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Australian Broker Call *Extra* Edition – Jun 06, 2022

Daily Market Reports | Jun 06 2022

This story features ADRIATIC METALS PLC, and other companies. For more info SHARE ANALYSIS: ADT

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)

ADT   ALG   AMA   AND   APX (2)   BHP   BML   BUB (2)   BWX   CAT   CMM   COF   CXL   DEG   ERD   GPR   HXL   IMM   LBL   MGH   MGV   MMI   RCL   RIC   SHV (2)   SMP   SRG  

ADT    ADRIATIC METALS PLC

Gold & Silver – Overnight Price: $2.40

Canaccord Genuity rates ((ADT)) as Speculative Buy (1) –

Adriatic Metals has updated on its activities and expects to commence underground mining on the lower decline at Vares in Bosnia and work on the upper decline will start by the end of the current quarter.

While Bosnia is not directly connected to the European grid and energy costs have not yet been affected, the company is looking at more renewable opportunities to offset expected cost increases in the future.

The project is set to produce 9.2m ounces of silver equivalent for an all-in sustainable cost of US$7.77/oz over a 10-year life of mine at the Rupice deposit. Canaccord Genuity retains a Speculative Buy rating with a $4.25 target.

This report was published on May 30, 2022.

Target price is $4.25 Current Price is $2.40 Difference: $1.85
If ADT meets the Canaccord Genuity target it will return approximately 77% (excluding dividends, fees and charges).

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

ALG    ARDENT LEISURE GROUP LIMITED

Travel, Leisure & Tourism – Overnight Price: $1.40

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

Assuming the sale of Main Event is completed and there is a $0.95 share distribution, Ardent Leisure is now expected to retain around $153m in cash.

Ultimately, Canaccord Genuity deems the theme park assets to be scarce, strategic and positioned for a strong turnaround in earnings.

The broker retains a Buy rating and raises the target to $1.71 from $1.65.

This report was published on May 31, 2022.

Target price is $1.71 Current Price is $1.40 Difference: $0.31
If ALG meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 EPS of minus 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.50.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 140.00.

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

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.18

Canaccord Genuity rates ((AMA)) as Hold (3) –

AMA Group will need to navigate a challenging backdrop amid a slow recovery in repair volumes, Canaccord Genuity asserts.

Furthermore, the company has a "clearly onerous" pricing agreement for the Capital Smart repair operation which is not due for renegotiation until June 2023.

Guidance is for EBITDA in FY22 of $12-17m, FY23 of $70-90m and FY24 of $120-140m. The broker makes material (negative) changes to its estimates for FY22 and FY23 while modestly upgrading FY24. Hold rating retained. Target is reduced to $0.32 from $0.45.

This report was published on June 1, 2022.

Target price is $0.32 Current Price is $0.18 Difference: $0.14
If AMA meets the Canaccord Genuity target it will return approximately 78% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.60.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.00.

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

AND    ANSARADA GROUP LIMITED

Software & Services – Overnight Price: $1.74

Canaccord Genuity rates ((AND)) as Initiation of coverage with Buy (1) –

After moving to a subscription-based pricing model in 2018, Ansarada Group has experienced a 24% two-year subscription revenue increase that now accounts for 82% of group revenue.

Canaccord Genuity considers this a profitable, high-growth business with a strong balance sheet and initiates coverage with a Buy rating and $3 target.

Virtual  data rooms have become a necessary solution to handle the increased volume of data and complexity of transactions in a secure manner and is projected to grow to US$3.2bn by 2026.

This report was published on May 31, 2022.

Target price is $3.00 Current Price is $1.74 Difference: $1.26
If AND meets the Canaccord Genuity target it will return approximately 72% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.00.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 174.00.

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

APX    APPEN LIMITED

IT & Support – Overnight Price: $6.40

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

Appen expects a greater skew in revenue to the second half and has, in a trading update, noted year-to-date revenue is lower than at the same time last year.

The company remains committed to its growth strategy and achieving long-term objectives. Bell Potter downgrades its estimates by around -5% for 2022 and 2023.

The broker also has decided to move away from comparable companies when determining an appropriate multiple in relative valuations, simply applying a P/E ratio and EV/EBITDA multiple to forecast earnings. Hold retained. Target is reduced to $6.50 from $6.75.

This report was published on May 30, 2022.

