Australian Broker Call

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September 03, 2018

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COMPANIES DISCUSSED IN THIS ISSUE

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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

Last Updated: 11:31 AM

Your daily news report on the latest recommendation, valuation, forecast and opinion changes.

This report includes concise but limited reviews of research recently published by Stockbrokers, 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.

For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE

Today's Upgrades and Downgrades
FNP - FREEDOM FOODS Upgrade to Hold from Reduce Morgans
SFR - SANDFIRE Upgrade to Buy from Hold Deutsche Bank
ALX  ATLAS ARTERIA

Infrastructure & Utilities

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Overnight Price: $6.77

Macquarie rates ALX as Outperform (1) -

2018 distribution guidance of 30c reflects the benefit of the Eiffarie swap rolling off amid steady growth, Macquarie observes. First half results suggest a benefit from strike activity and solid truck growth on APRR.

Management has progressed with solutions at Dulles Greenway but there is likely to be no earnings benefit until 2020, and third party approval is still needed. Outperform rating maintained. Target rises to $6.82 from $6.79.

Target price is $6.82 Current Price is $6.77 Difference: $0.05
If ALX meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.03, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 24.00 cents and EPS of 55.60 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.2, implying annual growth of -67.7%.

Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 26.9.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 30.00 cents and EPS of 78.70 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of 71.8%.

Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 15.6.

Market Sentiment: 0.8

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

FNP  FREEDOM FOODS GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $6.89

Citi rates FNP as Buy (1) -

Citi reiterates a Buy rating and remains positive on the stock given the prospect of margin expansion through to FY20 as well as growth in international markets.

FY19 sales guidance of $500-530m is considered conservative as it does not include infant formula or the benefit of protein fractionation.

The broker trims FY19 estimates by -7% and increases FY20 by 5%, given this will be a more significant year of margin expansion. Target rises to $7.70 from $6.90.

Target price is $7.70 Current Price is $6.89 Difference: $0.81
If FNP meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 5.60 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 0.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.25.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 13.00 cents and EPS of 25.60 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 26.91.

Market Sentiment: 0.5

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


Morgans rates FNP as Upgrade to Hold from Reduce (3) -

Freedom Foods posted a material beat on profit due to tax but underlying earnings slightly missed consensus, Morgans notes. New facilities are beginning perform better than expected, leading the broker to upgrade forecasts, while noting execution risk remains.

The company suffers from high capex requirements, poor cash flow generation and a low return on equity, Morgans notes, but has a great product portfolio, strong brands, and is leveraged to healthy eating trends, rising demand from Asia and the scaling of new facilities which should drive solid earnings.

Upgrade to Hold, target rises to $6.01 from $5.50.

Target price is $6.01 Current Price is $6.89 Difference: minus $0.88 (current price is over target).
If FNP meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 5.80 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 0.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.42.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 6.50 cents and EPS of 20.00 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 34.45.

Market Sentiment: 0.5

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

HVN  HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics

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Overnight Price: $3.50

Citi rates HVN as Sell (5) -

Offshore business delivered strong growth in FY18, offsetting deterioration in the Australian franchisee business. Citi notes 18 new international stores will be opened by FY20, half of these in Malaysia.

Citi cuts FY19 estimates by -4.6%, to reflect the dilutive capital raising.

The broker remains cautious in attributing value to an offshore store roll-out for any Australian retailer. Sell rating retained. Target is reduced to $3.00 from $3.10.

Target price is $3.00 Current Price is $3.50 Difference: minus $0.5 (current price is over target).
If HVN meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.72, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 36.00 cents and EPS of 30.10 cents.
At the last closing share price the estimated dividend yield is 10.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of N/A.

Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 22.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of -2.9%.

Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: -0.1

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


Credit Suisse rates HVN as Neutral (3) -

FY18 results were in line with expectations. Credit Suisse bases its forecasts on weakening sentiment and increased competition in electrical goods, expecting earnings will slip in FY19 and FY20.

While the broker is conscious of the offshore risks, Harvey Norman has in its favour the fact it has been expanding for two decades, which should provide adequate information for considering any further expansion.

 Neutral rating maintained. Target is raised to $3.96 from $3.89.

Target price is $3.96 Current Price is $3.50 Difference: $0.46
If HVN meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 18.69 cents and EPS of 29.42 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of N/A.

Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 17.50 cents and EPS of 27.56 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of -2.9%.

Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: -0.1

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


Deutsche Bank rates HVN as Buy (1) -

FY18 results signal to Deutsche Bank that the Australian business has deteriorated further while offshore businesses are robust.

The broker understands the motives for issuing equity but believes this adds complexity to an already complex story for only a small reduction in the franking balance.

At current levels the broker believes the valuation is attractive, particularly given the property assets. Buy rating maintained. Target is $4.60.

Target price is $4.60 Current Price is $3.50 Difference: $1.1
If HVN meets the Deutsche Bank target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Current consensus EPS estimate is 31.1, implying annual growth of N/A.

Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY20:

Current consensus EPS estimate is 30.2, implying annual growth of -2.9%.

Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: -0.1

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


Macquarie rates HVN as Neutral (3) -

FY18 results were in line with estimates. International growth has been positive but Macquarie is concerned about the recent franchising performance, particularly as competition is expected to intensify and housing activity to moderate.

A Neutral rating is maintained. While there is upside to the target envisaged, this is in large part stemming from the real estate component of the broker's valuation. Target is reduced to $4.10 from $4.50.

Target price is $4.10 Current Price is $3.50 Difference: $0.6
If HVN meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 30.50 cents and EPS of 32.50 cents.
At the last closing share price the estimated dividend yield is 8.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of N/A.

Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 30.50 cents and EPS of 32.10 cents.
At the last closing share price the estimated dividend yield is 8.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of -2.9%.

Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: -0.1

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


Morgan Stanley rates HVN as Underweight (5) -

Morgan Stanley lifts FY19-21 estimates by 4-5% to reflect the better-than-expected FY18 result and an improved outlook for the Australian franchisee margin. That said, the broker believes Australian trading will continue to weaken as the housing market cools.

Despite a cheap valuation and an improving international performance Morgan Stanley maintains an Underweight rating. Target is raised to $3.10 from $2.90. Cautious industry view maintained.

Target price is $3.10 Current Price is $3.50 Difference: minus $0.4 (current price is over target).
If HVN meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.72, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of N/A.

Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of -2.9%.

Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: -0.1

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


Ord Minnett rates HVN as Hold (3) -

FY18 results were slightly ahead of forecasts. The company has also announced a $164m 1-for-17 renounceable entitlement offer at $2.50 a share, a surprise to Ord Minnett and deemed unnecessary because of the strong balance sheet.

The broker retains a cautious stance on the stock, given downside earnings risk in franchising operations. Hold rating maintained. Target rises to $3.75 from $3.65.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $3.75 Current Price is $3.50 Difference: $0.25
If HVN meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 24.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 6.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of N/A.

Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 24.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 6.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of -2.9%.

Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: -0.1

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


UBS rates HVN as Neutral (3) -

FY18 results were in line with UBS estimates. Australia was softer because of a 22% lift in second half tactical support and was also affected by the costs from the closure of a franchisee.

The main surprise for the broker was a higher dividend and a 1-for-17 rights issue at $2.50 a share to pay down debt. UBS downgrades FY19-21 estimates by -1-4%. The broker maintains a Neutral rating and $3.50 target.

Target price is $3.50 Current Price is $3.50 Difference: $0
If HVN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 29.00 cents and EPS of 32.40 cents.
At the last closing share price the estimated dividend yield is 8.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.1, implying annual growth of N/A.

Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 28.00 cents and EPS of 31.40 cents.
At the last closing share price the estimated dividend yield is 8.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of -2.9%.

Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: -0.1

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

IPL  INCITEC PIVOT LIMITED

Agriculture

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Overnight Price: $3.92

Deutsche Bank rates IPL as Buy (1) -

The company is benefiting from improving global fertiliser prices, a lower Australian dollar and firm explosives demand in North America and Australia. The share price has also been supported by the resumption of the buyback.

Marking to market for spot global fertiliser prices and FX means a 25% upgrade to the broker's FY19 estimates. Deutsche Bank maintains a Buy rating and $4.55 target.

Target price is $4.55 Current Price is $3.92 Difference: $0.63
If IPL meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Current consensus EPS estimate is 19.4, implying annual growth of 2.6%.

Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 20.2.

Forecast for FY19:

Current consensus EPS estimate is 22.4, implying annual growth of 15.5%.

Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.5.

Market Sentiment: 0.3

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

LVH  LIVEHIRE LIMITED

Jobs & Skilled Labour Services

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Overnight Price: $0.59

Morgans rates LVH as Add (1) -

Livehire's result was largely as Morgans expected, reflecting a "lost year" given the failure to convert several large prospects into customers. The company has now refocused its sales strategy and new wins suggest things are back on track.

The shift from annual fixed pricing seems to be working, Morgans suggests. Add (High Risk) and 92c target retained.

Target price is $0.92 Current Price is $0.59 Difference: $0.33
If LVH meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.80.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.75.

Market Sentiment: 1.0

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

MLX  METALS X LIMITED

Tin

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Overnight Price: $0.53

Macquarie rates MLX as Outperform (1) -

FY18 earnings were better than Macquarie expected. The company reported a -$26.3m loss.

Cash reserves have been replenished following a $50m placement and the broker believes the company is well funded now to maintain a strong exploration program. Outperform rating is maintained. Target is unchanged at $0.95.

Target price is $0.95 Current Price is $0.53 Difference: $0.42
If MLX meets the Macquarie target it will return approximately 79% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.28.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 3.00 cents and EPS of 12.10 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 4.38.

Market Sentiment: 1.0

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

NEW  NEW ENERGY SOLAR

EV, Solar & Batteries

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Overnight Price: $1.45

Morgan Stanley rates NEW as Equal-weight (3) -

Morgan Stanley envisages limited near-term risk to operating earnings as committed growth projects come online.

The broker highlights a focus on increasing US expenditure. Management remains on the look out for additional opportunities in Australia but believes there is better risk/reward within the US.

Equal-weight retained. Industry view: Cautious. Target is reduced to $1.50 from $1.53.

Target price is $1.50 Current Price is $1.45 Difference: $0.05
If NEW meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 7.75 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.13.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.11.

Market Sentiment: 0.0

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

NXT  NEXTDC LIMITED

Cloud services

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Overnight Price: $7.07

Citi rates NXT as Buy (1) -

Citi suggests investors need to be patient with NextDC. The second Sydney data centre is due to open in the first half of FY19 and will have 8MW of additional capacity brought forward, considered a leading indicator of demand.

The main risk is the lack of a material contract in the first half and increased competition from Equinix. Meanwhile, pricing discipline is robust. Citi reiterates a Buy rating and increases the target to $8.61 from $8.40.

Target price is $8.61 Current Price is $7.07 Difference: $1.54
If NXT meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.89, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 207.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 372.1.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1767.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of -15.8%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 441.9.

Market Sentiment: 0.4

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


Deutsche Bank rates NXT as Sell (5) -

FY18 results were slightly ahead of estimates. However, the company only added 1MW of contracted utilisation over the second half and this signals a slowdown in sales momentum to Deutsche Bank.

The broker finds little evidence the company is capturing the acceleration in data centre demand, given guidance for FY19. Elevated risks are envisaged amid deteriorating free cash flow and elevated levels of capital expenditure.

Sell rating maintained. Target is reduced to $6.30 from $6.50.

Target price is $6.30 Current Price is $7.07 Difference: minus $0.77 (current price is over target).
If NXT meets the Deutsche Bank target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.89, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Current consensus EPS estimate is 1.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 372.1.

Forecast for FY20:

Current consensus EPS estimate is 1.6, implying annual growth of -15.8%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 441.9.

Market Sentiment: 0.4

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


Macquarie rates NXT as Neutral (3) -

FY18 results were slightly ahead of expectations. The company is well-placed to capitalise on the high demand for data centre capacity across hyper-scale/enterprise customers but the lack of a major contract will weigh on the stock, Macquarie suggests.

This is considered all a more so given the bullish commentary at the capital raising back in April. Macquarie wants evidence of further wins across the key Sydney and Melbourne markets to become more positive and maintains a Neutral rating. Target is reduced to $7.00 from $7.70.

Target price is $7.00 Current Price is $7.07 Difference: minus $0.07 (current price is over target).
If NXT meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.89, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1767.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 372.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 415.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of -15.8%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 441.9.

