Australian Broker Call
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February 07, 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: 12:31 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.
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Today's Upgrades and Downgrades
| AAD - | ARDENT LEISURE | Upgrade to Buy from Sell | Citi |
| AOF - | AUSTRALIAN UNITY OFFICE FUND | Upgrade to Outperform from Neutral | Credit Suisse |
| AZJ - | AURIZON HOLDINGS | Upgrade to Neutral from Underperform | Credit Suisse |
| GXL - | GREENCROSS | Downgrade to Neutral from Buy | UBS |
| MFG - | MAGELLAN FINANCIAL GROUP | Upgrade to Add from Hold | Morgans |
| MQG - | MACQUARIE GROUP | Upgrade to Add from Hold | Morgans |
| SCP - | SHOPPING CENTRES AUS | Upgrade to Neutral from Sell | Citi |
AAD ARDENT LEISURE GROUP
Travel, Leisure & Tourism
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Overnight Price: $1.91
Citi rates AAD as Upgrade to Buy from Sell (1) -
Having stuck with a Sell rating for the past twelve months, Citi has now double-whammy upgraded to Buy. The immediate trigger that led to the change in view is because operating momentum for both Main Event and Theme Parks is improving.
In addition, point out the analysts, US tax cuts should also add to bottom line improvement. Target price jumps to $2.40 from $1.50.
Note: H1 core net profits are anticipated to come out as a loss of -$2.2m.
Target price is $2.40 Current Price is $1.91 Difference: $0.49
If AAD meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.97, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 3.50 cents and EPS of 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.2, implying annual growth of N/A. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 955.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 5.50 cents and EPS of 7.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of 2350.0%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 39.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.54
Ord Minnett rates AMC as Accumulate (2) -
Ord Minnett expects, with the shares experiencing a sharp sell-off since mid December, that a reiteration of division guidance and reassuring commentary on cost headwinds should be well received by the market. Amcor is due to report its first half result on February 12.
Accumulate maintained. Target is reduced to $16.40 from $16.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $16.40 Current Price is $14.54 Difference: $1.86
If AMC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $16.09, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 58.34 cents and EPS of 85.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.3, implying annual growth of N/A. Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 63.52 cents and EPS of 97.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.0, implying annual growth of 10.3%. Current consensus DPS estimate is 65.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.6. |
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
Overnight Price: $2.23
Credit Suisse rates AOF as Upgrade to Outperform from Neutral (1) -
First half results were slightly ahead of Credit Suisse and FY18 guidance has been reconfirmed. The broker observes a solid start to the year in leasing activity. Portfolio occupancy has increased to 94.4%.
The broker upgrades to Outperform from Neutral. Target is $2.46.
Target price is $2.46 Current Price is $2.23 Difference: $0.23
If AOF meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 16.00 cents and EPS of 17.00 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 16.00 cents and EPS of 18.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates APA as Initiation of coverage with Neutral (3) -
UBS initiates coverage on APA Group. The diversified Australian energy utility has a portfolio of interests in gas pipelines, generation assets and processing facilities.
The broker believes the threat of arbitration will pressure tariffs and the capacity auction process will limit the upside.
UBS concludes that gas tariff re-pricing risks are over estimated by the market and, coupled with the recent share price decline, this underscores a Neutral rating. Target is $8.55.
Target price is $8.55 Current Price is $8.03 Difference: $0.52
If APA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.92, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 45.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 11.3%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 33.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 47.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 11.4%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 30.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AZJ AURIZON HOLDINGS LIMITED
Transportation & Logistics
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Overnight Price: $4.60
Credit Suisse rates AZJ as Upgrade to Neutral from Underperform (3) -
Credit Suisse upgrades to Neutral from Underperform because of the weakness in the share price since the announcement of the QCA draft UT5 decision. Target is raised $4.75 from $4.70.
In the coal segment, the broker forecasts FY18 earnings to increase by 12% because of several Pacific National coal haulage contracts being up for renewal and the recent rebounding coal prices.
Nevertheless, FY18 EBIT estimates are lowered by -3% because of a one-off impact to coal segment margins from the timing of revenue related to the cyclone in FY17.
