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Rudi’s View: August Results – First Blood

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Always an independent thinker, Rudi has not shied away from making big out-of-consensus predictions that proved accurate later on. When Rio Tinto shares surged above $120 he wrote investors should sell. In mid-2008 he warned investors not to hold on to equities in oil producers. In August 2008 he predicted the largest sell-off in commodities stocks was about to follow. In 2009 he suggested Australian banks were an excellent buy. Between 2011 and 2015 Rudi consistently maintained investors were better off avoiding exposure to commodities and to commodities stocks. Post GFC, he dedicated his research to finding All-Weather Performers. See also "All-Weather Performers" on this website, as well as the Special Reports section.

Rudi's View | Aug 11 2022

This story features NEWCREST MINING LIMITED, and other companies. For more info SHARE ANALYSIS: NCM

In this week's Weekly Insights:

-August Results: First Blood
-September Index Rebalancing (Updated)
-Conviction Calls
-FNArena Talks
-Australian Banks Worried (Behind The Curtains)

By Rudi Filapek-Vandyck, Editor FNArena

August Results: First Blood

The August corporate results season is officially more than one week old, but the FNArena Monitor still only contains 11 updates. A lack of sufficient qualified accountants, apparently, pushes the bulk of corporate releases in Australia into the final two weeks of the month.

But the opening salvo this year, including the preceding fourth quarter updates by miners and energy producers, has already provided some valuable insights which might prove prescient of what is yet to be unveiled over the coming three weeks.

So let's start with some of the insights that should come in handy as Australian investors prepare for the seasonal tsunami in corporate updates.

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Members of the Australian Shareholders Association (ASA) in Busselton, WA (*) looked a bit puzzled when I told them in May this year: you do realise that producers of copper, gold, oil & gas, and other commodities are themselves heavy consumers of diesel, steel, water, power, and other commodities?

That reality soon started to show up in quarterly production updates from miners and energy producers. And one sector on the ASX that has been heavily hit are the local gold producers, if only because gold has largely traded sideways this year, apart from a temporary spike as Putin's army crossed the border with the Ukraine.

Rising costs when the price of your main output refuses to spike higher can only mean one thing: margin pressure, and lower profits.

Post-April, the sector has had a rough time. While the return of market optimism in July has seen many share prices rallying off their lows, most prices are still nowhere near the levels witnessed earlier this year. Shares in Newcrest Mining ((NCM)), by far the largest producer in this country, are still trading some -35% below their $29-peak in April.

And so it was, when sector analysts at Canaccord Genuity updated their modeling and forecasts at the end of July, a lot needed to be accounted for as higher costs translate into higher investments for those companies looking to expand and into higher operational expenses when running daily operations.

Consider the following incomplete list of price increases the industry is dealing with:

-Diesel costs up 60% on average in WA
-Steel prices are up 60% from one year ago
-Freight costs can be up to 400% higher
-Costs for drilling have increased by 15-20% in recent months

No surprise thus, running higher operational costs and capex estimates through its modeling, Canaccord Genuity's valuations reduced by -24% on average for explorers and developers and by -26% for producers.

The Canadian firm specialises in small and micro-cap companies in Australia. When peers at UBS reviewed the sector last week, the average damage was a lot smaller as UBS restricts its research and coverage to larger-cap producers. But with no sustainable uptrend predicted for the price of bullion (not anytime soon), the underlying conclusion is pretty much the same:

"…tempered growth ambitions, continued operating and inflation headwinds combined with our reduced price deck means stocks are not as cheap as they look."

Make no mistake, amidst universal, broad-based sector weakness, there are always opportunities for investors, and both teams of sector analysts have their favourites, but the real message seems to be: rigid selection is key.

Not every share price that has fallen represents a great opportunity for mid- to longer-term investing. The challenge for investors is to identify the real gems and the real quality in a basket that is full of pretenders.

For what it's worth, UBS's favourites are Northern Star Resources ((NST)) among the large caps, because of the company's strong organic growth pipeline, and Gold Road Resources ((GOR)) among small caps. UBS analysts advise investors should focus on strong balance sheets, low risk growth and newer mines with a good runway and optionality still ahead.