Market Sentiment: 0.4

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


Morgan Stanley rates NXT as Overweight (1) -

FY18 results beat expectations. Morgan Stanley found lots to like about the result, which reinforced a view around structural tailwinds in the industry. The main concern is that contracted utilisation in the second Brisbane and Melbourne facilities remains low.

Overweight rating reiterated. In-Line industry view. Target is $9.20.

Target price is $9.20 Current Price is $7.07 Difference: $2.13
If NXT meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.89, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 252.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 372.1.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 282.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of -15.8%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 441.9.

Market Sentiment: 0.4

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


Morgans rates NXT as Hold (3) -

NextDC delivered a solid FY18 result and FY19 outlook, the broker suggests, both in line with guidance. FY19 capex guidance reflects a "monster" year, but is not unexpected.

The broker sees a high quality company but wants to see significantly more customer wins at new data centres, and at the same pace as the first centres, to create the next leg of share price re-rating. Hold and $7.06 target retained.

Target price is $7.06 Current Price is $7.07 Difference: minus $0.01 (current price is over target).
If NXT meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.89, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 471.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 372.1.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 707.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of -15.8%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 441.9.

Market Sentiment: 0.4

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


UBS rates NXT as Buy (1) -

FY18 results impressed UBS. Guidance is solid but the broker suggests a lack of contracted megawatts in the second half requires attention. The question for UBS is whether tenders are still live or whether they have been won by others.

UBS maintains a Buy rating and $9.05 target.

Target price is $9.05 Current Price is $7.07 Difference: $1.98
If NXT meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $7.89, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 117.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 372.1.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 88.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of -15.8%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 441.9.

Market Sentiment: 0.4

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

ORA  ORORA LIMITED

Paper & Packaging

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Overnight Price: $3.52

Deutsche Bank rates ORA as Sell (5) -

Deutsche Bank considers the acquisition of Bronco Packaging for US$24m to be a minor positive, as it appears to be a good fit for the business in a higher growth segment and region, albeit quite small.

Bronco will expand the company's geographic footprint (Texas) and product capability (fresh food) and complement existing corporate accounts. The broker maintains a Sell rating and $3.20 target.

Target price is $3.20 Current Price is $3.52 Difference: minus $0.32 (current price is over target).
If ORA meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.56, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Current consensus EPS estimate is 18.7, implying annual growth of 5.6%.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY20:

Current consensus EPS estimate is 19.6, implying annual growth of 4.8%.

Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.1

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

ORI  ORICA LIMITED

Mining Sector Contracting

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Overnight Price: $17.22

UPDATED

Deutsche Bank rates ORI as Hold (3) -

The explosives outlook is positive from a volume and pricing perspective but Deutsche Bank notes this is being offset by delays at the Burrup ammonium nitrate plant and the loss of contracts in Latin America.

The broker suspects Burrup will operate at a utilisation rate of just 20% in FY19 and its JV partner has flagged a possible impairment. Hold rating maintained. Target is $17.

Target price is $17.00 Current Price is $17.22 Difference: minus $0.22 (current price is over target).
If ORI meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.15, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Current consensus EPS estimate is 69.4, implying annual growth of -32.4%.

Current consensus DPS estimate is 48.0, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 24.8.

Forecast for FY19:

Current consensus EPS estimate is 102.2, implying annual growth of 47.3%.

Current consensus DPS estimate is 57.9, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 16.8.

Market Sentiment: 0.0

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

PRU  PERSEUS MINING LIMITED

Gold & Silver

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Overnight Price: $0.36

Macquarie rates PRU as Outperform (1) -

The FY18 loss was weaker than Macquarie had assumed because of higher impairment and depreciation costs. The updated life-of-mine plan for Edikan reveals the increase to production the broker had already assumed.

Outperform maintained. Target is reduced to $0.51 from $0.52.

Target price is $0.51 Current Price is $0.36 Difference: $0.15
If PRU meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $0.57, suggesting upside of 58.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.1, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.7, implying annual growth of 28.6%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 1.0

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

QMS  QMS MEDIA LIMITED

Out of Home Advertising

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Overnight Price: $1.00

Citi rates QMS as Buy (1) -

FY18 results were at the top end of guidance. The international sports business is expected to be accretive and Citi increases net profit forecasts by 4-13% to account for the FY18 result and acquisition.

