Australian Broker Call

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April 27, 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: 12:36 PM

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
HSO - HEALTHSCOPE Upgrade to Neutral from Underperform Credit Suisse
Upgrade to Equal-weight from Underweight Morgan Stanley
Downgrade to Hold from Add Morgans
NCM - NEWCREST MINING Upgrade to Neutral from Underperform Credit Suisse
WPL - WOODSIDE PETROLEUM Upgrade to Neutral from Underperform Macquarie
AMP  AMP LIMITED

Insurance

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Overnight Price: $4.03

Credit Suisse rates AMP as Outperform (1) -

The broker regrets not downgrading its rating on AMP earlier, but no one was to know just what brand damage the Royal Commission would inflict. It is still unknown just what the ongoing earnings risk may be, but the broker believes the downside is likely now priced in, hence Outperform retained.

A special mention goes out to the fact CS analysts are still talking about the CEO having announced he will leave at the end of the year. He has stepped down with immediate effect and already written a pathetic goodbye missive about this is not the AMP you all know. Take note Credit Suisse.

Irrespective, one cannot dispute the fact the absence of a CEO puts in doubt planned asset sales and commitment to the current strategy. The broker has cut earnings forecasts and its target to $4.80 from $5.45, noting uncertainty remains.

Target price is $4.80 Current Price is $4.03 Difference: $0.77
If AMP meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.41, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 28.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 6.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of 15.0%.

Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 29.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 7.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.8, implying annual growth of 6.2%.

Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 7.5%.

Current consensus EPS estimate suggests the PER is 11.3.

Market Sentiment: 0.4

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

BLD  BORAL LIMITED

Building Products & Services

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Overnight Price: $6.60

Deutsche Bank rates BLD as Buy (1) -

Deutsche Bank observes the USG/Boral joint venture's adjusted earnings margins declined -260 basis points to 11% because of higher input costs in the March quarter. This was partly offset by an increase in the plasterboard price.

The broker notes that the first quarter is typically the slowest quarter in the year but points out this follows a -4% decline in Boral's share of equity income from the JV in the first half.

Buy rating retained. Price target is $7.57.

Target price is $7.57 Current Price is $6.60 Difference: $0.97
If BLD meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.79, suggesting upside of 18.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 28.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.4, implying annual growth of 38.4%.

Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY19:

Deutsche Bank forecasts a full year FY19 dividend of 34.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.9, implying annual growth of 18.6%.

Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.6

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

BPT  BEACH ENERGY LIMITED

Crude Oil

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Overnight Price: $1.58

Credit Suisse rates BPT as Neutral (3) -

The key takeaway for the broker from Beach's production report was better than expected free cash flow, leading to a reduction in debt to 29%, ahead of expectations. Production and sales are somewhat moot, the broker suggests, given the $50m in acquisition synergies by end-FY19 the company has guided to.

The oil price is providing a tailwind and synergy expectations may yet prove conservative. Neutral and $1.25 target retained as the broker awaits maiden FY19 guidance.

Target price is $1.25 Current Price is $1.58 Difference: minus $0.33 (current price is over target).
If BPT meets the Credit Suisse target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.32, suggesting downside of -16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 2.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.0, implying annual growth of -32.6%.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 2.00 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of 42.9%.

Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 7.9.

Market Sentiment: -0.2

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


Macquarie rates BPT as Neutral (3) -

Macquarie increases Brent oil forecasts by 20% to around US$70/bbl for 2018 and by 5% to around US$57/bbl for 2019.

The broker continues to expect 2019 to be in oversupply, resulting in a buildup of global oil stocks because of the return of OPEC volumes and sustained US production growth.

Neutral rating maintained. Target rises to $1.40 from $1.20.

Target price is $1.40 Current Price is $1.58 Difference: minus $0.18 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.32, suggesting downside of -16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.0, implying annual growth of -32.6%.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 11.3.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of 42.9%.

Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 7.9.

Market Sentiment: -0.2

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

BXB  BRAMBLES LIMITED

Transportation & Logistics

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Overnight Price: $9.89

Deutsche Bank rates BXB as Hold (3) -

Sales revenue for the nine months to March was up 5%, in line with management's target. Deutsche Bank observes the actual FX results reflect a soft US dollar relative to other operating currencies.

Hold rating. Target is $10.15.

Target price is $10.15 Current Price is $9.89 Difference: $0.26
If BXB meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.37, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 29.68 cents and EPS of 50.33 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.8, implying annual growth of N/A.

Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY19:

Deutsche Bank forecasts a full year FY19 dividend of 29.68 cents and EPS of 56.78 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.2, implying annual growth of 2.5%.

Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 17.0.

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

Market Sentiment: 0.3

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


Morgan Stanley rates BXB as Underweight (5) -

Constant currency sales growth for the nine months to March was 5%, consistent with first half trends and in line with expectations.

Morgan Stanley notes pricing for CHEP in the US was stable, with the benefits of pricing initiatives expected to combat inflation from the June quarter.

Underweight rating and $9 target. Industry view is Cautious.

Target price is $9.00 Current Price is $9.89 Difference: minus $0.89 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.37, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 29.68 cents and EPS of 60.65 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.8, implying annual growth of N/A.

Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 30.97 cents and EPS of 54.20 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.2, implying annual growth of 2.5%.

Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 17.0.