Canaccord Genuity's sector favourites are Bellevue Gold ((BGL)), De Grey Mining ((DEG)) and Predictive Discovery ((PDI)). All three have rallied off their June-July low.

Macquarie's favourites are Northern Star, Silverlake Resources ((SLR)) and Gold Road Resources among producers, as well as Bellevue Gold and De Grey Mining among juniors in the sector.

Says Macquarie:

"Though sequentially softer gasoline prices should take some sting out of headline inflation, underlying inflationary pressures continue to broaden and momentum in core services prices does not yet show any sign of letting up."

As well as:

"We think it premature for the market to be anticipating a Fed pivot."

The latter suggests those 20%-plus share price moves for the likes of St Barbara ((SBM)), Bellevue Gold, Resolute Mining ((RSG)) and Regis Resources ((RRL)) might look premature once the market's focus changes back to on-the-ground dynamics and a likely persistence by the Fed to tame inflation with aggressive rate hikes.

It goes without saying, the cost-inflationary pressures that have dogged the gold sector this year equally apply for commodity producers elsewhere, as also shown by June-quarter trading updates released by sector heavyweights BHP Group ((BHP)) and Rio Tinto ((RIO)), as well as by the half-year report already released by the latter.

The one commodity producer that also released financial results, other than Rio Tinto, Canadian iron ore producer Champion Iron ((CIA)) equally disappointed last week, and higher-than-anticipated costs proved one important contributor. Its share price weakened some -45% since the beginning of April, and has staged a mini-rally in August after initially selling off on the quarterly financials.

OZ Minerals ((OZL)) -more copper than gold- equally disappointed with its quarterly update in July, but the share price recovered ahead of BHP Group launching an unsollicited, "opportunistic" take-over bid for the company on Monday. Completely predictable, the news has reinvigorated momentum in share prices for other copper/gold producers such as Sandfire Resources ((SFR)) and 29Metals ((29M)).

Combine all of the above and the take-away message for investors might be that sharply weaker share prices may have already discounted a lot of the bad news, at least in the short term, but cost inflation remains a problem and is creating wide divergences inside sectors. As far as OZ Minerals goes: this company is widely seen as a quality operator. Probably no coincidence then it has been on BHP's radar, instead of other, more cheaply priced, lesser quality alternatives?

BHP's take-over attempt also shows August this year won't just be about bottom line-financials and forward looking guidance. Analysts are expecting at least some commentary about a bonus dividend from Woodside Energy ((WDS)), while Origin Energy ((ORG)) should continue its share buyback.

Woodside is also still looking to sell down its Scarborough project, while Santos ((STO)) might soon announce new ownership for its non-core asset in Alaska, and potentially for its equity in PNG LNG too.

Note to us all: the threat of economic recession has not dissipated. The odds are actually shortening that Europe and the USA will join the UK in the months ahead.

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Another sector that has equally landed under close scrutiny are local real estate investment trusts, A-REITs.

The early part of the earnings season saw both Centuria Industrial REIT ((CIP)) and Centuria Offce REIT ((COF)) releasing FY22 financials and while the former met forecasts and offers optimism now the share price has weakened significantly year-to-date, the latter disappointed and sees investors and sector analysts continuing to adopt a more cautious approach.

What both REITs have in common is management at each trust has adopted a cautious approach regarding the rising cost of debt, which could become somewhat of a sword of Damocles hanging over this sector for the year(s) ahead.

In simple terms, the market has taken what seems a rather dire view as to how high the weighted average cost of debt (WACD) can rise up to over the coming three years. While more optimistic sector analysts can thus see "value" in the sector, others think the market's pricing seems but a realistic scenario.

The underlying sentiment seems similar as with gold miners and commodity producers in general: not every weakened share price is offering a great opportunity; it remains necessary to distinguish the wheat from the chaff.

The real estate analyst at Barrenjoey, Ben Brayshaw, is among the least enthusiastic. He thinks REITs will meet FY22 forecasts in August, but the outlook is for reduced growth, reduced profits, and reduced payouts for the sector on average. Issues range from rising costs, to deflating property markets, to the threat of less consumer spending, to still struggling office assets, to less opportunities for acquisitions, to higher headwinds from servicing debt.

