Australian Broker Call

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May 07, 2020

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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: 05:00 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
DHG - Domain Holdings Downgrade to Reduce from Hold Morgans
GOZ - Growthpoint Prop Upgrade to Outperform from Neutral Credit Suisse
JBH - JB Hi-Fi Downgrade to Hold from Add Morgans
Downgrade to Hold from Accumulate Ord Minnett
MGR - Mirvac Downgrade to Neutral from Outperform Macquarie
MPL - Medibank Private Upgrade to Hold from Lighten Ord Minnett
PPH - Pushpay Holdings Upgrade to Outperform from Neutral Credit Suisse
AIZ  AIR NEW ZEALAND LIMITED

Transportation & Logistics

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Overnight Price: $1.17

Macquarie rates AIZ as Underperform (5) -

The broker has updated its forecasts to assume an initial recovery in domestic revenues, followed by flights to Australia, and then a while for international to recover. Freight will be more resilient. Air New Zealand is reviewing its cost base.

Yields in the future will be interesting, the broker muses, given a balance of discount pricing and lower corporate travel on the one hand and lower costs and reduced competition on the other. The broker does not rule out the need for new equity, and believes the market is pricing in a too swift recovery. Underperform retained, target falls to NZ95c from NZ$2.20.

Current Price is $1.17. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 14.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.2, 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 FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 47.14 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -14.3, 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.

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

Market Sentiment: -0.7

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

ALQ  ALS LIMITED

Mining Sector Contracting

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Overnight Price: $6.39

Ord Minnett rates ALQ as Hold (3) -

The company has reaffirmed FY20 guidance, which Ord Minnett points out is not a significant surprise given the March year end.

The environmental division has received most of the impact of the pandemic closures, and this contributes around 35% of group revenue.

Geochemistry, which contributes around 25% and is higher margin, has experienced slowing flows.

Ord Minnett assesses the company is well capitalised and the pandemic could well accentuate the opportunity for M&A in the medium term.

The broker retains a Hold rating and reduces the target to $7 from $9.

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

Target price is $7.00 Current Price is $6.39 Difference: $0.61
If ALQ meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 38.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of 23.1%.

Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 36.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of -9.8%.

Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.3

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


UBS rates ALQ as Neutral (3) -

ALS Ltd has confirmed guidance and extended debt facilities. Less than 10% of the company's laboratories have been affected by mobility restrictions. The life sciences volumes, however, appear to be less resilient than UBS initially expected.

Reduced project activity has affected environmental volumes in Europe/America/Asia. UBS expects further detail on FY21 volume estimates at the FY20 result on May 21.

The standing down of around 15% of the workforce suggests to the broker that the company is preparing for sharply lower activity levels. Neutral maintained. Target is raised to $6.70 from $6.47.

Target price is $6.70 Current Price is $6.39 Difference: $0.31
If ALQ meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 12.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of 23.1%.

Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of -9.8%.

Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.3

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

APT  AFTERPAY LIMITED

Business & Consumer Credit

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Overnight Price: $39.41

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

Morgan Stanley believes the recent re-rating is justified by faster customer payment terms and the longer-term potential from the partnership with Tencent.

App downloads have also edged ahead of the competition in the US. Still, the broker asserts Afterpay has to trade off revenue growth in order to contain credit risk, and US fashion expenditure is dropping.

Morgan Stanley understands why investors taking a longer term view may be attracted to the stock but retains an Equal-weight rating, expecting the next 12 months will be volatile. Target is raised to $36 from $19. Industry view is In-Line.

Target price is $36.00 Current Price is $39.41 Difference: minus $3.41 (current price is over target).
If APT 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 $29.87, suggesting downside of -24.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 328.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -19.7, 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 N/A.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 656.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -14.5, 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.

Market Sentiment: 0.3

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

ASX  ASX LIMITED

Wealth Management & Investments

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Overnight Price: $80.34

Credit Suisse rates ASX as Neutral (3) -

Activity was mixed in April and revenue was weaker than Credit Suisse expected because secondary raisings are now amortised over three years.

Hence, the broker reduces earnings estimates by -1-2% across FY20-22. Cash equities daily average turnover was up 52%, with strong turnover flowing through to robust activity in post-trade service.

The broker expects earnings will benefit from the market volatility created by the pandemic. Neutral maintained. Target is $73.

Target price is $73.00 Current Price is $80.34 Difference: minus $7.34 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.98, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 232.00 cents and EPS of 258.00 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 260.1, implying annual growth of 2.4%.

Current consensus DPS estimate is 233.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 30.9.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 226.00 cents and EPS of 251.00 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.2, implying annual growth of 1.6%.

Current consensus DPS estimate is 237.8, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 30.4.

Market Sentiment: -0.4

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


UBS rates ASX as Neutral (3) -

Heightened market volatility benefited the company in March but UBS notes trends over April have become more mixed.

Trading rebate structures and medium-term revenue recognition for capital raisings defer some of the tailwinds to FY21.

While stock offers defensive yield, with moderate earnings growth over the medium term, the broker finds limited value appeal and retains a Neutral rating and $68.50 target.

Target price is $68.50 Current Price is $80.34 Difference: minus $11.84 (current price is over target).
If ASX meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.98, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 238.00 cents and EPS of 265.00 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 260.1, implying annual growth of 2.4%.

Current consensus DPS estimate is 233.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 30.9.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 240.00 cents and EPS of 266.00 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 264.2, implying annual growth of 1.6%.

Current consensus DPS estimate is 237.8, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 30.4.

Market Sentiment: -0.4

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

BIN  BINGO INDUSTRIES LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $2.05

Credit Suisse rates BIN as Outperform (1) -

Management expects a strong rebound after restrictions are lifted but Credit Suisse remains cautious.

The broker suspects there will be a heightened risk of a prolonged hit to volumes because household income will be stretched, a large number of businesses may become insolvent and there will be a high level of unemployment.

Bingo Industries has sufficient liquidity until the end of FY21, but risks breaching its leverage ratio covenant if volumes decline more than -50% in FY21, the broker points out.

Outperform maintained. Target is reduced to $2.45 from $3.40.

Target price is $2.45 Current Price is $2.05 Difference: $0.4
If BIN meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting upside of 32.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 4.20 cents and EPS of 8.42 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of 125.6%.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 3.60 cents and EPS of 8.91 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of 14.8%.

Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.4

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


Macquarie rates BIN as Neutral (3) -

Despite solid demand in March, Bingo Industries expects delays to new projects to impact on volumes in the June quarter.

Increasing competition is pressuring prices, particularly in construction waste. Management expects residential construction to recover in late 2021, which is 12 months later than previously hoped.

This is Bingo's largest market, and visibility is poor, the broker notes. Neutral retained on a full valuation. Target unchanged at $1.80.

Target price is $1.80 Current Price is $2.05 Difference: minus $0.25 (current price is over target).
If BIN meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.71, suggesting upside of 32.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 2.20 cents and EPS of 7.30 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of 125.6%.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 5.70 cents.
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 10.1, implying annual growth of 14.8%.

Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.4

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

BUB  BUBS AUSTRALIA LIMITED

Dairy

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Overnight Price: $0.99

Citi rates BUB as Buy (1) -

Citi considers the increases in domestic ranges are an unexpected positive. Bubs will now sell organic bovine infant formula in 482 Coles ((COL)) stores and an extra 100 Woolworths ((WOW)) stores.

Goat infant formula will be in an additional 254 Woolworths stores. Formula and food products will also be available in 52 Baby Bunting ((BBN)) stores. The company has also sustained price increases.

The broker considers the brand is promising, with the right strategic partners and positive catalysts on the horizon, but remains small and will need to effectively execute on the opportunity. Buy/High Risk retained. Target is $1.10.

Target price is $1.10 Current Price is $0.99 Difference: $0.11
If BUB meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 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 90.00.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 99.00.

Market Sentiment: 1.0

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: $306.55

Citi rates CSL as Neutral (3) -

Citi acknowledges forecasting CSL's FY21 earnings is difficult. The potential decline in plasma sales from lower collections may, in part, be offset by higher Seqirus sales from increased flu vaccines.

The broker maintains current earnings forecasts and intends to review these over the next few months as the impact on the sector becomes clearer. Neutral rating and $334 target maintained.

Target price is $334.00 Current Price is $306.55 Difference: $27.45
If CSL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $314.81, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 302.45 cents and EPS of 683.91 cents.
At the last closing share price the estimated dividend yield is 0.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 708.7, implying annual growth of N/A.

Current consensus DPS estimate is 313.8, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 43.3.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 360.27 cents and EPS of 817.94 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 812.1, implying annual growth of 14.6%.

Current consensus DPS estimate is 359.0, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 37.7.

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

CWY  CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $1.82

Macquarie rates CWY as Outperform (1) -

Cleanaway Waste has seen an increase in household waste collections and a drop in business collections as one might expect, but notes cancellation of service numbers at businesses slowed in mid-April, suggesting a bottom is close. The company is not experiencing price competition given business development is off the cards.

The balance sheet is strong and the broker likes the company's economy-wide exposure, with a high degree of contractual cover. Looking through to the other side, the broker sees a longer term opportunity to benefit from the evolving waste management sector. Outperform and $2.30 target retained.

Target price is $2.30 Current Price is $1.82 Difference: $0.48
If CWY meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting upside of 24.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 3.50 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.1, implying annual growth of 18.3%.

Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 25.6.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 3.60 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 9.9%.

Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 23.3.

Market Sentiment: 0.4

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

DHG  DOMAIN HOLDINGS AUSTRALIA LIMITED

Real Estate

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Overnight Price: $2.88

Morgans rates DHG as Downgrade to Reduce from Hold (5) -

Morgans finds the Domain Holdings share price has run too far and thus the recommendation has been pulled back to Reduce from Hold. Target price remains $2.46 but note the share price is trading well above it.

The analysts do make a point in that if trading conditions reported in April were to last longer than two months, this translates into further downside risk to consensus earnings forecasts and thus also the valuation.

No changes have been made to forecasts.

Target price is $2.46 Current Price is $2.88 Difference: minus $0.42 (current price is over target).
If DHG meets the Morgans target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.19, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 4.00 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.4, implying annual growth of N/A.

Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 84.7.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 4.50 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, implying annual growth of 70.6%.

Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 49.7.

Market Sentiment: 0.6

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


UBS rates DHG as Buy (1) -

The company has noticed new listing volumes have flattened over recent days. Additionally, the recent relaxation of social distancing in Western Australia has benefited listings. Yields increased across all geographies in March.

Management remains adamant that the company is not losing share to REA Group ((REA)) and has emphasised strong support from its lenders, two key concerns of UBS.

Buy rating and $3.30 target maintained.

Target price is $3.30 Current Price is $2.88 Difference: $0.42
If DHG meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 2.00 cents and EPS of 1.00 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 288.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.4, implying annual growth of N/A.

Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 84.7.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 2.00 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 72.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, implying annual growth of 70.6%.

Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 49.7.

Market Sentiment: 0.6

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

DXS  DEXUS PROPERTY GROUP

REITs

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Overnight Price: $8.67

Macquarie rates DXS as Outperform (1) -

Dexus Property reports roughly a third of its tenants are seeking rent relief, and 8% of tenants by income are SMEs. No relief deals have been reached so far, but 80% of office tenants paid their rent for April, compared to 20% for retail REITs, which the broker highlights as a positive.

The broker believes structural headwinds are priced in at this level, and with a strong balance sheet and high quality portfolio the broker retains Outperform. Target falls to $10.26 from $11.71.

Target price is $10.26 Current Price is $8.67 Difference: $1.59
If DXS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $11.00, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 52.70 cents and EPS of 56.30 cents.
At the last closing share price the estimated dividend yield is 6.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.8, implying annual growth of -48.0%.

Current consensus DPS estimate is 51.2, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 53.70 cents and EPS of 56.90 cents.
At the last closing share price the estimated dividend yield is 6.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.1, implying annual growth of 2.0%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.8

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

ECX  ECLIPX GROUP LIMITED

Vehicle Leasing & Salary Packaging

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Overnight Price: $0.61

Macquarie rates ECX as Neutral (3) -

EclipX Group has sought and been granted debt covenant relief, and corporate debt reduction continues to be an objective of the company's simplification plan. EclipX has $80.8m in cash and $105.8m of available liquidity, the broker notes.

The broker awaits additional information at the result release next week. Neutral and 74c target retained.

Target price is $0.74 Current Price is $0.61 Difference: $0.13
If ECX meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.44, suggesting upside of 135.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 7.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of N/A.

Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 11.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 38.9%.

Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 8.2%.

Current consensus EPS estimate suggests the PER is 4.6.

Market Sentiment: 0.5

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

GMA  GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED

Banks

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Overnight Price: $1.98

Macquarie rates GMA as Outperform (1) -

Genworth Mortgage Insurance has written down -$181.8m of deferred acquisition costs due to liability adequacy test rules. The company is assuming a base case of 8.2% unemployment and -5.8% house price depreciation by the September quarter.

Although there are choppy times ahead, the broker believes the stock is attractive at 0.63x net tangible asset value and sufficient reinsurance in a more stressed scenario. Outperform retained, target rises to $2.35 from $2.20.

Target price is $2.35 Current Price is $1.98 Difference: $0.37
If GMA meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 13.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.11.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 11.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.68.

Market Sentiment: 1.0

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

GOZ  GROWTHPOINT PROPERTIES AUSTRALIA

Infra & Property Developers

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Overnight Price: $2.92

Credit Suisse rates GOZ as Upgrade to Outperform from Neutral (1) -

Credit Suisse considers the stock at a relatively attractive entry point for those wanting metropolitan office and industrial exposure. Government tenants contribute 24% of income, listed entities 57% and large private companies 15%.

The broker cannot rule out an equity raising, as sector peers with gearing of over 30% have recently raised equity, largely for defensive reasons, but considers Growthpoint, being internally managed, has less incentive to do so.

Rating is upgraded to Outperform from Neutral and the target is reduced to $3.15 from $4.28.

Target price is $3.15 Current Price is $2.92 Difference: $0.23
If GOZ meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 23.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 7.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of -54.6%.

Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 23.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 7.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of 1.3%.

Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 12.0.

Market Sentiment: 0.5

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

GPT  GPT GROUP

Infra & Property Developers

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Overnight Price: $3.87

Macquarie rates GPT as Outperform (1) -

The broker has drawn upon the current discounts to book value implicit in the prices of Vicinity Centres ((VCX)), Dexus Property and Centuria Industrial ((CIP)) to create a sum of the parts REIT proxy for GPT's mixed retail/office/industrial exposure.

The upshot is the broker believes GPT is undervalued by -5%, and deserves a premium for having one of the strongest balance sheets in the space.

Forecast yields of 6.5% and 7.5% in FY20-21 are also attractive. Outperform retained, target falls to $4.81 from $5.40 on net asset value assumptions.

Target price is $4.81 Current Price is $3.87 Difference: $0.94
If GPT meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.77, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 24.80 cents and EPS of 28.90 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of -33.3%.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 28.60 cents and EPS of 33.60 cents.
At the last closing share price the estimated dividend yield is 7.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 9.6%.

Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 11.7.

Market Sentiment: 0.4

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

IAP  INVESTEC AUSTRALIA PROPERTY FUND

REITs

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Overnight Price: $1.03

Macquarie rates IAP as Outperform (1) -

Investec Australia Property reported FY20 funds from operations ahead of the broker and guidance. No FY21 guidance was provided due to uncertainty.

The REIT boats a solid balance sheet, stable income and attractive valuation in the current market, the broker suggests, with a yield in excess of 8.8% and a forecast total shareholder return in excess of 70%.

Outperform retained, target falls to $1.70 from $1.76.

Target price is $1.70 Current Price is $1.03 Difference: $0.67
If IAP meets the Macquarie target it will return approximately 65% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 8.90 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 8.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 9.50 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 9.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.20.

Market Sentiment: 0.5

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


Ord Minnett rates IAP as Hold (3) -

FY20 results were "solid" in Ord Minnett's view. No FY21 guidance was provided, given the uncertainty surrounding the pandemic. The company has received a small number of rent relief requests and is working on these.

The broker expects the bulk of leases will be adhered to. The broker believes the balance sheet is also positioned well in the current environment and retains a Hold rating and $1.20 target.

Target price is $1.20 Current Price is $1.03 Difference: $0.17
If IAP meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 9.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 8.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.30.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 8.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 7.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.44.

Market Sentiment: 0.5

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

IFN  INFIGEN ENERGY

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Overnight Price: $0.52

Macquarie rates IFN as Outperform (1) -

An update from Infigen Energy revealed delays in commercial & industrial projects due to the virus and associated slowdown. New power price assumptions imply lower long term valuation, the broker notes, given value is closely leveraged to pricing.

The broker has cut earnings forecasts and lowered its target to 52c from 77c. Neutral retained.

Target price is $0.52 Current Price is $0.52 Difference: $0
If IFN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 2.00 cents and EPS of 3.20 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.1, implying annual growth of -4.7%.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 2.00 cents and EPS of 2.50 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.3, implying annual growth of -19.5%.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 15.8.

Market Sentiment: 0.3

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

IPL  INCITEC PIVOT LIMITED

Agriculture

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Overnight Price: $2.19

Morgans rates IPL as Hold (3) -

Despite a poor summer cropping season and weak fertiliser prices, Morgans expects Incitec Pivot to report profit growth of 42% in its upcoming first-half result.

The broker has materially downgraded forecasts to cater to covid-19, lower than expected fertiliser prices and the associated economic downturn. The net profit estimate for FY20 has been reduced by -21% to $226.2m, with the broker predicting fertiliser prices would recover in FY22.

Morgans holds onto its Hold rating with target price reduced to $2.50 from $3.52.

Target price is $2.50 Current Price is $2.19 Difference: $0.31
If IPL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 3.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of 58.9%.

Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 8.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 24.5%.

Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.4

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: $34.00

Citi rates JBH as Neutral (3) -

Citi observes JB Hi-Fi and The Good Guys have gained market share in the March quarter with sales growth accelerating at twice the rate of industry growth. FY20 estimates for earnings are upgraded by 26% and FY21 by 8%.

Citi expects higher operating costs growth will reduce operating leverage and incremental margins are expected to slow to 9%, below normal levels.

Sales momentum is expected to moderate over May and June as the economy re-opens and share of consumer wallets begins to stabilise. Neutral maintained. Target is raised to $37.30 from $31.20.

Target price is $37.30 Current Price is $34.00 Difference: $3.3
If JBH meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $35.99, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 160.00 cents and EPS of 238.40 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.8, implying annual growth of 8.0%.

Current consensus DPS estimate is 143.5, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 156.00 cents and EPS of 233.00 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 215.9, implying annual growth of -8.0%.