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

Market Sentiment: 0.3

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


Ord Minnett rates BXB as Buy (1) -

Ord Minnett observes the company is off to a good start in the second half, with trading for the first nine months of FY18 in line with forecasts and guidance.

Pricing initiatives previously announced had little to no impact during the reporting period but should begin to take effect in the fourth quarter, the broker suggests.

The broker maintains a Buy rating and $12.25 target.

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

Target price is $12.25 Current Price is $9.89 Difference: $2.36
If BXB meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $10.37, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 28.49 cents and EPS of 62.17 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.8, implying annual growth of N/A.

Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 27.12 cents and EPS of 52.95 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.2, implying annual growth of 2.5%.

Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 17.0.

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

Market Sentiment: 0.3

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

CPU  COMPUTERSHARE LIMITED

Diversified Financials

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Overnight Price: $17.24

Deutsche Bank rates CPU as Sell (5) -

Deutsche Bank notes the company's intention to become simpler and more transparent after the recent strategy update.

The broker retains a Sell rating because of concerns around the sustainability of margins in mortgage servicing. Target is $15.10.

Target price is $15.10 Current Price is $17.24 Difference: minus $2.14 (current price is over target).
If CPU meets the Deutsche Bank target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.29, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 36.27 cents and EPS of 82.91 cents.
At the last closing share price the estimated dividend yield is 2.10%.
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 80.9, implying annual growth of N/A.

Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY19:

Deutsche Bank forecasts a full year FY19 dividend of 34.98 cents and EPS of 88.09 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.0, implying annual growth of 11.2%.

Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 19.2.

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

Market Sentiment: -0.4

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

CSL  CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $170.93

UPDATED

Macquarie rates CSL as Outperform (1) -

Macquarie analysts highlight competitor Shire has updated the market overnight and it appears the financial result showed positive trends for Haegarda. Macquarie adds positive feedback from the industry about Idelvion, as well as the approval of Hizentra in the treatment of CIDP.

The combination of all of the above seems to have further increased Macquarie's confidence about CSL's growth outlook into FY19. CSL remains the broker's preferred healthcare exposure. Outperform. Target $172 (we had $165).

Target price is $172.00 Current Price is $170.93 Difference: $1.07
If CSL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $168.14, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 208.03 cents and EPS of 462.12 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 473.8, implying annual growth of N/A.

Current consensus DPS estimate is 205.1, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 36.1.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 247.26 cents and EPS of 549.36 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 534.7, implying annual growth of 12.9%.

Current consensus DPS estimate is 228.9, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 32.0.

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

Market Sentiment: 0.6

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

CVW  CLEARVIEW WEALTH LIMITED

Insurance

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Overnight Price: $1.13

Macquarie rates CVW as Outperform (1) -

The company has terminated its co-operation agreement with Sony Life. Ceasing this agreement has the effect of opening up the corporate appeal for ClearView Wealth, Macquarie suggests.

The stock is trading at a material discount to the broker's target, which is reduced to $1.40 from $1.70. Meanwhile, the medium term outlook remains attractive, despite the regulatory scrutiny of the sector, and Macquarie maintains an Outperform rating.

Target price is $1.40 Current Price is $1.13 Difference: $0.27
If CVW meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 2.60 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.16.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 3.20 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.94.

Market Sentiment: 1.0

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

CWY  CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $1.58

Ord Minnett rates CWY as Hold (3) -

The ACCC has announced it will not oppose the acquisition of Tox Free Solutions ((TOX)). Ord Minnett notes the ACCC did not reach a conclusion on market definition so the acquisition is unlikely to meet the threshold of a substantial lessening of competition in any relevant market.

The expected effective date of the transaction is May 11. Target is $1.55. Hold maintained.

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

Target price is $1.55 Current Price is $1.58 Difference: minus $0.03 (current price is over target).
If CWY meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.63, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.8, implying annual growth of 4.3%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 3.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.6, implying annual growth of 37.5%.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 23.9.

Market Sentiment: 0.6

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

CYB  CYBG PLC

Banks

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Overnight Price: $5.44

Morgans rates CYB as Hold (3) -

The bank has announced an increase to PPI provisions of GBP350m. The top up was no surprise to Morgans, which expects further top ups in the range of GBP170-515m will eventuate.

The broker pushes out timing and magnitude of forecast special dividends. Hold rating retained. Target rises to $5.28 from $5.09.

Target price is $5.28 Current Price is $5.44 Difference: minus $0.16 (current price is over target).
If CYB meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.93, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 3.45 cents and EPS of 46.57 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.8, implying annual growth of N/A.

Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 3.45 cents and EPS of 55.19 cents.
At the last closing share price the estimated dividend yield is 0.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.8, implying annual growth of 16.4%.

Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 9.6.

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

Market Sentiment: 0.2

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

DMP  DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $42.19

Morgan Stanley rates DMP as Overweight (1) -

Strong first quarter results are expected to allay investor concerns about the impact of aggregators.

Morgan Stanley observes trading has improved and suggests execution issues will prove transitory, while the valuation is cheap in light of the growth potential.

Overweight rating and Cautious industry view. Target is $55.

Target price is $55.00 Current Price is $42.19 Difference: $12.81
If DMP meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $47.12, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 121.00 cents and EPS of 156.00 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 155.4, implying annual growth of 34.0%.

Current consensus DPS estimate is 116.2, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 146.00 cents and EPS of 197.00 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 191.1, implying annual growth of 23.0%.

