Australian Broker Call

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February 20, 2019

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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
ARF - ARENA REIT Downgrade to Neutral from Outperform Macquarie
BKL - BLACKMORES Upgrade to Hold from Reduce Morgans
Downgrade to Neutral from Outperform Macquarie
COH - COCHLEAR Downgrade to Neutral from Buy Citi
Downgrade to Underperform from Neutral Credit Suisse
COL - COLES GROUP Downgrade to Lighten from Hold Ord Minnett
ONT - 1300 SMILES Upgrade to Add from Hold Morgans
SFR - SANDFIRE Downgrade to Underperform from Neutral Credit Suisse
Downgrade to Neutral from Outperform Macquarie
SWM - SEVEN WEST MEDIA Upgrade to Buy from Neutral UBS
VRT - VIRTUS HEALTH Upgrade to Add from Hold Morgans
A2M  THE A2 MILK COMPANY LIMITED

Dairy

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Overnight Price: $13.63

Citi rates A2M as Neutral (3) -

In an initial response to today's interim release, Citi analysts find a2 Milk's performance surprised by some 10% to the upside, with better-than-expected margins the key difference.

While the analysts believe management's execution has to be applauded, they also believe multiple longer term risks are emerging on the horizon.

On Citi's observation, market consensus is likely to increase by some 6% post release.

Target price is $10.65 Current Price is $13.63 Difference: minus $2.98 (current price is over target).
If A2M meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.30, suggesting downside of -17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 33.38 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.8, implying annual growth of N/A.

Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 39.2.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 9.27 cents and EPS of 38.94 cents.
At the last closing share price the estimated dividend yield is 0.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.0, implying annual growth of 23.6%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 31.7.

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

Market Sentiment: 0.4

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

ADI  APN INDUSTRIA REIT

REITs

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Overnight Price: $2.89

Macquarie rates ADI as Outperform (1) -

First half results were in line with Macquarie's estimates. FY19 guidance for growth of 3-4% is also unchanged.

The leasing up of the BTP vacancy is a positive, the broker observes and, with a relatively conservative balance sheet, further acquisitions are considered likely.

The company has changed its name to APN Industria REIT and the ASX code is now ADI. Macquarie maintains an Outperform rating and $3.00 target.

Target price is $3.00 Current Price is $2.89 Difference: $0.11
If ADI meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 17.40 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 6.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of -73.6%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 17.90 cents and EPS of 16.50 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 17.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 3.3%.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: 0.3

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


Morgans rates ADI as Hold (3) -

Industria REIT's first-half result met the broker and management reiterated guidance. As of today, IDR will be changing its name to APN Industria REIT ((ADI)). APN holds a 16% co-investment stake and manages the REIT.

Target price rises to $2.76 from $2.67, the broker noting strong leasing activity in the half. Hold rating retained.

Target price is $2.76 Current Price is $2.89 Difference: minus $0.13 (current price is over target).
If ADI meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.92, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 17.50 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of -73.6%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 18.10 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 3.3%.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: 0.3

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


UBS rates ADI as Neutral (3) -

Industria's funds from operations growth was in line with the broker's forecast, as was FY guidance. The market was hoping for greater net tangible asset value growth given the REIT trades at a 7% premium to NTA. Vacancy risk is approaching, the broker notes, given the FY22 expiry of the single-tenant lease at Rhodes.

The broker is prepared to look through this given strength in the office market and notes operationally, Industria continues to gather pace. Growthpoint's ((GOZ)) 18% stake suggests a corporate activity option. Neutral retained, target rises to $2.99 from $2.67.

Target price is $2.99 Current Price is $2.89 Difference: $0.1
If ADI meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 17.00 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of -73.6%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 17.60 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 3.3%.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: 0.3

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

ALU  ALTIUM LIMITED

Hardware & Equipment

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Overnight Price: $33.11

UBS rates ALU as Neutral (3) -

The broker describes Altium's result as "faultless", beating on earnings by 8% and featuring strong cash flow conversion. The company is sticking with its "aspirational" target of US$500m in revenue by 2025 on 40% plus margins. So confident has the broker become in management's execution this goal has been assumed in valuation.

This might explain a target price jump to $32.50 from $22.00 but the broker has not piped up since the August result and a Neutral rating is retained as the share price is already there.

Target price is $32.50 Current Price is $33.11 Difference: minus $0.61 (current price is over target).
If ALU meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.50, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 38.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 80.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.7, implying annual growth of 44.5%.

Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 79.4.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 44.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 71.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.3, implying annual growth of 20.6%.

Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 65.8.

Market Sentiment: 0.3

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

AMI  AURELIA METALS LIMITED

Gold & Silver

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Overnight Price: $0.87

Macquarie rates AMI as Outperform (1) -

First half results were below Macquarie's estimates although the cash performance was in line. The company has committed $20m to explore the Great Cobar deposit as well as $35m for the upgrade to the Peak process plant.

Recent drilling at Peak captives has highlighted the potential for pods of high-grade gold and base metal mineralisation.

Outperform rating maintained. Target rises to $1.00 from $0.95.

Target price is $1.00 Current Price is $0.87 Difference: $0.13
If AMI meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.74.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 13.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.35.

Market Sentiment: 1.0

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

ANZ  AUSTRALIA & NEW ZEALAND BANKING GROUP

Banks

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Overnight Price: $27.18

Deutsche Bank rates ANZ as Hold (3) -

There were no surprises in the first quarter update from Deutsche Bank. The CET1 ratio is solid at 11.3%, placing ANZ above its peers.

The broker notes a mild deterioration in mortgage arrears. Hold rating and $29 target maintained.

Target price is $29.00 Current Price is $27.18 Difference: $1.82
If ANZ meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $28.66, suggesting upside of 5.5% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 229.4, implying annual growth of 3.5%.

Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY20:

Current consensus EPS estimate is 241.1, implying annual growth of 5.1%.

Current consensus DPS estimate is 164.2, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 11.3.

Market Sentiment: 0.6

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


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

December quarter credit quality and capital were slightly better than Morgan Stanley expected. This indicates first half cash profit is tracking broadly in line with forecasts.

The home loan portfolio contracted -0.2% versus the prior corresponding quarter, with a reduction in investor and interest-only loans weighing on growth.

Equal-weight rating retained. Target is $26. Industry view: In-Line.

Target price is $26.00 Current Price is $27.18 Difference: minus $1.18 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.66, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 160.00 cents and EPS of 224.00 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 229.4, implying annual growth of 3.5%.

Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 160.00 cents and EPS of 229.00 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.1, implying annual growth of 5.1%.

Current consensus DPS estimate is 164.2, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 11.3.

Market Sentiment: 0.6

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


Ord Minnett rates ANZ as Accumulate (2) -

Ord Minnett increases net profit forecasts for FY19 because of lower bad and after debt charges but trims FY20 and FY21 estimates by -1-2% because of lower assumed net interest income.

There was nothing in the quarterly report to change the broker's view that the bank is well-positioned to grow earnings at a rate above its peers.

Ord Minnett maintains an Accumulate rating and reduces the target to $31.30 from $32.20.

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

Target price is $31.30 Current Price is $27.18 Difference: $4.12
If ANZ meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $28.66, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 EPS of 214.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 229.4, implying annual growth of 3.5%.

Current consensus DPS estimate is 160.7, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 230.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.1, implying annual growth of 5.1%.

Current consensus DPS estimate is 164.2, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 11.3.

Market Sentiment: 0.6

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

ARF  ARENA REIT

REITs

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Overnight Price: $2.57

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

First half results were in line with Macquarie's estimates. FY19 distribution guidance has been reaffirmed.

The broker notes management has executed on its strategy, while underlying conditions for the child care segment are benefiting from a change in the regulatory funding model.

However, given limited returns, the broker downgrades to Neutral from Outperform. Target is reduced to $2.69 from $2.75.

Target price is $2.69 Current Price is $2.57 Difference: $0.12
If ARF meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 13.50 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.76.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 14.50 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.60.

Market Sentiment: 0.0

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

BHP  BHP GROUP

Bulks

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Overnight Price: $37.94

Citi rates BHP as Buy (1) -

Broadly in line, such is Citi's conclusion post yesterday's interim results release. Only modest changes have been made to forecasts (as the financial numbers, strictly taken, were slightly lower than expected).

The analysts are holding out for a better second half. Buy rating retained, as well as the $39 price target.

Target price is $39.00 Current Price is $37.94 Difference: $1.06
If BHP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $36.22, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 363.64 cents and EPS of 306.92 cents.
At the last closing share price the estimated dividend yield is 9.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 267.6, implying annual growth of N/A.

Current consensus DPS estimate is 308.1, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 242.88 cents and EPS of 325.37 cents.
At the last closing share price the estimated dividend yield is 6.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.3, implying annual growth of 3.3%.

Current consensus DPS estimate is 183.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.7.

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


Credit Suisse rates BHP as Neutral (3) -

First half earnings were slightly softer than Credit Suisse expected. The broker finds its valuation somewhat stretched but believes further capital returns are likely.

Moreover, while spot commodity prices are robust, there is enough to keep shareholders happy. Neutral rating and $34 target maintained.

Target price is $34.00 Current Price is $37.94 Difference: minus $3.94 (current price is over target).
If BHP meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.22, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 316.15 cents and EPS of 240.16 cents.
At the last closing share price the estimated dividend yield is 8.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 267.6, implying annual growth of N/A.

Current consensus DPS estimate is 308.1, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 107.19 cents and EPS of 214.38 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.3, implying annual growth of 3.3%.

Current consensus DPS estimate is 183.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.7.

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


Deutsche Bank rates BHP as Sell (5) -

First half results were slightly weaker than Deutsche Bank anticipated. Much of the focus was on the operating issues such as the train derailment in the Pilbara and the copper assets.

The company is seeking to lower unit costs and improve productivity. The pay-out on the dividend was slightly ahead of the broker's expectations. Deutsche Bank maintains a Sell rating and $28.30 target.

Target price is $28.30 Current Price is $37.94 Difference: minus $9.64 (current price is over target).
If BHP meets the Deutsche Bank target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.22, suggesting downside of -4.5% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 267.6, implying annual growth of N/A.

Current consensus DPS estimate is 308.1, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Current consensus EPS estimate is 276.3, implying annual growth of 3.3%.

Current consensus DPS estimate is 183.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.7.

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


Macquarie rates BHP as Outperform (1) -

First half earnings results beat Macquarie's forecasts in terms of cash flow and the interim dividend. Production and cost guidance is unchanged.

All guidance metrics are unchanged for FY19 and the broker makes modest upgrades to forecasts.

Buoyant iron ore and coking coal prices continue to drive momentum and Macquarie maintains an Outperform rating. Target is $41.

Target price is $41.00 Current Price is $37.94 Difference: $3.06
If BHP meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $36.22, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 325.65 cents and EPS of 264.18 cents.
At the last closing share price the estimated dividend yield is 8.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 267.6, implying annual growth of N/A.

Current consensus DPS estimate is 308.1, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 187.25 cents and EPS of 266.89 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.3, implying annual growth of 3.3%.

Current consensus DPS estimate is 183.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.7.

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


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

First half results marginally beat Morgan Stanley's estimates. The broker considers the valuation reasonable and the financial risk low.

The broker envisages no major changes to the investment case or forecasts. Equal-weight maintained. Industry view: Attractive.

Current Price is $37.94. Target price not assessed.

Current consensus price target is $36.22, suggesting downside of -4.5% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 267.6, implying annual growth of N/A.

Current consensus DPS estimate is 308.1, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Current consensus EPS estimate is 276.3, implying annual growth of 3.3%.

Current consensus DPS estimate is 183.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.7.

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


Morgans rates BHP as Hold (3) -

BHP's first-half result fell just shy of consensus but management guided to a strong second half as it pumps up production to compensate for lost volume in the first half.

Low iron and copper volumes contrasted with a bumper season for Petroleum (up 70% post the divestment of US onshore gas and oil).

The broker notes strong capital discipline (BHP plans no M&A or capital expenditure) and sees little change on the dividend front. Morgans believes a strong second half has already been priced in and cuts the target price to $40.24 from $40.38.

Hold rating retained.

Target price is $40.24 Current Price is $37.94 Difference: $2.3
If BHP meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $36.22, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 150.61 cents and EPS of 233.38 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 267.6, implying annual growth of N/A.

Current consensus DPS estimate is 308.1, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 153.32 cents and EPS of 256.45 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.3, implying annual growth of 3.3%.

Current consensus DPS estimate is 183.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.7.

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


Ord Minnett rates BHP as Hold (3) -

First half results matched Ord Minnett's forecasts. The broker is attracted to the strong cash flow but notes the stock is trading near valuation.

Ord Minnett observes, after an underwhelming quarter, which highlighted an over-run in costs, the market has adjusted expectations accordingly.

The broker maintains a Hold rating and $36 target.