Current consensus DPS estimate is 136.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.1

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


Credit Suisse rates JBH as Neutral (3) -

Credit Suisse can envisage enough reasons for holding JB Hi-Fi but is not overly enthusiastic about discretionary retail exposures during the early stages of a recession.

While the "new essential" nature of technology may offer some upside and dividends appears likely, the broker expects some easing in expenditure at The Good Guys as consumers emerge from lockdown.

The broker maintains a Neutral rating and $32.87 target. Given the uncertainty around tax time, forecasts are also maintained.

Target price is $32.87 Current Price is $34.00 Difference: minus $1.13 (current price is over target).
If JBH 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 $35.99, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 162.00 cents and EPS of 243.00 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.8, implying annual growth of 8.0%.

Current consensus DPS estimate is 143.5, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 137.00 cents and EPS of 205.00 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 215.9, implying annual growth of -8.0%.

Current consensus DPS estimate is 136.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.1

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


Macquarie rates JBH as Neutral (3) -

JB Hi-Fi's March quarter sales were significantly stronger than expected given the rush to set up home offices. Momentum has carried through April and into May. But the broker believes demand will moderate once restrictions ease and the economy weakens.

A tougher outlook is expected in the June quarter and the first half FY21. Neutral retained, target rises to $35.60 from $34.80. The broker prefers Harvey Norman ((HVN)) because of its property ownership.

Target price is $35.60 Current Price is $34.00 Difference: $1.6
If JBH meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $35.99, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 99.00 cents and EPS of 228.00 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 14.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.8, implying annual growth of 8.0%.

Current consensus DPS estimate is 143.5, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 153.00 cents and EPS of 232.00 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 215.9, implying annual growth of -8.0%.

Current consensus DPS estimate is 136.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.1

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


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

JB Hi-Fi has signalled very strong trading to date in Australia. Based on the update to March 22, Morgan Stanley notes like-for-like sales growth for the remaining days of March appears to have averaged around 34% for JB Hi-Fi and 46% for The Good Guys.

Strong sales growth also continued into April and early May, against Morgan Stanley's assumed slowdown.

This signals that the uplift associated from working and learning at home was more substantial and prolonged than previously anticipated. Equal-weight. Target is $33.50. Industry view: Cautious.

Target price is $33.50 Current Price is $34.00 Difference: minus $0.5 (current price is over target).
If JBH 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 $35.99, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 150.00 cents and EPS of 225.00 cents.
At the last closing share price the estimated dividend yield is 4.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.8, implying annual growth of 8.0%.

Current consensus DPS estimate is 143.5, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 134.00 cents and EPS of 197.00 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 215.9, implying annual growth of -8.0%.

Current consensus DPS estimate is 136.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.1

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


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

JB Hi-Fi had a strong third quarter with meaningful sales growth in the JB Australia and The Good Guys businesses. Morgans believes the trend will continue till early May, further reporting no escalation in costs as well as intact gross margins.

FY20 EPS estimates revised upwards by circa 7% while reduced by -3% for FY21 on account of having to cycle strong comparables next year and potential pull-forward of demand.

Morgans is positive but cautious and downgrades its rating to Hold from Add with target price at $35.67.

Target price is $35.67 Current Price is $34.00 Difference: $1.67
If JBH meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $35.99, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 160.00 cents and EPS of 247.00 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.8, implying annual growth of 8.0%.

Current consensus DPS estimate is 143.5, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 152.00 cents and EPS of 234.00 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 14.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 215.9, implying annual growth of -8.0%.

Current consensus DPS estimate is 136.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.1

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


Ord Minnett rates JBH as Downgrade to Hold from Accumulate (3) -

Sales growth accelerated in late March and remained strong in April and the beginning of May. Despite JB Hi-Fi being a winning retailer based on category and location, Ord Minnett now envisages less valuation support.

Further upside would require more confidence in the external environment and this is difficult, given rising unemployment. The broker downgrades to Hold from Accumulate while raising the target to $37.00 from $32.50.

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

Target price is $37.00 Current Price is $34.00 Difference: $3
If JBH meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $35.99, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 229.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.8, implying annual growth of 8.0%.

Current consensus DPS estimate is 143.5, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 224.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 215.9, implying annual growth of -8.0%.

Current consensus DPS estimate is 136.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.1

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


UBS rates JBH as Buy (1) -

UBS found the company's update positive and ahead of expectations. Like-for-like sales in the third quarter accelerated 11.3% for JB Hi-Fi and 13.9% for The Good Guys.

UBS expects sales will slow materially over the next few quarters as at-home consumption falls and the impact of a housing slowdown is felt.

Still, the broker considers the risks are more than priced into the stock and retains a Buy rating. Target is raised to $40.00 from $39.70.

Target price is $40.00 Current Price is $34.00 Difference: $6
If JBH meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $35.99, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 130.00 cents and EPS of 233.00 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 234.8, implying annual growth of 8.0%.

Current consensus DPS estimate is 143.5, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 87.00 cents and EPS of 186.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 215.9, implying annual growth of -8.0%.

Current consensus DPS estimate is 136.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.1

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: $52.58

Credit Suisse rates MFG as Underperform (5) -

Funds under management in April were up 3%. Credit Suisse was very impressed with the flows, which were well ahead of forecasts.

The rebound also puts performance fees in FY21 back on the table, in the broker's view, and estimates are raised by 2% for FY20 and 13% for FY21.

While the broker cannot fault the company's performance, caution prevails regarding the asset management sector in the current environment. Underperform maintained. Target rises to $47.00 from $36.50.

Target price is $47.00 Current Price is $52.58 Difference: minus $5.58 (current price is over target).
If MFG meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.27, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 207.00 cents and EPS of 230.00 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 226.4, implying annual growth of 6.2%.

Current consensus DPS estimate is 203.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 23.2.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 212.00 cents and EPS of 234.00 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 222.5, implying annual growth of -1.7%.

Current consensus DPS estimate is 199.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 23.6.

Market Sentiment: -0.1

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

MGR  MIRVAC GROUP

Infra & Property Developers

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Overnight Price: $2.20

Macquarie rates MGR as Downgrade to Neutral from Outperform (3) -

The broker has reviewed how the office space has performed in previous economic downturns since 1990 and now assumes declines in value of -10-15%. Incorporating asset value declines for Mirvac of -12% (office), -18% (retail) and -1% (industrial), the broker cuts its target to $2.21 from $2.68.

