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Australian Broker Call *Extra* Edition – Mar 04, 2021

Daily Market Reports | Mar 04 2021

This story features ADACEL TECHNOLOGIES LIMITED, and other companies. For more info SHARE ANALYSIS: ADA

Dear Reader: As part of FNArena's coverage of the February reporting season in Australia, Editions of the Australian Broker Call *Extra* Report will be focusing on responses to released financial results during the month.

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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)

ADA   CDA   CGC (2)   CLU   EXP   GDF   GNG (2)   IDX   ING   JAN   LOV (2)   MLD   NHF   NUC   NWH   NXS (2)   PME   PSI   PWH (2)   RFF   UMG   WSP (2)  

ADA    ADACEL TECHNOLOGIES LTD

Software & Services – Overnight Price: $0.92

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

Adacel Technologies' first-half profit before tax was 61% above Bell Potter's forecast of $2.6m and was driven by a better gross margin and higher "other income" than expected. An interim dividend of 2.75c was declared, well ahead of the broker's 1.5c forecast.

The company has upgraded its FY21 profit before tax guidance to $7-$7.3m from $6.5-$7m. The broker comments the company has over 100% of forecast revenue either booked or in backlog which the company expects will help drive growth in FY22 and beyond.

Buy rating maintained with the target rising to $1.25 from $1.15.

This report was published on February 22, 2021.

Target price is $1.25 Current Price is $0.92 Difference: $0.33
If ADA meets the Bell Potter target it will return approximately 36% (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 5.00 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.27.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 5.50 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 5.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.95.

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

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $14.90

Moelis rates ((CDA)) as Hold (3) –

Moelis notes Codan's first-half result shows metal detection sales grew by 55% versus last year driven largely by a strong rise in recreational sales. In fact, metal recorded an "all-time record" month of sales in January 2021.

Moelis has upgraded its net profit forecasts by 12% in FY21 and 21% in FY22. The broker's forward growth rates are tempered somewhat by expected currency headwinds during FY21.

Hold rating with a target of $14.86.

This report was published on February 19, 2021.

Target price is $14.86 Current Price is $14.90 Difference: minus $0.04 (current price is over target).
If CDA meets the Moelis target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 27.90 cents and EPS of 51.80 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.76.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 32.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.83.

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

CGC    COSTA GROUP HOLDINGS LIMITED

Agriculture – Overnight Price: $4.61

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

Costa Group Holdings reported a 2020 operating income of $144.7m, ahead of Bell Potter's expectation of $136.9m. Both revenue and operating income beat the broker's estimates. The net profit at $62.6m was up 127% versus Bell Potter's forecast of $47.2m.

No formal guidance was provided but the company notes strong demand and pricing across major categories going into 2021. Following the result, Bell Potter has upgraded its net profit forecasts by 10-11% for 2021-22. 

Buy rating and the target price rises to $5.10 from $4.05.

This report was published on February 23, 2021.

Target price is $5.10 Current Price is $4.61 Difference: $0.49
If CGC meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.81, suggesting upside of 4.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 12.00 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of 34.6%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 12.00 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 7.8%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.0.

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


Wilsons rates ((CGC)) as Market Weight (3) –

Costa Group's earnings recovered significantly in 2020, observes Wilsons, with the company noting higher revenue growth across many categories that contributed to a 7% beat against Wilsons' operating income forecast.

The group's outlook commentary was broadly consistent with the broker's expectations with Costa expecting a continued earnings recovery in 2021. The company wants to acquire more citrus orchards and will start the development of trellised high-density avocado orchards.

The Market Weight rating is unchanged with a target price of $4.63.

This report was published on February 23, 2021.

Target price is $4.63 Current Price is $4.61 Difference: $0.02
If CGC meets the Wilsons target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.81, suggesting upside of 4.3%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 12.00 cents and EPS of 18.60 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of 34.6%.
Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 13.10 cents and EPS of 20.30 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of 7.8%.
Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.0.

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

CLU    CLUEY LTD

Education & Tuition – Overnight Price: $1.30

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

Cluey delivered a strong maiden first half result, observes Bell Potter, with revenue up 385% versus last year to $6.4m and in-line with the broker's forecast.