The broker continues to like the stock, believing it is an attractive way to play the structural growth in the outdoor advertising sector. Buy rating retained. Target is reduced to $1.40 from $1.45.

Target price is $1.40 Current Price is $1.00 Difference: $0.4
If QMS meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 2.40 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.86.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 3.10 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.49.

Market Sentiment: 1.0

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

REG  REGIS HEALTHCARE LIMITED

Aged Care & Seniors

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Overnight Price: $3.43

Macquarie rates REG as Underperform (5) -

FY18 underlying operating earnings were weaker than expected. No growth is expected for EBITDA in FY19. Macquarie observes capital expenditure has been turned off for FY19 as the company pursues a reduction in debt.

The broker envisages risks to aged care stocks in the near term and finds it hard to identify a catalyst or a reason to own the stock. Underperform rating maintained. Target is reduced to $3.43 from $3.50.

Target price is $3.43 Current Price is $3.43 Difference: $0
If REG meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 16.50 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of N/A.

Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 18.50 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 5.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 14.8%.

Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 17.7.

Market Sentiment: 0.3

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


Morgans rates REG as Hold (3) -

Regis Healthcare's underlying result was broadly in line with expectations and guidance. The highlight for Morgans was an increased average revenue per bed per day rate despite solid bed growth and government funding cuts.

Higher depreciation and interest costs as the development portfolio peaks means FY19 guidance to flat earnings which is disappointing, leading the broker to cut forecasts. Target falls to $3.79 from $4.05 and Hold retained, with the broker not ruling out M&A activity in the space.

Target price is $3.79 Current Price is $3.43 Difference: $0.36
If REG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 17.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of N/A.

Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 20.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 14.8%.

Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 17.7.

Market Sentiment: 0.3

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


Ord Minnett rates REG as Buy (1) -

FY18 net profit was slightly below forecasts. Ord Minnett lowers FY19 estimates by around -10%, primarily on the back of cautious guidance, as the company absorbs the impact of funding reforms and a drag from new facilities.

With increasing pressure on the government to improve funding, Ord Minnett maintains a Buy rating but lowers the target to $4.000 from $4.45 based on the valuation. The business is considered a premier operator in the sector.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $4.00 Current Price is $3.43 Difference: $0.57
If REG meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 17.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of N/A.

Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 19.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 14.8%.

Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 17.7.

Market Sentiment: 0.3

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


UBS rates REG as Buy (1) -

FY18 results were broadly in line with UBS estimates but guidance is short of expectations. Guidance implies softer operating earnings (-7% versus UBS forecasts).

The broker continues to expect FY20 will be the inflection point for the company's development earnings. Buy rating maintained. Target is reduced to $4.40 from $4.80.

Target price is $4.40 Current Price is $3.43 Difference: $0.97
If REG meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 17.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of N/A.

Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 21.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 14.8%.

Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 17.7.

Market Sentiment: 0.3

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

RFG  RETAIL FOOD GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $0.53

UBS rates RFG as Sell (5) -

FY18 operating earnings were in line with UBS estimates. The broker notes additional impairments in the second half brought the total for the year to $321m.

New debt facilities, due in October 2019, have lifted covenants and 100% of asset sales will be used to pay down debt. The broker maintains a Sell rating and $0.50 target.

Target price is $0.50 Current Price is $0.53 Difference: minus $0.03 (current price is over target).
If RFG meets the UBS 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 June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 13.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.81.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 12.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.21.

Market Sentiment: -1.0

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

RRL  REGIS RESOURCES LIMITED

Gold & Silver

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Overnight Price: $4.18

Morgans rates RRL as Hold (3) -

Regis Resources posted record gold production and record sales, the broker notes, despite the gold price being marginally weaker in the period. Net cash also rose 26% to a record. Production was at the high end of the guidance range and costs below guidance.

The broker retains Hold and a $4.40 target, noting the latter is very sensitive to the A$ gold price.

Target price is $4.40 Current Price is $4.18 Difference: $0.22
If RRL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 16.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.4, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 16.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.6, implying annual growth of 22.9%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 10.8.

Market Sentiment: -0.1

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

SFR  SANDFIRE RESOURCES NL

Copper

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Overnight Price: $6.99

Deutsche Bank rates SFR as Upgrade to Buy from Hold (1) -

FY18 results were slightly below estimates because of higher exploration expenditure. Deutsche Bank now includes Black Butte in modelling but this is offset by an assumed closure cost at DeGrussa and removal of the equity value of Sandfire America.