Mirvac has a solid balance sheet and a solid track record of returns but the broker sees limited near term upside, rather further downside for residential and greater headwinds for office and retail than are reflected in the share price. Downgrade to Neutral from Outperform.

Target price is $2.21 Current Price is $2.20 Difference: $0.01
If MGR meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 11.30 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of -39.5%.

Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 11.50 cents and EPS of 14.50 cents.
At the last closing share price the estimated dividend yield is 5.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.8, implying annual growth of -5.4%.

Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 13.9.

Market Sentiment: 0.6

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

MPL  MEDIBANK PRIVATE LIMITED

Insurance

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Overnight Price: $2.84

Citi rates MPL as Neutral (3) -

Citi observes, so far, the impact of the pandemic on Medibank Private has been muted and its dividend yield is likely to prove attractive. However, the broker does wonder whether affordability pressures will become more prevalent over the next few months.

In the longer term, the company envisages an opportunity to build its out-of-hospital care as well as telehealth offerings, with the outbreak of the pandemic highlighting the value of this form of treatment.

Providing the government supports the initiative, Citi believes this offers potential for material cost savings on claims. Neutral rating and $2.90 target maintained.

Target price is $2.90 Current Price is $2.84 Difference: $0.06
If MPL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 12.70 cents and EPS of 12.70 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 22.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of -26.9%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 13.00 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of 18.0%.

Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.1

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


Credit Suisse rates MPL as Outperform (1) -

Medibank Private has signalled no change to its FY20 health earnings outlook and no change to dividend forecasts.

ASIC has announced private health insurance companies can hold a liability at balance date to allow for the suspension of non-essential elective surgery.

This allows Medibank Private to assess the full impact of savings instead of having to refund premiums.

Credit Suisse assesses the pandemic provides an insight into alternative care options that may assist in accelerating reform of the industry in order to address affordability and participation.

The broker continues to believe the stock is "relatively safe" and retains an Outperform rating and $3 target.

Target price is $3.00 Current Price is $2.84 Difference: $0.16
If MPL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 10.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 3.52%.
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 12.2, implying annual growth of -26.9%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 12.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 4.23%.
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 14.4, implying annual growth of 18.0%.

Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.1

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


Macquarie rates MPL as Neutral (3) -

Medibank Private will return any permanent benefits arising from the virus in excess of their customer support package and deferral of premium rate rises to policyholders. The company has also reaffirmed a dividend payout ratio "at or above" its 75-85% range.

In an uncertain investment environment many are turning to Medibank for safety, the broker believes, thus fully valuing the stock. Neutral retained. Target rises to $2.70 from $2.65.

Target price is $2.70 Current Price is $2.84 Difference: minus $0.14 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.84, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 13.30 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 4.68%.
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 12.2, implying annual growth of -26.9%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 13.50 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 4.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of 18.0%.

Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.1

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


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

Policy growth was below expectations since March and around 1% of holders have suspended policies, which the company expects will be temporary.

Medibank Private has also indicated that any "permanent" reduction in benefits because of the pandemic will be returned to customers.

Equal-weight maintained. Target is $2.90. Industry view: In-Line.

Target price is $2.90 Current Price is $2.84 Difference: $0.06
If MPL meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 11.30 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 3.98%.
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 12.2, implying annual growth of -26.9%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 13.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of 18.0%.

Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.1

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


Morgans rates MPL as Hold (3) -

Medibank Private’s market update revealed the key business drivers are performing as expected thus far in the second half, suggests the broker.

With the company emphasising on returning covid-19 claims benefits to customers, Morgans is cautious about putting any meaningful upside in its forecasts.

FY20 EPS estimate downgraded by -16% although the broker believes the company is relatively well-positioned to ride out the covid-19 period.

Rating maintained at Hold with target price unchanged at $2.97.

Target price is $2.97 Current Price is $2.84 Difference: $0.13
If MPL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 10.30 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of -26.9%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 12.80 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of 18.0%.

Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.1

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


Ord Minnett rates MPL as Upgrade to Hold from Lighten (3) -

Medibank Private has highlighted the benefits from fewer claims, which Ord Minnett suggests is offset by a promise to give much of this back, although this will be difficult to assess.

The broker considers health insurers are defensive exposures in a tough time, particularly if concern around health treatments increase post the pandemic.

The broker expects a low level of claims for some time and notes dividend trends are also favourable. Rating is upgraded to Hold from Lighten. Target is steady at $2.70.

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

Target price is $2.70 Current Price is $2.84 Difference: minus $0.14 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.84, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 12.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of -26.9%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 10.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 3.52%.
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 14.4, implying annual growth of 18.0%.

Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.1

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


UBS rates MPL as Neutral (3) -

The FY20 update shows Medibank Private is performing largely in line with UBS's expectations. Medibank Private has not quantified the potential savings from claims over the near term but has committed to returning "permanent" benefits, once known.

This will take time, UBS assesses, particularly for deferred hospital procedures. However, given ultimate pandemic net benefits will be returned, the broker considers profit recognition is a timing issue with limited impact on value.

Neutral rating and $2.70 target maintained.

Target price is $2.70 Current Price is $2.84 Difference: minus $0.14 (current price is over target).
If MPL meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.84, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 11.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.2, implying annual growth of -26.9%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 11.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 3.87%.
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 14.4, implying annual growth of 18.0%.

Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.1

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

NEA  NEARMAP LTD

Software & Services

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Overnight Price: $1.67

Macquarie rates NEA as Outperform (1) -

Nearmap reports little impact from the virus to date and notes its goal to reach cash flow breakeven in FY20 is on track, with new products to provide support in FY21.

The broker does not expect the business to be totally immune, but admits it's performing well so far. Outperform and $1.80 target retained.

Target price is $1.80 Current Price is $1.67 Difference: $0.13
If NEA meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, 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 N/A.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.6, 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 N/A.

Market Sentiment: 1.0

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

NSR  NATIONAL STORAGE REIT

REITs

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Overnight Price: $1.59

Morgans rates NSR as Hold (3) -

National Storage REIT has recently completed an underwritten $300m placement, to be soon followed by a share purchase plan to raise up to $30m, with the funds targeted towards bolstering the balance sheet and providing funding flexibility, reports Morgans.