The operating loss narrowed to -$6.5m versus -$7.7m last year and reflect strong operating leverage, adds the broker. Revenue was driven by student session growth of 290% and revenue per session growth to $63.80/session.

Management is on track to meet FY21 prospectus forecast revenue. Bell Potter notes historically the second half generates a greater proportion of revenue compared to the first half. 

Buy rating with the target rising to $1.80 from $1.75.

This report was published on February 23, 2021.

Target price is $1.80 Current Price is $1.30 Difference: $0.5
If CLU meets the Bell Potter target it will return approximately 38% (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 12.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.57.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.53.

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

EXP    EXPERIENCE CO LIMITED

Travel, Leisure & Tourism – Overnight Price: $0.26

Wilsons rates ((EXP)) as Market Weight (3) –

Experience Co’s first-half operating income of $3.5m was higher than Wilsons expected.

Wilsons is pleased management was able to maintain profitability on a month-to-month basis and sees medium-term upside to the new pontoon project.

No quantitative guidance was provided but the broker expects border closures to be a theme in the near-term. Despite this, Experience is expected to remain profitable.

Having said that, led by domestic border challenges, restricted international tourism and limited visibility on volumes returning to normal, the broker prefers to retain its Market Weight recommendation. The target price rises to $0.22 from $0.14.

This report was published on February 18, 2021.

Target price is $0.22 Current Price is $0.26 Difference: minus $0.04 (current price is over target).
If EXP meets the Wilsons target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 52.00.

Forecast for FY22:

Wilsons 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 37.14.

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

GDF    GARDA PROPERTY GROUP

REITs – Overnight Price: $1.18

Moelis rates ((GDF)) as Hold (3) –

Garda Property Group's funds from operations at $8.8m or 4.2c per share for the first half are down -6.7% versus last year. The result was in line with Moelis's expectations with earnings hit by the building vacancy at Botanicca 9.

Also, capex was deployed into developments that are not yet generating income but the broker expects this to improve in FY22 given leasing activity during the period.

In the near term, funding the development pipeline with asset sales seems dilutive but Moelis notes this will preserve the balance sheet and enhance the quality of the portfolio in the longer term.

Hold rating with the target price rising to $1.26 from $1.24.

This report was published on February 22, 2021.

Target price is $1.26 Current Price is $1.18 Difference: $0.08
If GDF meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 7.20 cents and EPS of 7.40 cents.
At the last closing share price the estimated dividend yield is 6.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.95.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 7.50 cents and EPS of 7.90 cents.
At the last closing share price the estimated dividend yield is 6.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.94.

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

GNG    GR ENGINEERING SERVICES LIMITED

Mining Sector Contracting – Overnight Price: $1.45

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

GR Engineering Services recorded an 85% rise in the first-half revenue to $176.3m, versus Bell Potter's expected $155.1m, and 572.1% increase in operating income to $11m.

While an improved result was expected, Bell Potter was pleased to see the company actually delivered it, especially given the poor profitability in FY20.

The company's cash flow performance was a standout, highlights the broker, and the company delivering adjusted cash conversion of 176.5%. The broker believes GR Engineering Services' strong cash flow conversion indicates strong profitability.

Buy rating with a target price of $1.45.

This report was published on February 23, 2021.

Target price is $1.45 Current Price is $1.45 Difference: $0
If GNG meets the Bell Potter target it will return approximately 0% (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 10.00 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.95.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 10.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.15.

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


Moelis rates ((GNG)) as Buy (1) –

GR Engineering Services' first half earnings result was solid with both revenue and net profit in line with Moelis's estimates and showed a huge improvement over last year. Added to this was strong cashflow.

FY21 revenue guidance was upgraded to $360m from $340m  and the company expects better operating income margins. Moelis increases its FY21 estimate to $376m, 4% ahead of the top end of management’s guidance given recent contract wins.

Aided by operating leverage from higher revenues, the broker estimates second-half operating income margins of 10%, up from 8.1% in the first half.

Buy rating and the target rising to $1.84 from $1.28.

The report was published on February 22, 2021.

Target price is $1.84 Current Price is $1.45 Difference: $0.39
If GNG meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 10.00 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.74.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 10.00 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.29.

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

IDX    INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices – Overnight Price: $4.63

Wilsons rates ((IDX)) as Market Weight (3) –

Wilsons retains its Market Weight rating on Integral Diagnostics with the target rising to $5 from $4.75.