Target price is $6.50 Current Price is $6.40 Difference: $0.1
If APX meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $6.43, suggesting upside of 2.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 10.00 cents and EPS of 35.40 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of 18.1%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 10.00 cents and EPS of 38.30 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.1, implying annual growth of 7.1%.
Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 16.0.

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


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

Appen has provided a trading update for FY22, noting first half revenue is lower than the prior corresponding half and the skew to the second half is going to be larger than in FY21.

Wilsons attempts to balance both the positive messaging about the overall revenue position with the negatives such as delays in collections.

As a result FY22 revenue estimates are trimmed slightly. Market Weight rating maintained. Target is lowered to $5.80 from $6.53.

This report was published on May 31, 2022.

Target price is $5.80 Current Price is $6.40 Difference: minus $0.6 (current price is over target).
If APX meets the Wilsons target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.43, suggesting upside of 2.8%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 11.00 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of 18.1%.
Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 12.50 cents and EPS of 26.50 cents.
At the last closing share price the estimated dividend yield is 1.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.1, implying annual growth of 7.1%.
Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 16.0.

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

BHP    BHP GROUP LIMITED

Bulks – Overnight Price: $46.76

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

Shaw and Partners has highlighted proceeds from the BHP Petroleum demerger will be treated as a dividend by the Australian Taxation Office, having approved BHP Group to return profits to shareholders as a franked dividend payment.

The broker highlights the ASX has treated the proceeds as a demerger, inconsistent with the Taxation Office's ruling. For shareholders, Shaw and Partners notes the dividend payed by BHP Group is considered a taxable event in the current financial year. 

The Buy rating and target price of $51.00 are retained.

This report was published on May 30, 2022.

Target price is $51.00 Current Price is $46.76 Difference: $4.24
If BHP meets the Shaw and Partners target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $47.79, suggesting upside of 2.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 1426.07 cents and EPS of 616.79 cents.
At the last closing share price the estimated dividend yield is 30.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 621.4, implying annual growth of N/A.
Current consensus DPS estimate is 579.8, implying a prospective dividend yield of 12.5%.
Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 377.88 cents and EPS of 485.62 cents.
At the last closing share price the estimated dividend yield is 8.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 537.8, implying annual growth of -13.5%.
Current consensus DPS estimate is 426.7, implying a prospective dividend yield of 9.2%.
Current consensus EPS estimate suggests the PER is 8.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BML    BOAB METALS LIMITED

Mining – Overnight Price: $0.28

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

Boab Metals is delaying the release of the Sorby Hills definitive feasibility study to the second half of 2022 in order to incorporate a competitive tender process for the mining contract.

Shaw and Partners believes this is the right approach, given the current inflationary environment. The company does not expect the delay to affect project timing, provided site works commence before the wet season.

Nevertheless, the broker now assumes a later start up and ramp up in 2024. Buy rating maintained. Target is reduced to $1.00 from $1.08.

This report was published on June 1, 2022.

Target price is $1.00 Current Price is $0.28 Difference: $0.72
If BML meets the Shaw and Partners target it will return approximately 257% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.20.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 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 15.56.

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

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.62

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

The company will supply infant formula under an arrangement with the US FDA to address domestic shortages. The arrangement is only in effect until November 2022 and, hence, Bell Potter treats this is a temporary sales boost.

The announcement de-risks sales forecast for Bubs Australia in the short term, but the broker acknowledges it could be considered a positive signal for future approval for its infant products while enhancing brand awareness.

The broker, in light of the recent gains in the share price, downgrades to Speculative Hold from Speculative Buy. Target is raised to $0.75 from $0.60.

This report was published on May 30, 2022.

Target price is $0.75 Current Price is $0.62 Difference: $0.13
If BUB 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 FY22:

Bell Potter forecasts a full year FY22 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 620.00.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 310.00.

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


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

The US FDA has approved the immediate import and sale of six Bubs infant formula products to address supply shortages domestically. This will leverage the existing retail distribution footprint.

Wilsons asserts this may also accelerate brand awareness in the US and, while the transaction may be one-off, incremental brand awareness could accelerate the sales trajectory for Bubs products in the US.

Earnings implications are under review. Meanwhile, the broker retains a Market Weight rating and $0.49 target.

This report was published on May 30, 2022.

Target price is $0.49 Current Price is $0.62 Difference: minus $0.13 (current price is over target).
If BUB meets the Wilsons target it will return approximately minus 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

BWX    BWX LIMITED

Household & Personal Products – Overnight Price: $1.30

Moelis rates ((BWX)) as Hold (3) –

With BWX holding its investor day at its new manufacturing facility, Moelis notes the factory should drive meaningful efficiency improvements. The broker notes automation offers substantial cost savings and capacity upside, and should drive gross profit margin improvement over time.

