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Weekly Ratings, Targets, Forecast Changes – 20-11-20

Weekly Reports | Nov 23 2020

This story features ESTIA HEALTH LIMITED, and other companies. For more info SHARE ANALYSIS: EHE

By Mark Woodruff

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 November 16 to Friday November 20, 2020
Total Upgrades: 8
Total Downgrades: 20
Net Ratings Breakdown: Buy 51.43%; Hold 38.26%; Sell 10.31%

After a near three month hiatus, there have now been two consecutive weeks of broker downgrades (twenty this week) exceeding upgrades (eight) for ASX-listed stocks on the FNArena database. For the week ending Friday November 20, this was assisted by multiple downgrades for Oil Search (five) and Vocus Group (two).

While the Oil Search share price had already rallied by 49% during the month on vaccine news, brokers still fear risks may be skewed to the downside. This fear is driven by the disappointing progress on the Alaska sell-down along with shifting political winds in Papua New Guinea. By contrast, brokers were broadly positive on the earnings and growth path for Vocus Group and downgrades were largely due to recent share price outperformance. 

There were immaterial percentage decreases in target prices for companies in the database during the week and thus no commentary is necessary. Meanwhile, Seven West Media had the largest percentage increase as one broker highlights leverage to a recovery in ad markets. This is consistent with last week, when the company earned an upgrade in rating due for the same reason as well as impressive broadcaster video on demand (BVOD).

Lovisa Holdings was second on the table for the highest percentage increase in target price for the week, and received an upgrade to Neutral from Sell by one broker. The recent beeline acquisition is expected to diversify the global roll-out and boost growth in Europe.

Next on the table was Seek, as year-to-date revenue was well above expectations within the Australia and New Zealand region. Online education services (OES) and Zhaopin businesses are considered to be performing above expectations.

GrainCorp had the week’s largest percentage increase in earnings estimates by brokers in the FNArena database. As per last week’s commentary, this is the result of a positive outlook by management and strong leverage to an expected bumper harvest.

Seven West Media also had a lift in earnings expectations for the reasons detailed above. Next in terms of percentage increase was Aristocrat Leisure, as brokers gain confidence in the revenue momentum within the digital and gaming operations.

Xero’s earnings expectations jumped after the first half slowdown in growth was less than feared. Sales and marketing expenses fell sharply, resulting in a strong boost to profits and cash.

A week wouldn’t be complete without more commentary (and earnings forecast upgrades) surrounding Afterpay. At the company AGM, management noted while October was a record month for underlying sales globally, November is turning out to be even better.

Earnings forecasts were down in percentage terms for Nearmap. As mentioned last week, one broker was expecting slightly higher revenue guidance from management and was averse to the company’s use of constant currency (which implies a -6% foreign exchange headwind).

Finally, Karoon Energy received the second largest downgrade in forecast earnings for the week. Not to fear, as Morgans maintained the company’s Add rating in the wake of the ‘transformational’ Bauna acquisition. In addition, the broker was effusive on the solid prospects for a healthy share price performance, even in the absence of a recovering oil price.

Total Neutral/Hold recommendations take up 51.43% of the total, versus 38.26% on Neutral/Hold, while Sell ratings account for the remaining 10.31%.

Upgrade

ESTIA HEALTH LIMITED ((EHE)) Upgrade to Accumulate from Hold by Ord Minnett .B/H/S: 1/3/0

Ord Minnett notes Washington H Soul Pattinson's ((SOL)) bid to acquire Regis Healthcare ((REG)) highlights the rising investor interest in the aged care sector. The broker believes investors should consider building a position in the sector now despite the continuing uncertainty.

Ord Minnett upgrades its rating on Estia Health to Accumulate from Hold. The target rises to $1.85 from $1.40.

FLEXIGROUP LIMITED ((FXL)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 2/1/0

Shareholders have approved FlexiGroup's name change to Humm.