Current consensus DPS estimate is 141.6, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 22.1.

Market Sentiment: 0.0

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

FMG  FORTESCUE METALS GROUP LTD

Iron Ore

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Overnight Price: $4.52

Deutsche Bank rates FMG as Buy (1) -

March quarter production was in line with Deutsche Bank's expectations. Price realisation was slightly better than expected and the broker expects this should continue to improve. FY18 cost guidance is revised up slightly.

The broker retains a Buy rating on valuation with a target of $5.70.

Target price is $5.70 Current Price is $4.52 Difference: $1.18
If FMG meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 14.9% (ex-dividends)

Forecast for FY18:

Current consensus EPS estimate is 47.5, implying annual growth of N/A.

Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 9.5.

Forecast for FY19:

Current consensus EPS estimate is 44.5, implying annual growth of -6.3%.

Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 10.2.

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

Market Sentiment: 0.4

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

HSO  HEALTHSCOPE LIMITED

Healthcare services

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Overnight Price: $2.37

Credit Suisse rates HSO as Upgrade to Neutral from Underperform (3) -

In the wake of a conditional private equity takeover bid for Healthscope at a 16% premium, Credit Suisse increases its target to $2.36 from $1.78 to match the bid and upgrades to Neutral from Underperform. The small control premium reflects challenging market conditions, the broker suggests.

Credit Suisse now awaits an assessment from the board, completion of due diligence and regulatory approval, notwithstanding the potential of a counter bid.

Target price is $2.36 Current Price is $2.37 Difference: minus $0.01 (current price is over target).
If HSO meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.26, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 6.90 cents and EPS of 9.93 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 3.2%.

Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 7.16 cents and EPS of 10.53 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 9.3%.

Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.1

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


Deutsche Bank rates HSO as Hold (3) -

Healthscope has received an unsolicited cash bid from a consortium of financial investors to acquire the business for $2.36 a share.

Deutsche Bank has a Hold rating and $2.05 target.

Target price is $2.05 Current Price is $2.37 Difference: minus $0.32 (current price is over target).
If HSO meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.26, suggesting downside of -4.5% (ex-dividends)

Forecast for FY18:

Current consensus EPS estimate is 9.7, implying annual growth of 3.2%.

Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY19:

Current consensus EPS estimate is 10.6, implying annual growth of 9.3%.

Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.1

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


Macquarie rates HSO as No Rating (-1) -

Healthscope has received an unsolicited bid from a consortium to acquire its shares via a scheme of arrangement. The indicative price of $2.36 represents a 16% premium to the closing price on April 24.

A requirement of the proposal is that the Healthscope board unanimously agrees to recommend shareholders vote in favour of the scheme. Macquarie is restricted on rating and target at this stage.

Current Price is $2.37. Target price not assessed.

Current consensus price target is $2.26, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 7.00 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 3.2%.

Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 7.40 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 9.3%.

Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.1

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


Morgan Stanley rates HSO as Upgrade to Equal-weight from Underweight (3) -

The company has received an unsolicited offer at $2.36 a share from a consortium. Morgan Stanley notes the near-term fundamentals will now take a back seat and the takeover premium will remain in the shares.

The broker considers the near-term outlook remains challenged but there are options in the business to unlock value. Rating is upgraded to Equal-weight from Underweight. Target is raised to $2.36 from $1.67. Industry view is In-Line.

Target price is $2.36 Current Price is $2.37 Difference: minus $0.01 (current price is over target).
If HSO meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.26, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 6.90 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 3.2%.

Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 7.50 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 9.3%.

Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.1

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


Morgans rates HSO as Downgrade to Hold from Add (3) -

The company has received a cash takeover bid of $2.36 a share from a consortium which includes majority shareholder AustralianSuper.

Morgans would be surprised if another bidder jumped in to sweeten the deal given there are a number of issues such as slowing utilisation, health fund price indexation and government policies.

If anything, the broker does not rule out the possibility the bid is reduced. Rating is downgraded to Hold from Add as a result. Target is $2.42.

Target price is $2.42 Current Price is $2.37 Difference: $0.05
If HSO meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 6.70 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 3.2%.

Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 8.20 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 9.3%.

Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.1

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


Ord Minnett rates HSO as Hold (3) -

Healthscope has received a takeover offer from a consortium of financial investors, including AustralianSuper, at $2.36 cash per share.

Ord Minnett highlights the conditional nature of the offer and the limited potential for a competing bid, given AustralianSuper's stake of 14%.

Hold maintained. Target raised to $2.36 from $1.85.

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

Target price is $2.36 Current Price is $2.37 Difference: minus $0.01 (current price is over target).
If HSO meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.26, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 7.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 3.2%.

Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 7.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.6, implying annual growth of 9.3%.

Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.1

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

IFL  IOOF HOLDINGS LIMITED

Wealth Management & Investments

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Overnight Price: $9.24

Citi rates IFL as Buy (1) -

Citi observes the March quarter drop in funds under management reflected weaker markets. The stock appears relatively inexpensive and material accretion is expected to come from the ANZ Wealth acquisition.

Meanwhile, the strong dividend yield appeals and the broker retains a Buy rating. Target is reduced to $10.90 from $11.80.

Target price is $10.90 Current Price is $9.24 Difference: $1.66
If IFL meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $11.90, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 54.00 cents and EPS of 57.00 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 16.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.0, implying annual growth of 47.3%.

Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 63.50 cents and EPS of 67.80 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.9, implying annual growth of 19.1%.

Current consensus DPS estimate is 61.7, implying a prospective dividend yield of 6.7%.

Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 1.0

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

JBH  JB HI-FI LIMITED

Consumer Electronics

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Overnight Price: $25.59

Macquarie rates JBH as Outperform (1) -

Macquarie suspects the March quarter sales update, likely to coincide with the Macquarie Conference on May 2, could be soft. Regardless, category growth drivers appear healthy and the broker believes there is upside still from the merger synergies.

The market may be concerned about gross margin pressure and the sales performance at The Good Guy's but Macquarie reiterates its Outperform rating. Target is $31.30.

Target price is $31.30 Current Price is $25.59 Difference: $5.71
If JBH meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $27.48, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 136.00 cents and EPS of 207.20 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.1, implying annual growth of 34.9%.

Current consensus DPS estimate is 135.6, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 142.00 cents and EPS of 215.50 cents.
At the last closing share price the estimated dividend yield is 5.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 215.6, implying annual growth of 3.6%.

Current consensus DPS estimate is 140.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.2

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

KAR  KAROON GAS AUSTRALIA LIMITED

Crude Oil

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Overnight Price: $1.24

Macquarie rates KAR as Outperform (1) -

Macquarie increases Brent oil forecasts by 20% to around US$70/bbl for 2018 and by 5% to around US$57/bbl for 2019.

The broker continues to expect 2019 to be in oversupply, resulting in a build up of global oil stocks because of the return of OPEC volumes and sustained US production growth.

Outperform rating maintained. Target rises to $1.40 from $1.35.

Target price is $1.40 Current Price is $1.24 Difference: $0.16
If KAR meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 10.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.70.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.09.

Market Sentiment: 0.5

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

KLL  KALIUM LAKES LIMITED

Mining

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Overnight Price: $0.39

Macquarie rates KLL as Outperform (1) -

Macquarie observes the company is making good progress on the Beyondie development and expects near-term catalysts, such as offtake agreements and the BFS, will provide significant de-risking events.

Outperform rating and $0.60 target maintained.

Target price is $0.60 Current Price is $0.39 Difference: $0.21
If KLL meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 6.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.39.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.93.

Market Sentiment: 1.0

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

MQA  MACQUARIE ATLAS ROADS GROUP

Infrastructure & Utilities

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Overnight Price: $6.32

Deutsche Bank rates MQA as Buy (1) -

APRR revenue and traffic growth in the March quarter continued to run ahead of Deutsche Bank's expectations, more than offsetting the weaker-than-expected results from the Dulles Greenway.

Buy rating retained. Target is $6.50.

Target price is $6.50 Current Price is $6.32 Difference: $0.18
If MQA meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.62, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 24.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of -56.8%.

Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY19:

Deutsche Bank forecasts a full year FY19 dividend of 34.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.2, implying annual growth of 25.2%.

Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 1.0

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

NCM  NEWCREST MINING LIMITED

Gold & Silver

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Overnight Price: $21.35

Citi rates NCM as Buy (1) -

As expected, FY18 guidance has been reduced in the wake of the outage at Cadia in the March quarter. Citi lifts the target to $25.80 from $24.00 as Cadia is now expected to regain full production in the June quarter.

Telfer continued to disappoint because of wet weather and downtime. Citi suggests that, even if costs stay at current levels, the company may keep the operation running for its gold production footprint, at least until a new mine comes along. Buy rating maintained.

Target price is $25.80 Current Price is $21.35 Difference: $4.45
If NCM meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $21.07, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 19.36 cents and EPS of 55.36 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.2, implying annual growth of N/A.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 37.42 cents and EPS of 123.89 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.5, implying annual growth of 67.9%.

Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 18.6.

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

Market Sentiment: -0.1

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


Credit Suisse rates NCM as Upgrade to Neutral from Underperform (3) -

Cadia had been recovering strongly, Credit Suisse notes, but slumped in the March Q. Lihir delivered to expectation and a stronger copper price helped to reduce costs.

The broker has made negligible changes to forecasts but has increased its target to $19.95 from $18.50 as a result of de-risking its Wafi-Golpu valuation to 75% from 50%. This triggers an upgrade to Neutral from Outperform.

Target price is $19.95 Current Price is $21.35 Difference: minus $1.4 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.07, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 19.36 cents and EPS of 53.30 cents.
At the last closing share price the estimated dividend yield is 0.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.2, implying annual growth of N/A.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 38.72 cents and EPS of 127.63 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.5, implying annual growth of 67.9%.

Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 18.6.

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

Market Sentiment: -0.1

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


Deutsche Bank rates NCM as Hold (3) -

March quarter production was below Deutsche Bank's estimates. The difference is attributed to a particularly weak quarter at Telfer, which comes despite better-than-expected output from Cadia during the tailings outage.

FY18 guidance is revised down by -10% but the outlook for Cadia is better than the broker's previous estimate. Hold rating maintained. Target is $22.

Target price is $22.00 Current Price is $21.35 Difference: $0.65
If NCM meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $21.07, suggesting downside of -1.3% (ex-dividends)

Forecast for FY18:

Current consensus EPS estimate is 68.2, implying annual growth of N/A.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY19:

Current consensus EPS estimate is 114.5, implying annual growth of 67.9%.

Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 18.6.