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

Target price is $36.00 Current Price is $37.94 Difference: minus $1.94 (current price is over target).
If BHP 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 $36.22, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 317.50 cents and EPS of 249.66 cents.
At the last closing share price the estimated dividend yield is 8.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 267.6, implying annual growth of N/A.

Current consensus DPS estimate is 308.1, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 168.25 cents and EPS of 240.16 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.3, implying annual growth of 3.3%.

Current consensus DPS estimate is 183.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.7.

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


UBS rates BHP as Buy (1) -

BHP's result was a bit of a miss due to outages. The dividend nevertheless exceeded expectations. Productivity improvements have been stymied by said outages but otherwise guidance is maintained and despite the handouts, gearing is at the lower end of the target range.

Little change to forecasts other than to account for a higher tax rate, offset by lower D&A. BHP continues to benefit from a strong pricing environment, the broker notes, particularly for iron ore and coking coal. Buy and $35 target retained.

Target price is $35.00 Current Price is $37.94 Difference: minus $2.94 (current price is over target).
If BHP meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.22, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 322.93 cents and EPS of 265.94 cents.
At the last closing share price the estimated dividend yield is 8.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 267.6, implying annual growth of N/A.

Current consensus DPS estimate is 308.1, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 213.03 cents and EPS of 308.01 cents.
At the last closing share price the estimated dividend yield is 5.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 276.3, implying annual growth of 3.3%.

Current consensus DPS estimate is 183.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.7.

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

BIN  BINGO INDUSTRIES LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $1.37

UBS rates BIN as Buy (1) -

The broker notes half of Bingo's earnings downgrade reflects the beginning of a softening in residential construction, which will to an extent be offset by infrastructure volumes, and smaller operators can only discount by so much before facing liquidity problems. The other half reflected timing issues, the broker notes.

To that end the broker suggests a halving of the stocks' value in response was an overreaction. The ACCC's delayed decision on the Dial-a-Dump acquisition creates some uncertainty, but there are offsets. Target falls to $2.55 from $3.45. Buy retained.

Target price is $2.55 Current Price is $1.37 Difference: $1.18
If BIN meets the UBS target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 43.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 3.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of -17.0%.

Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 4.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.4, implying annual growth of 25.3%.

Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: 1.0

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

BKL  BLACKMORES LIMITED

Health & Nutrition

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Overnight Price: $88.30

Citi rates BKL as Sell (5) -

Blackmores H1 results release revealed the company is underperforming sales expectations in the Chinese market, point out Citi analysts. They retain the Sell rating, while reducing the price target by -11% to $89.50 on lowered forecasts.

Citi analysts observe the company did spend more on marketing in H1, but sales growth is still more than likely to slow in H2. Also, the analysts point out Australian health insurance changes effective 1 April 2019 can potentially adversely impact on naturopaths, with flow-on for Blackmores.

Target price is $89.50 Current Price is $88.30 Difference: $1.2
If BKL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $90.92, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 290.00 cents and EPS of 384.60 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 378.4, implying annual growth of -6.9%.

Current consensus DPS estimate is 284.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 345.00 cents and EPS of 455.30 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 421.5, implying annual growth of 11.4%.

Current consensus DPS estimate is 317.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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


Credit Suisse rates BKL as Neutral (3) -

First half sales missed Credit Suisse expectations. The broker is not confident adequate sales momentum can resume in China to the extent it will support forecasts.

The company is guiding to modest revenue growth in FY19, translated to mean around 8%. If sales momentum in China does not resume the broker suspects FY20 estimates could be downgraded.

Neutral maintained. Target is reduced to $100 from $115.

Target price is $100.00 Current Price is $88.30 Difference: $11.7
If BKL meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $90.92, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 280.00 cents and EPS of 374.00 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 378.4, implying annual growth of -6.9%.

Current consensus DPS estimate is 284.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 310.00 cents and EPS of 413.00 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 421.5, implying annual growth of 11.4%.

Current consensus DPS estimate is 317.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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


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

Macquarie was disappointed with the first half result, noting margins contracted. Guidance suggests this is likely to continue in the near term.

The broker observes the company's China business is in a state of flux and sales trends are weakening despite the stronger marketing investment.

Leverage to structural tailwinds remains supportive and the broker envisages scope for improved execution.

Rating is downgraded to Neutral from Outperform. Target is reduced to $95 from $150.

Target price is $95.00 Current Price is $88.30 Difference: $6.7
If BKL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $90.92, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 283.60 cents and EPS of 373.80 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 378.4, implying annual growth of -6.9%.

Current consensus DPS estimate is 284.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 324.90 cents and EPS of 427.60 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 421.5, implying annual growth of 11.4%.

Current consensus DPS estimate is 317.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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


Morgan Stanley rates BKL as Underweight (5) -

A weak first half, driven by lack of channel clarity in China, may take time to mend, Morgan Stanley suggests. Despite significant downgrades to earnings expectations the broker finds the valuation still too rich, given there is no certainty of an earnings floor.

The company is now increasingly reliant on cost reductions for growth. Morgan Stanley maintains an Underweight rating. Significant negative earnings revisions across FY19-21 lower the broker's target to $75 from $104.

Lower near-term sales forecasts reflect soft trading in China, exacerbated by rising advertising expenditure. Industry view is: Cautious.

Target price is $75.00 Current Price is $88.30 Difference: minus $13.3 (current price is over target).
If BKL meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $90.92, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 279.00 cents and EPS of 372.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 378.4, implying annual growth of -6.9%.

Current consensus DPS estimate is 284.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 296.00 cents and EPS of 394.00 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 421.5, implying annual growth of 11.4%.

Current consensus DPS estimate is 317.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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


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

Blackmore's first-half result fell shy of the broker, thanks to a weak performance from China and a deterioration in second-quarter and third-quarter sales.

Management guided to a weaker second half and Morgans slashes forecasts -12.9%, -13.4% and -14% across FY19/FY20/FY21.

Target price falls to $86 from $107. Morgans upgrades to Hold from Reduce given the sharp retreat in the share price and notes the stock is still trading at a premium multiple to international peers despite its lower growth outlook.

Target price is $86.00 Current Price is $88.30 Difference: minus $2.3 (current price is over target).
If BKL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $90.92, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 291.00 cents and EPS of 388.00 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 378.4, implying annual growth of -6.9%.

Current consensus DPS estimate is 284.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 323.00 cents and EPS of 431.00 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 421.5, implying annual growth of 11.4%.

Current consensus DPS estimate is 317.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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


Ord Minnett rates BKL as Hold (3) -

First half net profit was below Ord Minnett's forecasts. The main disappointment was in the company's Chinese business, as net sales to consumers implied a material deterioration in growth in the second quarter.

The soft guidance and weak result has led to a significant decline in the share price and Ord Minnett believes the outlook is likely to remain under review until the company shows its China's strategy is working and operating leverage returns.

Hold maintained. Target is reduced to $100 from $130.

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

Target price is $100.00 Current Price is $88.30 Difference: $11.7
If BKL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $90.92, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 284.00 cents and EPS of 378.00 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 378.4, implying annual growth of -6.9%.

Current consensus DPS estimate is 284.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 305.00 cents and EPS of 408.00 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 421.5, implying annual growth of 11.4%.

Current consensus DPS estimate is 317.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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

BLX  BEACON LIGHTING GROUP LIMITED

Furniture & Renovation

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Overnight Price: $1.20

Citi rates BLX as Neutral (3) -

The H1 report seems to have missed expectations. Citi analysts stick with the view this is a well-run retail business, and management should have multiple drivers at its disposal to achieve growth.

Alas, post results release forecasts are being scaled back by -4%-8%. New price target is $1.23. While acknowledging the risks seem skewed to the downside for the current financial year, Citi retains its Neutral rating.

Target price is $1.23 Current Price is $1.20 Difference: $0.03
If BLX meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 5.20 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 5.30 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.77.

Market Sentiment: 0.0

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


Morgans rates BLX as Hold (3) -

Beacon Lighting's first-half result met the broker, who commended the stock's ability to gain operating expenditure leverage in the face of softer sales.

Management guided to an unpredictable trading environment, particularly ahead of the election, and forecast flat FY19 profit growth.

The broker cuts earnings-per-share forecasts -6.1%, -8.9% and -8.9% across FY19/FY20/FY21.

Target price eases to $1.30 from $1.32 to reflect a roll-forward of the valuation. Hold rating retained, the broker believing the price-earnings multiple of 14x is fair.

Target price is $1.30 Current Price is $1.20 Difference: $0.1
If BLX meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 5.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 5.30 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.00.

Market Sentiment: 0.0

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

BOQ  BANK OF QUEENSLAND LIMITED

Banks

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Overnight Price: $8.84

Morgans rates BOQ as Hold (3) -

Bank of Queensland's pre-announced first-half result was - 9% below consensus and -10% below Morgans.

Morgans notes negative earnings momentum is intensifying due to rising funding costs and price competition. The most recent APRA figures show no growth in the bank's loan book in 2018, and with weak guidance on net interest margins, the outlook is poor and the payout ratio under strain.

The broker slashes earnings-per-share forecasts -10.9%, -12.6% and -13.1%, across FY19/FY20/FY21.

Target price falls to $8.50 from $10.40. Hold rating retained, the broker keeping an eye to funding costs.

Target price is $8.50 Current Price is $8.84 Difference: minus $0.34 (current price is over target).
If BOQ meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.24, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 76.00 cents and EPS of 82.00 cents.
At the last closing share price the estimated dividend yield is 8.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.6, implying annual growth of -12.8%.

Current consensus DPS estimate is 75.0, implying a prospective dividend yield of 8.5%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 76.00 cents and EPS of 77.00 cents.
At the last closing share price the estimated dividend yield is 8.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.3, implying annual growth of -1.6%.

Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 8.5%.

Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: -0.4

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

CAJ  CAPITOL HEALTH LIMITED

Healthcare services

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Overnight Price: $0.26

Credit Suisse rates CAJ as Outperform (1) -

Credit Suisse believes the stock is too cheap, as the company's suburban and largely bulk-billed radiology model should hold up a lot better than the multiples suggest. Moreover, there is a healthy balance sheet.

Credit Suisse changes analyst and maintains an Outperform rating and $0.35 target.

Target price is $0.35 Current Price is $0.26 Difference: $0.09
If CAJ meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 1.07 cents and EPS of 1.78 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.61.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 1.22 cents and EPS of 2.03 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.81.

Market Sentiment: 1.0

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

COH  COCHLEAR LIMITED

Medical Equipment & Devices

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Overnight Price: $173.82

Citi rates COH as Downgrade to Neutral from Buy (3) -

Yesterday already, Citi analysts responded they found the interim release a "mixed" result. The key surprise is the impact felt by the launch of the AB HiResUltra3D Cochlear Implant in the USA by competitor Sonova.

Note the analysts: MedEl (another competitor) has had an MRI compatible product for years and it had little impact in the US market. Citi does anticipate a response from Cochlear through development of its own MRI compatible product.

In the meantime, the analysts expect Cochlear to arrest further market share losses with existing products and marketing efforts. Estimates have been lowered by -2%-3%. Price target drops -5% to $190. Recommendation downgraded to Neutral from Buy.

Target price is $190.00 Current Price is $173.82 Difference: $16.18
If COH meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $168.11, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 335.00 cents and EPS of 479.00 cents.
At the last closing share price the estimated dividend yield is 1.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 464.5, implying annual growth of 8.7%.

Current consensus DPS estimate is 323.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 380.00 cents and EPS of 540.00 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 508.9, implying annual growth of 9.6%.

Current consensus DPS estimate is 356.8, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 34.2.

Market Sentiment: -0.5

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


Credit Suisse rates COH as Downgrade to Underperform from Neutral (5) -

First half sales were below Credit Suisse estimates, affected by competition. The broker expects market share losses and increased competition will heat up in the second half and into FY20.

Unit sales growth is expected to recover to around 6% in FY20. Factoring in weaker implant sales growth Credit Suisse reduces estimates by -2% for FY19.

In an environment where the company is losing share and the stock is considered overvalued, Credit Suisse downgrades to Underperform from Neutral. Target is reduced to $168 from $195.

Target price is $168.00 Current Price is $173.82 Difference: minus $5.82 (current price is over target).
If COH 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 $168.11, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 321.00 cents and EPS of 460.00 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 464.5, implying annual growth of 8.7%.

Current consensus DPS estimate is 323.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 345.00 cents and EPS of 494.00 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 35.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 508.9, implying annual growth of 9.6%.

Current consensus DPS estimate is 356.8, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 34.2.

Market Sentiment: -0.5

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


Deutsche Bank rates COH as Hold (3) -

Cochlear reported no implant sales growth in the first half, which Deutsche Bank finds overshadowed strong sales upgrades, margin expansion and high cash flow conversion.

The broker suggests the weak implant sales could affect future upgrades sales if not addressed, despite the strong growth in upgrades.

The broker downgrades the target to $168 from $194 and retains a Hold rating.

Target price is $168.00 Current Price is $173.82 Difference: minus $5.82 (current price is over target).
If COH meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 464.5, implying annual growth of 8.7%.