Integral’s first-half net profit beat was mostly due to M&A execution, organic market share and service mix towards modalities that are amenable to strong private billing. An interim dividend of 5.5c was announced.

The growth capex outlook is subdued, which the broker finds to be at odds with what is otherwise a buoyant outlook for the imaging sector.

This report was published on February 23, 2021.

Target price is $5.00 Current Price is $4.63 Difference: $0.37
If IDX meets the Wilsons target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $5.11, suggesting upside of 10.4%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 11.50 cents and EPS of 20.90 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of 64.1%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 13.50 cents and EPS of 20.70 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 3.9%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.8.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ING    INGHAMS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $3.44

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

Inghams Group's first-half net profit after tax beat Bell Potter's forecast of $39.1m. Both revenue and operating income were higher than expected.

No formal FY21 earnings guidance was provided but Inghams expects normal seasonal patterns in the second half along with some contribution from feed costs with higher soybean costs in part mitigating the benefit of lower wheat costs.

The broker updates its forecasts for the first half beat and currency movements leading to net profit upgrades of 2% in FY21.

Bell Potter retains its Buy rating with the target price increased to $4.30 from $4.25.

This report was published on February 22, 2021.

Target price is $4.30 Current Price is $3.44 Difference: $0.86
If ING meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 13.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 16.00 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of 98.3%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 19.00 cents and EPS of 31.20 cents.
At the last closing share price the estimated dividend yield is 5.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.0, implying annual growth of 16.8%.
Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.7
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: $0.61

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

Janison Education's first half delivered operating income of $2.8m, up $1.5m over last year. The group delivered year on year revenue growth of 40% to $15.9m. This growth reflects 88% growth in platform revenue offset by softer revenues in Janison's exam management business.

The group has not provided any formal FY21 guidance due to uncertainty related to covid in the second half. Despite this, conditions are expected to improve with face-to-face teaching returning across the globe.

Hold rating with a target price of $0.65.

This report was published on February 23, 2021.

Target price is $0.65 Current Price is $0.61 Difference: $0.04
If JAN meets the Bell Potter target it will return approximately 7% (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 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 610.00.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.45.

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

LOV    LOVISA HOLDINGS LIMITED

Luxury – Overnight Price: $14.91

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

Lovisa Holdings reported first-half operating income of $30.5m, 13.6% higher than Bell Potter expected. Revenue of $146.9m was down -9.8% versus last year led by temporary store closures.

Like for like sales strengthened through the first half and the positive momentum has accelerated into the second half, notes Bell Potter, underpinned by strong southern hemisphere trading, while the northern hemisphere remains challenged.

The Beeline acquisition, due to complete in March-May, will add 90 stores across seven European countries. Bell Potter notes this acquisition will offset the slowdown in organic store openings.

The Buy rating is unchanged and the target price is increased to $15.10 from $13.50.

This report was published on February 22, 2021.

Target price is $15.10 Current Price is $14.91 Difference: $0.19
If LOV meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $15.44, suggesting upside of 3.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 28.20 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 1.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of 128.3%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 61.6.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 30.40 cents and EPS of 41.40 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.9, implying annual growth of 64.9%.
Current consensus DPS estimate is 31.9, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 37.4.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


Canaccord Genuity rates ((LOV)) as Upgrade to Buy from Hold (1) –

Sales for Lovisa Holdings were down -10% versus last year but ahead of Canaccord Genuity's $130m forecast. A gross margin of 77.2% was in line with expectations.

The company appears to have put through higher provisions and higher freight costs, assesses the broker, that more than offset any benefits from a stronger AUD.

The store count at 460 was ahead of the broker's expected 446, but management has flagged this pace will slow down in the coming days. Even so, Canaccord Genuity has upgraded its seconds half estimated store numbers slightly.

In the broker's view, the result demonstrated the company can manage its balance sheet and costs. This in turn gives Canaccord Genuity more confidence in an eventual offshore recovery.

The rating is upgraded to Buy from Hold with the target rising to $14.20 from $11.10.

This report was published on February 22, 2021.