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

Market Sentiment: -0.1

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


Macquarie rates NCM as Underperform (5) -

March quarter production was softer than Macquarie expected. The miss at Telfer relative to forecasts was driven by lower grades, lower mill availability and weaker mine production. The downgrade in production at Cadia was expected given the tailings dam failure.

The company has downgraded production guidance for FY18 by -10%. The Underperform rating and $19 target maintained.

Target price is $19.00 Current Price is $21.35 Difference: minus $2.35 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.07, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 55.10 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 38.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.2, implying annual growth of N/A.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 38.72 cents and EPS of 127.37 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.5, implying annual growth of 67.9%.

Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 18.6.

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

Market Sentiment: -0.1

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


Ord Minnett rates NCM as Accumulate (2) -

March quarter production, removing Bonikro, was -6% below Ord Minnett forecasts because of Telfer where unplanned downtime and wet weather affected production.

Despite the issues at Telfer, the strong quarter at Lihir and a return to full production at Cadia leave the broker broadly positive.

Accumulate rating and $24 target maintained.

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

Target price is $24.00 Current Price is $21.35 Difference: $2.65
If NCM meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $21.07, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 58.07 cents and EPS of 143.24 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.2, implying annual growth of N/A.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 60.65 cents and EPS of 150.99 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.5, implying annual growth of 67.9%.

Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 18.6.

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

Market Sentiment: -0.1

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

NUF  NUFARM LIMITED

Agriculture

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Overnight Price: $9.13

Morgan Stanley rates NUF as Overweight (1) -

Morgan Stanley believes the base business is undervalued. The broker envisages a substantial deficit emerging in global fish oil markets, forecasting 4% growth per annum in demand over the next 10 years.

Having reassessed the Omega-3 opportunity Morgan Stanley envisages substantial upside. Overweight rating and Cautious industry view. Target is raised to $11.75 from $11.50.

Target price is $11.75 Current Price is $9.13 Difference: $2.62
If NUF meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $9.82, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 14.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.6, implying annual growth of -4.5%.

Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 16.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.8, implying annual growth of 36.3%.

Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 0.7

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

OGC  OCEANAGOLD CORPORATION

Gold & Silver

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Overnight Price: $3.47

Credit Suisse rates OGC as Outperform (1) -

OceanaGold had flagged that it would shift from high grade mining to lower grade stockpile processing in the March Q so a weak production result met expectation. Lower cost production nevertheless improved cash flow.

The broker has retained an Outperform rating and $3.80 target, noting no valuation is yet ascribed to the expectation of a Waihi mine life extension.

Target price is $3.80 Current Price is $3.47 Difference: $0.33
If OGC meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 2.58 cents and EPS of 31.23 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.5, implying annual growth of N/A.

Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 2.58 cents and EPS of 19.36 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 14.5%.

Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 12.9.

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

Market Sentiment: 0.9

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

OSH  OIL SEARCH LIMITED

NatGas

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Overnight Price: $7.98

Macquarie rates OSH as Outperform (1) -

Macquarie increases Brent oil forecasts by 20% to around US$70/bbl for 2018 and by 5% to around US$57/bbl for 2019.

The broker continues to expect 2019 to be in oversupply, resulting in a build up of global oil stocks because of the return of OPEC volumes and sustained US production growth.

Outperform. Target is raised to $8.25 from $8.10.

Target price is $8.25 Current Price is $7.98 Difference: $0.27
If OSH meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.14, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 8.90 cents and EPS of 23.75 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.0, implying annual growth of N/A.

Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 26.6.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 8.90 cents and EPS of 36.52 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.1, implying annual growth of 23.7%.

Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 21.5.

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

Market Sentiment: 0.3

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

REA  REA GROUP LIMITED

Real Estate

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Overnight Price: $80.63

Citi rates REA as Buy (1) -

REA Group is scheduled to update the market on its Q3 performance on May 11th, together with "parent" News corp ((NWS)). Ahead of the event, Citi analysts highlight timing of Easter tends to have a significant impact on property listings in Australia, and the quarter is expected to show weak numbers.

Q3 is seasonally the least important, the analysts add, as it is the smallest of the four. Probably of more importance is that stronger growth has already announced itself in April.

Citi is anticipating "significantly stronger growth" in Q4. The expectation is REA will report 15% growth in revenues and 12% in EBITDA on May 11.

Target price is $90.00 Current Price is $80.63 Difference: $9.37
If REA meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $76.61, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 97.80 cents and EPS of 215.20 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 213.4, implying annual growth of 23.1%.

Current consensus DPS estimate is 107.2, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 37.8.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 126.80 cents and EPS of 264.20 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 256.9, implying annual growth of 20.4%.

Current consensus DPS estimate is 133.4, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 31.4.

Market Sentiment: 0.1

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

RMD  RESMED INC

Medical Equipment & Devices

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Overnight Price: $12.98

Morgan Stanley rates RMD as Overweight (1) -

Morgan Stanley observes operating leverage continued in the March quarter. North American revenue growth was light against expectations while the rest of the world was robust.

The broker expects the stock will weaken on the back of the disappointing North American revenue growth. Overweight. Target is US$99.50. Industry view: In Line.

Current Price is $12.98. Target price not assessed.

Current consensus price target is $12.35, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 18.19 cents and EPS of 43.78 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.8, implying annual growth of N/A.

Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 29.6.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 18.19 cents and EPS of 48.85 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.8, implying annual growth of 4.6%.

Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 28.3.

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

Market Sentiment: 0.1

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

SCG  SCENTRE GROUP

REITs

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Overnight Price: $3.95

Deutsche Bank rates SCG as Hold (3) -

The company has reaffirmed FY18 guidance for funds growth of 4.0% and distribution growth of 2.0%.

Deutsche Bank maintains a Hold rating and $4.22 target.

Target price is $4.22 Current Price is $3.95 Difference: $0.27
If SCG meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of 933.3%.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY19:

Deutsche Bank forecasts a full year FY19 dividend of 23.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 5.6%.

Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 15.1.

Market Sentiment: 0.4

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


Ord Minnett rates SCG as Accumulate (2) -

The first quarter retail sales update showed growth largely in line with 2017 levels, while Ord Minnett acknowledges it was looking for a modest improvement.

The company owns the best portfolio of retail assets in the country, in the broker's opinion, and asset quality is considered increasingly important given technology disruption and negative retail sentiment.

Accumulate rating and $4.80 target maintained.

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

Target price is $4.80 Current Price is $3.95 Difference: $0.85
If SCG meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 22.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of 933.3%.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 23.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 5.6%.

Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 15.1.

Market Sentiment: 0.4

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

SEH  SINO GAS & ENERGY HOLDINGS LIMITED

NatGas

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Overnight Price: $0.17

Macquarie rates SEH as Outperform (1) -

Macquarie increases Brent oil forecasts by 20% to around US$70/bbl for 2018 and by 5% to around US$57/bbl for 2019.

The broker continues to expect 2019 to be in oversupply, resulting in a buildup of global oil stocks because of the return of OPEC volumes and sustained US production growth.

Outperform rating maintained. Target rises to $0.25 from $0.20.

Target price is $0.25 Current Price is $0.17 Difference: $0.08
If SEH meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 85.00.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.50.

Market Sentiment: 1.0

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

SHL  SONIC HEALTHCARE LIMITED

Healthcare services

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Overnight Price: $23.63

Deutsche Bank rates SHL as Buy (1) -

Offshore peer LabCorp has reported a strong first quarter, achieving 8.0% revenue growth, underpinned by acquisitions.

The broker has a Buy rating and $26.90 target for Sonic Healthcare.

Target price is $26.90 Current Price is $23.63 Difference: $3.27
If SHL meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $24.97, suggesting upside of 5.7% (ex-dividends)

Forecast for FY18:

Current consensus EPS estimate is 112.3, implying annual growth of 9.3%.

Current consensus DPS estimate is 79.6, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY19:

Current consensus EPS estimate is 119.3, implying annual growth of 6.2%.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 19.8.

Market Sentiment: 0.3

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

STO  SANTOS LIMITED

NatGas

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Overnight Price: $6.23

Macquarie rates STO as Neutral (3) -

Macquarie increases Brent oil forecasts by 20% to around US$70/bbl for 2018 and by 5% to around US$57/bbl for 2019.

The broker continues to expect 2019 to be in oversupply, resulting in a buildup of global oil stocks because of the return of OPEC volumes and sustained US production growth.

Neutral rating and $6.30 target maintained.

Target price is $6.30 Current Price is $6.23 Difference: $0.07
If STO meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 28.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.6, 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 21.0.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 4.00 cents and EPS of 23.49 cents.
At the last closing share price the estimated dividend yield is 0.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.3, implying annual growth of 5.7%.

Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 19.9.

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

Market Sentiment: 0.2

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

SXY  SENEX ENERGY LIMITED

Crude Oil

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Overnight Price: $0.41

Citi rates SXY as Sell (5) -

March quarter production was higher than Citi's estimates. FY18 guidance is reiterated.

The broker continues to be cautious around flow rates at the Western Surat project, envisaging a risk that phase 2 stalls at current levels, which would suggest wells are substantially underperforming.

Hence, the value for the field may be much less than the 9c per share the broker carries. Sell rating and $0.35 target maintained.

Target price is $0.35 Current Price is $0.41 Difference: minus $0.06 (current price is over target).
If SXY meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.42, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 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 102.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, 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 58.6.

Market Sentiment: 0.3

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


Credit Suisse rates SXY as Outperform (1) -

Senex has a lot on the go at the moment, the broker notes, and there were no real surprises in its production report. The broker applauds the decisions being made by the Senex-Beach Energy ((BPT)) JV with regard to the Western Flank.

The broker has lifted its oil price forecasts but no change to Outperform and 50c target.

Target price is $0.50 Current Price is $0.41 Difference: $0.09
If SXY meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.42, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, 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 58.6.

Market Sentiment: 0.3

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


Macquarie rates SXY as Outperform (1) -

Production and revenue in the March quarter were in line with Macquarie's expectations. The broker notes the Growler-15 horizontal well is performing ahead of expectations and this may help to beat guidance.

Macquarie maintains an Outperform rating and $0.50 target.

Target price is $0.50 Current Price is $0.41 Difference: $0.09
If SXY meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.42, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 410.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 205.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, 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 58.6.

Market Sentiment: 0.3

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


Morgans rates SXY as Add (1) -

Production in the March quarter declined -5%. The company remains confident FY18 production will fall within guidance.

Senex Energy is making progress in enhancing the value of its three main projects. Morgans acknowledges this is starting to put pressure on its base case assumptions.