The broker does not believe the current stock price provides value for exploration and extensions and upgrades to Buy from Hold on valuation. Target is $8.80.

Target price is $8.80 Current Price is $6.99 Difference: $1.81
If SFR meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.78, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Current consensus EPS estimate is 77.3, implying annual growth of N/A.

Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY20:

Current consensus EPS estimate is 134.2, implying annual growth of 73.6%.

Current consensus DPS estimate is 45.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 5.2.

Market Sentiment: -0.3

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

SIV  SILVER CHEF LIMITED

Business & Consumer Credit

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Overnight Price: $2.23

Morgans rates SIV as Hold (3) -

Silver Chef's headline loss reflects significant provisioning in the wound-down GoGetta and in Hospitality, Morgans notes. Hospitality did post a profit but it was down on FY17. The broker expects a re-basing of earnings for Hospitality in FY19.

The company suggested a solid outlook in FY19 and positive early signs in line with targets, but Morgans wants to see evidence of an operational turnaround before becoming more positive. Hold retained, target falls to $2.57 from $3.25.

Target price is $2.57 Current Price is $2.23 Difference: $0.34
If SIV meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 11.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.14.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 14.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.26.

Market Sentiment: 0.0

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

SRX  SIRTEX MEDICAL LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $32.12

Morgans rates SRX as Hold (3) -

Dose sales were lower than a pre-release suggested although profit was in line, Morgans notes. Sales in the Americas and APAC fell, with EMEA saved only by positive forex moves. The scheme of arrangement with CDH-CGP nevertheless remains the focus for Sirtex, the broker notes, making operational issues a moot point.

It's up to the US regulator. Morgans raises its target to the bid price of $33.60 from $28.00, Hold retained.

Target price is $33.60 Current Price is $32.12 Difference: $1.48
If SRX meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $31.73, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 37.00 cents and EPS of 115.00 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.0, implying annual growth of N/A.

Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 29.2.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 38.00 cents and EPS of 127.00 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.0, implying annual growth of 12.7%.

Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 25.9.

Market Sentiment: 0.0

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

TCL  TRANSURBAN GROUP

Infrastructure & Utilities

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Overnight Price: $12.06

Citi rates TCL as Sell (5) -

Sydney Transport Partners, of which Transurban is a 50% shareholder, has acquired a 51% interest in WestConnex for $9.3 bn. To fund the acquisition, Transurban will raise $4.8bn in new equity.

The company has reiterated FY19 distribution guidance of $0.59 and provided FY20 distribution guidance for mid single-digit growth.

Citi remains on the look out for a more attractive entry point to the stock and retains a Sell rating. Target is $10.39.

Target price is $10.39 Current Price is $12.06 Difference: minus $1.67 (current price is over target).
If TCL meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.69, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 59.00 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.1, implying annual growth of 28.2%.

Current consensus DPS estimate is 59.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 41.4.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 61.50 cents and EPS of 28.30 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.2, implying annual growth of 17.5%.

Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 35.3.

Market Sentiment: 0.5

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


Deutsche Bank rates TCL as Buy (1) -

Transurban's Sydney Transport Partners consortium has won the bid for a 51% stake in WestConnex, a three-stage toll road project under development by the NSW government. The project will have an  enterprise value of $25.1bn when fully operational in 2028.

Deutsche Bank believes Transurban has paid a very full price for its stake and the acquisition will affect distribution growth over the short to medium term.

The broker maintains a Buy rating and $13.50 target, also believing WestConnex is a particularly strategic acquisition given its growth potential.

Target price is $13.50 Current Price is $12.06 Difference: $1.44
If TCL meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.69, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Current consensus EPS estimate is 29.1, implying annual growth of 28.2%.

Current consensus DPS estimate is 59.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 41.4.

Forecast for FY20:

Current consensus EPS estimate is 34.2, implying annual growth of 17.5%.

Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 35.3.

Market Sentiment: 0.5

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


UBS rates TCL as Buy (1) -

The company has announced an agreement to acquire a 25.5% stake in the WestConnex project for which it intends to raise $4.8bn in equity. UBS finds few details on the acquisition metrics. By 2028 the company is targeting an earnings margin in line with the current 81% achieved across its Sydney assets.