FlexiGroup's first-quarter update shows a material upgrade to its FY21 numbers led by improvements in the credit quality.

Macquarie has increased its first-half cash net profit estimate to $36.1m from $28.8m primarily led by reduced impairment expenses. The broker also expects receivables growth to return as repayment activity normalises.

Rating is upgraded to Outperform from Neutral. Target is raised to $1.40 from $1.33.

G.U.D. HOLDINGS LIMITED ((GUD)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 2/2/0

Credit Suisse notes via the Automotive Components and Accessories division (ACAD) deal, GUD Holdings has diversified into a growing component of the car park while managing to purchase this exposure at a lower multiple from a distressed vendor.

Furthermore, the company can add material value to the acquired business in terms of distribution and manufacturing know-how. Incorporating the acquisition drives about 4-5% earnings accretion across FY22-23, adds the broker.

Rating is upgraded to Outperform from Neutral with the target unchanged at $13.

JAPARA HEALTHCARE LIMITED ((JHC)) Upgrade to Buy from Hold by Ord Minnett .B/H/S: 1/3/0

Ord Minnett notes Washington H Soul Pattinson's ((SOL)) bid to acquire Regis Healthcare ((REG)) highlights the rising investor interest in the aged care sector. The broker believes investors should consider building a position in the sector now despite continuing uncertainty.

Ord Minnett upgrades its rating for Japara Healthcare to Buy from Hold. The target rises to $0.75 from $0.55.

LOVISA HOLDINGS LIMITED ((LOV)) Upgrade to Neutral from Sell by Citi .B/H/S: 2/2/0

Citi upgrades to Neutral from Sell as the Beeline acquisition will diversify the global roll-out and boost growth in Europe.

To become more positive from this point, the broker would require evidence of just how the company is navigating the reduced shopping centre traffic post the pandemic, and the structural shift to online.

Strategically, Citi finds the Beeline acquisition sound as it provides instant access to six new markets. Nevertheless, downside risk could exist to investor expectations as the "next to nothing consideration" signals the network was underperforming.

Citi suspects this could be a function of sub-optimal locations that may be difficult to change and integration risks may be elevated. Target is raised to $11.60 from $6.70 as FY21-23 estimates are raised by 32-55% to reflect the acquisition.

MIRVAC GROUP ((MGR)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 5/1/0

Macquarie believes the next leg of the residential recovery will favour multi-residential developers with key drivers including limited high-density supply pipeline, a vaccine for covid-19 helping kickstart overseas immigration and the recent rate cuts by the RBA with the subsequent reduction in mortgage rates.

Mirvac Group also provides exposure to office markets where the broker expects downside will be limited by the long weighted average lease expiry (WALE) and a less demanding cap rate. 

The broker upgrades its rating to Outperform from Neutral. Target rises to $2.91 from $2.22.

REGIS HEALTHCARE LIMITED ((REG)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 0/4/0

Washington H. Soul Pattinson ((SOL)) and its consortium partner, Ashburn have submitted a non-binding proposal to acquire Regis Healthcare for $1.85 per share via a scheme of arrangement. Ashburn controls 27.2% of Regis Healthcare's shares on issue.

Macquarie notes the offer price is at a 25% premium to the closing price of Regis Healthcare's shares on November 19, equating to an enterprise value of $773m. The broker considers the offer price attractive.

Rating is upgraded to Neutral from Underperform with the target price rising to $1.85 from $1.1.

WESTPAC BANKING CORPORATION ((WBC)) Upgrade to Overweight from Equal-weight by Morgan Stanley .B/H/S: 6/1/0

Morgan Stanley expects bank dividends will rebound in 2021 although a recovery in underlying earnings and returns will not emerge until 2022.

While retail bank profitability is under threat, Westpac's franchise performance has been weak and the broker expects a turnaround will take time.

Nevertheless, the outlook for the housing market is improving and mortgage market share loss will moderate. Non-core asset sales are also likely and provisioning is sound.