Regarding the latter, Barrenjoey points out those REITs carrying the highest debt costs in Australia include GPT ((GPT)), Centuria Industrial REIT, Charter Hall Long WALE REIT ((CLW)), Dexus ((DXS)), Shopping Centres Australasia ((SCP)), Charter Hall Social Infrastructure REIT ((CQE)), and HomeCo Daily Needs REIT ((HDN)).

In addition, Barrenjoey is cautious on the FY23 outlook for Mirvac Group ((MGR)) and Stockland ((SGP)).

REITs were firmly in focus throughout week one, with Bunnings landlord BWP Trust ((BWP)) mid-week reporting "strong fundamental performance" and "prudent positioning", but given BWP just about always trades at a sizeable premium versus the rest of the sector, analysts simply cannot get excited, and this includes the perceived risk-profile for the trust.

Here one of the most interesting pieces of analysis has been released by Citi which has attempted to rank the local sector in accordance with a lower-than-average or above-average risk profile. Turns out, BWP Trust is one of the least risky options among local REITs, at least on Citi's assessment.

Scentre Group ((SCG)), Charter Hall Social Infrastructure REIT, Shopping Centres Australasia, and Charter Hall Long WALE REIT have been ranked near the upper side of the risk ladder, echoing similar comments published by peers elsewhere.

There's one thing all sector analysts seem to agree upon, and that is that sector leader Goodman Group ((GMG)) is in great condition, is most likely to continue reporting admirable financials and growth, and, on Citi's ranking, represents the lowest risk profile among peers in Australia. Even Barrenjoey's Brayshaw agrees on this.

The offsetts include a premium valuation (which is easily explainable through Citi's assessment), constant calls the stock looks overvalued by your typical value-investor, and a non-attractive dividend yield of circa 1.6% – a direct consequence of having been accepted as a premium, quality operator in recent years.

The sector as a whole is often described as a beneficiary of higher inflation, but the first three financial results this season have already proved this narrative is too simplistic for general purpose.

Already, though, there is an underlying sentiment that genuine quality will reveal itself this month, and I like to think this won't be limited to REITs.

****

The first week also saw two asset managers releasing FY22 results and the outcome could hardly have been more different.

In one corner we find Janus Henderson ((JHG)), struggling, and struggling heavily to keep investor funds from departing while share markets in general are likely to face ongoing subdued momentum as the threat of economic recession continues to loom large.

In the other corner sits Pinnacle Investment Management ((PNI)), the umbrella group that includes affiliates such as Firetrail Investments, Hyperion Asset Management, Metrics, Plato Investment Management and Solaris. Readers might recognise a few of the very active advertisers and sponsors behind industry events.

Clearly, Pinnacle is enjoying much more popularity than its peers this year, making the impact from sector-wide selling on its share price pre-FY22 release looking extremely silly. But as everyone can see from the price chart, the market has not hesitated to correct that situation in a heartbeat.

Maybe the take-away message here is that individual strength can overcome general sector malaise.

The stand-out observation is that just about every analyst thinks local asset managers remain poised for continuing rough times, with the possible exception of a few, including Perpetual ((PPT)), Pinnacle and Navigator Global Investments ((NGI)). The latter, however, has never been fully embraced by local investors since its listing on the ASX pre-GFC.

Just about everyone is looking for more bad news from fallen angel Magellan Financial ((MFG)).

****

FNArena will start daily updating its Corporate Results Monitor: https://www.fnarena.com/index.php/reporting_season/

The Monitor also includes a four weeks forward-looking calendar (scroll down).

(*) Zoom presentation for Busselton, WA:

The video can be viewed through FNArena Talks on the website: https://www.fnarena.com/index.php/fnarena-talks/2022/05/30/2022-outlook-when-cash-is-king/

The presentation slides can be dowloaded via the Special Reports section on the website (scroll down):

https://www.fnarena.com/index.php/analysis-data/special-reports/

September Index Rebalancing

Three weeks ago, Weekly Insights reported on Wilsons' predictions for the September index rebalancing that Standard & Poor's will announce on Friday, 2nd of September.

