLIGHT CENTRE LIMITED Buy Neutral Citi
22 FLIGHT CENTRE LIMITED Neutral Sell Ord Minnett
23 ILUKA RESOURCES LIMITED Buy Neutral Credit Suisse
24 JB HI-FI LIMITED Neutral Sell Citi
25 JB HI-FI LIMITED Buy Neutral Ord Minnett
26 MEDIBANK PRIVATE LIMITED Buy Sell Credit Suisse
27 METCASH LIMITED Buy Neutral UBS
28 MIRVAC GROUP Buy Neutral Credit Suisse
29 NATIONAL AUSTRALIA BANK LIMITED Buy Sell Credit Suisse
30 NATIONAL AUSTRALIA BANK LIMITED Buy Neutral Morgan Stanley
31 NEWCREST MINING LIMITED Neutral Sell Macquarie
32 NORTHERN STAR RESOURCES LTD Buy Neutral Ord Minnett
33 OCEANAGOLD CORPORATION Buy Neutral Macquarie
34 PARADIGM BIOPHARMACEUTICAL Neutral Sell Morgans
35 PREMIER INVESTMENTS LIMITED Buy Sell Citi
36 PRO MEDICUS LIMITED Buy Neutral UBS
37 QANTAS AIRWAYS LIMITED Buy Neutral Citi
38 RAMSAY HEALTH CARE LIMITED Buy Neutral Citi
39 RAMSAY HEALTH CARE LIMITED Buy Neutral Credit Suisse
40 RAMSAY HEALTH CARE LIMITED Buy Neutral Ord Minnett
41 REA GROUP LIMITED Neutral Sell Morgans
42 REA GROUP LIMITED Buy Sell Credit Suisse
43 REGIS RESOURCES LIMITED Buy Sell Macquarie
44 RESOLUTE MINING LIMITED Buy Neutral Macquarie
45 SILVER LAKE RESOURCES LIMITED Buy Neutral Macquarie
46 SOUTH32 LIMITED Buy Sell Macquarie
47 ST BARBARA LIMITED Buy Neutral Macquarie
48 SUNCORP GROUP LIMITED Neutral Sell Macquarie
49 SYDNEY AIRPORT HOLDINGS LIMITED Neutral Sell Credit Suisse
50 TECHNOLOGYONE LIMITED Neutral Sell UBS
51 TREASURY WINE ESTATES LIMITED Buy Neutral UBS
52 WOOLWORTHS LIMITED Buy Neutral UBS
53 XERO LIMITED Buy Neutral Credit Suisse
Downgrade
54 CARNARVON PETROLEUM LIMITED Neutral Buy Ord Minnett
55 COOPER ENERGY LIMITED Buy Buy Ord Minnett
56 G.U.D. HOLDINGS LIMITED Neutral Buy Ord Minnett
57 LOVISA HOLDINGS LIMITED Neutral Buy Macquarie
58 OIL SEARCH LIMITED Sell Neutral Credit Suisse
59 OIL SEARCH LIMITED Neutral Buy Morgan Stanley
60 OIL SEARCH LIMITED Neutral Buy Ord Minnett
61 PREMIER INVESTMENTS LIMITED Neutral Buy Macquarie
62 PROSPA GROUP LTD Neutral Buy UBS
63 SENEX ENERGY LIMITED Buy Buy Ord Minnett
64 WOODSIDE PETROLEUM LIMITED Neutral Buy Ord Minnett
65 WORLEY LIMITED Neutral Buy Ord Minnett

Recommendation

Positive Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 NAB NATIONAL AUSTRALIA BANK LIMITED 50.0% -7.0% 57.0% 7
2 REA REA GROUP LIMITED 42.0% -8.0% 50.0% 6
3 RRL REGIS RESOURCES LIMITED 64.0% 17.0% 47.0% 7
4 BLD BORAL LIMITED 60.0% 20.0% 40.0% 5
5 ALU ALTIUM LIMITED 100.0% 67.0% 33.0% 3
6 DHG DOMAIN HOLDINGS AUSTRALIA LIMITED 58.0% 25.0% 33.0% 6
7 APX APPEN LIMITED 100.0% 67.0% 33.0% 3
8 CBA COMMONWEALTH BANK OF AUSTRALIA -50.0% -79.0% 29.0% 7
9 S32 SOUTH32 LIMITED 79.0% 50.0% 29.0% 7
10 MPL MEDIBANK PRIVATE LIMITED -7.0% -36.0% 29.0% 7