Hence, Morgan Stanley upgrades to Overweight from Equal-weight. Target is raised to $20.40 from $17.00. Industry view: In-line.

Downgrade

AGL ENERGY LIMITED ((AGL)) Downgrade to Underperform from Neutral by Macquarie .B/H/S: 1/3/3

The NSW energy roadmap released last week provides some opportunities for AGL Energy, but these are far outweighed by the structural impact, Macquarie notes. The policy will shift the markets to being in structural oversupply. At risk is 24% of NSW-Vic FY24 earnings.

AGL's developing battery business is an offset, but not near enough. The broker cuts its target to $11.43 from $14.18 and downgrades to Underperform from Neutral.

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

ALS Ltd will report its first-half FY21 result on November 19. Ord Minnett forecasts operating earnings of $142.3m, -8% below last year.

The broker is keenly awaiting information on the impact of the second-wave of lockdowns on the company's margins, as well as on further M&A opportunities.

After a period of strong trading, the broker is concerned that rising covid-19 infections, especially in the northern hemisphere and parts of Latin America, could affect ALS's operations.

Rating is downgraded to Lighten from Hold with the target price rising to $8.60 from $6.40.

ATLAS ARTERIA ((ALX)) Downgrade to Hold from Add by Morgans .B/H/S: 2/3/0

Morgans downgrades the rating for Atlas Arteria to Hold from Add on recent share price strength and foreign exchange rates. In addition, weaker traffic and CPI indications in France are considered negative factors for valuation.

The CPI affects forecasts as it feeds into calculations for any potential APRR (French motorway network) annual toll increase in February 2021.

The target price is decreased to $6.74 from $7.01.

EVOLUTION MINING LIMITED ((EVN)) Downgrade to Underperform from Neutral by Macquarie .B/H/S: 1/1/4

Macquarie's Macro Desk Strategy team now believes the US ten-year bond yield has troughed.

With the yield curve beginning to lift the team has cut its 2021-23 gold price forecasts by -17% to -12%, resulting in earnings forecast downgrades for all gold miners under coverage.

Evolution Mining downgraded to Underperform from Neutral. Target falls to $5.30 from $5.90.

NATIONAL AUSTRALIA BANK LIMITED ((NAB)) Downgrade to Underweight from Equal-weight by Morgan Stanley .B/H/S: 4/1/2

Morgan Stanley expects bank dividends will rebound in 2021 although a recovery in underlying earnings and returns will not emerge until 2022.

The broker finds National Australia Bank's strategy clear, noting a sound operating performance and strong capital position. Still, the revenue recovery is expected to lag expectations and there is downside risk to margins and loan growth forecasts.

Current trading multiples already factor in a good recovery and Morgan Stanley downgrades to Underweight from Equal-weight. Target rises to $20.10 from $17.50. Industry view: In-line.

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

Macquarie's Macro Desk Strategy team now believes the US ten-year bond yield has troughed.

With the yield curve beginning to lift the team has cut its 2021-23 gold price forecasts by -17% to -12%, resulting in earnings forecast downgrades for all gold miners under coverage.

Newcrest Mining downgraded to Underperform from Neutral. Target falls to $29 from $33.

OCEANAGOLD CORPORATION ((OGC)) Downgrade to Underperform from Neutral by Macquarie .B/H/S: 2/1/1

Macquarie's Macro Desk Strategy team now believes the US ten-year bond yield has troughed.

With the yield curve beginning to lift the team has cut its 2021-23 gold price forecasts by -17% to -12%, resulting in earnings forecast downgrades for all gold miners under coverage.

OceanaGold downgraded to Underperform from Neutral. Target falls to $1.70 from $2.00.