Gearing stands at circa 23% with cash and undrawn debt of $628m, comments the broker while highlighting that portfolio occupancy has fallen to 79% in April versus 82.4% in December.

While the company guides towards FY20 EPS between $0.082-0.087, the broker pegs the figure at $0.082.

Hold rating reiterated with target price reduced to $1.61 from $1.72.

Target price is $1.61 Current Price is $1.59 Difference: $0.02
If NSR meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 8.20 cents and EPS of 8.60 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of -59.8%.

Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 7.50 cents and EPS of 7.90 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of -3.4%.

Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: -0.3

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

NVX  NOVONIX LIMITED

New Battery Elements

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Overnight Price: $0.36

Morgans rates NVX as Add (1) -

With covid-19 restrictions lifted, Novonix’s Chattanooga anode plant is up and running, notes Morgans and considers the company to be on track for its Samsung order scheduled for October.

Morgans notes a strong operating cashflow for the third quarter and considers the lithium battery developer well-funded in terms of working capital demand for its first contract.

The broker forecasts the battery testing services business to double its revenues in FY20.

The stock is rated Speculative Buy with target price at $0.82.

Target price is $0.82 Current Price is $0.36 Difference: $0.46
If NVX meets the Morgans target it will return approximately 128% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.14.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.20.

Market Sentiment: 1.0

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

NWS  NEWS CORPORATION

Print, Radio & TV

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Overnight Price: $15.52

Macquarie rates NWS as Outperform (1) -

Ahead of News Corp's result release tomorrow, the broker has cut its forecast earnings by -51% and -42% in FY20-21 and target to $22.52 from $25.97. Near term headwinds are greatest for digital real estate, the broker suggests, while Foxtel and newspapers are most exposed structurally.

Potential longer term growth is offered by the REA Group ((REA)) stake, Move and Dow Jones, the broker suggests, and current valuation is 80% underpinned by REA's share price and News Corp's cash balance. Outperform retained.

Target price is $22.52 Current Price is $15.52 Difference: $7
If NWS meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $22.41, suggesting upside of 44.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 29.65 cents and EPS of 29.65 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.1, implying annual growth of N/A.

Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 39.7.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 29.65 cents and EPS of 36.18 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.3, implying annual growth of 15.9%.

Current consensus DPS estimate is 31.2, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 34.3.

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

NXT  NEXTDC LIMITED

Cloud services

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Overnight Price: $9.50

Macquarie rates NXT as Neutral (3) -

NextDC is one of the few companies to benefit from the virus, the broker notes, given strong demand from cloud and enterprise customers. The growth profile justifies a premium but this is well priced in and the development profile is not without risk, the broker notes.

NextDC is well capitalised, but Neutral retained. Target rises to $9.10 from $8.50.

Target price is $9.10 Current Price is $9.50 Difference: minus $0.4 (current price is over target).
If NXT meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.75, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 256.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.1, implying annual growth of N/A.

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

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

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 413.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, 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.

Market Sentiment: 0.5

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

ORI  ORICA LIMITED

Mining Sector Contracting

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Overnight Price: $16.70

Credit Suisse rates ORI as Neutral (3) -

Credit Suisse assesses there is downside already reflected in the share price amid some risk to volume guidance in FY20, given weakening quarry and construction markets in the US & Europe and temporary mine closures.

Yet the broker considers the acquisition of Exsa a positive, offering synergies, and there are cost reductions associated with SAP implementation along with potential for opportunistic acquisitions.

Neutral rating maintained. Target is reduced to $18.21 from $21.85.

Target price is $18.21 Current Price is $16.70 Difference: $1.51
If ORI meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $19.09, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 69.03 cents and EPS of 105.00 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 100.1, implying annual growth of 55.2%.

Current consensus DPS estimate is 59.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 84.78 cents and EPS of 130.00 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.7, implying annual growth of 10.6%.

Current consensus DPS estimate is 66.9, implying a prospective dividend yield of 4.0%.

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

PNI  PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments

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Overnight Price: $3.76

Macquarie rates PNI as Outperform (1) -

Pinnacle Investment's funds under management fell -14.6% to end March from December but have recovered 6.3% in April, with small net flows. Pinnacle has added Aikya as an associate, which is a new emerging markets manager based in the UK.

The broker marks to market to incorporate the share market rally since March and lifts its target to $3.98 from $3.47. As a quality high-beta exposure to markets, the broker retains Outperform.

Target price is $3.98 Current Price is $3.76 Difference: $0.22
If PNI meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 13.40 cents and EPS of 15.30 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of -20.2%.

Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 25.8.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 10.60 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of -2.7%.

Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 26.5.

Market Sentiment: 1.0

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

PPH  PUSHPAY HOLDINGS LIMITED

Software & Services

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Overnight Price: $6.05

Credit Suisse rates PPH as Upgrade to Outperform from Neutral (1) -

FY20 results were strong. The highlight for Credit Suisse was the acceleration in digital transactions over the last six weeks, reflecting the impact of the pandemic on church attendance.

The broker assumes a strong uplift over FY21 as well, given a structural shift to digital payments. Earnings estimates upgraded 35% for FY21 and 38% for FY22.

Rating is upgraded to Outperform from Neutral and the target is raised to NZ$6.54 from NZ$4.53.

Current Price is $6.05. Target price not assessed.

Current consensus price target is $4.45, suggesting downside of -26.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 16.75 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, 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 34.8.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 16.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.67.

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 PPH as Lighten (4) -

FY20 results were broadly in line with expectations. The pulling forward of digital donations by existing customers on the back of a largely stable cost base is driving material growth in operating earnings (EBITDAF) for FY21. Guidance has been set at $48-52m.

Ord Minnett maintains a Lighten rating and raises the target to $4.45 from $2.72.

Target price is $4.45 Current Price is $6.05 Difference: minus $1.6 (current price is over target).
If PPH meets the Ord Minnett target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.45, suggesting downside of -26.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 21.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, 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 34.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 24.46 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.73.

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

QAN  QANTAS AIRWAYS LIMITED

Transportation & Logistics

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Overnight Price: $3.46

UBS rates QAN as Buy (1) -

Qantas has refinanced an additional three Dreamliners. The weekly cash burn will reduce to -$40m per week from July, which is in line with UBS's expectations.

Qantas remains confident flights will be positive in terms of cash flow in the initial ramp up phase, which appears to be a concern of investors given the overheads involved in aviation.

