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Australian Broker Call *Extra* Edition – Feb 09, 2021

Daily Market Reports | Feb 09 2021

This story features AROA BIOSURGERY LIMITED, and other companies. For more info SHARE ANALYSIS: ARX

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ARX   BUB   CXL   DUB   FPH   GSS   GWA   GXY   HRL (2)   HUO   IFL   JAN   LBY   MMM   MSB   MTO   NEA   NUC   PBH   PCK   PNI   RHP (2)   RMY   TSI   VHT   WZR  

ARX    AROA BIOSURGERY LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.24

Wilsons rates ((ARX)) as Overweight (1) –

Wilsons maintains its Overweight rating with a target of $2 on Aroa Biosurgery.

Aroa Biosurgery announced the Appulse joint venture will be disbanded in February and Aroa will take its ENDOFORM portfolio directly to the US wound care market. 

Under the joint venture, Aroa paid almost 50% of the sales force costs while Appulse reps had to sell both Aroa’s ENDOFORM and Hydrofera’s range of wound dressings.

Wilsons highlights Aroa will retain its key reps and its regional distribution will remain broadly unchanged. Aroa’s skin substitute product for closing healed wounds is expected to receive its unique reimbursement code that will enable a 2021 launch.

This report was published on February 2, 2021.

Target price is $2.00 Current Price is $1.24 Difference: $0.76
If ARX meets the Wilsons target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.31.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 72.94.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.66

Bell Potter rates ((BUB)) as Hold (3) –

Bubs Australia’s second-quarter report shows gross revenue was down -12% versus last year driven mostly by a contraction in infant nutrition revenues. Brand investment was $2.7m forming 21% of gross sales.

Bell Potter has reduced its net revenue forecasts by -16% for FY21 and -12% in FY22. The broker notes Bubs is still in the early stage of its product life cycle with revenue predominantly driven by an expansion in the distribution footprint and product uptake.

Bell Potter retains its Hold rating with the target price declining to $0.73 from $0.80.

This report was published on January 29, 2021.

Target price is $0.73 Current Price is $0.66 Difference: $0.07
If BUB meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 60.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 73.33.

Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CXL    CALIX LIMITED

Mining Sector Contracting – Overnight Price: $1.75

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

Calix has announced Cemex – one of the largest cement producers in the world – has joined the LEILAC-2 project to help develop Calix's CO2 mitigation technology.

Canaccord Genuity believes this development adds significant industry and technical knowledge, plus additional funding to the program (construction-phase) from a major player in the Cement industry (with Cemex being a top-10 cement producer globally).

While the early stage nature brings a wide range of valuation outcomes, the broker estimates the Heidelberg/Cemex royalty streams could be worth $3.00-6.00/share, if both are net-neutral by 2050. Calix’s technology is a significant part of that roadmap (60% terminal clinker mix assumption, remaining emission reduction uses CFC technology).

Canaccord Genuity also notes additional upside to its estimates if Calix can successfully prove electrification (renewable) capability of the process, which would create cement with less than a 5% CO2 penalty.

The broker retains its Buy rating with the target price increasing to $1.70 from $1.09.

This report was published on February 1, 2021.

Target price is $1.70 Current Price is $1.75 Difference: minus $0.05 (current price is over target).
If CXL meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 134.62.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 145.83.

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

DUB    DUBBER CORPORATION LIMITED

Cloud services – Overnight Price: $1.76

Shaw and Partners rates ((DUB)) as Buy (1) –

Shaw and Partners retains its Buy rating with the target price rising to $2.25 from $1.85.

Dubber Corp's second-quarter results show revenues and cash flow trends improving with growth materially outpacing the sector. Shaw and Partner notes 2020 was a watershed year and the corporation was a net beneficiary of partnerships and integrations.

Revenue was up 78% year on year at a record $4.28m with recurring revenue in the first half up 168%. 

The broker expects the first-half to be catalyst rich for the group including continuing with large telco sign-ups, launch of other revenue models, acceleration in users and potential acquisitions.

This report was published on February 1, 2021.

Target price is $2.25 Current Price is $1.76 Difference: $0.49
If DUB meets the Shaw and Partners target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.13.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.29.