Those initial forecasts have now been updated with the likely addition of Vulcan Steel ((VSL)) and Neuren Pharmaceuticals ((NEU)) to the ASX300, on top of the 13 candidates identified in July. Having by now also been identified as possible removals: Fineos Corp ((FCL)), Resolute Mining, and Starpharma Holdings ((SPL)).

For the ASX200, Wilsons now believes both Pointsbet Holdings ((PBH)) and Clinuvel Pharmaceuticals ((CUV)) are shaping up for removal in September while Spark New Zealand ((SPK)) is a low-probability inclusion, assuming Life360 ((360)) will be removed.

For the ASX100, Tabcorp ((TAH)) is now ready to be replaced with Shopping Centres Australasia ((SCP)), predict the analysts, while Virgin UK ((VUK)) -previously nominated for removal- is now seen as likely to stay included.

No changes are expected for the ASX50 or the ASX20.

The initial report from three weeks ago, is below.

ASX/S&P Index Rebalance Predictions

The next rebalancing of local share market indices is not due until September but this doesn't stop analysts at Wilsons already reflecting on and publishing predictions of which stocks might get booted out or included.

With some indices, like the ASX300. currently running below capacity there's anticipation September will see a noticeable catch-up with more inclusions than exclusions.

Wilsons is expecting 13 new members for the ASX300 in September, and given six vacancies this forecast only requires seven removals.

Most likely fresh inclusions, on Wilsons' assessment, are Boss Energy ((BOE)), Mincor Resources ((MCR)), Ebos Group ((EBO)), Neometals ((NMT)), Ventia Services Group ((VNT)), Grange Resources ((GRR)), Australian Clinical Labs ((ACL)), OFX Group ((OFX)), Maas Group ((MGH)), Macquarie Telecom ((MAQ)), Seven West Media ((SWM)), Arafura Resources ((ARU)), and Argosy Minerals ((AGY)).

Those believed will be booted out in September are: AVZ Minerals ((AVZ)), PPK Group ((PPK)), Nuix, AMA Group ((AMA)), BWX ((BWX)), Redbubble, and Dubber Corp ((DUB)).

The ASX200 will already see one change on Thursday this week when soon-to-be-acquired Uniti Group ((UWL)) is to be replaced with West African Resources ((WAF)).

Wilsons sees five more probable changes in September with all of Charter Hall Social Infrastructure REIT ((CQE)), Johns Lyng Group ((JLG)), Capricorn Metals ((CMM)), Genworth Mortgage Insurance Australia ((GMA)) and Sayona Mining ((SYA)) poised to replace AVZ Minerals, Zip Co, City Chic Collective ((CCX)), EML Payments and Life360 ((360)).

As far as the ASX100 goes, Wilsons is predicting one probable change with nib Holdings ((NHF)) as a replacement for Virgin Money UK ((VUK)).

It is also possible that Shopping Centres Australasia ((SCP)) replaces Tabcorp ((TAH)), while still an option, but at this stage labeled as "unlikely" are the inclusions of TechnologyOne and Charter Hall Long WALE REIT for which Star Group Entertainment ((SGR)) and ARB Corp ((ARB)) would have to lose their spot.

As per usual, there are likely no changes to be announced for the ASX50 or ASX20 with Wilsons ascribing an unlikely chance for replacement of respectively Lendlease ((LLC)) with Lynas Rare Earths ((LYC)) and of James Hardie ((JHX)) with South32 ((S32)).

Historically, any changes to the ASX200 have the largest impact as institutions often cannot own stocks that are outside of that index. Also, when a stock moves inside the top100 it officially becomes a large cap, meaning institutional small cap investors are forced to sell it in-line with their mandate.

Standard & Poor's is scheduled to announce the September changes on Friday the 2nd, to be implemented two weeks later, on Friday the 16th, after the close of the market.