Target price is $14.20 Current Price is $14.91 Difference: minus $0.71 (current price is over target).
If LOV meets the Canaccord Genuity target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $15.44, suggesting upside of 3.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Canaccord Genuity forecasts a full year FY21 dividend of 25.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 64.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of 128.3%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 61.6.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 30.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.9, implying annual growth of 64.9%.
Current consensus DPS estimate is 31.9, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 37.4.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MLD    MACA LIMITED

Mining Sector Contracting – Overnight Price: $1.06

Moelis rates ((MLD)) as Buy (1) –

Maca's first-half operating income of $70m was 6% ahead of Moelis's estimate. Both operating income and net profit were higher than expected although the result was overshadowed by weak cashflow.

The company expects to exceed its previous FY21 revenue guidance of $1.05bn given the second half will include 5 months of contribution from the Mining West acquisition.

Moelis upgrades its earnings revisions to FY21-22 by 3-4%. Buy rating and the target drops to $1.52 from $1.67.

This report was released on February 23, 2021.

Target price is $1.52 Current Price is $1.06 Difference: $0.46
If MLD meets the Moelis target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 5.00 cents and EPS of 14.30 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.41.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 6.00 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.67.

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

NHF    NIB HOLDINGS LIMITED

Insurance – Overnight Price: $5.70

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

nib Holdings reported a first-half net profit of $66.2m, roughly -18% below Goldman Sachs' forecast. An interim dividend of 10c was slightly below the broker's estimated 11c. Statutory operating profit was well below the broker's expected $87.0m

The company's outlook was fairly limited, notes the broker, with the only hard target provided for Australian residents health insurance (arhi) policyholder growth of 3-4%.

Goldman Sachs believes covid deferrals have made it difficult to gauge the margin trends within the arhi business, although the broker concedes policyholder growth metrics are proving to be "fairly resilient". 

Waiting for the borders to reopen, the broker maintains its Neutral rating with a target price of $5.51.

This report was published on February 22, 2021.

Target price is $5.51 Current Price is $5.70 Difference: minus $0.19 (current price is over target).
If NHF meets the Goldman Sachs target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.93, suggesting upside of 4.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 17.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of 52.5%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY22:

Goldman Sachs forecasts a full year FY22 dividend of 20.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.6, implying annual growth of -5.3%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NUC    NUCHEV LIMITED

Dairy – Overnight Price: $1.06

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

Nuchev's first-half revenue at $5.4m showed a decline of -31% versus last year but was in line with expectation. Both the operating loss of -$4.9m and the net loss were higher than Wilsons' forecast.

No guidance was provided, as the broker expected. Management retains its positive outlook and expects to achieve strong revenue and volume growth in the second half, which may be somewhat offset by uncertainty in the export channel and contraction of the Daigou channel, suggests the broker.

The company continues to explore more avenues for growth via market diversification and expansion of the existing channels. On the basis of an attractive valuation, Wilsons retains its Overweight rating with a target of $1.79.

This report was published on February 23, 2021.

Target price is $1.79 Current Price is $1.06 Difference: $0.73
If NUC meets the Wilsons target it will return approximately 69% (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 6.27.

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 12.93.

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

NWH    NRW HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $2.13

Moelis rates ((NWH)) as Buy (1) –

NRW Holdings' FY20 first-half result beat Moelis on most metrics.

NRW Holdings' first-half revenue was in line with Moelis's forecast but operating earnings were -7% less than estimated. The miss was largely driven by covid related costs in the civil and mining divisions and higher depreciation in mining.

Management expects some of the challenges to persist in the second half but also expects some recovery given state border reopenings.

Moelis expects a gradual recovery in the second half and into FY22. Buy rating with the target moving to $3.04 from $3.33.

This report was published on February 19, 2021.

Target price is $3.04 Current Price is $2.13 Difference: $0.91
If NWH meets the Moelis target it will return approximately 43% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 8.00 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.60.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 9.00 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.09.

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

NXS    NEXT SCIENCE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.24

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

Next Science's 2020 result highlighted a strong fourth-quarter recovery in sales, comments the broker, with the December update showing the fourth quarter revenue run rate returned to the December quarter of 2019 levels.

Management has adjusted its operating expense reporting to best reflect R&D and salesforce growth. This leads Bell Potter to modify its revenue and earnings forecasts. 

The broker awaits more information on clinical updates and highlights that a better idea of the efficacy of the sales strategy could trigger a re-rate. Hold rating with the target price of $1.51 from $1.30.