Distribution guidance for FY19 has been reaffirmed at $0.59 along with a target of mid single-digit growth in FY20. UBS intends to revisit forecasts and valuation at a later date and maintains a Buy rating and $13.35 target.

Target price is $13.35 Current Price is $12.06 Difference: $1.29
If TCL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $12.69, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 59.00 cents and EPS of 19.70 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.1, implying annual growth of 28.2%.

Current consensus DPS estimate is 59.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 41.4.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 63.00 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.2, implying annual growth of 17.5%.

Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 35.3.

Market Sentiment: 0.5

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

TLS  TELSTRA CORPORATION LIMITED

Telecommunication

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Overnight Price: $3.08

UPDATED

Ord Minnett rates TLS as Accumulate (2) -

Ord Minnett notes NBN Co's corporate plan has revealed a move in subscriber payments to FY20-21 from FY18-19 because of the delay in hybrid fibre coaxial connections. An increasing capital expenditure is also outlined because of more premises being migrated to fibre-to-the-kerb and higher costs per premises.

NBN now expects a long-term average revenue per user of $51, down from the $52 outlined previously. Ord Minnett would not be surprised if Telstra reduces FY19 operating earnings guidance by -$100-200m as a result of the revised plan but notes this merely delays the payment to FY20-21. Accumulate rating and $3.50 target maintained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $3.50 Current Price is $3.08 Difference: $0.42
If TLS meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 18.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.0, implying annual growth of -23.3%.

Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 18.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of -23.0%.

Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.1

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


UBS rates TLS as Neutral (3) -

UBS upgrades FY20 estimates for earnings per share by 7%, given higher one-off disconnection payments from NBN. The main piece of news in the company's new 2019-22 corporate plan is the large ramp up in the FY20 NBN roll-out.

The broker assesses that Telstra is guiding for net one-off NBN payments to increase to $1.8-1.9bn in FY19 but this now appears at odds with NBN Co's forecasts for subscriber payments to decline slightly in FY19.

Still, the $3bn NBN gap is unchanged and there is no change to long-term earnings. Neutral rating and $3 target maintained.

Target price is $3.00 Current Price is $3.08 Difference: minus $0.08 (current price is over target).
If TLS meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.19, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 16.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.0, implying annual growth of -23.3%.

Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 16.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of -23.0%.

Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.1

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

TPE  TPI ENTERPRISES LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $1.57

Morgans rates TPE as Hold (3) -

TPI's first half result was in line with guidance, featuring a strong uplift in revenue and improving operational leverage thanks to the recently acquired Norway operations, Morgans notes, albeit dragged down by well-flagged manufacturing issues in the tablet division.

The company appears to be making good progress and while FY guidance is maintained it appears conservative, Morgans implies, given current raw material holdings, although execution this year and beyond is paramount. Hold and $1.77 target retained.

Target price is $1.77 Current Price is $1.57 Difference: $0.2
If TPE meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.08.

Market Sentiment: 0.0

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

TPM  TPG TELECOM LIMITED

Telecommunication

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Overnight Price: $8.46

Macquarie rates TPM as No Rating (-1) -

FY18 operating earnings, pre-released, were ahead of Macquarie's estimates. The company has agreed to a merger with Vodafone Hutchison Australia to create a full service telecommunications provider.

The strategic rationale is to create a challenger of scale that is better positioned to compete with Telstra ((TLS)) and Optus. Macquarie is unable to provide a valuation or rating at present because of research restrictions.

Current Price is $8.46. Target price not assessed.

Current consensus price target is $6.75, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of 43.60 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.9, implying annual growth of -8.4%.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 4.00 cents and EPS of 34.20 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of -29.8%.

Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 27.5.

Market Sentiment: -0.3

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


UBS rates TPM as Sell (5) -

The company's merger with Vodafone Australia appears highly accretive from a valuation perspective, UBS observes, but the market could be pricing in excessive synergies at the current share price.  As current trading suggests a short squeeze on the stock the broker retains a Sell rating.

UBS notes TPG will continue with its aggressive mobile launch as it envisages an opportunity to win share from Telstra ((TLS)) and Optus using a multi-brand strategy to offset cannibalisation of the Vodafone Australia business. Target is raised to $7.50 from $5.50.