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

FPH    FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices – Overnight Price: $30.76

Wilsons rates ((FPH)) as Overweight (1) –

Wilsons notes the pandemic has led to sustained demand with Fisher and Paykel Healthcare doubling its December quarter sales over last year and upgrading its FY21 outlook (yet again). Wilsons also lifts its FY21 net profit forecast by 18% to NZ$506m.

The broker is of the view high-flow nasal cannula (HFNC) demand will continue to push higher owing to higher whole-of-hospital adoption and deployment across emergent, non-covid respiratory indications.

The failure to contain the pandemic in some major markets is expected to fuel more base growth in the meantime, suggests the broker.

Wilsons maintains its Overweight rating with a target price of $37.50.

The report was published on February 3, 2021.

Target price is $37.50 Current Price is $30.76 Difference: $6.74
If FPH meets the Wilsons target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is N/A
The company's fiscal year ends in March.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 31.93 cents and EPS of 82.54 cents.
At the last closing share price the estimated dividend yield is 1.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.7, implying annual growth of N/A.
Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 32.8.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 33.81 cents and EPS of 68.55 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.5, implying annual growth of -26.9%.
Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 44.9.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GSS    GENETIC SIGNATURES LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.92

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

Covid demand drove an exceptional half for Genetic Signatures, observes Bell Potter, achieving two consecutive quarters of positive cash flow. The first half revenue at $18.7m, up 638% versus last year, set a new record and was largely in-line with Bell Potter's $18.9m.

Domestic sales were the primary driver of revenue but Bell Potter highlights growing contribution from international sales. In fact, the company generated its first sales from the US in the quarter, a significant milestone according to the broker.

Bell Potter expects covid testing to reduce in the second half and expects second-half revenues to be lower than the first half. For FY22, the broker models covid test sales to be the major driver of revenue. 

Buy (speculative) rating maintained with target price falling to $3.20 from $3.45.

The report was published on January 29, 2021.

Target price is $3.20 Current Price is $1.92 Difference: $1.28
If GSS meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.65.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 480.00.

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

GWA    GWA GROUP LIMITED

Furniture & Renovation – Overnight Price: $3.79

Goldman Sachs rates ((GWA)) as Downgrade to Neutral from Buy (3) –

While the broker considers GWA group a high-quality stock that can give exposure to a recovering housing cycle, the group's valuation already reflects this with the share price growing 29% since July 2020. This leads the broker to update its assumptions for the group.

Considering the operating leverage muted with 60% of GWA's cost base related to selling expenses, the broker believes the group makes for a relatively defensive option in a downturn but highlights this also reduces its operating leverage in an up-cycle.

Target price is increased to $3.05 from $2.90 with rating downgraded to Neutral from Buy.

This report was published on February 1, 2021.

Target price is $3.05 Current Price is $3.79 Difference: minus $0.74 (current price is over target).
If GWA meets the Goldman Sachs target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.95, suggesting downside of -22.7%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 10.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of -9.0%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 15.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of 13.2%.
Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 22.3.

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

GXY    GALAXY RESOURCES LIMITED

New Battery Elements – Overnight Price: $2.69

Bell Potter rates ((GXY)) as Downgrade to Sell from Hold (5) –

After incorporating a ramping up of operations at Mt Cattlin in WA in the 4Q20, the assumption that SDV produces a battery grade product, and both revised lithium prices and FX forecasts, Bell Potter now forecasts a larger normalised loss in 2020, a lower loss in 2021 and breakeven in 2022 for Galaxy Resources.

Galaxy Resources spodumene concentrate output in 4Q 2020 was 11% higher quarter-on-quarter (qoq) at 33.3kt but sales rose 350% qoq to 75.3kt as its excess inventory was sold.

The broker notes lithium prices have begun to recover under the impact of major government stimulus packages for electric vehicles (EVs) and transport in Europe, Asia and most recently the USA (at least US$2T), which will underpin stronger growth in demand for lithium batteries.

After finance leases of circa US$22m, Bell Potter estimates Galaxy had net cash of about US$190m.

In light of recent developments, the Bell Potter target price is raised by 54% to $2.15/share but the broker has downgraded its recommendation to Sell.

This report was published on February 1, 2021.

Target price is $2.15 Current Price is $2.69 Difference: minus $0.54 (current price is over target).
If GXY meets the Bell Potter target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.21, suggesting downside of -15.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 12.15 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.57 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 75.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HRL    HRL HOLDINGS LTD

Industrial Sector Contractors & Engineers – Overnight Price: $0.14

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

HRL Holdings' first-half result was mostly in-line with Bell Potter's estimates and at the top end of management's operating income guidance range. The result was driven by HRL's food and environmental division where revenue rose 13.7%.