Target price is $4.75 Current Price is $4.60 Difference: $0.15
If AZJ meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside 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 22.50 cents and EPS of 26.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 21.80 cents and EPS of 25.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of 4.0%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AZJ as Sell (5) -
The company's largest iron ore customer, Cliff Natural Resources, is to cease mining earlier than expected. Ord Minnett believes this news, coupled with other challenges such as uncertainty around the Queensland draft access undertaking, is likely to weigh on the share price.
The broker also notes the Mount Gibson ((MGX)) Iron Hill mine is likely to exhaust reserves by the end of FY19, which would leave the company with only one iron ore customer, that being Gindalbie's ((GBG)) Karara mine.
Sell rating retained along with a $4.15 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.15 Current Price is $4.60 Difference: minus $0.45 (current price is over target).
If AZJ meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.73, suggesting upside 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 25.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 25.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of 4.0%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.63
Credit Suisse rates BXB as Neutral (3) -
A solid first half is expected when the company reports on February 19. Credit Suisse expects revenue to rise 7.4% but the EBIT margin is likely to be lower because of inflation in transport and plant costs.
Nevertheless, the company's strong market position suggests it is likely to pass on the cost. Neutral maintained. Target is raised to $9.30 from $9.00.
Target price is $9.30 Current Price is $9.63 Difference: minus $0.33 (current price is over target).
If BXB meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.45, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 37.59 cents and EPS of 51.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.7, implying annual growth of N/A. Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 37.59 cents and EPS of 55.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.8, implying annual growth of 5.8%. Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 3.5%. 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
Overnight Price: $77.50
Citi rates CBA as Sell (5) -
In an early response to the interim report release, Citi analysts note cash earnings fell well short of market expectations, as well as Citi's. However, excluding a $375m expense provision for Austrac proceedings, the result is labeled slightly above expectations.
The dividend, however, disappointed rising only by 1c to $2. Underlying revenues and underlying expense growth were both strong, observe the analysts,
All in all, CBA delivered yet another strong result, comments Citi. The key challenge for the new CEO is described as "to maintain strong earnings momentum while settling and managing the current wave of compliance issues". Sell. Target $72.
Target price is $72.00 Current Price is $77.50 Difference: minus $5.5 (current price is over target).
If CBA 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 $78.13, suggesting upside of 0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 435.00 cents and EPS of 565.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 581.1, implying annual growth of 0.6%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 435.00 cents and EPS of 555.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 574.8, implying annual growth of -1.1%. Current consensus DPS estimate is 448.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CBA as Neutral (3) -
Underlying, thus excluding the Austrac related provision, the interim result was a slight beat on expectations, comment UBS analysts in an early assessment. The $2 dividend fell short of market expectations for a $2.06 payout.
Also, higher credit losses in institutional banking are inevitable given the very low base, but to UBS this once again brings into question why CBA has been lending internationally? Loan growth proved below system.
Neutral rating and $83 price target retained.
Target price is $83.00 Current Price is $77.50 Difference: $5.5
If CBA meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $78.13, suggesting upside of 0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 440.00 cents and EPS of 571.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 581.1, implying annual growth of 0.6%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 449.00 cents and EPS of 565.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 574.8, implying annual growth of -1.1%. Current consensus DPS estimate is 448.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $172.23
Ord Minnett rates COH as Lighten (4) -
Ord Minnett expect strong underlying growth in demand to continue in FY18, supported by firm uptake by older recipients. This should support growth in unit sales despite some slowing expected in the months ahead of the N7 launch.
Lighten rating retained, given the potential downside to the revised target. Target is reduced to $157 from $166.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $157.00 Current Price is $172.23 Difference: minus $15.23 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $149.69, suggesting downside of -13.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 305.00 cents and EPS of 433.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 435.6, implying annual growth of 11.8%. Current consensus DPS estimate is 304.1, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 39.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 348.00 cents and EPS of 496.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 494.9, implying annual growth of 13.6%. Current consensus DPS estimate is 346.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 34.8. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.27
Ord Minnett rates GEM as Buy (1) -
Ord Minnett is satisfied that new management is making inroads and closing the quality gap to the broader market.