OIL SEARCH LIMITED ((OSH)) Downgrade to Neutral from Outperform by Macquarie and Downgrade to Underperform from Neutral by Credit Suisse and Downgrade to Neutral from Buy by Citi and Downgrade to Hold from Accumulate by Ord Minnett and Downgrade to Neutral from Buy by UBS .B/H/S: 1/5/1

Macquarie downgrades its rating to Neutral from Outperform with a target price of $3.30.

The broker notes value rotation and the rising possibility of a change in government in Papua New Guinea have driven the stock up 46% since November.

According to Macquarie, reducing the breakeven and selling down the Alaska oil project are the key catalysts.

Credit Suisse downgrades its rating to Underperform from Neutral with the target rising to $3.10 from $3.06.

The downgrade is driven by the higher valuation of Alaska offset by the higher capex at the PNG LNG project.

The broker fears risks may be skewed to the downside for Oil Search versus peers. This is driven by the disappointing progress on the Alaska sell-down along with political winds in Papua New Guinea which have the potential to go either way. 

On a more positive note, the broker is pleased with the increased transparency and disclosures by management.

With the recent share price rally, Citi now considers the Oil Search share price fair and downgrades the rating to Neutral from Buy.

The broker doesn't see any material catalysts in the near term and downgrades EPS forecasts largely on oil price revisions.

Guidance on capex of US$2.2-2.5bn pre-first oil is in-line with the analyst's US$2.3bn. The 80kbpd production guidance was a touch lower than the analyst's 90kbpd. 50% debt cover of capex is in-line.

Overall, Citi considers execution, funding and capital structure are key going forward.

The target price is increased to $4 from $3.80 on revisions to Alaska late-life production capacity.

Ord Minnett notes the most significant change announced in Oil Search's investor day pertains to Alaska with a 33% increase in the 2C (contingent) resource and a rephasing of development, which will include a -16% sell-down in Alaska for US$450m. 

While management had previously flagged synergies between the P’nyang and Papua development projects, the broker believes the JV partners will proceed with the 5mtpa Papua LNG project alone.

Noting the share price has already increased by 49% in this month, Ord Minnett downgrades its recommendation to Hold from Accumulate, while the target rises to $4.00 from $3.35. 

Oil Search's investor day presentation has led UBS to upgrade its target to $3.70 from $3.60 due to higher forecast production in Alaska. But a more than 30% increase in share price since the first vaccine annoucement has the broker pulling back to Neutral from Buy.

Valuation now implies oil at US$58/bbl — the highest across the broker's coverage — and implies an excessive valuation for long-dated growth projects, UBS suggests. Oil Search is now the broker's least preferred O&G name.

PANORAMIC RESOURCES LIMITED ((PAN)) Downgrade to Hold from Add by Morgans .B/H/S: 0/1/1

Morgans reviews Panoramic Resources after the share price has rallied around 40% since September.

The company’s development activities to support a restart of production at Savannah North are on or ahead of schedule (and on budget), highlights the broker.

Management also said they are seeing improving terms and payability in the nickel offtake market.

Morgans raises the target price to $0.15 from $0.14 after some changes to foreign exchange assumptions.

The rating is decreased to Hold from Speculative Buy

SEEK LIMITED ((SEK)) Downgrade to Neutral from Buy by UBS .B/H/S: 2/4/0

Seek has upgraded FY21 revenue guidance given all businesses are performing better than was predicted back at the August result. UBS believes guidance may be conservative given current listings momentum.

That said, the broker is wary of such momentum reflecting a pull-forward of a return to pre-covid volumes, suggesting it may not be sustainable. Upgraded forecast earnings lead to a target increase to $26 from $22 but UBS pulls back to Neutral from Buy.

SIMS LIMITED ((SGM)) Downgrade to Neutral from Buy by Citi .B/H/S: 2/4/0

Citi highlights the share price of Sims is up 30% in 3 months led by higher aluminium and scrap steel (Turkey) prices. The Turkey scrap steel price is expected to average around US$308/t in FY21. 