The broker also notes the press around the opening up of a trans-Tasman flight "bubble" is positive for sentiment. Buy rating and $4.65 target maintained.

Target price is $4.65 Current Price is $3.46 Difference: $1.19
If QAN meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 14.00 cents and EPS of minus 65.00 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.8, implying annual growth of N/A.

Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 3.9%.

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

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 55.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.1, implying annual growth of N/A.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.9%.

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

Market Sentiment: 0.4

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: $25.86

UBS rates SHL as Sell (5) -

UBS is concerned about the ongoing focus on test pricing and growth in outlays and what this means for healthcare budgets.

While Medicare has been effectively "ring fenced" for diagnostic services over the past few years, whether this remains the case after the substantial fiscal expenditure on this pandemic is questionable.

The broker estimates, in 2020, the company will generate $233m in revenue from the pandemic testing in Australia, countering lost routine work.

However, routine work has a higher earnings margin and therefore the net impact on EBIT will be more significant. Sell rating and $23.10 target.

Target price is $23.10 Current Price is $25.86 Difference: minus $2.76 (current price is over target).
If SHL meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.48, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 59.00 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.6, implying annual growth of -30.9%.

Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 30.6.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 72.00 cents and EPS of 96.00 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.5, implying annual growth of 27.1%.

Current consensus DPS estimate is 81.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 24.1.

Market Sentiment: 0.4

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

SPL  STARPHARMA HOLDINGS LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $0.99

Macquarie rates SPL as Outperform (1) -

While the virus is providing limited operational impacts for Starpharma, clinical trail progress may be delayed, the broker notes. The current share price is in line with the broker's valuation for VivaGel, implying little value for the product pipeline.

Outperform retained. Target falls to $1.75 from $2.00 on forex and risk free rate adjustments.

Target price is $1.75 Current Price is $0.99 Difference: $0.76
If SPL meets the Macquarie target it will return approximately 77% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 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 35.36.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 41.25.

Market Sentiment: 1.0

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

TCL  TRANSURBAN GROUP

Infrastructure & Utilities

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Overnight Price: $13.42

Credit Suisse rates TCL as Underperform (5) -

Credit Suisse notes traffic across the NSW and Queensland networks on Saturday May 2 was at its highest level since March 21, as government restrictions eased across these states.

Large vehicle traffic continued to be resilient, contributing to around 40% of total revenue.

The broker now forecasts a faster recovery as the spread of the pandemic in Australia has been controlled more quickly than previously expected. Underperform maintained. Target is raised to $11.70 from $10.65.

Target price is $11.70 Current Price is $13.42 Difference: minus $1.72 (current price is over target).
If TCL meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.25, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 43.53 cents and EPS of 4.58 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 293.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of 43.9%.

Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 141.3.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 35.21 cents and EPS of 2.99 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 448.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.0, implying annual growth of 68.4%.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 83.9.

Market Sentiment: 0.0

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

VCX  VICINITY CENTRES

REITs

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Overnight Price: $1.36

Morgan Stanley rates VCX as Underweight (5) -

Vicinity Centres has confirmed that around 50% of tenants are now open for business. Overall, sales at the company's shopping centres declined -16.5% in the March quarter.

While rent data for April are not provided, Morgan Stanley notes around 80% of March rents have been collected to date.

Underweight rating. Target is $1.25. Industry view is In-Line.

Target price is $1.25 Current Price is $1.36 Difference: minus $0.11 (current price is over target).
If VCX meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.81, suggesting upside of 32.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 10.30 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 7.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 68.1%.

Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 8.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 9.80 cents and EPS of 12.40 cents.
At the last closing share price the estimated dividend yield is 7.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of -2.0%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 9.1%.

Current consensus EPS estimate suggests the PER is 9.1.

Market Sentiment: 0.1

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


Ord Minnett rates VCX as Accumulate (2) -

Despite an unsurprising slowdown in retail sales growth at the company's shopping centres in March, Ord Minnett believes Vicinity Centres has been oversold.

The broker believes the balance sheet can withstand an assumed -30% impairment on asset values. The number of operating stores is increasing and targeted cost reductions and lease negotiations are ongoing.

Moreover, liquidity is healthy. Accumulate rating and $1.80 target maintained.

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

Target price is $1.80 Current Price is $1.36 Difference: $0.44
If VCX meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 32.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 11.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 8.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 68.1%.

Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 8.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 9.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 6.62%.
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 14.9, implying annual growth of -2.0%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 9.1%.

Current consensus EPS estimate suggests the PER is 9.1.

Market Sentiment: 0.1

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


UBS rates VCX as Neutral (3) -

UBS found no new information in the March quarter update that would sway its belief that this is a challenging year for Vicinity Centres.

March specialty sales were down -35%, reflecting the higher asset exposure to CBD and tourism-based centres. The broker expects asset values will decline for -10-15% of the portfolio as of June 2020.

The company is also expected to materially cut the distribution pay-out ratio to 70% to ensure a sustainable capital structure as asset values decline. Neutral rating and $1.22 target maintained.

Target price is $1.22 Current Price is $1.36 Difference: minus $0.14 (current price is over target).
If VCX meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.81, suggesting upside of 32.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 7.70 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 68.1%.

Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 8.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 10.00 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 7.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of -2.0%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 9.1%.

Current consensus EPS estimate suggests the PER is 9.1.

Market Sentiment: 0.1

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

WHC  WHITEHAVEN COAL LIMITED

Coal

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Overnight Price: $1.77

Morgan Stanley rates WHC as Overweight (1) -

Morgan Stanley believes thermal coal is close to a floor price as demand ex China is expected to modestly increase as lockdowns ease.

The broker believes the market is more than compensated for issues at Narrabri and Maules Creek and performance at the latter should improve as the Braymont seam is mined and in-pit waste dumping commences.

Morgan Stanley also finds Vickery a worthy expansion project and considers the stock is trading significantly below fair value for its operating mines as well as its growth opportunities.

Overweight rating and In-Line industry view maintained. Target is $2.75.

Target price is $2.75 Current Price is $1.77 Difference: $0.98
If WHC meets the Morgan Stanley target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 44.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 5.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of -83.9%.

Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 3.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of 74.4%.

Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 11.8.