Negative Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 OSH OIL SEARCH LIMITED 14.0% 50.0% -36.0% 7
2 LOV LOVISA HOLDINGS LIMITED 50.0% 75.0% -25.0% 4
3 WOR WORLEY LIMITED 50.0% 67.0% -17.0% 6
4 COE COOPER ENERGY LIMITED 63.0% 75.0% -12.0% 4
5 SXY SENEX ENERGY LIMITED 92.0% 100.0% -8.0% 6
6 WPL WOODSIDE PETROLEUM LIMITED 43.0% 50.0% -7.0% 7
7 ING INGHAMS GROUP LIMITED 33.0% 40.0% -7.0% 6

Target Price

Positive Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 ILU ILUKA RESOURCES LIMITED 10.060 9.860 2.03% 5
2 MTS METCASH LIMITED 2.857 2.807 1.78% 6
3 RRL REGIS RESOURCES LIMITED 4.757 4.700 1.21% 7
4 MPL MEDIBANK PRIVATE LIMITED 2.901 2.873 0.97% 7
5 EVN EVOLUTION MINING LIMITED 4.126 4.111 0.36% 7
6 COL COLES GROUP LIMITED 16.139 16.096 0.27% 7
7 ORE OROCOBRE LIMITED 3.336 3.329 0.21% 7
8 XRO XERO LIMITED 75.083 75.000 0.11% 6

Negative Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 FLT FLIGHT CENTRE LIMITED 27.380 38.236 -28.39% 7
2 OSH OIL SEARCH LIMITED 4.964 6.771 -26.69% 7
3 BLD BORAL LIMITED 3.780 4.920 -23.17% 5
4 QAN QANTAS AIRWAYS LIMITED 4.620 5.820 -20.62% 5
5 NAB NATIONAL AUSTRALIA BANK LIMITED 22.286 26.629 -16.31% 7
6 LOV LOVISA HOLDINGS LIMITED 11.175 13.213 -15.42% 4
7 ANZ AUSTRALIA & NEW ZEALAND BANKING GROUP 22.293 25.836 -13.71% 7
8 WPL WOODSIDE PETROLEUM LIMITED 31.280 35.637 -12.23% 7
9 PMV PREMIER INVESTMENTS LIMITED 17.524 19.562 -10.42% 5
10 BEN BENDIGO AND ADELAIDE BANK LIMITED 7.892 8.808 -10.40% 6

Earning Forecast

Positive Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 FMG FORTESCUE METALS GROUP LTD 215.254 200.631 7.29% 7
2 MPL MEDIBANK PRIVATE LIMITED 14.086 13.657 3.14% 7
3 URW UNIBAIL-RODAMCO-WESTFIELD 20.646 20.047 2.99% 4
4 FNP FREEDOM FOODS GROUP LIMITED 11.433 11.133 2.69% 3
5 GXY GALAXY RESOURCES LIMITED -4.900 -5.006 2.12% 6
6 BEN BENDIGO AND ADELAIDE BANK LIMITED 70.367 69.150 1.76% 6
7 COL COLES GROUP LIMITED 68.841 67.741 1.62% 7
8 SAR SARACEN MINERAL HOLDINGS LIMITED 23.775 23.450 1.39% 4
9 BKL BLACKMORES LIMITED 110.517 109.420 1.00% 6
10 VOC VOCUS GROUP LIMITED 16.890 16.723 1.00% 6

Negative Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 KAR KAROON ENERGY LTD -3.370 0.797 -522.84% 3
2 QAN QANTAS AIRWAYS LIMITED 7.824 32.914 -76.23% 5
3 FLT FLIGHT CENTRE LIMITED 59.133 166.000 -64.38% 7
4 SYD SYDNEY AIRPORT HOLDINGS LIMITED 10.077 16.018 -37.09% 7
5 COH COCHLEAR LIMITED 310.657 493.657 -37.07% 7
6 MYR MYER HOLDINGS LIMITED 1.883 2.983 -36.88% 5
7 CTD CORPORATE TRAVEL MANAGEMENT LIMITED 55.373 74.238 -25.41% 6
8 CGF CHALLENGER LIMITED 44.886 56.486 -20.54% 7
9 BLD BORAL LIMITED 23.825 28.942 -17.68% 5
10 CWN CROWN RESORTS LIMITED 40.162 47.323 -15.13% 6