The broker notes Sims margins appear to be thin, meaning there’s plenty of earnings leverage to both the upside and downside. Believing most of the share price upside has been captured, Citi moves to a Neutral rating from Buy.

The target price rises to $11 from $9.50.

TRANSURBAN GROUP ((TCL)) Downgrade to Hold from Accumulate by Ord Minnett .B/H/S: 2/3/2

Ord Minnett lowers its recommendation on Transurban Group to Hold from Accumulate post the recent strong share price gains. The target price falls to $15.50 from $16.

The broker assumes lower long-term growth and has revised down its earnings estimates accordingly. Traffic growth is expected to be around 2% per annum over the medium to long term which is at the lower end of the group's historical range of 2-4%.

UNITED MALT GROUP LIMITED ((UMG)) Downgrade to Underperform from Neutral by Credit Suisse .B/H/S: 2/1/1

The maiden FY20 result was ahead of relatively bearish expectations, Credit Suisse asserts. The broker downgrades FY21 estimates to allow for a partial reversion of the current sales trajectory during the northern hemisphere winter.

Temporary cost reductions and some government assistance also benefited the business during the year and these inputs may not continue in FY21.

Credit Suisse is watching closely for signs of a permanent contraction in craft brewing capacity but forecasts an earnings recovery in FY22 on the basis of a craft market recovery.

A rapid increase in the share price following the results has meant the broker downgrades to Underperform from Neutral. Target is raised to $4.23 from $4.02.

VOCUS GROUP LIMITED ((VOC)) Downgrade to Hold from Buy by Ord Minnett and Downgrade to Neutral from Buy by UBS .B/H/S: 1/5/0

Vocus Group's decision to progress with the sale of its New Zealand franchise and prioritise investment into Australian fibre and network solutions supports Ord Minnett's investment case.

At its AGM. the group re-affirmed its FY21 operating income guidance. Management reiterates that Vocus networks is in the growth mode, driven by contract wins and rising utilisation on the Australia-Singapore cable.

Looking at the recent share price strength, Ord Minnett reduces its rating to Hold from Buy. The target rises to $4.50 from $3.74.

The market had been discounting its valuation of Vocus Group, UBS suggests, based on pessimism over the company's ability to deliver on earnings forecasts and on under-valuation of its portfolio of assets. The August result and contract wins have countered the first point.

Yesterday Vocus announced its intention to IPO its NZ business to bolster the balance sheet and reinstate dividends. Tick box two. The broker has increased its target price to $4.40 from $3.60 but with the market already there, downgrades to Neutral from Buy.

WEST AFRICAN RESOURCES LIMITED ((WAF)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 0/1/0

Macquarie's Macro Desk Strategy team now believes the US ten-year bond yield has troughed.

With the yield curve beginning to lift the team has cut its 2021-23 gold price forecasts by -17% to -12%, resulting in earnings forecast downgrades for all gold miners under coverage.

Newcrest Mining downgraded to Neutral from Outperform. Target falls to $1.10 from $1.30.

Total Recommendations
Recommendation Changes

Broker Recommendation Breakup

Broker Rating

 