The broker believes, from its review of publicly available child care data, that there should be a benefit over the medium term as the company is showing improvement across both like-for-like centres as well as centres that were newly rated at the end of September.
Buy rating retained. Target is $4.90.
Target price is $4.90 Current Price is $3.27 Difference: $1.63
If GEM meets the Ord Minnett target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $4.15, suggesting upside of 26.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 24.00 cents and EPS of 22.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of -8.8%. Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 20.00 cents and EPS of 28.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 13.8%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.26
UBS rates GXL as Downgrade to Neutral from Buy (3) -
The company has provided a strong trading update and announced a new CEO. The net profit guidance was $2m ahead of what UBS had estimated, driven by solid top-line sales.
The broker notes the new CEO, Simon Hickey, does not have a traditional retail background but relevant experience in lift in consumer loyalty and cross selling.
The broker believes medium-term risks are building and cuts its long-term store roll-out and margin profile, resulting in a downgrade to Neutral from Buy. Target is reduced to $6.15 from $7.00.
Target price is $6.15 Current Price is $6.26 Difference: minus $0.11 (current price is over target).
If GXL meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.99, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 19.00 cents and EPS of 38.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.6, implying annual growth of 3.8%. Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 41.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 6.6%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 15.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.17
Ord Minnett rates GXY as Initiation of coverage with Buy (1) -
The electric vehicle theme is emerging at an unprecedented rate, Ord Minnett observes. The broker envisages the recent sell-off in the lithium sector as an opportunity to buy into quality assets.
Galaxy Resources is the sector preference and the broker initiates coverage with a Buy rating and $4.00 target.
Target price is $4.00 Current Price is $3.17 Difference: $0.83
If GXY meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $3.78, suggesting upside of 19.2% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is 7.0, implying annual growth of -83.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 45.3. |
Forecast for FY18:
Current consensus EPS estimate is 22.9, implying annual growth of 227.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JHG JANUS HENDERSON GROUP PLC.
Wealth Management & Investments
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Overnight Price: $46.12
Credit Suisse rates JHG as Neutral (3) -
December quarter earnings beat Credit Suisse estimates, driven by higher performance fees and lower compensation. These are considered lower quality items and the broker notes some disappointing trends.
Net flows reverted to large outflows and non-compensation expenses increased more than expected. Fund performance also softened slightly versus the prior quarter. Neutral rating and $48.24 target maintained.
Target price is $48.24 Current Price is $46.12 Difference: $2.12
If JHG meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $53.79, suggesting upside of 16.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 124.45 cents and EPS of 311.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 288.7, implying annual growth of N/A. Current consensus DPS estimate is 153.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 173.71 cents and EPS of 364.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 354.1, implying annual growth of 22.7%. Current consensus DPS estimate is 174.9, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 13.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates JHG as Hold (3) -
December quarter earnings beat Deutsche Bank estimates, because of higher performance fees. Yet, net flows were worse than expected and the investment performance weakened slightly, the broker observes.
Deutsche Bank expects investors to focus on the management commentary regarding 2018, including the impact of tax reform and incremental expense synergies. Hold rating and US$43 target reiterated.
Current Price is $46.12. Target price not assessed.
Current consensus price target is $53.79, suggesting upside of 16.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 155.56 cents and EPS of 202.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 288.7, implying annual growth of N/A. Current consensus DPS estimate is 153.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 165.93 cents and EPS of 342.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 354.1, implying annual growth of 22.7%. Current consensus DPS estimate is 174.9, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 13.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates JHG as Overweight (1) -
December quarter net income beat Morgan Stanley's estimates because of higher performance fees and lower staff costs. Flows fell short of estimates, with the largest miss in the lower-margin INTECH business.
Overweight retained. Industry view is In-Line. Target is $64.50.
Target price is $64.50 Current Price is $46.12 Difference: $18.38
If JHG meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $53.79, suggesting upside of 16.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 157.23 cents and EPS of 313.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 288.7, implying annual growth of N/A. Current consensus DPS estimate is 153.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 182.79 cents and EPS of 382.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 354.1, implying annual growth of 22.7%. Current consensus DPS estimate is 174.9, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 13.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates JHG as Buy (1) -
December quarter net profit was ahead of UBS estimates, assisted by performance fees and one-off cost benefits.