Technical limitations

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CHARTS

ALU ANZ APA APX BHP BLD BPT BRG CBA CCX COE COH COL CVN DHG EVN FLT GUD ILU JBH LOV MGR MPL MTS NAB NCM NST PAR PGL PME PMV QAN REA RHC RIO RRL RSG S32 SBM SLR SUN TNE TWE WBC WOR WOW XRO

For more info SHARE ANALYSIS: ALU - ALTIUM

For more info SHARE ANALYSIS: ANZ - ANZ GROUP HOLDINGS LIMITED

For more info SHARE ANALYSIS: APA - APA GROUP

For more info SHARE ANALYSIS: APX - APPEN LIMITED

For more info SHARE ANALYSIS: BHP - BHP GROUP LIMITED

For more info SHARE ANALYSIS: BLD - BORAL LIMITED

For more info SHARE ANALYSIS: BPT - BEACH ENERGY LIMITED

For more info SHARE ANALYSIS: BRG - BREVILLE GROUP LIMITED

For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA

For more info SHARE ANALYSIS: CCX - CITY CHIC COLLECTIVE LIMITED

For more info SHARE ANALYSIS: COE - COOPER ENERGY LIMITED

For more info SHARE ANALYSIS: COH - COCHLEAR LIMITED

For more info SHARE ANALYSIS: COL - COLES GROUP LIMITED

For more info SHARE ANALYSIS: CVN - CARNARVON ENERGY LIMITED

For more info SHARE ANALYSIS: DHG - DOMAIN HOLDINGS AUSTRALIA LIMITED

For more info SHARE ANALYSIS: EVN - EVOLUTION MINING LIMITED

For more info SHARE ANALYSIS: FLT - FLIGHT CENTRE TRAVEL GROUP LIMITED

For more info SHARE ANALYSIS: GUD - G.U.D. HOLDINGS LIMITED

For more info SHARE ANALYSIS: ILU - ILUKA RESOURCES LIMITED

For more info SHARE ANALYSIS: JBH - JB HI-FI LIMITED

For more info SHARE ANALYSIS: LOV - LOVISA HOLDINGS LIMITED

For more info SHARE ANALYSIS: MGR - MIRVAC GROUP

For more info SHARE ANALYSIS: MPL - MEDIBANK PRIVATE LIMITED

For more info SHARE ANALYSIS: MTS - METCASH LIMITED

For more info SHARE ANALYSIS: NAB - NATIONAL AUSTRALIA BANK LIMITED

For more info SHARE ANALYSIS: NCM - NEWCREST MINING LIMITED

For more info SHARE ANALYSIS: NST - NORTHERN STAR RESOURCES LIMITED

For more info SHARE ANALYSIS: PAR - PARADIGM BIOPHARMACEUTICALS LIMITED

For more info SHARE ANALYSIS: PGL - PROSPA GROUP LIMITED

For more info SHARE ANALYSIS: PME - PRO MEDICUS LIMITED

For more info SHARE ANALYSIS: PMV - PREMIER INVESTMENTS LIMITED

For more info SHARE ANALYSIS: QAN - QANTAS AIRWAYS LIMITED

For more info SHARE ANALYSIS: REA - REA GROUP LIMITED

For more info SHARE ANALYSIS: RHC - RAMSAY HEALTH CARE LIMITED

For more info SHARE ANALYSIS: RIO - RIO TINTO LIMITED

For more info SHARE ANALYSIS: RRL - REGIS RESOURCES LIMITED

For more info SHARE ANALYSIS: RSG - RESOLUTE MINING LIMITED

For more info SHARE ANALYSIS: S32 - SOUTH32 LIMITED

For more info SHARE ANALYSIS: SBM - ST. BARBARA LIMITED

For more info SHARE ANALYSIS: SLR - SILVER LAKE RESOURCES LIMITED

For more info SHARE ANALYSIS: SUN - SUNCORP GROUP LIMITED

For more info SHARE ANALYSIS: TNE - TECHNOLOGY ONE LIMITED

For more info SHARE ANALYSIS: TWE - TREASURY WINE ESTATES LIMITED

For more info SHARE ANALYSIS: WBC - WESTPAC BANKING CORPORATION

For more info SHARE ANALYSIS: WOR - WORLEY LIMITED

For more info SHARE ANALYSIS: WOW - WOOLWORTHS GROUP LIMITED

For more info SHARE ANALYSIS: XRO - XERO LIMITED