Order Company New Rating Old Rating Broker
Upgrade
1 ESTIA HEALTH LIMITED Buy Neutral Ord Minnett
2 FLEXIGROUP LIMITED Buy Neutral Macquarie
3 G.U.D. HOLDINGS LIMITED Buy Neutral Credit Suisse
4 JAPARA HEALTHCARE LIMITED Buy Neutral Ord Minnett
5 LOVISA HOLDINGS LIMITED Neutral Sell Citi
6 MIRVAC GROUP Buy Neutral Macquarie
7 REGIS HEALTHCARE LIMITED Neutral Sell Macquarie
8 WESTPAC BANKING CORPORATION Buy Neutral Morgan Stanley
Downgrade
9 AGL ENERGY LIMITED Sell Neutral Macquarie
10 ALS LIMITED Sell Neutral Ord Minnett
11 ATLAS ARTERIA Neutral Buy Morgans
12 EVOLUTION MINING LIMITED Sell Neutral Macquarie
13 NATIONAL AUSTRALIA BANK LIMITED Sell Neutral Morgan Stanley
14 NEWCREST MINING LIMITED Sell Neutral Macquarie
15 OCEANAGOLD CORPORATION Sell Neutral Macquarie
16 OIL SEARCH LIMITED Neutral Buy UBS
17 OIL SEARCH LIMITED Neutral Buy Ord Minnett
18 OIL SEARCH LIMITED Sell Neutral Credit Suisse
19 OIL SEARCH LIMITED Neutral Buy Macquarie
20 OIL SEARCH LIMITED Neutral Buy Citi
21 PANORAMIC RESOURCES LIMITED Neutral Buy Morgans
22 SEEK LIMITED Neutral Buy UBS
23 SIMS LIMITED Neutral Buy Citi
24 TRANSURBAN GROUP Neutral Buy Ord Minnett
25 UNITED MALT GROUP LIMITED Sell Neutral Credit Suisse
26 VOCUS GROUP LIMITED Neutral Buy UBS
27 VOCUS GROUP LIMITED Neutral Buy Ord Minnett
28 WEST AFRICAN RESOURCES LIMITED Neutral Buy Macquarie

Recommendation

Positive Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 FXL FLEXIGROUP LIMITED 67.0% 33.0% 34.0% 3
2 GUD G.U.D. HOLDINGS LIMITED 50.0% 20.0% 30.0% 4
3 GNC GRAINCORP LIMITED 100.0% 75.0% 25.0% 4
4 LOV LOVISA HOLDINGS LIMITED 50.0% 25.0% 25.0% 4
5 SWM SEVEN WEST MEDIA LIMITED 75.0% 50.0% 25.0% 4
6 MGR MIRVAC GROUP 75.0% 58.0% 17.0% 6
7 WBC WESTPAC BANKING CORPORATION 86.0% 71.0% 15.0% 7
8 SHL SONIC HEALTHCARE LIMITED 43.0% 29.0% 14.0% 7
9 TLS TELSTRA CORPORATION LIMITED 42.0% 33.0% 9.0% 6

Negative Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 VOC VOCUS GROUP LIMITED 17.0% 50.0% -33.0% 6
2 UMG UNITED MALT GROUP LIMITED 25.0% 50.0% -25.0% 4
3 OGC OCEANAGOLD CORPORATION 13.0% 38.0% -25.0% 4
4 ALX ATLAS ARTERIA 40.0% 60.0% -20.0% 5
5 SGM SIMS LIMITED 33.0% 50.0% -17.0% 6
6 EVN EVOLUTION MINING LIMITED -50.0% -33.0% -17.0% 6
7 SEK SEEK LIMITED 33.0% 50.0% -17.0% 6
8 AGL AGL ENERGY LIMITED -36.0% -21.0% -15.0% 7
9 NAB NATIONAL AUSTRALIA BANK LIMITED 21.0% 36.0% -15.0% 7
10 CBA COMMONWEALTH BANK OF AUSTRALIA -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 SWM SEVEN WEST MEDIA LIMITED 0.285 0.163 74.85% 4
2 LOV LOVISA HOLDINGS LIMITED 12.195 8.545 42.72% 4
3 SEK SEEK LIMITED 23.665 20.675 14.46% 6
4 ALQ ALS LIMITED 10.024 9.114 9.98% 7
5 GNC GRAINCORP LIMITED 4.995 4.593 8.75% 4
6 UMG UNITED MALT GROUP LIMITED 4.810 4.463 7.78% 4
7 VOC VOCUS GROUP LIMITED 3.742 3.482 7.47% 6
8 MGR MIRVAC GROUP 2.617 2.502 4.60% 6
9 SHL SONIC HEALTHCARE LIMITED 37.074 36.056 2.82% 7
10 WBC WESTPAC BANKING CORPORATION 20.371 19.886 2.44% 7