Current consensus DPS estimate is 323.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY20:

Current consensus EPS estimate is 508.9, implying annual growth of 9.6%.

Current consensus DPS estimate is 356.8, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 34.2.

Market Sentiment: -0.5

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


Macquarie rates COH as Underperform (5) -

First half net profit was below Macquarie's forecasts, largely because of lower implant unit sales revenue. FY19 guidance has been reaffirmed.

Macquarie observes increased competition in the US and Western Europe is having an impact on implant sales, notwithstanding strong sales of upgrades and ongoing manufacturing efficiencies.

Investment in sales and marketing/R&D should support medium-longer-term growth, in the broker's view. Given a lack of appeal on a PE/growth basis, Macquarie retains an Underperform rating. Target is $170.

Target price is $170.00 Current Price is $173.82 Difference: minus $3.82 (current price is over target).
If COH meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 323.80 cents and EPS of 463.80 cents.
At the last closing share price the estimated dividend yield is 1.86%.
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 464.5, implying annual growth of 8.7%.

Current consensus DPS estimate is 323.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 360.50 cents and EPS of 515.00 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 508.9, implying annual growth of 9.6%.

Current consensus DPS estimate is 356.8, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 34.2.

Market Sentiment: -0.5

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


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

Unit growth has softened as competitor implants are rolled out. First half unit sales were around -5% below Morgan Stanley's estimates. However, services & upgrades revenue was 10% above forecasts.

Morgan Stanley observes this scenario has occurred before, where market share varies on the back of product cycles. The N7 processor should provide some protection from loss of share in new patients, the broker suggests.

Morgan Stanley retains an Equal-weight rating and reduces the target to $160 from $176. In-Line industry view.

Target price is $160.00 Current Price is $173.82 Difference: minus $13.82 (current price is over target).
If COH 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 $168.11, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 315.80 cents and EPS of 456.00 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 464.5, implying annual growth of 8.7%.

Current consensus DPS estimate is 323.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 346.20 cents and EPS of 500.00 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 508.9, implying annual growth of 9.6%.

Current consensus DPS estimate is 356.8, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 34.2.

Market Sentiment: -0.5

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


Morgans rates COH as Hold (3) -

Cochlear's first-half result broadly met the broker, reporting double-digit dividend growth, thanks to strong revenue growth, a foreign-exchange tailwind and manufacturing efficiencies.

While the result was solid, Morgans expresses uncertainty around managements competitive and research-and-development leadership, noting no visible timeline to stemming market share losses to competitors.

The broker notes valuation remains extended and eases the share price to $175.90 from $177.80, awaiting a better entry point. Hold rating retained.

Target price is $175.90 Current Price is $173.82 Difference: $2.08
If COH meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $168.11, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 326.00 cents and EPS of 466.00 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 37.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 464.5, implying annual growth of 8.7%.

Current consensus DPS estimate is 323.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 353.00 cents and EPS of 505.00 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 508.9, implying annual growth of 9.6%.

Current consensus DPS estimate is 356.8, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 34.2.

Market Sentiment: -0.5

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


Ord Minnett rates COH as Lighten (4) -

First half net profit was ahead of Ord Minnett's forecasts. The company now faces a tough 2019 amid competitive challenges that have caused its market lead to erode, the broker notes.

This may be a temporary setback, as the company is almost certain to respond with a new product offering by early 2020.

Earnings growth is expected to be maintained, although Ord Minnett suggests declining unit sales and the legal case regarding intellectual property may test investor nerves.

Ord Minnett maintains a Lighten rating and reduces the target to $155 from $171.

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

Target price is $155.00 Current Price is $173.82 Difference: minus $18.82 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 325.00 cents and EPS of 466.00 cents.
At the last closing share price the estimated dividend yield is 1.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 464.5, implying annual growth of 8.7%.

Current consensus DPS estimate is 323.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 359.00 cents and EPS of 506.00 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 508.9, implying annual growth of 9.6%.

Current consensus DPS estimate is 356.8, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 34.2.

Market Sentiment: -0.5

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


UBS rates COH as Sell (5) -

Cochlear's profit result fell short of the broker but notably unit sales missed forecasts by -10% while service sales beat by 4%. This mix led to strong margins and solid cash conversion.

While increased competition and constrained European health budgets were blamed, the broker ponders whether slowing unit sales simply reflect a base that cannot keep growing forever. The infrastructure and process required to facilitate implantation are not always scalable at all clinics. New product launches remain potential key catalysts but in the meantime the broker retains Sell.

Target falls to $158 from $160.

Target price is $158.00 Current Price is $173.82 Difference: minus $15.82 (current price is over target).
If COH meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 318.00 cents and EPS of 461.00 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 464.5, implying annual growth of 8.7%.

Current consensus DPS estimate is 323.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 354.00 cents and EPS of 502.00 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 508.9, implying annual growth of 9.6%.

Current consensus DPS estimate is 356.8, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 34.2.

Market Sentiment: -0.5

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

COL  COLES GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $11.42

Citi rates COL as Buy (1) -

Coles' maiden financial results release in stand alone-format missed market expectations and softer sales, rising costs and an apparent lack of operating leverage are to blame, Citi comments.

Forecasts have been lowered by -5% for FY19 and by -6% for FY20. Price target drops to $13.40 from $14. Woolworths ((WOW)) is expected to continue performing better.

Longer term, Citi analysts expect Coles' Supermarket margin recovery to commence in 2H20 and take more than five years to return towards normalised levels, defined as 4.9% long term margin. Buy.

Target price is $13.40 Current Price is $11.42 Difference: $1.98
If COL meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 34.10 cents and EPS of 9.90 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 115.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.7, implying annual growth of N/A.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 58.60 cents and EPS of 69.20 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.5, implying annual growth of 11.6%.

Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.3

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


Credit Suisse rates COL as Underperform (5) -

The company has outlined a number of near and medium-term challenges but has offered few solutions, Credit Suisse observes. Earnings growth is expected to remain weak.

Paradoxically, while wages growth is soft across the economy, constraining spending, higher retail wages are a significant headwind, the broker points out.

Credit Suisse remains happy to be on the sidelines. Underperform rating maintained. Target is raised to $10.84 from $10.68.

Target price is $10.84 Current Price is $11.42 Difference: minus $0.58 (current price is over target).
If COL meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.92, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 30.19 cents and EPS of 65.70 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.7, implying annual growth of N/A.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 55.36 cents and EPS of 65.13 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.5, implying annual growth of 11.6%.

Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.3

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


Deutsche Bank rates COL as Hold (3) -

Like-for-like sales growth was weaker than Deutsche Bank expected. The broker believes the company has a lot of work to do and looks for more detail at the strategy briefing in June.

Still, there is no indication there is another large earnings re-set coming. Costs are growing faster than sales and margin dilution is expected to be difficult to avoid.

Hence, Deutsche Bank believes Woolworths ((WOW)) will gain share for some time. Hold rating and $12.50 target maintained.

Target price is $12.50 Current Price is $11.42 Difference: $1.08
If COL meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 58.7, implying annual growth of N/A.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY20:

Current consensus EPS estimate is 65.5, implying annual growth of 11.6%.

Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.3

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


Macquarie rates COL as Neutral (3) -

While first half supermarket sales growth was strong, Macquarie expected more operating leverage. Cost pressures continue and the broker believes the earnings risk is to the downside.

The stock is trading off its lows from December and the broker suggests earnings headwinds are building. Target is reduced to $12.19 from $13.19. Neutral maintained.

Target price is $12.19 Current Price is $11.42 Difference: $0.77
If COL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 86.20 cents and EPS of 57.40 cents.
At the last closing share price the estimated dividend yield is 7.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.7, implying annual growth of N/A.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 57.00 cents and EPS of 67.10 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.5, implying annual growth of 11.6%.

Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.3

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


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

Morgan Stanley is concerned about near-term earnings as top-line growth is soft and there are continued cost pressures.

Still, the broker is loath to extrapolate the soft results much further and looks ahead to the June strategy briefing, which should provide a clearer view on capital expenditure and initiatives.

Equal-Weight retained. Industry view: Cautious. Target is reduced to $12.00 from $12.50.

Target price is $12.00 Current Price is $11.42 Difference: $0.58
If COL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 34.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.7, implying annual growth of N/A.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 57.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.5, implying annual growth of 11.6%.

Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.3

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


Morgans rates COL as Hold (3) -

Coles first-half result missed the broker. Liquor was strong but supermarkets disappointed as costs rose (labour costs, the transition to plastic bags and higher energy prices), heralding margin pressure.

The balance sheet was solid although operating cash flow weakened. The group lost market share in NSW - an area of concern for the broker given the long turnaround time to address it.

The broker revises FY19 earnings and net profit after tax forecasts down -7%. Target price falls to $12.15 from $12.37. Hold rating retained.

Target price is $12.15 Current Price is $11.42 Difference: $0.73
If COL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 28.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.7, implying annual growth of N/A.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 55.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.5, implying annual growth of 11.6%.

Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.3

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


Ord Minnett rates COL as Downgrade to Lighten from Hold (4) -

First half results were below Ord Minnett's forecasts with weak like-for-like sales growth and rising costs of doing business. As a result, the broker downgrades to Lighten from Hold.

The challenges the retailer faces are worse than the broker had feared and several of these are structural. Target is reduced to $11.00 from $12.25.

Target price is $11.00 Current Price is $11.42 Difference: minus $0.42 (current price is over target).
If COL meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.92, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 29.00 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 2.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.7, implying annual growth of N/A.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 52.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.5, implying annual growth of 11.6%.

Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.3

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


UBS rates COL as Sell (5) -

Coles' result fell short of the broker on higher supermarket costs and lost market share in the second quarter. Liquor did well and cash flow was otherwise strong but margins compressed.

The CEO has announced a "strategy refresh" due to a negative outlook, which the broker assumes means spending money. The broker is positive on the grocery sector in FY19-20 but negative on Coles specifically given required investment and retains Sell, while maintaining Buys on the other two listed supermarkets. Target falls to $11.30 from $11.70.

Target price is $11.30 Current Price is $11.42 Difference: minus $0.12 (current price is over target).
If COL meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.92, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 23.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.7, implying annual growth of N/A.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 54.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.5, implying annual growth of 11.6%.

Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.3

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

CRN  CORONADO GLOBAL RESOURCES

Coal

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Overnight Price: $3.65

Credit Suisse rates CRN as Outperform (1) -

2018 underlying earnings were slightly softer than expected but overshadowed by a maiden dividend of US$0.31, which includes a US $0.25 special dividend.

Credit Suisse finds a bit more colour to the production opportunity. The revised Curragh mine plan is still on target for mid year.

The broker maintains an Outperform rating and reduces the target to $3.80 from $4.10. Pricing remains buoyant and the broker envisages upside to earnings and dividends going forward.

Target price is $3.80 Current Price is $3.65 Difference: $0.15
If CRN meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 49.01 cents and EPS of 52.89 cents.
At the last closing share price the estimated dividend yield is 13.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.90.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 27.40 cents and EPS of 25.89 cents.
At the last closing share price the estimated dividend yield is 7.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of -45.3%.

Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 1.0

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


Morgans rates CRN as Add (1) -

Morgans is forecasting a 25%-plus yield over 13 months for metallurgical coal company Coronado Global Resources.

The broker notes the full-year results either met or outpaced its prospectus and Morgan's estimates. The company also announced a special dividend and upgraded production and reserve figures.

Morgans lifts the target price to $4.05 from $3.97 and maintains an Add rating.

Target price is $4.05 Current Price is $3.65 Difference: $0.4
If CRN meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 51.56 cents and EPS of 62.42 cents.
At the last closing share price the estimated dividend yield is 14.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.85.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 23.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 6.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of -45.3%.

Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 1.0

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


UBS rates CRN as Buy (1) -

Coronado's result beat the prospectus but fell short of the broker. Realised prices exceeded the prospectus but so too did costs given disruptions to the rail network at Curragh. But not only was the ordinary dividend greater than expected, a special came as a complete surprise, to be funded by cash and debt.

FY guidance is ahead of UBS, which notes significant upside were current spot prices to be used in valuation. Buy retained, target rises to $3.70 from $3.60.

Target price is $3.70 Current Price is $3.65 Difference: $0.05
If CRN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 54.27 cents and EPS of 54.27 cents.
At the last closing share price the estimated dividend yield is 14.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.73.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 42.06 cents and EPS of 33.92 cents.
At the last closing share price the estimated dividend yield is 11.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of -45.3%.

Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 1.0

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

CWN  CROWN RESORTS LIMITED

Gaming

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Overnight Price: $11.57

Macquarie rates CWN as Neutral (3) -

Upon early assessment, it appears the interim result has missed Macquarie's estimate by -4%, and higher costs are among the factors to blame, as well as lower VIP turnover. Macquarie highlights VIP volumes softened through November and December plus the growth comp in 2H19 is genuinely "challenging" at +109% yoy.