The broker believes the company is on track for significant earnings growth in 2018 as a result of higher assets under management, cost synergies and a lower tax rate.
The broker retains a Buy rating. Target is US$43.40.
Current Price is $46.12. Target price not assessed.
Current consensus price target is $53.79, suggesting upside of 16.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 165.93 cents and EPS of 300.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 288.7, implying annual growth of N/A. Current consensus DPS estimate is 153.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 193.16 cents and EPS of 386.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 354.1, implying annual growth of 22.7%. Current consensus DPS estimate is 174.9, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 13.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates KDR as Initiation of coverage with Buy (1) -
The electric vehicle theme is emerging at an unprecedented rate, Ord Minnett observes. The broker envisages the recent sell-off in the lithium sector as an opportunity to buy into quality assets.
Ord Minnett initiates coverage on Kidman Resources with a Speculative Buy rating and $2.50 target.
Target price is $2.50 Current Price is $1.85 Difference: $0.65
If KDR meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MFG MAGELLAN FINANCIAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $25.39
Credit Suisse rates MFG as Outperform (1) -
First half results were in line with Credit Suisse estimates. Two strategic acquisitions - Airlie Funds Management and Frontier Partners - are expected to be 2-3% accretive.
The broker is now more optimistic on institutional flows. Outperform rating and $29 target maintained.
Target price is $29.00 Current Price is $25.39 Difference: $3.61
If MFG meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $28.94, suggesting upside of 14.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 104.00 cents and EPS of 141.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.5, implying annual growth of 7.4%. Current consensus DPS estimate is 99.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 125.00 cents and EPS of 169.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.1, implying annual growth of 25.2%. Current consensus DPS estimate is 116.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MFG as Neutral (3) -
First half results were broadly in line with Macquarie's estimates. The broker notes the acquisition of Airlie Funds Management and Frontier Partners continues the recent trend of growing via acquisition.
This raises the question, in the broker's opinion, whether the company can continue to outperform peers. Still, the relative premium is beginning to offer value. Macquarie maintains a Neutral rating and raises the target to $29.70 from $29.35.
Target price is $29.70 Current Price is $25.39 Difference: $4.31
If MFG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $28.94, suggesting upside of 14.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 98.20 cents and EPS of 133.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.5, implying annual growth of 7.4%. Current consensus DPS estimate is 99.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 106.90 cents and EPS of 146.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.1, implying annual growth of 25.2%. Current consensus DPS estimate is 116.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MFG as Equal-weight (3) -
The acquisition of Airlie and Frontier Partners make strategic sense to Morgan Stanley and are expected to protect growth prospects. However, retail flows are taking longer to recover than the broker expected and the valuation appears full.
Morgan Stanley suggests the greatest opportunity lies in accelerating mutual fund growth and developing the next generation of products for the US market.
Equal-weight retained. Target is raised to $27.00 from $26.50. Industry view: In-Line.
Target price is $27.00 Current Price is $25.39 Difference: $1.61
If MFG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $28.94, suggesting upside of 14.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 99.00 cents and EPS of 137.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.5, implying annual growth of 7.4%. Current consensus DPS estimate is 99.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 121.50 cents and EPS of 159.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.1, implying annual growth of 25.2%. Current consensus DPS estimate is 116.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MFG as Upgrade to Add from Hold (1) -
First half results were broadly in line with Morgans. The broker acknowledges current market volatility poses a short-term risk but on a 12-month view upgrades to Add from Hold. Target is reduced to $28.30 from $29.10.
The company has announced two acquisitions that provide more capability in Australian equities and secure improved US distribution. The acquisitions are expected to be modestly accretive in the first year.
Airlie Funds Management and Frontier Partners Group have been acquired for a combined consideration of US$15m and 4.5m in shares.