Conviction Calls

Stockbroker Morgans' Best Ideas currently comprise 33 individual ASX-listed companies. In alphabetical order:

-Acrow Formwork and Construction Services ((ACF))
-AGL Energy ((AGL))
-Aristocrat Leisure ((ALL))
-BHP Group
-Challenger ((CGF))
-Corporate Travel Management ((CTD))
-Dalrymple Bay Infrastructure ((DBI))
-Dexus Industria REIT ((DXI))
-Eagers Automotive ((APE))
-GQG Partners ((GQG))
-Healius ((HLS))
-HomeCo Daily Needs REIT
-IDP Education ((IEL))
-Incitec Pivot ((IPL))
-Jumbo Interactive ((JIN))
-Karoon Energy ((KAR))
-Lovisa Holdings ((LOV))
-Mach7 Technologies ((M7T))
-Macquarie Group ((MQG))
-NextDC ((NXT))
-Nufarm ((NUF))
-Pro Medicus ((PME))
-QBE Insurance Group ((QBE))
-Reliance Worldwide ((RWC))
-ResMed ((RMD))
-Santos
-Seek ((SEK))
-South32 ((S32))
-TechnologyOne ((TNE))
-Transurban Group ((TCL))
-Treasury Wine Estates ((TWE))
-Webjet ((WEB))
-Wesfarmers ((WES))

FNArena Talks

As has become a pleasant and enjoyable tradition, your editor was interviewed by Livewire Markets co-founder James Marlay last week ahead of the August reporting season.

The video (28 minutes) can be freely viewed through YouTube:

https://www.youtube.com/watch?v=bmFqS6iS_pc

Australian Banks Worried (Behind The Curtains)

The managing director of specialised daily news medium Banking Day, Ian Rogers, posted the following notification on LinkedIn on Monday:

"Banking Day is hearing that the most candid versions of the outlooks prepared by the economics impresarios at the biggest banks are way more dour and pessimistic than those presented for public consumption so far.

"Bank boards will be listening, and provisioning levels this profit season are going to be hiked, big time, for the hard landing ahead."

As one would expect, the post has quickly initiated a debate about what is likely, and less likely, to happen in Australia in the year ahead.

(This story was written on Monday 8th August, 2022. It was published on the day in the form of an email to paying subscribers, and again on Thursday as a story on the website).

(Do note that, in line with all my analyses, appearances and presentations, all of the above names and calculations are provided for educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views are mine and not by association FNArena's – see disclaimer on the website.

In addition, since FNArena runs a Model Portfolio based upon my research on All-Weather Performers it is more than likely that stocks mentioned are included in this Model Portfolio. For all questions about this: [email protected] or via the direct messaging system on the website).

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BONUS PUBLICATIONS FOR FNARENA SUBSCRIBERS

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– The AUD and the Australian Share Market (which stocks benefit from a weaker AUD, and which ones don't?)
– Make Risk Your Friend. Finding All-Weather Performers, January 2013 (The rationale behind investing in stocks that perform irrespective of the overall investment climate)
– Make Risk Your Friend. Finding All-Weather Performers, December 2014 (The follow-up that accounts for an ever changing world and updated stock selection)
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CHARTS

29M 360 ACF ACL AGL AGY ALL AMA APE ARB ARU AVZ BGL BHP BOE BWP BWX CCX CGF CIA CIP CLW CMM COF CQE CTD CUV DBI DEG DUB DXI DXS EBO FCL GMA GMG GOR GPT GQG GRR HDN HLS IEL IPL JHG JHX JIN JLG KAR LLC LOV LYC M7T MAQ MCR MFG MGH MGR MQG NCM NEU NGI NHF NMT NST NUF NXT OFX ORG OZL PBH PDI PME PNI PPK PPT QBE RIO RMD RRL RSG RWC S32 SBM SCG SEK SFR SGP SGR SLR SPK SPL STO SWM SYA TAH TCL TNE TWE UWL VNT VSL VUK WAF WDS WEB WES