The analysts retain a cautious stance and believe market consensus is cum further downgrades.

Target price is $12.65 Current Price is $11.57 Difference: $1.08
If CWN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.88, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 60.00 cents and EPS of 60.20 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.3, implying annual growth of -24.5%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 60.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 7.3%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 0.0

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

DMP  DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $44.46

Citi rates DMP as Neutral (3) -

Upon early assessment of the interim report release, Citi suggests the report is indicative of slowing growth for the company. The analysts estimate market consensus is likely to reset lower by some -4%-5% for FY19.

Target price is $43.40 Current Price is $44.46 Difference: minus $1.06 (current price is over target).
If DMP meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.99, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 124.90 cents and EPS of 177.00 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 25.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.4, implying annual growth of 26.5%.

Current consensus DPS estimate is 127.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 144.30 cents and EPS of 203.70 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 15.9%.

Current consensus DPS estimate is 148.2, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.8.

Market Sentiment: -0.3

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


Macquarie rates DMP as Outperform (1) -

In initial response to the release of interim financials, Macquarie analysts find the H1 performance in line, but guidance for full year implies a reset to the lower end of prior guidance. While the latter might come as a disappointment to some, Macquarie counters this stock no longer needs further de-rating.

Target price is $54.00 Current Price is $44.46 Difference: $9.54
If DMP meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $47.99, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 125.50 cents and EPS of 178.10 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 24.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.4, implying annual growth of 26.5%.

Current consensus DPS estimate is 127.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 146.30 cents and EPS of 207.20 cents.
At the last closing share price the estimated dividend yield is 3.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 15.9%.

Current consensus DPS estimate is 148.2, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.8.

Market Sentiment: -0.3

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

EHL  EMECO HOLDINGS LTD

Mining Sector Contracting

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Overnight Price: $2.43

Macquarie rates EHL as Outperform (1) -

First half earnings were largely in line with Macquarie's estimates, although revenue was below.

The broker believes the sell-off in the stock was overdone and the company is well-placed to leverage its diversified asset base in an industry which remains favourable.

Valuation appears undemanding and the broker retains an Outperform rating.

Target is reduced to $3.15 from $4.50, driven by downward revisions to the broker's estimates for earnings per share in FY19 and FY20, which are reduced -17% and -9%, respectively.

Target price is $3.15 Current Price is $2.43 Difference: $0.72
If EHL meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 21.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.10.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 29.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.24.

Market Sentiment: 1.0

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


Morgans rates EHL as Add (1) -

Emeco Holdings' first-half result met the broker, a sharp improvement in earnings margins the highlight, thanks to cost control and productivity gains. Net utilisation rose but several abnormals reduced transparency.

The company also announced it would invest $90m into 35-40 machines - a bring-forward for replacement capital, which will postpone the reinstatement of dividends, hits free-cash generation and de-gearing - a decision Morgans describes as poorly articulated.

The broker cuts utilisation and growth rates assumption, resulting in -7% to -10% cuts to FY19/FY20 earnings forecasts. 

Target price falls to $3 from $3.55. Morgans remains perplexed about the share price discount to value and retains an Add rating.

Target price is $3.00 Current Price is $2.43 Difference: $0.57
If EHL meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.57.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.29.

Market Sentiment: 1.0

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

FLN  FREELANCER LIMITED

IT & Support

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Overnight Price: $0.65

UBS rates FLN as Neutral (3) -

It appears Freelancer's result beat the broker on revenues but missed on earnings. Growth is gradually returning to the Marketplace business, the broker notes, and could be driven higher by platform improvements. The broker remains positive on the Enterprise opportunity but the delay reminds new revenue streams can take longer to ramp up than first hoped.

The broker is optimistic on growth but wants to see tangible signs before moving off Neutral. Target falls to 70c from 77c.

Target price is $0.70 Current Price is $0.65 Difference: $0.05
If FLN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 325.00.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 92.86.

Market Sentiment: 0.0

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

FMG  FORTESCUE METALS GROUP LTD

Iron Ore

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Overnight Price: $6.68

Macquarie rates FMG as Outperform (1) -

Upon initial read post interim report release, Macquarie analysts believe the financial result was better-than-expected, but the real surprise seems to be the 30c special dividend, which is well ahead of Macquarie's expectation for 10c.

Target price is $7.50 Current Price is $6.68 Difference: $0.82
If FMG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.61, suggesting downside of -16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 84.13 cents and EPS of 125.37 cents.
At the last closing share price the estimated dividend yield is 12.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of N/A.

Current consensus DPS estimate is 51.1, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 78.70 cents and EPS of 124.97 cents.
At the last closing share price the estimated dividend yield is 11.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.5, implying annual growth of -15.4%.

Current consensus DPS estimate is 46.4, implying a prospective dividend yield of 6.9%.

Current consensus EPS estimate suggests the PER is 13.8.

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

Market Sentiment: 0.0

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

GDG  GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management & Investments

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Overnight Price: $0.65

Morgans rates GDG as Add (1) -

Generation Development Group's strong first-half result fell -20% short of the broker, given a lower than expected life management tax benefit.

Morgans says the good outweighed the bad and expects an upswing now that Project Clearwater's cost pressure has been cycled.

Broker cuts NPAT forecasts -2% to -4% for FY19/FY20 to reflect the tax benefit and likely slightly higher expenses.

Target price falls to $1.06 from $1.18. Add rating retained, the broker believing the stock represents a good long-term earnings growth opportunity.

Target price is $1.06 Current Price is $0.65 Difference: $0.41
If GDG meets the Morgans target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 2.00 cents and EPS of 2.00 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.50.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 2.00 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.12.

Market Sentiment: 1.0

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

IDX  INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices

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Overnight Price: $3.00

Credit Suisse rates IDX as Outperform (1) -

Credit Suisse observes the regulatory outlook is benign and growth is solid. Gearing may be slightly higher than the broker would prefer but the limited capital expenditure is driving solid cash flow generation.

Outperform rating maintained. Target rises to $3.20 from $3.15. The company reports its first half result on February 21.

Target price is $3.20 Current Price is $3.00 Difference: $0.2
If IDX meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 13.42 cents and EPS of 19.17 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 15.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 71.3%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 14.22 cents and EPS of 20.32 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 6.2%.

Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.7

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

IFL  IOOF HOLDINGS LIMITED

Wealth Management & Investments

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Overnight Price: $6.12

Citi rates IFL as Neutral (3) -

Yesterday already, Citi indicated the released interim report represented a slight miss vis-a-vis market consensus, while labelling it "broadly in line". Yet, the analysts also believe management is doing a commendable job in restoring investor confidence.

Though company-specific risks remain, Citi is also of the view that extreme regulatory risks have now likely moderated. Marking to market leads to minor increases to forecasts. Significant downside risk remains attached to the deal with ANZ Bank ((ANZ)) potentially falling through, remind the analysts.

Neutral, High Risk rating remains in place, while the price target remains at $5.70.

Target price is $5.70 Current Price is $6.12 Difference: minus $0.42 (current price is over target).
If IFL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.68, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 51.50 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 8.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 117.0%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 58.00 cents and EPS of 64.90 cents.
At the last closing share price the estimated dividend yield is 9.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.9, implying annual growth of 8.0%.

Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 8.7%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.0

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


Credit Suisse rates IFL as Neutral (3) -

First half results missed Credit Suisse estimates. Commentary regarding the impact of the Hayne Royal Commission was largely in line with the broker's observations.

The broker suspects the higher cost profile is likely to be an ongoing feature of earnings and also synergies are likely to be reduced from the ANZ wealth acquisition.

The broker maintains a Neutral rating and raises the target to $5.60 from $5.30.

Target price is $5.60 Current Price is $6.12 Difference: minus $0.52 (current price is over target).
If IFL meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.68, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 51.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 8.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 117.0%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 50.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 8.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.9, implying annual growth of 8.0%.

Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 8.7%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.0

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


Macquarie rates IFL as Neutral (3) -

First half results were below estimates. Macquarie observes the company has been able to address some areas of uncertainty as well as the elevated level of short interest coming into the result.

However, uncertainty is likely to weigh on the stock and the next major catalyst is the decision by OnePath custodians as to whether the ANZ wealth transaction will go ahead.

The broker maintains a Neutral rating and raises the target to $5.90 from $4.75.

Target price is $5.90 Current Price is $6.12 Difference: minus $0.22 (current price is over target).
If IFL 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 $5.68, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 51.50 cents and EPS of 57.30 cents.
At the last closing share price the estimated dividend yield is 8.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 117.0%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 56.50 cents and EPS of 66.70 cents.
At the last closing share price the estimated dividend yield is 9.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.9, implying annual growth of 8.0%.

Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 8.7%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.0

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


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

Morgan Stanley observes progress in addressing APRA's licence conditions and there is greater clarity on the earnings risk from potential changes to legislation.

The best estimate of $5-10m in remediation costs for corporate super and deceased estates was reiterated.

Equal-weight. Target is raised to $5.75 from $5.00. Industry view: In Line.

Target price is $5.75 Current Price is $6.12 Difference: minus $0.37 (current price is over target).
If IFL meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.68, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 51.50 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 8.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 117.0%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 58.00 cents and EPS of 75.00 cents.
At the last closing share price the estimated dividend yield is 9.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.9, implying annual growth of 8.0%.

Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 8.7%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.0

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


UBS rates IFL as Neutral (3) -

IOOF's earnings fell -7% short but the broker is heartened by announced new initiatives to improve governance processes and implement a full advice review program, which is seen as a positive strategic step forward.

But it will cost, ensuring further pressure on earnings into FY20. The move will nevertheless leave IOOF better positioned to deal with an increasingly challenging wealth management market, the broker believes. Neutral retained, target rises to $5.47 from $5.00.

Target price is $5.47 Current Price is $6.12 Difference: minus $0.65 (current price is over target).
If IFL 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 $5.68, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 53.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 8.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 117.0%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 45.00 cents and EPS of 43.00 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 14.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.9, implying annual growth of 8.0%.

Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 8.7%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.0

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

INA  INGENIA COMMUNITIES GROUP

Aged Care & Seniors

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Overnight Price: $3.19

Morgans rates INA as Hold (3) -

Ingenia Communities first-half result met the broker and management reiterated FY19 guidance for 15% to 20% growth in earnings before interest and tax and 5-10% EPS growth.

Despite softer housing conditions, the company is progressing towards its settlement target of 350 and the balance sheet is solid.

But the broker notes challenging conditions ahead and eases earnings-per-share forecasts -1.4%, -7.7% and -6.4% across FY19/FY20/FY21.

Target price eases to $3.24 from $3.25. Hold rating retained.

Target price is $3.24 Current Price is $3.19 Difference: $0.05
If INA meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 11.00 cents and EPS of 19.13 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.68.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 10.90 cents and EPS of 18.94 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.84.

Market Sentiment: 0.0

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

ISU  ISELECT LIMITED

Insurance

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Overnight Price: $0.76

Credit Suisse rates ISU as Neutral (3) -

First half results exceeded Credit Suisse estimates and improved margins stood out.

The broker notes regulatory change is still affecting a number of industry verticals and earnings are skewed to the second half, although the company has taken steps to improve the latter.

Amid residual risks to forecasts, Credit Suisse maintains a Neutral rating. Target is raised to $0.86 from $0.84.

Target price is $0.86 Current Price is $0.76 Difference: $0.1
If ISU meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.51 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.79.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 3.00 cents and EPS of 6.72 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.31.

Market Sentiment: 0.0

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

MGX  MOUNT GIBSON IRON LIMITED

Iron Ore

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Overnight Price: $0.71

Citi rates MGX as Neutral (3) -

Citi analysts have updated their estimates for the price of iron ore, and the impact for a small producer such as Mt Gibson is nothing short of "dramatic". Substantially higher cash projections also open up opportunities for capital management.

Citi's valuation jumps to $0.78 from $0.53 and the analysts have raised their price target to $0.80 from $0.53. Neutral/High Risk rating retained.

Target price is $0.80 Current Price is $0.71 Difference: $0.09
If MGX meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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


Macquarie rates MGX as Outperform (1) -

First half results beat Macquarie's estimates. First ore from Koolan island is delayed to April. The broker expects the company to generate positive free cash flow from FY20 onwards.

Upside at the current iron ore price is evident. Outperform rating and $0.78 target maintained. The broker increases estimates for earnings per share by around 21% for FY19.

Target price is $0.78 Current Price is $0.71 Difference: $0.07
If MGX meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 3.00 cents and EPS of 6.10 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 11.64.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 5.00 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 7.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.49.

Market Sentiment: 0.5

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

MND  MONADELPHOUS GROUP LIMITED

Mining Sector Contracting

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Overnight Price: $17.88

Citi rates MND as Neutral (3) -

As reported in yesterday's entry, Citi analysts spotted a better-than-expected performance. Alas, they also believe improving dynamics for Monadelphous have already been priced in, hence the Neutral rating remains in place.