With the worst of covid interruptions behind Australia and New Zealand, Bell Potter expects demand in HRL Holdings geotechnical and environmental testing businesses to see improvement.

The broker's earnings forecasts have been by increased by 5.8%, 7.1% and 7.9% across FY21-FY23 respectively.

Buy reiterated with the target price rising to $0.17 from $0.13.

The report was published on January 29, 2021.

Target price is $0.17 Current Price is $0.14 Difference: $0.03
If HRL meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


Taylor Collison rates ((HRL)) as Outperform (2) –

The bounce back experienced by HRL Holdings' NZ exposures, since the April’s COVID lockdown, adds to Taylor Collision’s already positive thesis on the company.

In light of top end operating earnings (EBITDA) guidance achievement of $3.535m, and the seasonal H2 vagaries within key parts of food testing, the broker has very modestly increased its FY21 operating earnings forecast by 2.1% to $7.4m.

Taylor Collision likes the company’s disciplined innovation to carving out specialties, a clear emphasis on stable markets, and returning credibility after navigating meth contract loss & covid disruption.

With $7m of available funding – cash and undrawn debt – and a credibility rebuild well underway, the broker believes M&A optionality takes on more credence.

Taylor Collision maintains its Outperform rating and has increased the target price to $0.18 from $0.15.

The report was published on January 29, 2021.

Target price is $0.18 Current Price is $0.14 Difference: $0.04
If HRL meets the Taylor Collison target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Taylor Collison forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

Forecast for FY22:

Taylor Collison forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

HUO    HUON AQUACULTURE GROUP LIMITED

Aquaculture – Overnight Price: $2.67

Goldman Sachs rates ((HUO)) as Neutral (3) –

Huon Aquaculture Group expects substantially lower FY21 operating income versus last year, impacted by weak export prices, a strong AUD/USD and disruption in the domestic wholesale channel due to covid.

This trading update is consistent with the updates seen from global competitors. Goldman Sachs expects supply/demand to start normalising in FY22.

Goldman Sachs maintains its Neutral rating with a target price of $2.45. 

This report was published on February 2, 2021.

Target price is $2.45 Current Price is $2.67 Difference: minus $0.22 (current price is over target).
If HUO meets the Goldman Sachs target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 8.00 cents and EPS of minus 14.00 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.07.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 10.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.50.

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

IFL    IOOF HOLDINGS LIMITED

Wealth Management & Investments – Overnight Price: $3.42

Bell Potter rates ((IFL)) as Hold (3) –

Bell Potter notes IOOF Holdings is in the middle of major changes including two material integrations and a business transformation.

The toll on the company is clearly visible in its quarterly update, observes the broker, with the ANZ Wealth business noting outflow of -$764m.

Following the update, the broker has downgraded its earnings by -6.2%, -5.4% and -6.0% for FY21-23 driven by worsening net-flows across the business.

Hold rating with the target falling to $3.40 from $3.60.

This report was published on January 29, 2021.

Target price is $3.40 Current Price is $3.42 Difference: minus $0.02 (current price is over target).
If IFL meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.55, suggesting upside of 37.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 15.00 cents and EPS of 20.30 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.8, implying annual growth of -29.0%.
Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 21.00 cents and EPS of 31.10 cents.
At the last closing share price the estimated dividend yield is 6.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.6, implying annual growth of 16.1%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 9.6.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

JAN    JANISON EDUCATION GROUP LIMITED

Education & Tuition – Overnight Price: $0.58

Bell Potter rates ((JAN)) as Downgrade to Hold from Buy (3) –

Janison Education's first half was strong, notes Bell Potter, with operating income exceeding the broker's expectations and revenue broadly in-line.

The company saw 88% growth in platform revenue offset by softer revenues in Janison's exam management business impacted by covid.

The broker is positive on Janison's outlook for growth but expects the second half to be weaker with upside risk from stronger than expected sales pipeline conversion.

Bell Potter downgrades its recommendation to Hold from Buy with the target price rising to $0.65 from $0.60.

This report was published on January 29, 2021.

Target price is $0.65 Current Price is $0.58 Difference: $0.07
If JAN meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 580.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.62.