For more info SHARE ANALYSIS: 29M - 29METALS LIMITED

For more info SHARE ANALYSIS: 360 - LIFE360 INC

For more info SHARE ANALYSIS: ACL - AUSTRALIAN CLINICAL LABS LIMITED

For more info SHARE ANALYSIS: AGL - AGL ENERGY LIMITED

For more info SHARE ANALYSIS: AGY - ARGOSY MINERALS LIMITED

For more info SHARE ANALYSIS: ALL - ARISTOCRAT LEISURE LIMITED

For more info SHARE ANALYSIS: AMA - AMA GROUP LIMITED

For more info SHARE ANALYSIS: APE - EAGERS AUTOMOTIVE LIMITED

For more info SHARE ANALYSIS: ARB - ARB CORPORATION LIMITED

For more info SHARE ANALYSIS: ARU - ARAFURA RARE EARTHS LIMITED

For more info SHARE ANALYSIS: AVZ - AVZ MINERALS LIMITED

For more info SHARE ANALYSIS: BGL - BELLEVUE GOLD LIMITED

For more info SHARE ANALYSIS: BHP - BHP GROUP LIMITED

For more info SHARE ANALYSIS: BOE - BOSS ENERGY LIMITED

For more info SHARE ANALYSIS: BWP - BWP TRUST

For more info SHARE ANALYSIS: BWX - BWX LIMITED

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

For more info SHARE ANALYSIS: CGF - CHALLENGER LIMITED

For more info SHARE ANALYSIS: CIA - CHAMPION IRON LIMITED

For more info SHARE ANALYSIS: CIP - CENTURIA INDUSTRIAL REIT

For more info SHARE ANALYSIS: CLW - CHARTER HALL LONG WALE REIT

For more info SHARE ANALYSIS: CMM - CAPRICORN METALS LIMITED

For more info SHARE ANALYSIS: COF - CENTURIA OFFICE REIT

For more info SHARE ANALYSIS: CQE - CHARTER HALL SOCIAL INFRASTRUCTURE REIT

For more info SHARE ANALYSIS: CTD - CORPORATE TRAVEL MANAGEMENT LIMITED

For more info SHARE ANALYSIS: CUV - CLINUVEL PHARMACEUTICALS LIMITED

For more info SHARE ANALYSIS: DBI - DALRYMPLE BAY INFRASTRUCTURE LIMITED

For more info SHARE ANALYSIS: DEG - DE GREY MINING LIMITED

For more info SHARE ANALYSIS: DUB - DUBBER CORPORATION LIMITED

For more info SHARE ANALYSIS: DXI - DEXUS INDUSTRIA REIT

For more info SHARE ANALYSIS: DXS - DEXUS

For more info SHARE ANALYSIS: EBO - EBOS GROUP LIMITED

For more info SHARE ANALYSIS: FCL - FINEOS CORPORATION HOLDINGS PLC

For more info SHARE ANALYSIS: GMG - GOODMAN GROUP

For more info SHARE ANALYSIS: GOR - GOLD ROAD RESOURCES LIMITED

For more info SHARE ANALYSIS: GPT - GPT GROUP

For more info SHARE ANALYSIS: GQG - GQG PARTNERS INC

For more info SHARE ANALYSIS: GRR - GRANGE RESOURCES LIMITED

For more info SHARE ANALYSIS: HDN - HOMECO DAILY NEEDS REIT

For more info SHARE ANALYSIS: HLS - HEALIUS LIMITED

For more info SHARE ANALYSIS: IEL - IDP EDUCATION LIMITED

For more info SHARE ANALYSIS: IPL - INCITEC PIVOT LIMITED

For more info SHARE ANALYSIS: JHG - JANUS HENDERSON GROUP PLC

For more info SHARE ANALYSIS: JHX - JAMES HARDIE INDUSTRIES PLC

For more info SHARE ANALYSIS: JIN - JUMBO INTERACTIVE LIMITED

For more info SHARE ANALYSIS: JLG - JOHNS LYNG GROUP LIMITED

For more info SHARE ANALYSIS: KAR - KAROON ENERGY LIMITED

For more info SHARE ANALYSIS: LLC - LENDLEASE GROUP

For more info SHARE ANALYSIS: LOV - LOVISA HOLDINGS LIMITED

For more info SHARE ANALYSIS: LYC - LYNAS RARE EARTHS LIMITED

For more info SHARE ANALYSIS: M7T - MACH7 TECHNOLOGIES LIMITED

For more info SHARE ANALYSIS: MAQ - MACQUARIE TELECOM GROUP LIMITED