The analysts note the shares trade at a premium vis-a-vis peers. Estimates have been lifted by 5-15%. Price target lifts to $16.80, up 17%.

Target price is $16.80 Current Price is $17.88 Difference: minus $1.08 (current price is over target).
If MND meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 56.00 cents and EPS of 67.50 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of -10.5%.

Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 73.00 cents and EPS of 89.10 cents.
At the last closing share price the estimated dividend yield is 4.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.1, implying annual growth of 25.0%.

Current consensus DPS estimate is 71.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.0.

Market Sentiment: -0.2

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


Citi rates MND as Neutral (3) -

As reported in yesterday's entry, Citi analysts spotted a better-than-expected performance. Alas, they also believe improving dynamics for Monadelphous have already been priced in, hence the Neutral rating remains in place.

The analysts note the shares trade at a premium vis-a-vis peers. Estimates have been lifted by 5-15%. Price target lifts to $16.80, up 17%. Engineering Construction revenue is projected to grow at 27% CAGR over FY19–FY21, but risks are not far off, according to the analysts.

Target price is $16.80 Current Price is $17.88 Difference: minus $1.08 (current price is over target).
If MND meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 56.00 cents and EPS of 67.50 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of -10.5%.

Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 73.00 cents and EPS of 89.10 cents.
At the last closing share price the estimated dividend yield is 4.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.1, implying annual growth of 25.0%.

Current consensus DPS estimate is 71.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.0.

Market Sentiment: -0.2

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


Credit Suisse rates MND as Neutral (3) -

First half results were slightly ahead of Credit Suisse estimates. The company has secured $770m in contracts since the start of FY19.

Credit Suisse believes a big opportunity exists for Monadelphous to capitalise on the iron ore replacement mine cycle.

The broker retains a Neutral rating, as the stock trades on elevated multiples. Target is raised to $16.80 from $15.10.

Target price is $16.80 Current Price is $17.88 Difference: minus $1.08 (current price is over target).
If MND meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 56.87 cents and EPS of 71.09 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of -10.5%.

Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 77.03 cents and EPS of 90.62 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.1, implying annual growth of 25.0%.

Current consensus DPS estimate is 71.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.0.

Market Sentiment: -0.2

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


Deutsche Bank rates MND as Sell (5) -

First half results beat guidance and Deutsche Bank was impressed by the margin expansion. The company has been able to replace most of the revenue now the Ichthys contract has been completed.

Deutsche Bank retains a Sell rating, given the valuation. Target is $13.30.

Target price is $13.30 Current Price is $17.88 Difference: minus $4.58 (current price is over target).
If MND meets the Deutsche Bank target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 68.1, implying annual growth of -10.5%.

Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY20:

Current consensus EPS estimate is 85.1, implying annual growth of 25.0%.

Current consensus DPS estimate is 71.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.0.

Market Sentiment: -0.2

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


Macquarie rates MND as Neutral (3) -

First half net profit was 13% above Macquarie's forecasts. Maintenance and industrial business drove the momentum.

The broker notes sequential margin improvement, which represents the first form of margin stabilisation in two years.

Maintenance is now at record levels and and represents 63% of group revenue, which the broker believes is a more reliable and high-value earnings stream relative to construction.

Neutral maintained. Target rises to $17.45 from $15.02.

Target price is $17.45 Current Price is $17.88 Difference: minus $0.43 (current price is over target).
If MND meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 55.40 cents and EPS of 67.70 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of -10.5%.

Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 65.20 cents and EPS of 78.90 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 22.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.1, implying annual growth of 25.0%.

Current consensus DPS estimate is 71.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.0.

Market Sentiment: -0.2

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


Ord Minnett rates MND as Lighten (4) -

First half net profit was below Ord Minnett's forecasts. Revenue was slightly stronger than expected, driven by growth in maintenance.

The broker envisages scope for continued contract wins but factors a significant amount of growth already into forecasts.

Lighten rating maintained. Target rises to $14.95 from $13.02.

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

Target price is $14.95 Current Price is $17.88 Difference: minus $2.93 (current price is over target).
If MND meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 56.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of -10.5%.

Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 65.00 cents and EPS of 77.00 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.1, implying annual growth of 25.0%.

Current consensus DPS estimate is 71.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.0.

Market Sentiment: -0.2

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


UBS rates MND as Buy (1) -

Monadelphous posted a solid result, ahead of the broker. The decline in revenues was less than guidance suggested and a recovery in margins is noteworthy. FY19 revenue decline guidance is also not as bad as the broker had forecast.

Declines reflect a contractor in a transition year, the broker notes, as the big LNG projects reach completion to be soon be replaced by iron ore sustaining & replacement capex. The outlook for tenders is strong. Buy retained, target rises to $19.00 from $17.60.

Target price is $19.00 Current Price is $17.88 Difference: $1.12
If MND meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 58.00 cents and EPS of 68.00 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 26.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.1, implying annual growth of -10.5%.

Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 26.3.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 76.00 cents and EPS of 90.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.1, implying annual growth of 25.0%.

Current consensus DPS estimate is 71.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.0.

Market Sentiment: -0.2

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

OGC  OCEANAGOLD CORPORATION

Gold & Silver

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Overnight Price: $4.73

Credit Suisse rates OGC as Underperform (5) -

2018 earnings were below Credit Suisse estimates. Costs were ahead of forecasts, most significant at Haile. The broker notes mine life extensions across all operations.

2019 all-in sustaining cost guidance is US$850-900/oz. The decline in the share price has meant the stock stands out as a materially less expensive option versus its peers.

Credit Suisse maintains an Underperform rating and $4 target.

Target price is $4.00 Current Price is $4.73 Difference: minus $0.73 (current price is over target).
If OGC meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.84, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 4.07 cents and EPS of 9.09 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.0, implying annual growth of N/A.

Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 5.43 cents and EPS of 18.09 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.3, implying annual growth of 44.8%.

Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 14.2.

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

Market Sentiment: 0.1

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

ONT  1300 SMILES LIMITED

Healthcare services

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Overnight Price: $6.30

Morgans rates ONT as Upgrade to Add from Hold (1) -

1300 Smiles' solid first-half result met the broker. Morgans notes the stock is on track for FY19 and leaves forecasts unchanged but upgrades to Add from Hold noting the retreat in the share price.

Target price is steady at $6.85.

Target price is $6.85 Current Price is $6.30 Difference: $0.55
If ONT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 24.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 3.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.69.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 25.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.53.

Market Sentiment: 1.0

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

ORE  OROCOBRE LIMITED

New Battery Elements

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Overnight Price: $3.20

Credit Suisse rates ORE as Outperform (1) -

The company has downgraded FY19 production expectations because of heavy rainfall. Guidance has been revised to approximately the same as that achieved in FY18.

Credit Suisse observes the potential for a knock-on impact in FY20. The weather-related downgrade highlights the need for execution of the pond and plant enhancements at Olaroz to reduce variability, in the broker's view.

Outperform rating and $5.15 target maintained.

Target price is $5.15 Current Price is $3.20 Difference: $1.95
If ORE meets the Credit Suisse target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 58.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 15.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of 1237.3%.

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

Current consensus EPS estimate suggests the PER is 28.8.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 19.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 21.6%.

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

Current consensus EPS estimate suggests the PER is 23.7.

Market Sentiment: 0.8

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


Macquarie rates ORE as Neutral (3) -

Production is being downgraded because of unseasonal rainfall. Production in FY19 will now be flat versus FY18. This is a -12% reduction to Macquarie's forecasts.

Until contracts for 2019 are locked in and debt for the expansion is secured, Macquarie believes the risks are not yet worth the potential upside and maintains a Neutral rating. Target is reduced to $3.30 from $3.40.

Target price is $3.30 Current Price is $3.20 Difference: $0.1
If ORE meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 58.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 68.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of 1237.3%.

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

Current consensus EPS estimate suggests the PER is 28.8.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 200.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 21.6%.

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

Current consensus EPS estimate suggests the PER is 23.7.

Market Sentiment: 0.8

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


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

The company has downgraded production guidance for FY19 to be in line with the prior year, because of higher-than-expected rainfall.

Morgan Stanley is disappointed with what it calculates is a -12% downgrade to production guidance, as this shows there is still some way to go in sorting out the issues in the stage I circuit.

Equal-weight rating, $3.80 target and Attractive industry view maintained.

Target price is $3.80 Current Price is $3.20 Difference: $0.6
If ORE meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 58.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.71 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 117.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of 1237.3%.

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

Current consensus EPS estimate suggests the PER is 28.8.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 4.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 78.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of 21.6%.

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

Current consensus EPS estimate suggests the PER is 23.7.

Market Sentiment: 0.8

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

OSH  OIL SEARCH LIMITED

NatGas

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Overnight Price: $8.18

Citi rates OSH as Neutral (3) -

Citi analysts have been re-modeling, and revisiting their assumptions for Oil Search. The end result is that the price target has moved up to $7.91 from $7.47.

The analysts see plenty of catalysts on the horizon to get this share price moving. In the meantime, Neutral rating retained.

While Citi retains a positive view on PNG LNG, and a potentially larger stake/involvement for Oil Search, the analysts also remain of the view a cautious stance towards LNG markets remains most appropriate. Citi believes equity markets look complacent on demand and long-term contract pricing.

Target price is $7.91 Current Price is $8.18 Difference: minus $0.27 (current price is over target).
If OSH meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 19.00 cents and EPS of 38.67 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 19.00 cents and EPS of 39.62 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of 5.1%.

Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.0.

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

Market Sentiment: 0.5

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


Credit Suisse rates OSH as Neutral (3) -

2018 net profit slightly missed expectations, mainly because of costs. 2019 production is disproportionately weighted to the company operated assets and Credit Suisse conservatively forecasts 4.2mmboe.

Given the spot price weakness in LNG the broker reduces 2019 and 2020 revenue estimates by -2%.

Neutral rating maintained and the target is raised to $7.50 from $7.40. Positive near-term catalysts include an upgrade to Alaskan reserves and the option to sell down a stake.

Target price is $7.50 Current Price is $8.18 Difference: minus $0.68 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 18.55 cents and EPS of 42.05 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 22.93 cents and EPS of 50.91 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of 5.1%.

Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.0.

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

Market Sentiment: 0.5

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


Deutsche Bank rates OSH as Buy (1) -

2018 net profit was -5% below Deutsche Bank's expectations. The broker has a Buy rating and target of $9.

Target price is $9.00 Current Price is $8.18 Difference: $0.82
If OSH meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY20:

Current consensus EPS estimate is 40.9, implying annual growth of 5.1%.

Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.0.

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

Market Sentiment: 0.5

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


Macquarie rates OSH as Outperform (1) -

The outlook in 2019 is for slightly higher operating and capital expenditure and most of this will go towards sustaining oil volumes.

Despite concerns regarding a potential equity raising, Macquarie believes Oil Search will not require additional capital for both Alaska and the PNG expansion, unless the oil price drops to levels below US$40/bbl.

Outperform maintained. Target is reduced to $9.10 from $9.15.

Target price is $9.10 Current Price is $8.18 Difference: $0.92
If OSH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 14.52 cents and EPS of 34.06 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 14.38 cents and EPS of 35.82 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 22.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of 5.1%.

Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.0.

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

Market Sentiment: 0.5

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


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

2018 net profit was slightly below Morgan Stanley's estimates, affected by higher D&A and finance costs.

Key to the stock's performance is the timing of LNG expansion and the broker found limited new information about this in the results. The stock is expected to perform better once the timelines for expansion are firmed.

The broker retains an Equal-weight rating. Target is $8. Industry view is In-Line.

Target price is $8.00 Current Price is $8.18 Difference: minus $0.18 (current price is over target).
If OSH meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 14.07 cents and EPS of 31.21 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 13.11 cents and EPS of 28.49 cents.
At the last closing share price the estimated dividend yield is 1.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of 5.1%.

Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.0.

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

Market Sentiment: 0.5

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


Morgans rates OSH as Add (1) -

Oil Search's full-year result fell shy of the broker on net profit after tax but sharply outpaced on margins, allowing it to lift the dividend payout ratio to 47%.

Net debt declined and liquidity set at $US1.5bn - US$601m in cash and US$900m in undrawn debt. Morgans says the stock remains attractive, expecting expansion in Papua New Guinea and, possibly, Alaska.

Add rating retained. Price target eases to $10.62 from $10.66.

Target price is $10.62 Current Price is $8.18 Difference: $2.44
If OSH meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 16.28 cents and EPS of 37.99 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 20.35 cents and EPS of 47.49 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of 5.1%.

Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.0.

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

Market Sentiment: 0.5

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


Ord Minnett rates OSH as Buy (1) -

2018 net profit was below Ord Minnett's forecasts because of higher-than-expected depreciation charges. Operating earnings were in line with estimates.

The PNG LNG expansion program has been hampered by delays but the difficult processes are now behind the partners and the broker observes the path to a final investment decision is clearer.

Appraisal work being conducted in Alaska could mean sizeable upgrades to the reserve as well.