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

LBY    LAYBUY GROUP HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $1.35

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

Laybuy Group Holdings' seems to be making meaningful progress, highlights Bell Potter, with the UK gross merchant value (GMV) growing 74% in the December quarter versus the September period to close at NZ$100m.

The UK business is Bell Potter's key focus and drives its investment thematic given it added over 100,000 new customers over the quarter. The key for Laybuy, according to the broker, is to continue building scale at this rate while maintaining a relatively healthy net transaction margin. 

Bell Potter retains its Buy rating with the target dropping to $2.95 from $3.00.

This report was published on January 29, 2021.

Target price is $2.95 Current Price is $1.35 Difference: $1.6
If LBY meets the Bell Potter target it will return approximately 119% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 7.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.13.

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

MMM    MARLEY SPOON AG

Consumer Products & Services – Overnight Price: $3.00

Wilsons rates ((MMM)) as Overweight (1) –

Marley Spoon delivered a solid December quarter result, notes Wilsons, with sales up 95% and consistent with guidance while operating income at EUR1.2m was ahead of Wilsons' forecast of -EUR0.3m loss.

Trading conditions in 2020 proved very favourable and the broker believes the growth drivers remain in place including rising online penetration of food and grocery purchases and attractive unit economics. 

Overweight rating with a target price of $3.50.

This report was published on February 1, 2021.

Target price is $3.50 Current Price is $3.00 Difference: $0.5
If MMM meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 10.06 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.83.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.77 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 51.98.

This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MSB    MESOBLAST LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.64

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

Mesoblast reported US$2.1m (up 5% y/y and 63% on 1Q21), in royalties on GvHD product Temcell in 2Q21, which beat Bell Potter’s forecast of US$1.7m.

But the company has ended 2Q21 with US$77.5m cash, which was materially below the broker's estimated US$133m, due to timing of cash inflow from Novartis (NVS) and Grunenthal deals having moved to 2HFY21.

Mesoblast could receive another US$92.5m though existing strategic partnerships and financing facilities over the next 12 months. But Bell Potter believes the company’s cash position is now vulnerable to the continuance of the Grunenthal and Novartis deals and the near term cash inflow from them.

If either of these deals fall through and in the absence of new deals (potentially for CHF), Bell Potter believes the company may find its balance sheet under pressure going into FY22.

Buy rating with a valuation of $5.10 remain unchanged.

This report was published on February 1, 2021.

Target price is $5.10 Current Price is $2.64 Difference: $2.46
If MSB meets the Bell Potter target it will return approximately 93% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.98.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 32.73 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.07.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MTO    MOTORCYCLE HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $2.50

Moelis rates ((MTO)) as Buy (1) –

Due to strong trading conditions across the country, especially in November and December, Motorcycle Holdings now expects 1H21 operating earnings (EBITDA) to be between $26-27m, circa 10% ahead of guidance provided at the AGM in November for operating earnings of $23-25m.

While Moelis has upgraded its FY21 EPS estimate to reflect strong gross profit margins continuing into 2H21 – due to a constrained supply of new and used bikes and accessories – the broker’s FY22-23 earnings outlook remains unchanged.

Moelis notes that while the company’s core road bike category was up 9.2% (compared to overall sales up 22.1%), across 2020 road bike sales are still around -27% below peak sales in 2016.

The company’s net cash position provides an option for M&A, but given current conditions, Moelis does not expect an acquisition in FY21.

Moelis maintains its Buy rating with the target price dipping slightly to $2.97 from $2.98.

This report was published on February 7, 2021.

Target price is $2.97 Current Price is $2.50 Difference: $0.47
If MTO meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 15.60 cents and EPS of 38.30 cents.
At the last closing share price the estimated dividend yield is 6.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.53.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 12.70 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.79.

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

NEA    NEARMAP LTD

Software & Services – Overnight Price: $2.37

Goldman Sachs rates ((NEA)) as Upgrade to Buy from Neutral (1) –

Goldman Sachs upgrades its recommendation to Buy from Neutral led by an expected robust macro recovery, a strong balance sheet and relatively attractive valuation metrics.

The broker expects the stock to generate a return of 29% although believes any improvement in Nearmap's operating momentum is unlikely to occur before the fourth quarter of FY21. Also, the broker expects the first half sales cycle to be disrupted due to covid.