This report was published on February 23, 2021.

Target price is $1.51 Current Price is $1.24 Difference: $0.27
If NXS meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.07.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.24 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.24.

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


Wilsons rates ((NXS)) as Market Weight (3) –

Ahead of XPerience’s potential FDA approval in the second quarter, Wilsons maintains its Market Weight rating with the target dropping to $1.16 from $1.19.

Wilsons highlights the deep impact the pandemic had on Next Science over the last year, preventing the company from executing on its plans. The broker believes taking XPerience into the market is the correct move in 2021 and for this FDA approval remains key.

Further, Wilsons seems convinced the new Xbio technology gives Next Science a platform to lead the anti-biofilm sector.

This report was published on February 22, 2021.

Target price is $1.16 Current Price is $1.24 Difference: minus $0.08 (current price is over target).
If NXS meets the Wilsons target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in December.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.79.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.85.

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

PME    PRO MEDICUS LIMITED

Medical Equipment & Devices – Overnight Price: $46.13

Moelis rates ((PME)) as Hold (3) –

Despite fx headwinds, Moelis notes Pro Medicus’ first half result was as expected. Revenue grew 7.8% while profit before tax shot up by 26%.

While sales in Europe and Australia were stronger than expected, fx headwinds led to sales in the US growing only by 1.2%, notes the broker. The operating cash flow at $17m contributed to the company’s cash position growing to $50.9m.

A fully franked interim dividend of 7c was declared.

No quantified guidance was provided but Pro Medicus noted despite winning six large contracts in the last 7-8 months, the company’s pipeline remains healthy and it seems to be benefitting from the network effect generated by the growing customer base.

Hold rating with the target moving to $47.17 from $36.57.

This report was published on February 18, 2021.

Target price is $47.17 Current Price is $46.13 Difference: $1.04
If PME meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 15.00 cents and EPS of 27.80 cents.
At the last closing share price the estimated dividend yield is 0.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 165.94.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 19.00 cents and EPS of 44.60 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 103.43.

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

PSI    PSC INSURANCE GROUP LIMITED

Insurance – Overnight Price: $3.35

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

PSC Insurance Group reported first-half operating income of $28.7m, up 51.9% year over year and higher than Bell Potter's expected $27.8m. Revenue grew 25.4% to $93.8m and was driven by strong operating income growth within the group's UK segment.

PSC Insurance Group's operating margin improved to 30.6% versus 25.3% in the first half through a combination of top-line growth and cost saving initiatives. An interim dividend of 4c was declared. 

Bell Potter expects the group's strong performance to continue into the second half with the company retaining its guidance for FY21. Acquisitions remain a priority for the company despite slower than expected progress from travel restrictions that have slowed the group's due diligence process.

Buy rating and the target is increased to $3.60 from $3.55.

This report was published on February 23, 2021.

Target price is $3.60 Current Price is $3.35 Difference: $0.25
If PSI meets the Bell Potter target it will return approximately 7% (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 8.80 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.28.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 9.60 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.48.

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

PWH    PWR HOLDINGS LIMITED

Automobiles & Components – Overnight Price: $5.48

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

PWR Holdings' first-half operating income of $12.2m was 6% higher than Bell Potter's forecast of $11.5m. The beat was led by higher-than-forecast revenue and operating income margin. The net cash position improved to $13.3m at 31 December from $12.2m in June.

An interim dividend of 2.8c was ahead of the broker's expected 2.2c. No guidance was provided for FY21 but the company did concede the second half appears on track for growth and diversification.

Bell Potter continues to forecast strong double-digit earnings growth of 33% in FY21, 29% in FY22 and 19% in FY23.

Hold rating maintained with a target of $5.25.

This report was published on February 22, 2021.

Target price is $5.25 Current Price is $5.48 Difference: minus $0.23 (current price is over target).
If PWH meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 9.30 cents and EPS of 17.30 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.68.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 12.20 cents and EPS of 22.20 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.68.

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


Moelis rates ((PWH)) as Hold (3) –

PWR Holdings' first-half revenue at $37.2m was ahead of Moelis's estimates by 22.7% while the operating income was 16.1% higher than expected. The operating cashflow at $17.3m was up 317% over last year. An interim dividend of 2.8c was in line with Moelis's estimates.