Buy rating maintained. Target is raised to $8.60 from $8.50.

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

Target price is $8.60 Current Price is $8.18 Difference: $0.42
If OSH meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 17.64 cents and EPS of 36.64 cents.
At the last closing share price the estimated dividend yield is 2.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 17.10 cents and EPS of 37.99 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of 5.1%.

Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.0.

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

Market Sentiment: 0.5

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


UBS rates OSH as Neutral (3) -

It was a shaky start to the year for Oil Search but a strong finish, the broker notes, as higher realised prices have offset the earlier impact of the earthquake in PNG. The result nevertheless fell short of estimates, but the key takeaway for the broker was news of progress on the PNG expansion.

There have been a number of delays over the years but the broker is now confident expansion will move to front-end engineering design (FEED) by mid-2019. Neutral retained, target rises to $8.50 from $8.20.

Target price is $8.50 Current Price is $8.18 Difference: $0.32
If OSH meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 21.53 cents and EPS of 43.06 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 25.78 cents and EPS of 37.99 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of 5.1%.

Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.0.

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

Market Sentiment: 0.5

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

SAR  SARACEN MINERAL HOLDINGS LIMITED

Gold & Silver

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Overnight Price: $3.06

Citi rates SAR as Sell (5) -

Citi analyst put together a rather "soft" interim performance with the fact the share price has rallied hard over the past three months and conclude Saracen Mineral shares seem overpriced.

They are happy to stick with their Sell rating. Target price does move higher; $2.60 versus $2.10 previously. All eyes now on what the company can achieve in terms of exploration, suggest the analysts.

Target price is $2.60 Current Price is $3.06 Difference: minus $0.46 (current price is over target).
If SAR meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 0.00 cents.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 0.00 cents.

Market Sentiment: 0.0

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


Macquarie rates SAR as Outperform (1) -

First half earnings were weaker than expected. Additional costs from the processing of third-party ore affected the broker's estimates.

The broker expects the need for third-party ore to fall away as it is displaced by ore from Whirling Dervish. Outperform rating and $3.30 target maintained.

Target price is $3.30 Current Price is $3.06 Difference: $0.24
If SAR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 15.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.62.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 5.00 cents and EPS of 32.70 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.36.

Market Sentiment: 0.0

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

SDF  STEADFAST GROUP LIMITED

Insurance

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Overnight Price: $2.94

Macquarie rates SDF as Outperform (1) -

On Macquarie's early read, the interim performance proved some 5% better-than-expected, while the interim dividend of 3.2c is also better than the 3c expected. Management has not changed FY19 guidance, previously upgraded at the November AGM, remind the analysts.

Target price is $3.90 Current Price is $2.94 Difference: $0.96
If SDF meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 8.10 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.1, implying annual growth of 56.1%.

Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 9.20 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of 10.7%.

Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.3

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

SFR  SANDFIRE RESOURCES NL

Copper

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Overnight Price: $7.92

Citi rates SFR as Neutral (3) -

Sandfire Resources' H1 performance fell well short (-19%) of Citi's expectations, but the analysts comment this stock tends to be an ideal vehicle to trade near-to-medium prospects for the price of copper.

Production should improve in H2, while Citi analysts retain longer term concerns relating to mine life. Neutral, High Risk recommendation remains in place. Target price rises to $8.40 from $7.60.

Target price is $8.40 Current Price is $7.92 Difference: $0.48
If SFR meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.46, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 31.00 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.3, implying annual growth of -3.3%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 59.00 cents and EPS of 151.80 cents.
At the last closing share price the estimated dividend yield is 7.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.4, implying annual growth of 59.9%.

Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 6.6.

Market Sentiment: -0.3

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


Credit Suisse rates SFR as Downgrade to Underperform from Neutral (5) -

First half net profit was less than expected, largely because of higher exploration expenditure. FY19 guidance is unchanged.

Gold prices remain above cost assumptions and support higher gold credits against copper costs, the broker observes.

Credit Suisse downgrades to Underperform from Neutral on valuation grounds and reduces the target to $6.15 from $6.75.

Target price is $6.15 Current Price is $7.92 Difference: minus $1.77 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 23.81 cents and EPS of 68.52 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.3, implying annual growth of -3.3%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 23.87 cents and EPS of 71.35 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.4, implying annual growth of 59.9%.

Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 6.6.

Market Sentiment: -0.3

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


Deutsche Bank rates SFR as Hold (3) -

First half net profit was below Deutsche Bank's expectations. The dividend is lower, which the broker believes is unjustified.

Deutsche Bank is monitoring the progress at Black Butte and notes, while the company is investing heavily in exploration at Doolgunna, a production gap is looking likely.

Hold rating and $7.25 target.

Target price is $7.25 Current Price is $7.92 Difference: minus $0.67 (current price is over target).
If SFR meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -5.8% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 75.3, implying annual growth of -3.3%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY20:

Current consensus EPS estimate is 120.4, implying annual growth of 59.9%.

Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 6.6.

Market Sentiment: -0.3

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


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

First half earnings were below Macquarie's estimates because of higher exploration expense.

The company is actively looking for acquisitions to solve its limited mine life and in the absence of a deal Macquarie struggles to find a positive catalyst.

A lack of exploration success at DeGrussa is also a concern and the broker downgrades to Neutral from Outperform. Target is reduced to $7.80 from $8.10.

Target price is $7.80 Current Price is $7.92 Difference: minus $0.12 (current price is over target).
If SFR meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 24.00 cents and EPS of 65.90 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.3, implying annual growth of -3.3%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 39.00 cents and EPS of 112.10 cents.
At the last closing share price the estimated dividend yield is 4.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.4, implying annual growth of 59.9%.

Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 6.6.

Market Sentiment: -0.3

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


Morgan Stanley rates SFR as Overweight (1) -

First half earnings were better than Morgan Stanley estimated. The dividend was lower than expected.

The broker points out the company appears to have kept its pay-out ratio stable, instead of maintaining the absolute level of the dividend, despite having capacity to pay more.

First stope ore from Monty is expected in February and first production ore in the March quarter. Overweight rating and $8.65 target. Industry view is Attractive.

Target price is $8.65 Current Price is $7.92 Difference: $0.73
If SFR meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.46, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 26.00 cents and EPS of 72.00 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.3, implying annual growth of -3.3%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 53.00 cents and EPS of 121.00 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.4, implying annual growth of 59.9%.

Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 6.6.

Market Sentiment: -0.3

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


Ord Minnett rates SFR as Hold (3) -

First half results were ahead of Ord Minnett's forecasts. The broker believes the company has been consistent in its operations while the Black Butte project provides a platform for growth.

The stock is trading at fair value and the broker maintains a Hold rating. Target is raised to $7.40 from $7.00.

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

Target price is $7.40 Current Price is $7.92 Difference: minus $0.52 (current price is over target).
If SFR meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 28.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.3, implying annual growth of -3.3%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 49.00 cents and EPS of 138.00 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 5.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.4, implying annual growth of 59.9%.

Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 6.6.

Market Sentiment: -0.3

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


UBS rates SFR as Sell (5) -

Sandfire's profit fell well short of the broker, primarily due to exploration and evaluation costs required to address the company's mine life issue. Life left for the WA mine is now less than four years, thus management is looking to regional exploration, permitting Black Butte in the US and various ore and tailings options in WA.

Monty will drive a 20% growth in production from FY20 but, in the meantime, extending mine life remains a key issue for the broker. Sell retained, target falls to $6.70 from $6.80.

Target price is $6.70 Current Price is $7.92 Difference: minus $1.22 (current price is over target).
If SFR 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 $7.46, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 24.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.3, implying annual growth of -3.3%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 47.00 cents and EPS of 128.00 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.4, implying annual growth of 59.9%.

Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 6.6.

Market Sentiment: -0.3

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

SGF  SG FLEET GROUP LIMITED

Vehicle Leasing & Salary Packaging

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Overnight Price: $2.59

Citi rates SGF as Buy (1) -

On initial assessment of yesterday's released interim report, Citi analysts responded by stating SG Fleet has not been able to match their expectations, but the result is largely in-line with market consensus. Today's follow-up report doesn't contain any quantitative assessment vis-a-vis expectations.

The analysts do highlight organic growth is being incrementally harder to come by, and it remains a big call to assume regulatory impacts have by now passed the worst point. Citi analysts hang on to a more constructive longer term view.

Hence, Buy rating remains in place. Estimates have been lowered by double digit percentages. Price target drops -24% to $3.13.

Target price is $3.13 Current Price is $2.59 Difference: $0.54
If SGF meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 18.50 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of -4.9%.

Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 7.1%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 20.50 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 7.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.1, implying annual growth of 4.0%.

Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.3

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


Macquarie rates SGF as Outperform (1) -

First half net profit was slightly below Macquarie's forecasts. The company expects the first:second half split will be closer to that achieved in previous years, which implies $63.9m for reported net profit in FY19.

Macquarie reduces FY19 estimates for earnings per share by -9.1% and FY20 by -12.8%.

Target is reduced to $2.95 from $3.77. An increased discount reflects the level of macro uncertainty in the automotive sector. Outperform maintained.

Target price is $2.95 Current Price is $2.59 Difference: $0.36
If SGF meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 18.10 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 6.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of -4.9%.

Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 7.1%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 18.70 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 7.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.1, implying annual growth of 4.0%.

Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.3

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


Morgan Stanley rates SGF as Underweight (5) -

First half results were slightly below Morgan Stanley's estimates. The result is difficult to interpret and the broker finds the skew to the second half for underlying net profit challenging to conceptualise.

Downside risk is heightened, in the broker's view. Underweight maintained. Target is $2.60. Industry view is In-Line.

Target price is $2.60 Current Price is $2.59 Difference: $0.01
If SGF meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of -4.9%.

Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 7.1%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 26.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.1, implying annual growth of 4.0%.

Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.3

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

SGM  SIMS METAL MANAGEMENT LIMITED

Steel & Scrap

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Overnight Price: $11.66

Macquarie rates SGM as Outperform (1) -

In initial response to the released results, Macquarie finds the performance marks a "miss". Management's guidance implies challenging times are here to stay. The analysts highlight cash flow was "really weak" during the half.

Target price is $14.65 Current Price is $11.66 Difference: $2.99
If SGM meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.94, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 43.00 cents and EPS of 86.40 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.4, implying annual growth of -24.8%.

Current consensus DPS estimate is 41.1, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 45.00 cents and EPS of 89.20 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.2, implying annual growth of 9.6%.

Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.4

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


Ord Minnett rates SGM as Buy (1) -

The company had pre-released, but today's interim report still disappointed, indicate Ord Minnett analysts upon first glance. It appears higher tax is to blame. The analysts seem to draw some optimism from management's cautious optimism towards the future.

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

Target price is $11.50 Current Price is $11.66 Difference: minus $0.16 (current price is over target).
If SGM meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.94, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 39.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.4, implying annual growth of -24.8%.

Current consensus DPS estimate is 41.1, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 42.00 cents and EPS of 84.00 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.2, implying annual growth of 9.6%.

Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.4

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

SGP  STOCKLAND

Infra & Property Developers

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Overnight Price: $3.68

Macquarie rates SGP as Neutral (3) -

Upon initial read of released interim financials, Macquarie analysts highlight FFOps of 16.8c was down -6.7% vs the pcp and -9% below the broker's own expectations. Also, management has revised FY guidance towards the lower end of the prior range.

Target price is $3.71 Current Price is $3.68 Difference: $0.03
If SGP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 27.60 cents and EPS of 32.60 cents.
At the last closing share price the estimated dividend yield is 7.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.9, implying annual growth of -17.5%.

Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 7.5%.

Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 28.70 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 7.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.8, implying annual growth of 2.6%.

Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 10.3.

Market Sentiment: 0.3

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: $24.30

Ord Minnett rates SHL as Hold (3) -

Upon first read, Ord Minnett calls the interim report broadly in line, despite the reported result missing by -2% with acquisition and restructuring costs to blame, as these were only partially offset by lower D&A and a slightly lower tax rate.

The analysts note underlying guidance has been maintained at 3-5% constant currency EBITDA growth.

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

Target price is $24.10 Current Price is $24.30 Difference: minus $0.2 (current price is over target).
If SHL meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.21, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 85.00 cents and EPS of 117.00 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.7, implying annual growth of 4.5%.

Current consensus DPS estimate is 85.1, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 89.00 cents and EPS of 125.00 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 126.1, implying annual growth of 7.1%.

Current consensus DPS estimate is 91.6, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 19.3.

Market Sentiment: 0.5

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

SIQ  SMARTGROUP CORPORATION LTD

Vehicle Leasing & Salary Packaging

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Overnight Price: $8.70

Ord Minnett rates SIQ as Buy (1) -

The 2018 result revealed strong organic growth from the novated lease portfolio and salary packaging additions of 9,000. The company has signalled the impact of extended warranties has caused a headwind for 2019.

Ord Minnett was slightly disappointed with the result overall, but believes the business has potential for accretive acquisitions and this should deliver earnings growth and margin improvement over the medium term.