Within an east coast gas market that faces an expanding risk of a supply shortfall the broker believes the stock offers attractive value with corporate appeal. Add rating and $0.51 target maintained.

Target price is $0.51 Current Price is $0.41 Difference: $0.1
If SXY meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $0.42, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, 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 58.6.

Market Sentiment: 0.3

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

VOC  VOCUS GROUP LIMITED

Telecommunication

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Overnight Price: $2.38

Morgans rates VOC as Hold (3) -

The company has announced the discontinuation of the NZ sale process and a temporary extension of its debt covenants. Debt is expected to peak in the first half of FY19 and decline thereafter.

Despite the company receiving multiple offers for its NZ business it appears none came with an appropriate price or certainty to create value for shareholders. The company is not a forced seller, Morgans observes, and should be able to keep the assets and create more value than selling them cheaply.

Morgans would prefer the company to reinvest its operating cash flow in de-gearing and de-risking the business for equity holders. Hold rating maintained. Target reduced to $2.39 from $2.78.

Target price is $2.39 Current Price is $2.38 Difference: $0.01
If VOC meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.6, 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 12.1.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of -3.6%.

Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: 0.1

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

WES  WESFARMERS LIMITED

Food, Beverages & Tobacco

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Overnight Price: $43.15

Citi rates WES as Neutral (3) -

 Citi observes Bunnings Australasia and Kmart continue to drive the company's retail sales in the March quarter. Coles is yet to demonstrate momentum while Bunnings UK and Target remain under pressure.

Citi believes acquisitions will increasingly be relied on to deliver growth. Neutral rating maintained. Target is $40.10.

Target price is $40.10 Current Price is $43.15 Difference: minus $3.05 (current price is over target).
If WES meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.96, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 225.00 cents and EPS of 244.60 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.8, implying annual growth of -9.4%.

Current consensus DPS estimate is 216.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 225.00 cents and EPS of 248.70 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.0, implying annual growth of 8.3%.

Current consensus DPS estimate is 217.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.0

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


Credit Suisse rates WES as Outperform (1) -

The scorecard from Wesfarmers' March Q sales report shows Target stabilising and K-Mart, Bunnings A&NZ and Officeworks all beating expectations. Bunnings UK&I improved, but not by enough to suggest it should not be offloaded, the broker believes.

There were some signs of improvement for Coles ahead of the demerger, but the broker is yet to be completely convinced. Target rises to $45.20 from $44.98, Outperform retained.

Target price is $45.20 Current Price is $43.15 Difference: $2.05
If WES meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $41.96, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 193.00 cents and EPS of 248.00 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.8, implying annual growth of -9.4%.

Current consensus DPS estimate is 216.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 175.00 cents and EPS of 245.00 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.0, implying annual growth of 8.3%.

Current consensus DPS estimate is 217.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.0

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


Deutsche Bank rates WES as Hold (3) -

The company's March quarter update on its retail business did not indicate a change of direction, Deutsche Bank observes.

Coles improved slightly but the broker suggests this is likely to be from improved market conditions rather than better trends in market share.

Hold rating and $41 target maintained.

Target price is $41.00 Current Price is $43.15 Difference: minus $2.15 (current price is over target).
If WES meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.96, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 223.00 cents and EPS of 247.00 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.8, implying annual growth of -9.4%.

Current consensus DPS estimate is 216.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY19:

Deutsche Bank forecasts a full year FY19 dividend of 225.00 cents and EPS of 252.00 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.0, implying annual growth of 8.3%.

Current consensus DPS estimate is 217.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.0

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


Macquarie rates WES as No Rating (-1) -

March quarter retail sales revealed a pick up in growth across key businesses, Macquarie observes. Sales at Coles were up 0.3% and Bunnings Australasia up 9.1%. Bunnings UK remains problematic with declining comparable sales of -15.4%.

Macquarie is restricted on rating and target at this stage.

Current Price is $43.15. Target price not assessed.

Current consensus price target is $41.96, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 215.70 cents and EPS of 249.40 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 17.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.8, implying annual growth of -9.4%.

Current consensus DPS estimate is 216.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 243.20 cents and EPS of 270.20 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.0, implying annual growth of 8.3%.

Current consensus DPS estimate is 217.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.0

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


Morgan Stanley rates WES as Underweight (5) -

In the wake of the March quarter, Morgan Stanley is most concerned about how Coles will achieve its guidance for second half profit growth.

Sales growth is below the growth in space while fuel volumes are down -16%, meanwhile the new enterprise bargaining agreement will be a headwind.

Underweight rating retained. Industry view is Cautious. Target is $39.

Target price is $39.00 Current Price is $43.15 Difference: minus $4.15 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.96, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 207.00 cents and EPS of 246.00 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.8, implying annual growth of -9.4%.

Current consensus DPS estimate is 216.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 207.00 cents and EPS of 244.00 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.0, implying annual growth of 8.3%.

Current consensus DPS estimate is 217.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.0

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


Ord Minnett rates WES as Hold (3) -

Ord Minnett found March quarter retail sales results mixed. Retail divisions of Bunnings Australasia and Kmart performed well while Coles was subdued. Target and Bunnings UK and Ireland were weak.

The broker suggests the new CEO and CFO are driving bold changes and, while this includes the Coles de-merger proposal, much of the potential upside from growth is now incorporated in the stock.

Hold rating. Target is $42.50.