Target falls to $2.75 from $2.95.

This report was published on January 30, 2021.

Target price is $2.75 Current Price is $2.37 Difference: $0.38
If NEA meets the Goldman Sachs target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.88, suggesting upside of 25.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -6.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 59.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NUC    NUCHEV LIMITED

Dairy – Overnight Price: $1.30

Wilsons rates ((NUC)) as Overweight (1) –

Nuchev's sales recovered in the second quarter led by cross-border e-commerce channel growth and a partial recovery in the Daigou channel.

Wilsons believes Nuchev’s robust gross margins indicate healthy brand engagement with consumers. The timing of a recovery in the traditional Daigou channel or demand transition to alternate channels remains uncertain, adds the broker.

On the basis of an attractive valuation, Wilsons retains its Overweight rating. Target falls to $1.79 from $2.10.

This report was published on January 29, 2021.

Target price is $1.79 Current Price is $1.30 Difference: $0.49
If NUC meets the Wilsons target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 16.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.69.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.85.

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

PBH    POINTSBET HOLDINGS LTD

Gaming – Overnight Price: $15.77

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

During 2Q21 the US operations of Pointsbet Holdings overtook turnover from the Australian business, which despite a -5% drop in online share has continued the success it experienced during the September quarter, Bell Potter observes.

Highlights from 2Q21 included Australian Net Win up 42% on 1Q21 to $49.8m, which reflects investment in client promotions and media partnerships such as Channel 7 horse racing, plus customer leakage from BetEasy being absorbed into SportsBet.

Other highlights included US turnover up 299% on 1Q21 to $654.9m, with Active customers up 28.3% to 211,086.

Incorporating increased marketing costs, Bell Potter’s operating earnings forecasts (EBITDA) have been revised from -$50.5m to -$78.4m in FY21, and from -$42.1m to -$46.2m in FY22.

Bell Potter continues to see momentum for the company from domestic market share gains and further US state launches.

A speculative Buy rating is maintained with the target price increasing to $20.40 from $15.10.

This report was published on February 2, 2021.

Target price is $20.40 Current Price is $15.77 Difference: $4.63
If PBH meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 43.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.59.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 25.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 60.89.

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

PCK    PAINCHEK LIMITED

Medical Equipment & Devices – Overnight Price: $0.07

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

PainChek reported its second-quarter results that showed the impact of covid with enrolment in the government trial slowing considerably.

At circa 42k beds, Canaccord Genuity thinks PainChek will need to have a strong March quarter to make the March 75k milestone target and continue that momentum to the 100k target for May.

While progress is being made, the broker considers the risk profile elevated and wants to wait until it sees the growth trajectory return.

Buy rating with the target price falling to $0.35 from $0.49.

This report was published on January 25, 2021.

Target price is $0.35 Current Price is $0.07 Difference: $0.28
If PCK meets the Canaccord Genuity target it will return approximately 400% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.33.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.00.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $9.78

Wilsons rates ((PNI)) as Overweight (1) –

Pinnacle Investment Management Group reported first-half net profit of $30.3m, up 123.5% versus last year and 37.8% ahead of Wilsons' forecast.

The broker highlights the strong beat was driven by higher service changes, dividends and lower operating expenses.

The broker notes Pinnacle appears confident about its immediate future especially with the increase in the volume of funds under management with performance fee potential.

Overweight rating with a target price of $8.

This report was published on February 3, 2021.

Target price is $8.00 Current Price is $9.78 Difference: minus $1.78 (current price is over target).
If PNI meets the Wilsons target it will return approximately minus 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.52, suggesting upside of 3.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 21.50 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 2.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of 68.8%.
Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 28.9.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 22.10 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.5, implying annual growth of 5.0%.
Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 27.6.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RHP    RHIPE LIMITED

Cloud services – Overnight Price: $1.87

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

After beating its 1H21 trading expectations, with revenue up 15% to $30.5m and operating profit up 34% to $8.8m, Rhipe expects full year profit growth of 27% to $17.5m, in-line with Bell Potter’s expectations.

Following this update, the broker has pulled back its revenue forecasts and operating cost-base assumptions, resulting in EPS upgrades of 5.2%, 4.0% and 3.9% in FY21, FY22 and FY23 respectively.

Bell Potter remains positive on the company's growth outlook and expect sales momentum to return across 2021 as the roll out of the covid-19 vaccine continues to drive an improving business outlook.