Market Sentiment: 0.4

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
ALQ ALS Limited $6.39 Ord Minnett 7.00 9.00 -22.22%
UBS 6.70 6.47 3.55%
APT Afterpay $39.41 Morgan Stanley 36.00 19.00 89.47%
BIN Bingo Industries $2.05 Credit Suisse 2.45 3.40 -27.94%
DXS Dexus Property $8.67 Macquarie 10.26 11.71 -12.38%
GMA Genworth Mortgage Insur $1.98 Macquarie 2.35 2.20 6.82%
GOZ Growthpoint Prop $2.92 Credit Suisse 3.15 4.28 -26.40%
GPT GPT Group $3.87 Macquarie 4.81 5.40 -10.93%
IAP Investec Australia Property Fund $1.03 Macquarie 1.70 1.76 -3.41%
IFN Infigen Energy $0.52 Macquarie 0.52 0.77 -32.47%
IPL Incitec Pivot $2.19 Morgans 2.50 3.52 -28.98%
JBH JB Hi-Fi $34.00 Citi 37.30 31.20 19.55%
Macquarie 35.60 34.80 2.30%
Morgan Stanley 33.50 33.50 0.00%
Morgans 35.67 33.15 7.60%
Ord Minnett 37.00 32.50 13.85%
UBS 40.00 39.70 0.76%
MFG Magellan Financial Group $52.58 Credit Suisse 47.00 36.50 28.77%
MGR Mirvac $2.20 Macquarie 2.21 2.68 -17.54%
MPL Medibank Private $2.84 Macquarie 2.70 2.65 1.89%
NSR National Storage $1.59 Morgans 1.61 1.72 -6.40%
NWS News Corp $15.52 Macquarie 22.52 25.97 -13.28%
NXT Nextdc $9.50 Macquarie 9.10 8.50 7.06%
ORI Orica $16.70 Credit Suisse 18.21 21.85 -16.66%
PNI Pinnacle Investment $3.76 Macquarie 3.98 3.47 14.70%
PPH Pushpay Holdings $6.05 Ord Minnett 4.45 2.72 63.60%
SPL Starpharma $0.99 Macquarie 1.75 2.00 -12.50%
TCL Transurban Group $13.42 Credit Suisse 11.70 10.65 9.86%
WHC Whitehaven Coal $1.77 Morgan Stanley 2.75 2.90 -5.17%
Summaries
AIZ Air New Zealand Underperform - Macquarie Overnight Price $1.17
ALQ ALS Limited Hold - Ord Minnett Overnight Price $6.39
Neutral - UBS Overnight Price $6.39
APT Afterpay Equal-weight - Morgan Stanley Overnight Price $39.41
ASX ASX Ltd Neutral - Credit Suisse Overnight Price $80.34
Neutral - UBS Overnight Price $80.34
BIN Bingo Industries Outperform - Credit Suisse Overnight Price $2.05
Neutral - Macquarie Overnight Price $2.05
BUB Bubs Australia Buy - Citi Overnight Price $0.99
CSL CSL Neutral - Citi Overnight Price $306.55
CWY Cleanaway Waste Management Outperform - Macquarie Overnight Price $1.82
DHG Domain Holdings Downgrade to Reduce from Hold - Morgans Overnight Price $2.88
Buy - UBS Overnight Price $2.88
DXS Dexus Property Outperform - Macquarie Overnight Price $8.67
ECX Eclipx Group Neutral - Macquarie Overnight Price $0.61
GMA Genworth Mortgage Insur Outperform - Macquarie Overnight Price $1.98
GOZ Growthpoint Prop Upgrade to Outperform from Neutral - Credit Suisse Overnight Price $2.92
GPT GPT Group Outperform - Macquarie Overnight Price $3.87
IAP Investec Australia Property Fund Outperform - Macquarie Overnight Price $1.03
Hold - Ord Minnett Overnight Price $1.03
IFN Infigen Energy Outperform - Macquarie Overnight Price $0.52
IPL Incitec Pivot Hold - Morgans Overnight Price $2.19
JBH JB Hi-Fi Neutral - Citi Overnight Price $34.00
Neutral - Credit Suisse Overnight Price $34.00
Neutral - Macquarie Overnight Price $34.00
Equal-weight - Morgan Stanley Overnight Price $34.00
Downgrade to Hold from Add - Morgans Overnight Price $34.00
Downgrade to Hold from Accumulate - Ord Minnett Overnight Price $34.00
Buy - UBS Overnight Price $34.00
MFG Magellan Financial Group Underperform - Credit Suisse Overnight Price $52.58
MGR Mirvac Downgrade to Neutral from Outperform - Macquarie Overnight Price $2.20
MPL Medibank Private Neutral - Citi Overnight Price $2.84
Outperform - Credit Suisse Overnight Price $2.84
Neutral - Macquarie Overnight Price $2.84
Equal-weight - Morgan Stanley Overnight Price $2.84
Hold - Morgans Overnight Price $2.84
Upgrade to Hold from Lighten - Ord Minnett Overnight Price $2.84
Neutral - UBS Overnight Price $2.84
NEA Nearmap Outperform - Macquarie Overnight Price $1.67
NSR National Storage Hold - Morgans Overnight Price $1.59
NVX Novonix Add - Morgans Overnight Price $0.36
NWS News Corp Outperform - Macquarie Overnight Price $15.52
NXT Nextdc Neutral - Macquarie Overnight Price $9.50
ORI Orica Neutral - Credit Suisse Overnight Price $16.70
PNI Pinnacle Investment Outperform - Macquarie Overnight Price $3.76
PPH Pushpay Holdings Upgrade to Outperform from Neutral - Credit Suisse Overnight Price $6.05
Lighten - Ord Minnett Overnight Price $6.05
QAN Qantas Airways Buy - UBS Overnight Price $3.46
SHL Sonic Healthcare Sell - UBS Overnight Price $25.86
SPL Starpharma Outperform - Macquarie Overnight Price $0.99
TCL Transurban Group Underperform - Credit Suisse Overnight Price $13.42
VCX Vicinity Centres Underweight - Morgan Stanley Overnight Price $1.36
Accumulate - Ord Minnett Overnight Price $1.36
Neutral - UBS Overnight Price $1.36
WHC Whitehaven Coal Overweight - Morgan Stanley Overnight Price $1.77
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

20

2. Accumulate

1

3. Hold

27

4. Reduce

1

5. Sell

6

Thursday 07 May 2020

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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.