For more info SHARE ANALYSIS: MCR - MINCOR RESOURCES NL

For more info SHARE ANALYSIS: MFG - MAGELLAN FINANCIAL GROUP LIMITED

For more info SHARE ANALYSIS: MGH - MAAS GROUP HOLDINGS LIMITED

For more info SHARE ANALYSIS: MGR - MIRVAC GROUP

For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED

For more info SHARE ANALYSIS: NCM - NEWCREST MINING LIMITED

For more info SHARE ANALYSIS: NEU - NEUREN PHARMACEUTICALS LIMITED

For more info SHARE ANALYSIS: NGI - NAVIGATOR GLOBAL INVESTMENTS LIMITED

For more info SHARE ANALYSIS: NHF - NIB HOLDINGS LIMITED

For more info SHARE ANALYSIS: NMT - NEOMETALS LIMITED

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

For more info SHARE ANALYSIS: NUF - NUFARM LIMITED

For more info SHARE ANALYSIS: NXT - NEXTDC LIMITED

For more info SHARE ANALYSIS: OFX - OFX GROUP LIMITED

For more info SHARE ANALYSIS: ORG - ORIGIN ENERGY LIMITED

For more info SHARE ANALYSIS: OZL - OZ MINERALS LIMITED

For more info SHARE ANALYSIS: PBH - POINTSBET HOLDINGS LIMITED

For more info SHARE ANALYSIS: PDI - PREDICTIVE DISCOVERY LIMITED

For more info SHARE ANALYSIS: PME - PRO MEDICUS LIMITED

For more info SHARE ANALYSIS: PPK - PPK GROUP LIMITED

For more info SHARE ANALYSIS: PPT - PERPETUAL LIMITED

For more info SHARE ANALYSIS: QBE - QBE INSURANCE GROUP LIMITED

For more info SHARE ANALYSIS: RIO - RIO TINTO LIMITED

For more info SHARE ANALYSIS: RMD - RESMED INC

For more info SHARE ANALYSIS: RRL - REGIS RESOURCES LIMITED

For more info SHARE ANALYSIS: RSG - RESOLUTE MINING LIMITED

For more info SHARE ANALYSIS: RWC - RELIANCE WORLDWIDE CORP. LIMITED

For more info SHARE ANALYSIS: S32 - SOUTH32 LIMITED

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

For more info SHARE ANALYSIS: SCG - SCENTRE GROUP

For more info SHARE ANALYSIS: SEK - SEEK LIMITED

For more info SHARE ANALYSIS: SFR - SANDFIRE RESOURCES LIMITED

For more info SHARE ANALYSIS: SGP - STOCKLAND

For more info SHARE ANALYSIS: SGR - STAR ENTERTAINMENT GROUP LIMITED

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

For more info SHARE ANALYSIS: SPK - SPARK NEW ZEALAND LIMITED

For more info SHARE ANALYSIS: SPL - STARPHARMA HOLDINGS LIMITED

For more info SHARE ANALYSIS: STO - SANTOS LIMITED

For more info SHARE ANALYSIS: SWM - SEVEN WEST MEDIA LIMITED

For more info SHARE ANALYSIS: SYA - SAYONA MINING LIMITED

For more info SHARE ANALYSIS: TAH - TABCORP HOLDINGS LIMITED

For more info SHARE ANALYSIS: TCL - TRANSURBAN GROUP LIMITED

For more info SHARE ANALYSIS: TNE - TECHNOLOGY ONE LIMITED

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

For more info SHARE ANALYSIS: UWL - UNITI GROUP LIMITED

For more info SHARE ANALYSIS: VNT - VENTIA SERVICES GROUP LIMITED

For more info SHARE ANALYSIS: VSL - VULCAN STEEL LIMITED

For more info SHARE ANALYSIS: VUK - VIRGIN MONEY UK PLC

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

For more info SHARE ANALYSIS: WDS - WOODSIDE ENERGY GROUP LIMITED

For more info SHARE ANALYSIS: WEB - WEBJET LIMITED

For more info SHARE ANALYSIS: WES - WESFARMERS LIMITED