The broker noted a significant inventory step up in the second half as the company transitions to the new facility is anticipated to drive net debt up by more than $50m. Elsewhere, the company delayed its $100m US sales target to FY25, and has stepped back from its $30-50m Europe sales target. 

The Hold rating is retained and the target price decreases to $1.59 from $1.69.

This report was published on May 29, 2022.

Target price is $1.59 Current Price is $1.30 Difference: $0.29
If BWX meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 95.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of -52.5%.
Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 2.30 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of 46.9%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 10.8.

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

CAT    CATAPULT GROUP INTERNATIONAL LIMITED

Medical Equipment & Devices – Overnight Price: $0.80

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

Catapult International has reported a full year loss of -US$5.8m, greater than Bell Potter's expected -US$2.4m loss, with lower revenue and higher costs driving the result. 

The broker did note annual contract value was close to in line at US$63.9m, and the company has guided to annual contract value growth of 20-25% in the coming year, anticipating supply chain constraints and cost inflation will moderate ahead.

The Hold rating is retained and the target price decreases to $1.10 from $1.75.

This report was published on May 30, 2022.

Target price is $1.10 Current Price is $0.80 Difference: $0.3
If CAT meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 22.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.54.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 13.14 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.09.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CMM    CAPRICORN METALS LIMITED

Gold & Silver – Overnight Price: $3.66

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

Capricorn Metals will acquire Mumbakine Well for $4.75m, a project adjacent to its Karlawinda project. Little exploration work has been undertaken yet historical drilling returned promising results at several prospects.

Recent high-resolution aeromagnetics have also highlighted a number of encouraging structural targets. Canaccord Genuity continues to be impressed with the execution at Karlawinda and upgrades to Buy from Hold. Target is steady at $4.20.

This report was published on May 30, 2022.

Target price is $4.20 Current Price is $3.66 Difference: $0.54
If CMM meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.56.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents and EPS of 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.44.

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

COF    CENTURIA OFFICE REIT

REITs – Overnight Price: $1.98

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

With the Australian commercial real estate sector de-rating in recent months, Shaw and Partners notes Centuria Office REIT's share price has declined -15% year-to-date. The sector decline is attributed to concern over the impact of inflation and rate hikes, with the broker noting investors remain skeptical as to the outlook for office real estate.

Shaw and Partners, however, continue to see value noting despite muted performance in the year, the industry retains merger and acquisition interest. The broker considers Centuria Office REIT's current discount to net tangible assets valuation unjustified, and considers it one of the best office real estate exposures. 

The But rating is retained and the target price decreases to $2.50 from $2.65.

This report was published on May 30, 2022.

Target price is $2.50 Current Price is $1.98 Difference: $0.52
If COF meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting upside of 19.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 16.60 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 8.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 26.3%.
Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 8.4%.
Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 16.90 cents and EPS of 18.90 cents.
At the last closing share price the estimated dividend yield is 8.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 0.5%.
Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 8.5%.
Current consensus EPS estimate suggests the PER is 10.5.

Market Sentiment: 0.7
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: $7.98

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

Shaw and Partners notes volatility in the share price continues. Yet the stock has rebounded over 25% since the broker's prior commentary on May 13 amid positive news flow on three government grants.

The broker believes market capitalisation will rise significantly over time and continues to rate the stock a Buy. Target is $8.25.

The company, in partnerships, has been awarded three grants including $30m from the Australian government's carbon capture, use and storage program as well as a second grant of $11m to develop commercial scale process for the manufacture of lower missions lime.

The third grant of $20m will support further development under the modern manufacturing initiative.

This report was published on May 31, 2022.

Target price is $8.25 Current Price is $7.98 Difference: $0.27
If CXL meets the Shaw and Partners target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 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 114.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 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 130.82.

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

DEG    DE GREY MINING LIMITED

Gold & Silver – Overnight Price: $1.09

Canaccord Genuity rates ((DEG)) as Speculative Buy (1) –

The resource at Hemi has increased to 8.5m ounces at1.2 g/t gold, representing a 25% increase in contained ounces. The indicated portion has more than doubled.

The update has increased confidence in the resource, Canaccord Genuity asserts, providing the company with significant options in respect to grade and the production profile.