Target price is $28.30 Current Price is $25.39 Difference: $2.91
If MFG meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $28.94, suggesting upside of 14.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 97.00 cents and EPS of 136.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.5, implying annual growth of 7.4%. Current consensus DPS estimate is 99.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 111.00 cents and EPS of 151.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.1, implying annual growth of 25.2%. Current consensus DPS estimate is 116.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MFG as Buy (1) -
First half net profit was slightly ahead of UBS estimates. The broker notes the company's marketing delivered $3.5bn of net flows, the best half since the first half of 2015.
UBS suggests this run rate is unlikely to persist, given the flows benefited from retail incentives and the pending closure of core global funds to new institutional clients. Buy rating and $29.30 target maintained.
Target price is $29.30 Current Price is $25.39 Difference: $3.91
If MFG meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $28.94, suggesting upside of 14.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 99.00 cents and EPS of 106.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.5, implying annual growth of 7.4%. Current consensus DPS estimate is 99.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 115.00 cents and EPS of 156.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.1, implying annual growth of 25.2%. Current consensus DPS estimate is 116.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $18.53
Macquarie rates MIN as No Rating (-1) -
Macquarie updates earnings forecasts to incorporate December quarter production and recent changes to FX forecasts. The broker is on research restriction and cannot offer a recommendation or target at present.
The company will report its first half results on February 8.
Current Price is $18.53. Target price not assessed.
Current consensus price target is $19.97, suggesting upside of 7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 100.90 cents and EPS of 160.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 141.5, implying annual growth of 31.4%. Current consensus DPS estimate is 78.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 96.80 cents and EPS of 183.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 216.9, implying annual growth of 53.3%. Current consensus DPS estimate is 108.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 8.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MIN as Initiation of coverage with Buy (1) -
The electric vehicle theme is emerging at an unprecedented rate, Ord Minnett observes. The broker envisages the recent sell-off in the lithium sector as an opportunity to buy into quality assets.
The broker initiates coverage on Mineral Resources with a Buy rating and $20.50 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $20.50 Current Price is $18.53 Difference: $1.97
If MIN meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $19.97, suggesting upside of 7.8% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 141.5, implying annual growth of 31.4%. Current consensus DPS estimate is 78.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Current consensus EPS estimate is 216.9, implying annual growth of 53.3%. Current consensus DPS estimate is 108.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 8.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MQG MACQUARIE GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $101.16
Citi rates MQG as Sell (5) -
Macquarie's operational update brought an increase in FY18 profit guidance to "up approximately 10%" on FY17, led by annuity-style businesses, with capital markets businesses falling short of FY17. But consensus already had such a forecast, the broker notes.
Ironically, capital markets have underperformed due to low volatility. The broker has lifted its target to $79.50 from $77.50, still well below the trading price. The broker does not believe the impact of rising interest rates is factored into market valuation. Sell retained.
Target price is $79.50 Current Price is $101.16 Difference: minus $21.66 (current price is over target).
If MQG meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $101.19, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 500.00 cents and EPS of 705.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 706.4, implying annual growth of 7.4%. Current consensus DPS estimate is 510.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 525.00 cents and EPS of 741.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 750.0, implying annual growth of 6.2%. Current consensus DPS estimate is 536.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MQG as Outperform (1) -
Following the operations briefing Credit Suisse upgrades outer year estimates by 5% and increases the target to $110 from $105.
New disclosure on the earnings impact of US tax reform (positive) was provided and the broker noted the bank's solid third quarter. Outperform maintained.
Target price is $110.00 Current Price is $101.16 Difference: $8.84
If MQG meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $101.19, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 495.00 cents and EPS of 717.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 706.4, implying annual growth of 7.4%. Current consensus DPS estimate is 510.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 500.00 cents and EPS of 730.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 750.0, implying annual growth of 6.2%. Current consensus DPS estimate is 536.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MQG as Hold (3) -
The trading update has refined FY18 profit guidance, expected to be up around 10%. Deutsche Bank notes annuity-style business was higher over the year to date while market-facing business was weaker.
The main upside is confirmation of the benefit from US corporate tax reform. Hold rating maintained. Target is raised to $99.50 from $94.80.
Target price is $99.50 Current Price is $101.16 Difference: minus $1.66 (current price is over target).