The broker believes an FY22 PE of 22x (ex $60m cash) represents compelling value for a stock with 3-year forecast EPS CAGR of circa 42%.

Bell Potter retains its Buy rating with the target price unchanged at $2.50.

This report was published on February 2, 2021.

Target price is $2.50 Current Price is $1.87 Difference: $0.63
If RHP meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 3.00 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.16.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 4.00 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.91.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


Shaw and Partners rates ((RHP)) as Buy (1) –

Rhipe pre-released some numbers pertaining to the first half including operating profit of $8.8m, up 34% versus last year and 6% ahead of Shaw and Partners' forecast.

The company has guided to higher investment in the second half although its operating profit guidance at $17.5m is regarded as conservative by the broker.

Also, with second halves always stronger for the group and with APAC restrictions loosening, the broker expects an increase in Rhipe's re-seller activity.

Buy with a $3.02 target price. 

This report was published on February 1, 2021.

Target price is $3.02 Current Price is $1.87 Difference: $1.15
If RHP meets the Shaw and Partners target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 4.20 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.26.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 5.50 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.00.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RMY    RMA GLOBAL LIMITED

Real Estate – Overnight Price: $0.34

Bell Potter rates ((RMY)) as Downgrade to Hold from Buy (3) –

RMA Global's December quarter subscription revenues were up circa 8% and 34% versus last quarter in Australia and New Zealand, driven by increasing traction, growth initiatives and wider product offerings.

Bell Potter notes monetising agents via subscription will be the critical next step of RMA Global's strategy. This has the potential to drive the company's valuation higher, explains the broker, with the added observation this strategy depends heavily on RMA's ability to sign larger agency groups along with higher organic subscriptions.

Bell Potter downgrades its rating to Hold from Buy with a target price of $0.36.

This report was published on February 2, 2021.

Target price is $0.36 Current Price is $0.34 Difference: $0.02
If RMY meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.89.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.33.

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

TSI    TOP SHELF INTERNATIONAL HOLDINGS

Food, Beverages & Tobacco – Overnight Price: $2.05

Wilsons rates ((TSI)) as Overweight (1) –

Top Shelf International Holdings' December quarter result disclosed revenue of $4.5m, up 119% versus last year. Management expects the company is on track to achieve its FY21 forecast revenue of $20m.

Branded product sales and revenue were in-line with the broker's forecast. Overweight with a target price of $2.75.

This report was published on January 29, 2021.

Target price is $2.75 Current Price is $2.05 Difference: $0.7
If TSI meets the Wilsons target it will return approximately 34% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

VHT    VOLPARA HEALTH TECHNOLOGIES LIMITED

Medical Equipment & Devices – Overnight Price: $1.61

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

Volpara Health Technology's December quarter update showed the company signed contracts for US$720K in annual recurring revenues.

Bell Potter considers this a significant achievement given the ongoing covid related issues with access to clinics and other buyers.

Market share remained stable at 27% but the broker is confident that all new business will continue to be signed at increasing prices. MRS clients that are yet to upgrade their service are expected to underpin growth in recurring revenues in the short term.

Buy recommendation retained with the target unchanged at $1.75.

This report was published on January 29, 2021.

Target price is $1.75 Current Price is $1.61 Difference: $0.14
If VHT meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.63 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.58.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.29.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.24

Shaw and Partners rates ((WZR)) as Buy (1) –

Wisr's December quarter metrics are trending in the right direction, observes Shaw and Partners, with growth in revenue, loan originations, bad debts and customer credit quality. New loan originations were up 35% over the first quarter to a record $83.8m.

Wisr remains one of Shaw and Partners' key small caps picks for 2021 given the company is well placed to reach its goal of scaling towards its medium-term target of a $1bn loan book. The company will release its first-half result on 28 February.

The Buy rating and the target price of $0.40 are unchanged. 

This report was published on February 1, 2021.

Target price is $0.40 Current Price is $0.24 Difference: $0.16
If WZR meets the Shaw and Partners target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Shaw and Partners forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.00.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.

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


Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

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ARX BUB CXL DUB FPH GSS GWA GXY HRL HUO IFL JAN LBY MMM MSB MTO NEA NUC PBH PCK PNI RHP RMY TSI VHT WZR

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For more info SHARE ANALYSIS: WZR - WISR LIMITED