De Grey Mining is also maintaining an aggressive exploration program with 10 rigs on site, targeting extensions, and the deposits remain open at depth and along strike.

Speculative Buy rating maintained. Target is $2.15.

This report was published on May 31, 2022.

Target price is $2.15 Current Price is $1.09 Difference: $1.06
If DEG meets the Canaccord Genuity target it will return approximately 97% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

ERD    EROAD LIMITED

Transportation & Logistics – Overnight Price: $2.01

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

High costs have driven an earnings miss from EROAD, with underlying earnings of NZ$27.3m disappointing Bell Potter's expected NZ$31.8m and reflecting a -5.2% year-on-year decline. The broker attributed the miss to high corporate, hardware capital investment and working capital costs. 

The broker also highlighted guidance for the coming year was lower than expected, with the company guiding to revenue of NZ$150-170m and a net loss of up to -NZ$5m, but with operating leverage expected to improve from FY24. EROAD targets revenues of NZ$250m in FY25.

The Buy rating is retained and the target price decreases to $3.40 from $5.00.

This report was published on May 30, 2022.

Target price is $3.40 Current Price is $2.01 Difference: $1.39
If ERD meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.52 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.74.

Forecast for FY24:

Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.38 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 534.57.

This company reports in NZD. 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

GPR    GEOPACIFIC RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.11

Shaw and Partners rates ((GPR)) as Upgrade to Buy from Hold (1) –

Geopacific Resources has resumed trading after suspending the Woodlark gold project in PNG. The suspension occurred following cost increases and delays and all contracts have been unwound along with the financing agreement with Sprott. The company is now intent on increasing the resource through exploration. 

Meanwhile, approaches have been received from potential suitors with financial advisers appointed to assess alternatives to project development including potential corporate and asset-level transactions.

Shaw and Partners upgrades its rating to Buy from Hold, cutting the target to $0.23 from $0.90. The pullback in the share price leaves the stock trading at not much more than cash backing yet the broker believes the reaction is overdone, given the size of the resource, exploration upside and potential for a strategic acquirer.

This report was published on June 1, 2022.

Target price is $0.23 Current Price is $0.11 Difference: $0.12
If GPR meets the Shaw and Partners target it will return approximately 109% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners 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 55.00.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 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 36.67.

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

HXL    HEXIMA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.34

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

Wilsons notes, later in June, Hexima will report data from a phase IIIB trial, testing its asset in the treatment of onychomycosis. Previous studies have achieved promising results, Wilsons notes, treating deep-seated fungal infections of the toenail with a topical medication.

The broker assesses the returns investors can expect with successful registration and commercial partnering.

Wilsons projects net sales for pezadeftide of US$250m in the US market, with upside to more than US$350m depending on efficacy, pricing and market access. Overweight rating and $0.75 target maintained.

This report was published on June 1, 2022.

Target price is $0.75 Current Price is $0.34 Difference: $0.41
If HXL meets the Wilsons target it will return approximately 121% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.73.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.86.

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

IMM    IMMUTEP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.43

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

Data from Immutep's Efti Phase II trial has demonstrated maintained results from initial patient data readouts in an expanded 75 person cohort, with Wilsons noting the company will report on data for 114 patients next week. 

The broker highlights the Efti-Keytruda combination treatment continues to prove efficacy over the current standard care Keytruda monotherapy, with data suggesting a meaningful 17% efficacy uplift from the application of Efti. 

According to the broker, the update increases confidence in Immutep's non-small cell lung cancer program, which represents its largest market opportunity and 58% of Wilsons' valuation.

The Overweight rating and target price of $0.91 are retained.

This report was published on May 27, 2022.

Target price is $0.91 Current Price is $0.43 Difference: $0.48
If IMM meets the Wilsons target it will return approximately 112% (excluding dividends, fees and charges).

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

LBL    LASERBOND LIMITED

Mining Sector Contracting – Overnight Price: $0.80

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

LaserBond signalled there are shortages of components which will delay the shipment of capital equipment sales and defer revenue into early FY23. Revenue guidance for FY22 has been lowered as a result, to $30-31m from $35m.

Nevertheless, Canaccord Genuity now expects FY23 revenue and EBITDA to be higher than previous estimates. The broker estimates underlying revenue will grow at around 15% with the QST contribution bringing growth to 22-26%.

Buy rating maintained. Target is reduced to $1.10 from $1.35.

This report was published on May 31, 2022.

Target price is $1.10 Current Price is $0.80 Difference: $0.3
If LBL meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 1.00 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.67.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 1.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.