If MQG meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $101.19, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 505.00 cents and EPS of 709.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 706.4, implying annual growth of 7.4%. Current consensus DPS estimate is 510.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 530.00 cents and EPS of 732.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 750.0, implying annual growth of 6.2%. Current consensus DPS estimate is 536.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MQG as Equal-weight (3) -
The positive revision to FY18 guidance, profit now forecast to be up 10%, is in line with expectations but Morgan Stanley suspects some upside bias remains.
The broker suggests profit in the capital markets businesses could be higher thanks to activity levels, and there could be upside risk to estimates of gains from sales, given both realisations and the pipeline.
Equal-weight rating and In-Line industry view retained. Target is $100.
Target price is $100.00 Current Price is $101.16 Difference: minus $1.16 (current price is over target).
If MQG meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $101.19, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 515.00 cents and EPS of 721.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 706.4, implying annual growth of 7.4%. Current consensus DPS estimate is 510.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 530.00 cents and EPS of 744.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 750.0, implying annual growth of 6.2%. Current consensus DPS estimate is 536.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MQG as Upgrade to Add from Hold (1) -
Management has upgraded FY18 guidance to 10% profit growth. Morgans notes third quarter business trends were solid with exceptional capital raising levels in infrastructure and real assets.
The update reinforces reinforces the broker's view on the medium-term growth profile. Morgans acknowledges rising bond yields are a risk but remain countered by the sizeable opportunities, such as US government infrastructure spending plans.
Rating is upgraded to Add from Hold. Target is raised to $109.33 from $97.43.
Target price is $109.33 Current Price is $101.16 Difference: $8.17
If MQG meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $101.19, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 523.00 cents and EPS of 721.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 706.4, implying annual growth of 7.4%. Current consensus DPS estimate is 510.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 571.00 cents and EPS of 789.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 750.0, implying annual growth of 6.2%. Current consensus DPS estimate is 536.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MQG as Hold (3) -
Management has upgraded guidance to 10% net profit growth for FY18, consistent with Ord Minnett's expectations.
The broker considers infrastructure and energy strengths are central to differentiating the business from other financial services companies and remain a key growth avenue in the future. Hold rating maintained. Target is raised to $100 from $95.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $100.00 Current Price is $101.16 Difference: minus $1.16 (current price is over target).
If MQG meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $101.19, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 645.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 706.4, implying annual growth of 7.4%. Current consensus DPS estimate is 510.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 724.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 750.0, implying annual growth of 6.2%. Current consensus DPS estimate is 536.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.32
Ord Minnett rates NHF as Re-instate Coverage with Hold (3) -
Ord Minnett reinstates its Hold rating after a period of restriction. Target is $6.40. First half results are expected of February 19.
The broker remains positive for the long-term regarding the health insurers but is concerned, in the near term, about underlying margin pressure and the risk that health insurance becomes a political hot potato that will severely dent margins.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.40 Current Price is $6.32 Difference: $0.08
If NHF meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.5, implying annual growth of 1.1%. Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 22.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.8, implying annual growth of 8.4%. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.58
Ord Minnett rates ORE as Initiation of coverage with Buy (1) -
The electric vehicle theme is emerging at an unprecedented rate, Ord Minnett observes. The broker envisages the recent sell-off in the lithium sector as an opportunity to buy into quality assets.
Ord Minnett initiates coverage on Orocobre with a Buy rating and $7.80 target.
Target price is $7.80 Current Price is $6.58 Difference: $1.22
If ORE meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $7.37, suggesting upside of 12.1% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 17.5, implying annual growth of 695.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 37.6. |
Forecast for FY19:
Current consensus EPS estimate is 27.8, implying annual growth of 58.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.87
Ord Minnett rates PLS as Initiation of coverage with Hold (3) -
The electric vehicle theme is emerging at an unprecedented rate, Ord Minnett observes. The broker envisages the recent sell-off in the lithium sector as an opportunity to buy into quality assets.
Ord Minnett initiates coverage on Pilbara Minerals with a Hold rating and $0.85 target.