Target price is $7.50 Current Price is $8.46 Difference: minus $0.96 (current price is over target).
If TPM meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.75, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 4.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 0.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.9, implying annual growth of -8.4%.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 19.3.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 5.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 0.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.8, implying annual growth of -29.8%.

Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 27.5.

Market Sentiment: -0.3

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

URW  UNIBAIL-RODAMCO-WESTFIELD

REITs

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Overnight Price: $14.58

UPDATED

Ord Minnett rates URW as Buy (1) -

Ord Minnett believes the negative reaction to the company's first half earnings and outlook is a reminder of how ruthless the equity market can be.

The broker suggests there were clear positives in the result but recognises that investors need to make a leap of faith in the absence of medium-term guidance in a sector (property) which is struggling to obtain support. The broker maintains a Buy rating and $19 target.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $19.00 Current Price is $14.58 Difference: $4.42
If URW meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $17.85, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 91.74 cents and EPS of 155.50 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.5, implying annual growth of N/A.

Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 97.96 cents and EPS of 209.92 cents.
At the last closing share price the estimated dividend yield is 6.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.3, implying annual growth of 21.8%.

Current consensus DPS estimate is 73.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.5.

This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

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

Summaries
ALX ATLAS ARTERIA Outperform - Macquarie Overnight Price $6.77
FNP FREEDOM FOODS Buy - Citi Overnight Price $6.89
Upgrade to Hold from Reduce - Morgans Overnight Price $6.89
HVN HARVEY NORMAN HOLDINGS Sell - Citi Overnight Price $3.50
Neutral - Credit Suisse Overnight Price $3.50
Buy - Deutsche Bank Overnight Price $3.50
Neutral - Macquarie Overnight Price $3.50
Underweight - Morgan Stanley Overnight Price $3.50
Hold - Ord Minnett Overnight Price $3.50
Neutral - UBS Overnight Price $3.50
IPL INCITEC PIVOT Buy - Deutsche Bank Overnight Price $3.92
LVH LIVEHIRE Add - Morgans Overnight Price $0.59
MLX METALS X Outperform - Macquarie Overnight Price $0.53
NEW NEW ENERGY SOLAR Equal-weight - Morgan Stanley Overnight Price $1.45
NXT NEXTDC Buy - Citi Overnight Price $7.07
Sell - Deutsche Bank Overnight Price $7.07
Neutral - Macquarie Overnight Price $7.07
Overweight - Morgan Stanley Overnight Price $7.07
Hold - Morgans Overnight Price $7.07
Buy - UBS Overnight Price $7.07
ORA ORORA Sell - Deutsche Bank Overnight Price $3.52
ORI ORICA Hold - Deutsche Bank Overnight Price $17.22
PRU PERSEUS MINING Outperform - Macquarie Overnight Price $0.36
QMS QMS MEDIA Buy - Citi Overnight Price $1.00
REG REGIS HEALTHCARE Underperform - Macquarie Overnight Price $3.43
Hold - Morgans Overnight Price $3.43
Buy - Ord Minnett Overnight Price $3.43
Buy - UBS Overnight Price $3.43
RFG RETAIL FOOD GROUP Sell - UBS Overnight Price $0.53
RRL REGIS RESOURCES Hold - Morgans Overnight Price $4.18
SFR SANDFIRE Upgrade to Buy from Hold - Deutsche Bank Overnight Price $6.99
SIV SILVER CHEF Hold - Morgans Overnight Price $2.23
SRX SIRTEX MEDICAL Hold - Morgans Overnight Price $32.12
TCL TRANSURBAN GROUP Sell - Citi Overnight Price $12.06
Buy - Deutsche Bank Overnight Price $12.06
Buy - UBS Overnight Price $12.06
TLS TELSTRA CORP Accumulate - Ord Minnett Overnight Price $3.08
Neutral - UBS Overnight Price $3.08
TPE TPI ENTERPRISES Hold - Morgans Overnight Price $1.57
TPM TPG TELECOM No Rating - Macquarie Overnight Price $8.46
Sell - UBS Overnight Price $8.46
URW UNIBAIL-RODAMCO-WESTFIELD Buy - Ord Minnett Overnight Price $14.58
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

17

2. Accumulate

1

3. Hold

15

5. Sell

8

Monday 03 September 2018

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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.