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

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $4.61

Moelis rates ((MGH)) as Buy (1) –

Despite weather impacts, Maas Group has reiterated full year earnings guidance of $115-125m. Moelis notes while guidance for the Construction Materials segment was downgraded -10% this was offset by a 17% increase to Real Estate guidance.

The broker highlights this is a solid outcome given pressures during the period, noting competitor Boral ((BLD)) recently downgraded its own guidance -30% given headwinds. Moelis expects the Real Estate segment to be the key growth driver in coming years. 

The Buy rating and target price of $5.80 are retained.

This report was published on May 30, 2022.

Target price is $5.80 Current Price is $4.61 Difference: $1.19
If MGH meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Moelis forecasts a full year FY22 dividend of 6.50 cents and EPS of 21.60 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 21.34.

Forecast for FY23:

Moelis forecasts a full year FY23 dividend of 9.00 cents and EPS of 30.20 cents.
At the last closing share price the estimated dividend yield is 1.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.26.

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

MGV    MUSGRAVE MINERALS LIMITED

Gold & Silver – Overnight Price: $0.33

Canaccord Genuity rates ((MGV)) as Speculative Buy (1) –

Musgrave Minerals has reported a strong (41%) increase to the Cue resource. This exceeded Canaccord Genuity's expectations and the resource now sits at 12.3mt at 2.3g/t gold for 927,000 ounces.

A maiden resource for White Heat-Mosaic and Big Sky has been provided. The broker considers the latter offers strong economics in terms of a high-grade starter pit. Meanwhile, the company has been conservative in applying top cuts at Big Sky which results in a lower grade resource compared to the broker's expectations.

The Speculative Buy rating and target price of $0.70 are retained.

This report was published on May 31, 2022.

Target price is $0.70 Current Price is $0.33 Difference: $0.37
If MGV meets the Canaccord Genuity target it will return approximately 112% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 dividend of 0.00 cents.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $0.02

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

Metro Mining has outlined a strategy to return to positive cash flow in the current quarter, which Shaw and Partners believes offers "huge"  upside in 2023 and 2024 as volumes grow, prices strengthen and costs reduce.

The company has locked in 3.8mt of its targeted 4mt sales for 2022 and 60% of this is at agreed prices with 40% at prices to be determined throughout the year based on market conditions. The broker notes prices appear to be strengthening and there is upside risk to its assumptions of an average achieved price of US$39.10/t for 2022.

Shaw and Partners also expects significant margin improvement in 2022, 2023 and 2024 as production expands. Buy rating maintained. Target is $0.07.

This report was published on June 1, 2022.

Target price is $0.07 Current Price is $0.02 Difference: $0.05
If MMI meets the Shaw and Partners target it will return approximately 250% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY22:

Shaw and Partners forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.67.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.22.

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

RCL    READCLOUD LIMITED

Education & Tuition – Overnight Price: $0.23

Canaccord Genuity rates ((RCL)) as Downgrade to Speculative Buy from Buy (1) –

ReadCloud's first half results were below expectations, and reflected first reporting under the new year-end of September. Canaccord Genuity revises estimates to accommodate the new balance date which means that, despite relatively strong revenue growth year-on-year, it was not enough to meet previous forecasts.

Growth obstacles included a combination of the impact of the pandemic, Queensland floods and Queensland schools holding off purchasing e-books pending a change in the curriculum.

The broker expects the second half will generate a loss leading to a small loss at the EBITDA line for FY22. With a modest trading performance and despite the share price at a substantial discount to the revised target, the broker reduces the rating to Speculative Buy from Buy. Target is reduced to $0.45 from $0.67.

This report was published on May 31, 2022.

Target price is $0.45 Current Price is $0.23 Difference: $0.22
If RCL meets the Canaccord Genuity target it will return approximately 96% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY22:

Canaccord Genuity forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.69.

Forecast for FY23:

Canaccord Genuity forecasts a full year FY23 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 46.00.

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

RIC    RIDLEY CORPORATION LIMITED

Agriculture – Overnight Price: $1.69

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

Ridley Corp has a new three-year strategic plan. Wilsons observes this is a natural extension of the momentum the company has exhibited in recent years, with initiatives aligned with core competencies.

The strategic focus is to leverage the effects of scale and extend the company's role in the supply chain. Growth will be delivered through increased mill utilisation, debottlenecking and new products as well as potential acquisitions.