Target price is $0.85 Current Price is $0.87 Difference: minus $0.02 (current price is over target).
If PLS 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 $1.03, suggesting upside of 18.8% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is -1.2, 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:
Current consensus EPS estimate is 4.8, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SCP SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP
REITs
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Overnight Price: $2.21
Citi rates SCP as Upgrade to Neutral from Sell (3) -
Shopping Centres has lifted FY earnings guidance by 1.3% following its interim result which is a positive, Citi notes, but not unexpected. Net operating income growth remains reasonable, largely due to stock-specific factors. Organic growth could remain above-peer.
Acquisitions helped drive earnings but ongoing accretion from acquisitions is set to slow, Citi suggests. But on the basis of the recent price pullback, the broker upgrades to Neutral. Target rises to $2.14 from $2.11.
Target price is $2.14 Current Price is $2.21 Difference: minus $0.07 (current price is over target).
If SCP meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.20, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 13.90 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of -65.1%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 14.00 cents and EPS of 15.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 2.6%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SCP as Neutral (3) -
First half results were slightly ahead of expectations. FY18 guidance is upgraded, with distributions raised to 13.9c per security from 13.7c.
Credit Suisse increases estimates by 1.2%, factoring in recent acquisitions and new developments. Neutral rating and $2.18 target maintained.
Target price is $2.18 Current Price is $2.21 Difference: minus $0.03 (current price is over target).
If SCP meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.20, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 14.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of -65.1%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 14.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 2.6%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SCP as Underperform (5) -
First half net profit was in line with expectations and FY18 guidance is upgraded, as expected. Supermarket sales growth improved, driven by Woolworths ((WOW)).
Macquarie notes the business is benefitting from being overweight on Woolworths supermarkets. The company has noted fewer supermarkets are being opened by the two big players and there is less cannibalisation across the network.
Underperform retained, given low underlying growth and limited cap rate compression from current levels. Target is raised to $2.24 from $2.21.
Target price is $2.24 Current Price is $2.21 Difference: $0.03
If SCP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.20, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.90 cents and EPS of 14.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of -65.1%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 14.10 cents and EPS of 15.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 2.6%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SCP as Hold (3) -
First half results were marginally ahead of Ord Minnett estimates. Revaluation suggests pricing for neighbourhood centres stabilised during the period. Distribution guidance has been upgraded to 13.9c per security from 13.7c. Supermarket moving annual turnover of 2.7% was driven by improved performance from Woolworths ((WOW)).
Hold retained. Target is $2.30.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.30 Current Price is $2.21 Difference: $0.09
If SCP meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.20, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 14.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of -65.1%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 14.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 2.6%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SCP as Neutral (3) -
First half net profit was broadly in line with UBS estimates. The broker believes comparable net operating income growth is priced in.
The broker observes the core reasons to be in the stock - asset growth and earnings growth from asset recycling - appear to be ending. Also, tailwinds from interest expense, derived from shortening the debt maturity, are also ebbing.
Neutral retained. Target falls to $2.16 from $2.25.
Target price is $2.16 Current Price is $2.21 Difference: minus $0.05 (current price is over target).
If SCP meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.20, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.90 cents and EPS of 15.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of -65.1%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 14.40 cents and EPS of 15.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 2.6%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.02
Citi rates SFR as Sell (5) -
In four year's time, Sandfire may simply be a "pile of cash", the broker notes, generated from DeGrussa, which by then will be exhausted. In the absence of exploration or investment success in the meantime, or higher copper prices, that cash value, discounted back to today, is -36% below the share price, Citi calculates.
Sell and $6.80 target retained.
Target price is $6.80 Current Price is $7.02 Difference: minus $0.22 (current price is over target).
If SFR meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.85, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 22.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.0, implying annual growth of 48.5%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 32.00 cents and EPS of 92.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.0, implying annual growth of 19.2%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 8.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.41
Ord Minnett rates SHL as Hold (3) -
Industry data and competitor feedback suggests the company's operations have enjoyed a solid first half. The company is due to report its result on February 15.