Moelis expects near to medium-term earnings will be driven by emerging technology growth from product development, prior capex programs in revenue and a higher focus on the automotive aftermarket business.

The broker is of the view the business has a number of initiatives and an existing competitive advantage to continue earnings growth, with medium-term upside driven by emerging technology ramp-up.

Hold rating is retained with the target rising to $5.47 from $5.03. 

This report was published on February 22, 2021.

Target price is $5.47 Current Price is $5.48 Difference: minus $0.01 (current price is over target).
If PWH meets the Moelis target it will return approximately minus 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 7.70 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.41.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 9.60 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.40.

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

RFF    RURAL FUNDS GROUP

REITs – Overnight Price: $2.37

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

Rural Funds Group confirmed a robust first half result, observes Wilsons.

The reduction in earnings does not surprise the broker who had anticipated it, given the sale of the company’s poultry assets in FY20. On the bright side, a flexible payout ratio enabled a consistent growth of 4% in the distribution.

The group has guided to funds from operation of 11.7c and distribution of 11.28c for FY21. Guidance for FY22 distribution is set at 11.73c.

Wilsons believes developments in the Macadamia orchard remains the core growth activity in the coming years.

The Overweight rating is unchanged and the target price is increased to $2.55 from $2.37.

This report was published on February 19, 2021.

Target price is $2.55 Current Price is $2.37 Difference: $0.18
If RFF meets the Wilsons target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 11.30 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.39.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 11.70 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.29.

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

UMG    UNITED MALT GROUP LIMITED

Agriculture – Overnight Price: $3.61

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

United Malt Group disappointed Wilsons with its first-half trading update and operating income guidance is circa -18% below the broker's forecast. The miss was led by a mix of currency headwinds and the impact of covid.

Wilsons assumes covid-related factors will normalise from FY22 onwards. Despite the earnings miss, Wilsons remains attracted to United Malt's strategically located assets and the opportunity for efficiency improvements and cost reductions.

Overweight rating with the target price dropping to $4.42 from $5.24.

This report was published on February 19, 2021.

Target price is $4.42 Current Price is $3.61 Difference: $0.81
If UMG meets the Wilsons target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.41, suggesting upside of 22.2%(ex-dividends)
The company's fiscal year ends in September.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 7.00 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of -19.6%.
Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 26.7.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 10.00 cents and EPS of 18.90 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 77.8%.
Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WSP    WHISPIR LIMITED

Cloud services – Overnight Price: $3.72

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

In Shaw and Partners’ view, Whispir delivered a better than expected first half result. The company has also revised its FY21 revenue and operating income guidance by 1.5% and 30%.

The broker believes Whispir’s operating leverage is “starting to shine through” with North America appearing to be off to a good start.

FY21 forecasts of the broker have been increased and are now in-line with the upgraded guidance. Shaw and Partners expects Whispir to reach operating income breakeven in FY22 rather than FY23, and break-even on a gross free cash flow basis in FY23.

The target price rises to $5 from $4.57 and the Buy rating is retained.

This report was published on February 19, 2021.

Target price is $5.00 Current Price is $3.72 Difference: $1.28
If WSP meets the Shaw and Partners target it will return approximately 34% (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 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 59.05.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 120.00.

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


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

Wilsons sees Whispir's first-half result as constructive and largely in-line with expectations. The company is seeing customer growth since its value proposition resonates more strongly than ever today due to the pandemic-led digital transformation, observes the broker.

On that note, the broker highlights customer growth was up 39% versus the previous half and expects this to drive recurring revenue growth over time.

The company has guided to FY21 revenue of $49-$51m, slightly less than Wilsons projects with operating income guided to $4.5m. 

The Overweight rating remains intact and the target rises to $5.18 from $5.10.

This report was published on February 19, 2021.

Target price is $5.18 Current Price is $3.72 Difference: $1.46
If WSP meets the Wilsons target it will return approximately 39% (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 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 55.52.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 232.50.

Market Sentiment: 1.0
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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CHARTS

ADA CDA CGC CLU EXP GDF GNG IDX ING JAN LOV MLD NHF NUC NWH NXS PME PSI PWH RFF UMG WSP

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

For more info SHARE ANALYSIS: WSP - WHISPIR LIMITED