Buy rating maintained. Target is reduced to $11.20 from $13.20.

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

Target price is $11.20 Current Price is $8.70 Difference: $2.5
If SIQ meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $10.72, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 44.00 cents and EPS of 49.20 cents.
At the last closing share price the estimated dividend yield is 5.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.1, implying annual growth of 26.6%.

Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 48.00 cents and EPS of 53.30 cents.
At the last closing share price the estimated dividend yield is 5.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.6, implying annual growth of 9.3%.

Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.5

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

SLK  SEALINK TRAVEL GROUP LIMITED

Travel, Leisure & Tourism

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Overnight Price: $4.00

Ord Minnett rates SLK as Buy (1) -

The interim result revealed a business in transition and Ord Minnett observes this is being done in a measured and systematic way. However, the market appears impatient with the timing of the process, given the limited earnings growth on offer.

The broker notes a poor result from the Sydney business on the back of the loss of the charter contract with Sydney Ferries and continues to question the investment merit of this market, given the sub-optimal results.

Ord Minnett upgrades estimates for earnings per share by 2% for FY19 and downgrades by -6% for FY20. Buy rating maintained. Target is reduced to $4.68 from $5.09.

Target price is $4.68 Current Price is $4.00 Difference: $0.68
If SLK meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 15.80 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.21.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 17.10 cents and EPS of 28.50 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.04.

Market Sentiment: 1.0

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

SVW  SEVEN GROUP HOLDINGS LIMITED

Diversified Financials

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Overnight Price: $18.98

Macquarie rates SVW as Outperform (1) -

On initial assessment, Macquarie analysts suggest today's financial report pretty much blew away analysts' forecasts. According to their commentary, this company is pretty much firing on all cylinders.

In the light of such a strong performance, the analysts find guidance for FY19 to beat FY18 by some 25% looks extremely conservative.

Target price is $24.10 Current Price is $18.98 Difference: $5.12
If SVW meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $21.85, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 42.00 cents and EPS of 132.30 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.3, implying annual growth of -5.7%.

Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 42.00 cents and EPS of 149.90 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 146.7, implying annual growth of 15.2%.

Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 12.9.

Market Sentiment: 0.9

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

SWM  SEVEN WEST MEDIA LIMITED

Print, Radio & TV

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Overnight Price: $0.54

Citi rates SWM as Neutral (3) -

It appears the interim result impressed, given industry growth rates were pretty dismal, but then cost cutting only managed to keep cost growth flat. And then management lowered guidance for FY19.

Citi views guidance with a lot of scepticism, stating FY19 EBIT growth of 0-5% looks like a challenge in light of the interim numbers just released.

The analysts key concern revolves around the rapid deterioration in advertising combined with short visibility of forward bookings. Estimates have been cut by -1-3%. Price target drops to 55c from 60c.

Target price is $0.55 Current Price is $0.54 Difference: $0.01
If SWM meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.56, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 9.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of 7.9%.

Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 3.00 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of -5.2%.

Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 5.9.

Market Sentiment: 0.0

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


Credit Suisse rates SWM as Neutral (3) -

First half results were weaker than Credit Suisse expected. This was primarily because of lower-than-expected revenue share at the Seven Network and lower earnings for that division.

Management has reduced guidance for FY19, now targeting 0-5% growth in underlying operating earnings (EBIT).

Credit Suisse takes into account a marginally weaker TV advertising market and reduces the target to $0.55 from $0.60. Neutral maintained.

Target price is $0.55 Current Price is $0.54 Difference: $0.01
If SWM meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.56, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 9.47 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of 7.9%.

Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 2.00 cents and EPS of 9.11 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of -5.2%.

Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 5.9.

Market Sentiment: 0.0

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


Macquarie rates SWM as Neutral (3) -

First half earnings (EBIT) were down -7.9% and broadly in line with Macquarie's expectations. The company has downgraded full year guidance, given TV advertising market weakness.

Macquarie notes advertising markets remain in decline and visibility is limited. Meanwhile, the company is executing well on cost controls, the broker observes.

Target is unchanged at $0.60. Neutral rating maintained.

Target price is $0.60 Current Price is $0.54 Difference: $0.06
If SWM meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.56, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 2.90 cents and EPS of 9.80 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of 7.9%.

Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 3.10 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of -5.2%.

Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 5.9.

Market Sentiment: 0.0

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


Morgan Stanley rates SWM as Underweight (5) -

First half results missed Morgan Stanley's numbers. The broker believes the lower FY19 EBIT guidance, down -5%, is the key to the share price reaction. This downgrade comes on the back of weaker metro TV advertising markets.

Morgan Stanley maintains an Underweight rating and $0.50 target. Industry view is Attractive.

Target price is $0.50 Current Price is $0.54 Difference: minus $0.04 (current price is over target).
If SWM meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.56, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of 7.9%.

Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 9.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of -5.2%.

Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 5.9.

Market Sentiment: 0.0

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


UBS rates SWM as Upgrade to Buy from Neutral (1) -

UBS suspects the market was ready for a softer TV ad market but a -5% decline in metro TV in the half and acceleration into January was worse than feared. Cost-outs only go part of the way and the broker has downgraded forecasts.

UBS remains cautious on further downside risk but does note comparables will be easier in the FY given the cost of cricket is less than last year's costs of Winter Olympics and tennis. Despite caution, the broker notes Seven West's share price has halved from its peak on weaker ad sales and valuation suggests an upgrade to Buy from Neutral. Target falls to 60c from 80c.

Target price is $0.60 Current Price is $0.54 Difference: $0.06
If SWM meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.56, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of 7.9%.

Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 2.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of -5.2%.

Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 5.9.

Market Sentiment: 0.0

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

SXY  SENEX ENERGY LIMITED

Crude Oil

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Overnight Price: $0.39

Citi rates SXY as Buy (1) -

Citi finds the interim report release proved in-line with expectations, with the analysts retaining a positive view regarding technical hiccups at the Roma project.

The analysts suggest investors simply need to be patient. Reserves will grow in QLD in time, state the analysts. Buy rating retained. Target price increases to $0.53 from $0.48.

Target price is $0.53 Current Price is $0.39 Difference: $0.14
If SXY meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $0.48, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 43.3.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.6, implying annual growth of 188.9%.

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

Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 0.8

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


Macquarie rates SXY as Outperform (1) -

First half net profit beat Macquarie's expectations. The broker observes a number of catalysts relating to Project Atlas are likely over 2019, including contracting CPI-linked gas and first volumes.

The broker believes the business continues to offer promise as it transforms into a gas company.

Outperform rating and $0.50 target maintained.

Target price is $0.50 Current Price is $0.39 Difference: $0.11
If SXY meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $0.48, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 43.3.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.6, implying annual growth of 188.9%.

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

Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 0.8

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


Morgans rates SXY as Add (1) -

Senex Energy's first-half result fell short of the broker on some metrics and outpaced on others. Morgans notes the stock is well positioned to ramp up in the second half with plenty of projects in the pipeline.

Target price edges up to 57c from 56c. Add rating retained.

Target price is $0.57 Current Price is $0.39 Difference: $0.18
If SXY meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $0.48, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 43.3.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.6, implying annual growth of 188.9%.

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

Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 0.8

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


Ord Minnett rates SXY as Buy (1) -

Higher than expected production and corporate costs led Senex to a big miss of the broker's forecast. The company is nevertheless progressing well with its development plans and growth projects in Qld remain on track, the broker notes, although low flow rates at Roma North implies a reliance on higher gas prices.

The stock continues to trade below valuation hence Buy retained. Target falls to 40c from 41c.

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

Target price is $0.40 Current Price is $0.39 Difference: $0.01
If SXY meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.48, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 43.3.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.6, implying annual growth of 188.9%.

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

Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 0.8

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

VRT  VIRTUS HEALTH LIMITED

Healthcare services

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Overnight Price: $4.12

Morgans rates VRT as Upgrade to Add from Hold (1) -

Virtus Health's first-half report outpaced the broker. Morgans eases net profit after tax forecasts -3.8%, -3.3% and -2.8% across FY19/FY20/FY21 to reflect lower margin assumptions, changing revenue mix and a higher capital expenditure interest charge, leaving Morgans sitting below consensus.

Target price falls to $4.60 from $4.75. Morgans upgrades to Add from Hold, given the stock is trading at a -10% discount to valuation.

Target price is $4.60 Current Price is $4.12 Difference: $0.48
If VRT meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 25.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.3, implying annual growth of -2.5%.

Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 26.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 6.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.7, implying annual growth of 6.4%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 10.4.

Market Sentiment: 0.7

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


UBS rates VRT as Neutral (3) -

Virtus' result missed the broker on increased costs and an ongoing client shift away from premium IVF towards low-cost services. International earnings jumped 21% thanks to Danish and UK acquisitions but domestic earnings fell -7%. Duplication of costs and revenue disruption at the company's new day hospitals were an issue the broker expects to continue into the second half.

Other international geographies also struggled and given recent acquisitions, the broker suspects the balance sheet is under some pressure. Neutral retained, target falls to $4.40 from $5.05.

Target price is $4.40 Current Price is $4.12 Difference: $0.28
If VRT meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 23.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.3, implying annual growth of -2.5%.

Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 23.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.7, implying annual growth of 6.4%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 10.4.

Market Sentiment: 0.7

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

WLL  WELLCOM GROUP LIMITED

Media

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Overnight Price: $4.99

Morgans rates WLL as Add (1) -

Wellcom's first-half result met the broker and management reiterated guidance for 10% to 15% earnings growth. Morgans forecasts are unchanged, the target price steady at $5.76.

Add rating is retained given the stock is trading at a significant discount to valuation. 

The broker believes the stock offers exposure to the favourable global advertising cycle

Target price is $5.76 Current Price is $4.99 Difference: $0.77
If WLL meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 26.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.68.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 30.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 6.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.49.

Market Sentiment: 1.0

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

WOW  WOOLWORTHS LIMITED

Food, Beverages & Tobacco

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Overnight Price: $28.69

Citi rates WOW as Neutral (3) -

In initial response to today's released interim financials, Citi analysts believe Woolworths' has missed consensus by -3%-4% due to Liquor and BIG W disappointing. Underlying (meaning: ex petrol), the performance missed Citi by some -7%.

Target price is $31.30 Current Price is $28.69 Difference: $2.61
If WOW meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $29.09, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 101.10 cents and EPS of 144.40 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 19.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.4, implying annual growth of -1.7%.

Current consensus DPS estimate is 99.1, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 107.00 cents and EPS of 151.50 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.3, implying annual growth of 5.1%.

Current consensus DPS estimate is 104.2, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.1

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


Macquarie rates WOW as Underperform (5) -

Post an initial assessment of today's interim report release, Macquarie analysts report the bottom line result missed by some -6%. In their view, Woolworths has published a "poor" result, with the guidance provided rather "bearish" compared to competitor Coles ((COL)) yesterday.

Target price is $27.91 Current Price is $28.69 Difference: minus $0.78 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.09, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 92.50 cents and EPS of 132.10 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.4, implying annual growth of -1.7%.

Current consensus DPS estimate is 99.1, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 97.80 cents and EPS of 139.80 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.3, implying annual growth of 5.1%.

Current consensus DPS estimate is 104.2, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.1

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


Ord Minnett rates WOW as Hold (3) -

At first glance, reports Ord Minnett, Woolworths' financial performance failed to meet expectations; both at face value as underlying, ex the petrol operations. Food operations performed okay, but all the rest was disappointing, suggest the analysts.

Interim dividend and cash flow equally both "missed". The latter occurred despite a one-off New Zealand payment timing benefit, the analysts add.

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

Target price is $30.00 Current Price is $28.69 Difference: $1.31
If WOW meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $29.09, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 96.00 cents and EPS of 147.00 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.4, implying annual growth of -1.7%.

Current consensus DPS estimate is 99.1, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 100.00 cents and EPS of 153.00 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.3, implying annual growth of 5.1%.

Current consensus DPS estimate is 104.2, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.1

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

WSA  WESTERN AREAS NL

Nickel

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Overnight Price: $2.37

Macquarie rates WSA as Outperform (1) -

In initial response to today's released interim report, Macquarie finds Western Areas' financial performance disappointing, with cash flow proving merely in-line. The analysts retain a positive view based upon their positive view on nickel prices.

Target price is $2.60 Current Price is $2.37 Difference: $0.23
If WSA meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.64, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 4.60 cents.
At the last closing share price the estimated dividend yield is 0.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of 38.2%.

Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 39.5.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 6.00 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of 171.7%.

Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 14.5.