Ord Minnett expects growth will be further boosted by a full contribution from recent acquisitions. Hold retained. Target raised to $24.50 from $21.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $24.50 Current Price is $24.41 Difference: $0.09
If SHL meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $23.94, suggesting downside of -1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 80.00 cents and EPS of 113.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 111.9, implying annual growth of 9.0%. Current consensus DPS estimate is 80.7, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 82.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.4, implying annual growth of 5.8%. Current consensus DPS estimate is 85.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AAD | ARDENT LEISURE | Upgrade to Buy from Sell - Citi | Overnight Price $1.91 |
| AMC | AMCOR | Accumulate - Ord Minnett | Overnight Price $14.54 |
| AOF | AUSTRALIAN UNITY OFFICE FUND | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $2.23 |
| APA | APA | Initiation of coverage with Neutral - UBS | Overnight Price $8.03 |
| AZJ | AURIZON HOLDINGS | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $4.60 |
| Sell - Ord Minnett | Overnight Price $4.60 | ||
| BXB | BRAMBLES | Neutral - Credit Suisse | Overnight Price $9.63 |
| CBA | COMMBANK | Sell - Citi | Overnight Price $77.50 |
| Neutral - UBS | Overnight Price $77.50 | ||
| COH | COCHLEAR | Lighten - Ord Minnett | Overnight Price $172.23 |
| GEM | G8 EDUCATION | Buy - Ord Minnett | Overnight Price $3.27 |
| GXL | GREENCROSS | Downgrade to Neutral from Buy - UBS | Overnight Price $6.26 |
| GXY | GALAXY RESOURCES | Initiation of coverage with Buy - Ord Minnett | Overnight Price $3.17 |
| JHG | JANUS HENDERSON GROUP | Neutral - Credit Suisse | Overnight Price $46.12 |
| Hold - Deutsche Bank | Overnight Price $46.12 | ||
| Overweight - Morgan Stanley | Overnight Price $46.12 | ||
| Buy - UBS | Overnight Price $46.12 | ||
| KDR | Initiation of coverage with Buy - Ord Minnett | Overnight Price $1.85 | |
| MFG | MAGELLAN FINANCIAL GROUP | Outperform - Credit Suisse | Overnight Price $25.39 |
| Neutral - Macquarie | Overnight Price $25.39 | ||
| Equal-weight - Morgan Stanley | Overnight Price $25.39 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $25.39 | ||
| Buy - UBS | Overnight Price $25.39 | ||
| MIN | MINERAL RESOURCES | No Rating - Macquarie | Overnight Price $18.53 |
| Initiation of coverage with Buy - Ord Minnett | Overnight Price $18.53 | ||
| MQG | MACQUARIE GROUP | Sell - Citi | Overnight Price $101.16 |
| Outperform - Credit Suisse | Overnight Price $101.16 | ||
| Hold - Deutsche Bank | Overnight Price $101.16 | ||
| Equal-weight - Morgan Stanley | Overnight Price $101.16 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $101.16 | ||
| Hold - Ord Minnett | Overnight Price $101.16 | ||
| NHF | NIB HOLDINGS | Re-instate Coverage with Hold - Ord Minnett | Overnight Price $6.32 |
| ORE | OROCOBRE | Initiation of coverage with Buy - Ord Minnett | Overnight Price $6.58 |
| PLS | PILBARA MINERALS | Initiation of coverage with Hold - Ord Minnett | Overnight Price $0.87 |
| SCP | SHOPPING CENTRES AUS | Upgrade to Neutral from Sell - Citi | Overnight Price $2.21 |
| Neutral - Credit Suisse | Overnight Price $2.21 | ||
| Underperform - Macquarie | Overnight Price $2.21 | ||
| Hold - Ord Minnett | Overnight Price $2.21 | ||
| Neutral - UBS | Overnight Price $2.21 | ||
| SFR | SANDFIRE | Sell - Citi | Overnight Price $7.02 |
| SHL | SONIC HEALTHCARE | Hold - Ord Minnett | Overnight Price $24.41 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 14 |
| 2. Accumulate | 1 |
| 3. Hold | 19 |
| 4. Reduce | 1 |
| 5. Sell | 5 |
Wednesday 07 February 2018
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