Processing capability will be enhanced to produce bespoke and high-value nutrients from existing raw supply. Overweight rating and target of $1.95 maintained.

This report was published on May 31, 2022.

Target price is $1.95 Current Price is $1.69 Difference: $0.26
If RIC meets the Wilsons target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $5.87

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

Select Harvests' first half earnings from operations exceeded Bell Potter's expectations, with the company reporting $17.7m compared to the broker's anticipated $15.2m, reflecting 19% year-on-year growth. Meanwhile, revenue declined -19% year-on-year and net profit declined -3%.

The company is yet to provide full year guidance, with earnings sensitive to movements in crops and pricing. Bell Potter lifts its full year net profit expectations 23% following the result, but downgrades FY23 forecasts -4%, with costs likely to increase in the coming year.

The Buy rating and target price of $6.95 are retained.

This report was published on May 30, 2022.

Target price is $6.95 Current Price is $5.87 Difference: $1.08
If SHV meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY22:

Bell Potter forecasts a full year FY22 dividend of 1.50 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 0.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 87.61.

Forecast for FY23:

Bell Potter forecasts a full year FY23 dividend of 5.50 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 0.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.93.

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


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

While Select Harvests reported above industry average crop yields in the first half, Wilsons notes the company also highlighted higher almond production and corporate costs, and lower value-add earnings, which largely offset. Net profit of $3.8m was a 22% increase on the previous comparable period, but a miss on the broker's expected $9.4m.

The broker notes costs, particularly crop input and energy costs, are likely to grow higher in the coming year and impact on an earnings recovery. 

The Overweight rating is retained and the target price decreases to $6.77 from $7.51.

This report was published on May 30, 2022.

Target price is $6.77 Current Price is $5.87 Difference: $0.9
If SHV meets the Wilsons target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in September.

Forecast for FY22:

Wilsons forecasts a full year FY22 dividend of 1.50 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 0.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 101.21.

Forecast for FY23:

Wilsons forecasts a full year FY23 dividend of 9.10 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 1.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.36.

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

SMP    SMARTPAY HOLDINGS LIMITED

Business & Consumer Credit – Overnight Price: $0.68

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

FY22 results were ahead of expectations. Revenue was up 42% to $48.1m. Shaw and Partners considers the outcome a strong result in the context of the covid lockdowns and amid continued investment, which should provide returns into FY23 and beyond.

Gross margins were 65.8% and significantly ahead of expectations. The company continues to develop payment offerings in Australia and New Zealand to deliver further scale and growth in earnings.

The broker retains a Buy rating and raises the target to $1.35 from $1.20.

This report was published on May 31, 2022.

Target price is $1.35 Current Price is $0.68 Difference: $0.67
If SMP meets the Shaw and Partners target it will return approximately 99% (excluding dividends, fees and charges).
The company's fiscal year ends in March.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.96.

Forecast for FY24:

Shaw and Partners forecasts a full year FY24 dividend of 6.58 cents and EPS of 4.23 cents.
At the last closing share price the estimated dividend yield is 9.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.09.

This company reports in NZD. 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

SRG    SRG GLOBAL LIMITED

Mining Sector Contracting – Overnight Price: $0.62

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

Shaw and Partners hails the share price performance over the year to date, given the choppy nature of the equity market. Moreover, this does not accurately reflect the underlying performance improvement in recent years or the strong macro outlook.

Recent industry data suggests the boom in maintenance, mining and infrastructure expenditure should continue and the company has successfully executed on its strategy, moving its business towards mid-long-term asset service contracts.

The broker expects the stock will continue to re-rate towards a valuation more in line with its lower-risk peers. Buy rating and $1 target maintained.

This report was published on June 1, 2022.

Target price is $1.00 Current Price is $0.62 Difference: $0.38
If SRG 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 FY22:

Shaw and Partners forecasts a full year FY22 dividend of 3.00 cents and EPS of 4.40 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.09.

Forecast for FY23:

Shaw and Partners forecasts a full year FY23 dividend of 3.50 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.33.

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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ADT AMA AND APX BHP BLD BML BUB BWX CAT CMM COF CXL DEG ERD GPR HXL IMM LBL MGH MGV MMI RCL RIC SHV SMP SRG

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For more info SHARE ANALYSIS: SHV - SELECT HARVESTS LIMITED

For more info SHARE ANALYSIS: SMP - SMARTPAY HOLDINGS LIMITED

For more info SHARE ANALYSIS: SRG - SRG GLOBAL LIMITED