Negative Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 AGL AGL ENERGY LIMITED 14.314 14.707 -2.67% 7
2 OGC OCEANAGOLD CORPORATION 2.950 3.025 -2.48% 4
3 EVN EVOLUTION MINING LIMITED 5.292 5.392 -1.85% 6
4 NCM NEWCREST MINING LIMITED 34.340 34.883 -1.56% 7
5 ALX ATLAS ARTERIA 6.956 7.010 -0.77% 5
6 PGH PACT GROUP HOLDINGS LTD 2.654 2.668 -0.52% 5

Earning Forecast

Positive Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 GNC GRAINCORP LIMITED 24.153 1.263 1812.35% 4
2 SWM SEVEN WEST MEDIA LIMITED 16.825 4.095 310.87% 4
3 ALL ARISTOCRAT LEISURE LIMITED 109.286 68.891 58.64% 7
4 XRO XERO LIMITED 46.525 29.494 57.74% 6
5 APT AFTERPAY LIMITED 12.650 8.467 49.40% 6
6 BSL BLUESCOPE STEEL LIMITED 140.617 103.783 35.49% 6
7 UMG UNITED MALT GROUP LIMITED 20.065 16.780 19.58% 4
8 SEK SEEK LIMITED 18.755 15.938 17.67% 6
9 SYD SYDNEY AIRPORT HOLDINGS LIMITED -7.515 -8.848 15.07% 7
10 NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED 10.060 9.138 10.09% 5

Negative Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 NEA NEARMAP LTD -5.900 -3.900 -51.28% 3
2 KAR KAROON ENERGY LTD -3.733 -2.667 -39.97% 3
3 SBM ST BARBARA LIMITED 28.444 32.524 -12.54% 5
4 WSA WESTERN AREAS NL 3.405 3.572 -4.68% 6
5 SLC SUPERLOOP LIMITED -8.533 -8.200 -4.06% 3
6 NST NORTHERN STAR RESOURCES LTD 75.650 78.467 -3.59% 5
7 NCM NEWCREST MINING LIMITED 209.794 216.535 -3.11% 7
8 EVN EVOLUTION MINING LIMITED 28.500 29.400 -3.06% 6
9 RHC RAMSAY HEALTH CARE LIMITED 185.000 190.200 -2.73% 7
10 MGR MIRVAC GROUP 13.800 14.183 -2.70% 6

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CHARTS

AGL ALQ ALX EHE EVN GUD LOV MGR NAB NCM PAN REG SEK SGM SOL TCL UMG WAF WBC

For more info SHARE ANALYSIS: AGL - AGL ENERGY LIMITED

For more info SHARE ANALYSIS: ALQ - ALS LIMITED

For more info SHARE ANALYSIS: ALX - ATLAS ARTERIA

For more info SHARE ANALYSIS: EHE - ESTIA HEALTH LIMITED

For more info SHARE ANALYSIS: EVN - EVOLUTION MINING LIMITED

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

For more info SHARE ANALYSIS: LOV - LOVISA HOLDINGS LIMITED

For more info SHARE ANALYSIS: MGR - MIRVAC GROUP

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

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For more info SHARE ANALYSIS: PAN - PANORAMIC RESOURCES LIMITED

For more info SHARE ANALYSIS: REG - REGIS HEALTHCARE LIMITED

For more info SHARE ANALYSIS: SEK - SEEK LIMITED

For more info SHARE ANALYSIS: SGM - SIMS LIMITED

For more info SHARE ANALYSIS: TCL - TRANSURBAN GROUP LIMITED

For more info SHARE ANALYSIS: UMG - UNITED MALT GROUP LIMITED

For more info SHARE ANALYSIS: WAF - WEST AFRICAN RESOURCES LIMITED

For more info SHARE ANALYSIS: WBC - WESTPAC BANKING CORPORATION