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

Target price is $42.50 Current Price is $43.15 Difference: minus $0.65 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.96, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 225.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.8, implying annual growth of -9.4%.

Current consensus DPS estimate is 216.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 18.7.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 225.00 cents and EPS of 242.00 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 250.0, implying annual growth of 8.3%.

Current consensus DPS estimate is 217.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.0

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

WPL  WOODSIDE PETROLEUM LIMITED

NatGas

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Overnight Price: $32.24

Macquarie rates WPL as Upgrade to Neutral from Underperform (3) -

Given bullish sentiment for the remainder of 2018 and increased forecasts for oil prices Macquarie upgrades to Neutral from Underperform. Brent oil forecasts are raised by 20% to US$70/bbl for 2018 and by 5% to US$57/bbl for 2019.

The broker's target is raised to $31.90 from $28.10. Macquarie continues to expect 2019 will be in oversupply resulting in a build up of global oil stocks because of the return of OPEC volumes and sustained US production growth.

Target price is $31.90 Current Price is $32.24 Difference: minus $0.34 (current price is over target).
If WPL 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 $31.26, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 170.35 cents and EPS of 261.71 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 210.6, implying annual growth of N/A.

Current consensus DPS estimate is 158.8, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 139.37 cents and EPS of 200.03 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.8, implying annual growth of -5.1%.

Current consensus DPS estimate is 152.3, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 16.1.

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

Market Sentiment: 0.1

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

Summaries
AMP AMP Outperform - Credit Suisse Overnight Price $4.03
BLD BORAL Buy - Deutsche Bank Overnight Price $6.60
BPT BEACH ENERGY Neutral - Credit Suisse Overnight Price $1.58
Neutral - Macquarie Overnight Price $1.58
BXB BRAMBLES Hold - Deutsche Bank Overnight Price $9.89
Underweight - Morgan Stanley Overnight Price $9.89
Buy - Ord Minnett Overnight Price $9.89
CPU COMPUTERSHARE Sell - Deutsche Bank Overnight Price $17.24
CSL CSL Outperform - Macquarie Overnight Price $170.93
CVW CLEARVIEW WEALTH Outperform - Macquarie Overnight Price $1.13
CWY CLEANAWAY WASTE MANAGEMENT Hold - Ord Minnett Overnight Price $1.58
CYB CYBG Hold - Morgans Overnight Price $5.44
DMP DOMINO'S PIZZA Overweight - Morgan Stanley Overnight Price $42.19
FMG FORTESCUE Buy - Deutsche Bank Overnight Price $4.52
HSO HEALTHSCOPE Upgrade to Neutral from Underperform - Credit Suisse Overnight Price $2.37
Hold - Deutsche Bank Overnight Price $2.37
No Rating - Macquarie Overnight Price $2.37
Upgrade to Equal-weight from Underweight - Morgan Stanley Overnight Price $2.37
Downgrade to Hold from Add - Morgans Overnight Price $2.37
Hold - Ord Minnett Overnight Price $2.37
IFL IOOF HOLDINGS Buy - Citi Overnight Price $9.24
JBH JB HI-FI Outperform - Macquarie Overnight Price $25.59
KAR KAROON GAS Outperform - Macquarie Overnight Price $1.24
KLL KALIUM LAKES Outperform - Macquarie Overnight Price $0.39
MQA MACQUARIE ATLAS ROADS Buy - Deutsche Bank Overnight Price $6.32
NCM NEWCREST MINING Buy - Citi Overnight Price $21.35
Upgrade to Neutral from Underperform - Credit Suisse Overnight Price $21.35
Hold - Deutsche Bank Overnight Price $21.35
Underperform - Macquarie Overnight Price $21.35
Accumulate - Ord Minnett Overnight Price $21.35
NUF NUFARM Overweight - Morgan Stanley Overnight Price $9.13
OGC OCEANAGOLD Outperform - Credit Suisse Overnight Price $3.47
OSH OIL SEARCH Outperform - Macquarie Overnight Price $7.98
REA REA GROUP Buy - Citi Overnight Price $80.63
RMD RESMED Overweight - Morgan Stanley Overnight Price $12.98
SCG SCENTRE GROUP Hold - Deutsche Bank Overnight Price $3.95
Accumulate - Ord Minnett Overnight Price $3.95
SEH SINO GAS & ENERGY Outperform - Macquarie Overnight Price $0.17
SHL SONIC HEALTHCARE Buy - Deutsche Bank Overnight Price $23.63
STO SANTOS Neutral - Macquarie Overnight Price $6.23
SXY SENEX ENERGY Sell - Citi Overnight Price $0.41
Outperform - Credit Suisse Overnight Price $0.41
Outperform - Macquarie Overnight Price $0.41
Add - Morgans Overnight Price $0.41
VOC VOCUS GROUP Hold - Morgans Overnight Price $2.38
WES WESFARMERS Neutral - Citi Overnight Price $43.15
Outperform - Credit Suisse Overnight Price $43.15
Hold - Deutsche Bank Overnight Price $43.15
No Rating - Macquarie Overnight Price $43.15
Underweight - Morgan Stanley Overnight Price $43.15
Hold - Ord Minnett Overnight Price $43.15
WPL WOODSIDE PETROLEUM Upgrade to Neutral from Underperform - Macquarie Overnight Price $32.24
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

24

2. Accumulate

2

3. Hold

19

5. Sell

5

Friday 27 April 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.