Market Sentiment: 0.7

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

Today's Price Target Changes
Company Broker New Target Prev Target Change
ADI APN INDUSTRIA REIT Macquarie 3.00 2.85 5.26%
Morgans 2.76 2.67 3.37%
UBS 2.99 2.67 11.99%
ALU ALTIUM UBS 32.50 22.00 47.73%
AMI AURELIA METALS Macquarie 1.00 0.95 5.26%
ANZ ANZ BANKING GROUP Ord Minnett 31.30 32.10 -2.49%
ARF ARENA REIT Macquarie 2.69 2.75 -2.18%
BHP BHP Deutsche Bank 28.30 28.00 1.07%
Morgans 40.24 40.54 -0.74%
BIN BINGO INDUSTRIES UBS 2.55 3.45 -26.09%
BKL BLACKMORES Citi 89.50 100.00 -10.50%
Credit Suisse 100.00 115.00 -13.04%
Macquarie 95.00 150.00 -36.67%
Morgan Stanley 75.00 104.00 -27.88%
Morgans 86.00 107.00 -19.63%
Ord Minnett 100.00 130.00 -23.08%
BLX BEACON LIGHTING Citi 1.23 1.85 -33.51%
Morgans 1.30 1.76 -26.14%
BOQ BANK OF QUEENSLAND Morgans 8.50 10.40 -18.27%
COH COCHLEAR Citi 190.00 202.00 -5.94%
Credit Suisse 168.00 195.00 -13.85%
Deutsche Bank 168.00 194.00 -13.40%
Macquarie 170.00 163.00 4.29%
Morgan Stanley 160.00 176.00 -9.09%
Morgans 175.90 177.84 -1.09%
Ord Minnett 155.00 171.00 -9.36%
UBS 158.00 160.00 -1.25%
COL COLES GROUP Citi 13.40 14.00 -4.29%
Credit Suisse 10.84 10.68 1.50%
Macquarie 12.19 13.59 -10.30%
Morgan Stanley 12.00 12.50 -4.00%
Morgans 12.15 12.37 -1.78%
Ord Minnett 11.00 12.25 -10.20%
UBS 11.30 11.70 -3.42%
CRN CORONADO GLOBAL RESOURCES Credit Suisse 3.80 4.10 -7.32%
Morgans 4.05 3.97 2.02%
UBS 3.70 3.60 2.78%
EHL EMECO Macquarie 3.15 4.50 -30.00%
Morgans 3.00 3.55 -15.49%
FLN FREELANCER UBS 0.70 0.77 -9.09%
GDG GENERATION DEVELOPMENT GROUP Morgans 1.06 1.13 -6.19%
IDX INTEGRAL DIAGNOSTICS Credit Suisse 3.20 3.15 1.59%
IFL IOOF HOLDINGS Credit Suisse 5.60 5.30 5.66%
Macquarie 5.90 4.75 24.21%
Morgan Stanley 5.75 5.00 15.00%
UBS 5.47 5.00 9.40%
INA INGENIA COMMUNITIES GROUP Morgans 3.24 3.25 -0.31%
ISU ISELECT Credit Suisse 0.86 0.84 2.38%
MGX MOUNT GIBSON IRON Citi 0.80 0.50 60.00%
MND MONADELPHOUS GROUP Citi 16.80 14.30 17.48%
Citi 16.80 14.30 17.48%
Credit Suisse 16.80 15.10 11.26%
Deutsche Bank 13.30 11.72 13.48%
Macquarie 17.45 15.02 16.18%
Ord Minnett 14.95 13.02 14.82%
UBS 19.00 17.60 7.95%
ORE OROCOBRE Macquarie 3.30 3.40 -2.94%
OSH OIL SEARCH Citi 7.91 7.47 5.89%
Credit Suisse 7.50 7.40 1.35%
Macquarie 9.10 9.15 -0.55%
Morgan Stanley 8.00 8.70 -8.05%
Morgans 10.62 10.32 2.91%
Ord Minnett 8.60 8.50 1.18%
UBS 8.50 8.20 3.66%
SAR SARACEN MINERAL Citi 2.60 2.10 23.81%
SEK SEEK Ord Minnett 23.00 24.00 -4.17%
SFR SANDFIRE Citi 8.40 7.60 10.53%
Credit Suisse 6.15 6.75 -8.89%
Macquarie 7.80 8.10 -3.70%
Ord Minnett 7.40 7.00 5.71%
UBS 6.70 6.80 -1.47%
SGF SG FLEET Citi 3.13 4.11 -23.84%
Macquarie 2.95 3.77 -21.75%
SIQ SMARTGROUP Ord Minnett 11.20 13.20 -15.15%
SLK SEALINK TRAVEL Ord Minnett 4.68 5.09 -8.06%
SVW SEVEN GROUP Macquarie 24.10 24.10 0.00%
SWM SEVEN WEST MEDIA Citi 0.55 0.60 -8.33%
Credit Suisse 0.55 0.60 -8.33%
UBS 0.60 0.80 -25.00%
SXY SENEX ENERGY Citi 0.53 0.48 10.42%
Morgans 0.57 0.53 7.55%
Ord Minnett 0.40 0.41 -2.44%
VRT VIRTUS HEALTH Morgans 4.60 4.75 -3.16%
UBS 4.40 5.05 -12.87%
Summaries
A2M A2 MILK Neutral - Citi Overnight Price $13.63
ADI APN INDUSTRIA REIT Outperform - Macquarie Overnight Price $2.89
Hold - Morgans Overnight Price $2.89
Neutral - UBS Overnight Price $2.89
ALU ALTIUM Neutral - UBS Overnight Price $33.11
AMI AURELIA METALS Outperform - Macquarie Overnight Price $0.87
ANZ ANZ BANKING GROUP Hold - Deutsche Bank Overnight Price $27.18
Equal-weight - Morgan Stanley Overnight Price $27.18
Accumulate - Ord Minnett Overnight Price $27.18
ARF ARENA REIT Downgrade to Neutral from Outperform - Macquarie Overnight Price $2.57
BHP BHP Buy - Citi Overnight Price $37.94
Neutral - Credit Suisse Overnight Price $37.94
Sell - Deutsche Bank Overnight Price $37.94
Outperform - Macquarie Overnight Price $37.94
Equal-weight - Morgan Stanley Overnight Price $37.94
Hold - Morgans Overnight Price $37.94
Hold - Ord Minnett Overnight Price $37.94
Buy - UBS Overnight Price $37.94
BIN BINGO INDUSTRIES Buy - UBS Overnight Price $1.37
BKL BLACKMORES Sell - Citi Overnight Price $88.30
Neutral - Credit Suisse Overnight Price $88.30
Downgrade to Neutral from Outperform - Macquarie Overnight Price $88.30
Underweight - Morgan Stanley Overnight Price $88.30
Upgrade to Hold from Reduce - Morgans Overnight Price $88.30
Hold - Ord Minnett Overnight Price $88.30
BLX BEACON LIGHTING Neutral - Citi Overnight Price $1.20
Hold - Morgans Overnight Price $1.20
BOQ BANK OF QUEENSLAND Hold - Morgans Overnight Price $8.84
CAJ CAPITOL HEALTH Outperform - Credit Suisse Overnight Price $0.26
COH COCHLEAR Downgrade to Neutral from Buy - Citi Overnight Price $173.82
Downgrade to Underperform from Neutral - Credit Suisse Overnight Price $173.82
Hold - Deutsche Bank Overnight Price $173.82
Underperform - Macquarie Overnight Price $173.82
Equal-weight - Morgan Stanley Overnight Price $173.82
Hold - Morgans Overnight Price $173.82
Lighten - Ord Minnett Overnight Price $173.82
Sell - UBS Overnight Price $173.82
COL COLES GROUP Buy - Citi Overnight Price $11.42
Underperform - Credit Suisse Overnight Price $11.42
Hold - Deutsche Bank Overnight Price $11.42
Neutral - Macquarie Overnight Price $11.42
Equal-weight - Morgan Stanley Overnight Price $11.42
Hold - Morgans Overnight Price $11.42
Downgrade to Lighten from Hold - Ord Minnett Overnight Price $11.42
Sell - UBS Overnight Price $11.42
CRN CORONADO GLOBAL RESOURCES Outperform - Credit Suisse Overnight Price $3.65
Add - Morgans Overnight Price $3.65
Buy - UBS Overnight Price $3.65
CWN CROWN RESORTS Neutral - Macquarie Overnight Price $11.57
DMP DOMINO'S PIZZA Neutral - Citi Overnight Price $44.46
Outperform - Macquarie Overnight Price $44.46
EHL EMECO Outperform - Macquarie Overnight Price $2.43
Add - Morgans Overnight Price $2.43
FLN FREELANCER Neutral - UBS Overnight Price $0.65
FMG FORTESCUE Outperform - Macquarie Overnight Price $6.68
GDG GENERATION DEVELOPMENT GROUP Add - Morgans Overnight Price $0.65
IDX INTEGRAL DIAGNOSTICS Outperform - Credit Suisse Overnight Price $3.00
IFL IOOF HOLDINGS Neutral - Citi Overnight Price $6.12
Neutral - Credit Suisse Overnight Price $6.12
Neutral - Macquarie Overnight Price $6.12
Equal-weight - Morgan Stanley Overnight Price $6.12
Neutral - UBS Overnight Price $6.12
INA INGENIA COMMUNITIES GROUP Hold - Morgans Overnight Price $3.19
ISU ISELECT Neutral - Credit Suisse Overnight Price $0.76
MGX MOUNT GIBSON IRON Neutral - Citi Overnight Price $0.71
Outperform - Macquarie Overnight Price $0.71
MND MONADELPHOUS GROUP Neutral - Citi Overnight Price $17.88
Neutral - Citi Overnight Price $17.88
Neutral - Credit Suisse Overnight Price $17.88
Sell - Deutsche Bank Overnight Price $17.88
Neutral - Macquarie Overnight Price $17.88
Lighten - Ord Minnett Overnight Price $17.88
Buy - UBS Overnight Price $17.88
OGC OCEANAGOLD Underperform - Credit Suisse Overnight Price $4.73
ONT 1300 SMILES Upgrade to Add from Hold - Morgans Overnight Price $6.30
ORE OROCOBRE Outperform - Credit Suisse Overnight Price $3.20
Neutral - Macquarie Overnight Price $3.20
Equal-weight - Morgan Stanley Overnight Price $3.20
OSH OIL SEARCH Neutral - Citi Overnight Price $8.18
Neutral - Credit Suisse Overnight Price $8.18
Buy - Deutsche Bank Overnight Price $8.18
Outperform - Macquarie Overnight Price $8.18
Equal-weight - Morgan Stanley Overnight Price $8.18
Add - Morgans Overnight Price $8.18
Buy - Ord Minnett Overnight Price $8.18
Neutral - UBS Overnight Price $8.18
SAR SARACEN MINERAL Sell - Citi Overnight Price $3.06
Outperform - Macquarie Overnight Price $3.06
SDF STEADFAST GROUP Outperform - Macquarie Overnight Price $2.94
SFR SANDFIRE Neutral - Citi Overnight Price $7.92
Downgrade to Underperform from Neutral - Credit Suisse Overnight Price $7.92
Hold - Deutsche Bank Overnight Price $7.92
Downgrade to Neutral from Outperform - Macquarie Overnight Price $7.92
Overweight - Morgan Stanley Overnight Price $7.92
Hold - Ord Minnett Overnight Price $7.92
Sell - UBS Overnight Price $7.92
SGF SG FLEET Buy - Citi Overnight Price $2.59
Outperform - Macquarie Overnight Price $2.59
Underweight - Morgan Stanley Overnight Price $2.59
SGM SIMS METAL MANAGEMENT Outperform - Macquarie Overnight Price $11.66
Buy - Ord Minnett Overnight Price $11.66
SGP STOCKLAND Neutral - Macquarie Overnight Price $3.68
SHL SONIC HEALTHCARE Hold - Ord Minnett Overnight Price $24.30
SIQ SMARTGROUP Buy - Ord Minnett Overnight Price $8.70
SLK SEALINK TRAVEL Buy - Ord Minnett Overnight Price $4.00
SVW SEVEN GROUP Outperform - Macquarie Overnight Price $18.98
SWM SEVEN WEST MEDIA Neutral - Citi Overnight Price $0.54
Neutral - Credit Suisse Overnight Price $0.54
Neutral - Macquarie Overnight Price $0.54
Underweight - Morgan Stanley Overnight Price $0.54
Upgrade to Buy from Neutral - UBS Overnight Price $0.54
SXY SENEX ENERGY Buy - Citi Overnight Price $0.39
Outperform - Macquarie Overnight Price $0.39
Add - Morgans Overnight Price $0.39
Buy - Ord Minnett Overnight Price $0.39
VRT VIRTUS HEALTH Upgrade to Add from Hold - Morgans Overnight Price $4.12
Neutral - UBS Overnight Price $4.12
WLL WELLCOM GROUP Add - Morgans Overnight Price $4.99
WOW WOOLWORTHS Neutral - Citi Overnight Price $28.69
Underperform - Macquarie Overnight Price $28.69
Hold - Ord Minnett Overnight Price $28.69
WSA WESTERN AREAS Outperform - Macquarie Overnight Price $2.37
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

43

2. Accumulate

1

3. Hold

59

4. Reduce

3

5. Sell

16

Wednesday 20 February 2019

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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.