Australian Broker Call

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October 17, 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
BLD - BORAL Downgrade to Hold from Accumulate Ord Minnett
NWL - NETWEALTH GROUP Downgrade to Hold from Buy Ord Minnett
OZL - OZ MINERALS Downgrade to Underperform from Neutral Credit Suisse
ADI  APN INDUSTRIA REIT

REITs

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Overnight Price: $2.97

Morgans rates ADI as Hold (3) -

The company has acquired two industrial assets at Wacol, Queensland, for $18.3m and an additional asset in the Brisbane Technology Park for $10m. Morgans now calculates FY20 growth of around 3.5%, incorporating the new acquisitions into forecasts.

Potential catalysts, in the broker's view, include corporate activity and positive news on leasing deals, as well as accretive acquisitions and asset re-rating. Hold maintained. Target is raised to $2.95 from $2.91.

Target price is $2.95 Current Price is $2.97 Difference: minus $0.02 (current price is over target).
If ADI meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 17.50 cents and EPS of 19.90 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 14.92.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 18.10 cents and EPS of 20.70 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 14.35.

Market Sentiment: 0.0

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

AGL  AGL ENERGY LIMITED

Infrastructure & Utilities

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Overnight Price: $19.33

Morgan Stanley rates AGL as Underweight (5) -

The company has a conditional agreement to acquire SPC, a small national telco with 100,000 customers and contractual rights to mobile and mobile broadband products. Shareholders in SPC include 35 local councils.

AGL Energy has indicated it intends to maintain the operations, brand and product offerings focused on regional customers, should the transaction proceed.

Morgan Stanley believes this highlights the company's broader growth and convergence strategy.

Underweight maintained. Target is $18.68. Industry view is Cautious.

Target price is $18.68 Current Price is $19.33 Difference: minus $0.65 (current price is over target).
If AGL meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.21, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 98.00 cents and EPS of 130.00 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 129.8, implying annual growth of -5.9%.

Current consensus DPS estimate is 101.5, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 102.00 cents and EPS of 136.00 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 129.1, implying annual growth of -0.5%.

Current consensus DPS estimate is 99.2, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: -0.6

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

ALL  ARISTOCRAT LEISURE LIMITED

Gaming

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Overnight Price: $31.74

Credit Suisse rates ALL as Outperform (1) -

Confidence in the existing game portfolio and operating momentum supports assumptions for the company's land-based business, Credit Suisse suggests. The broker values the stock on the assumption the company's predilection to invest will uphold an expanded market share.

The initiatives include Dollar Storm, a successor to Lightning Link and Dragon Link, as well as Oasis systems, where new connectivity products enable players to deploy mobile phones to allow for seamless gaming experience.

Outperform rating maintained. Target rises to $33.40 from $30.00.

Target price is $33.40 Current Price is $31.74 Difference: $1.66
If ALL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $34.03, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 54.00 cents and EPS of 134.00 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 132.7, implying annual growth of 16.3%.

Current consensus DPS estimate is 52.7, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 63.00 cents and EPS of 157.00 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 20.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.9, implying annual growth of 16.0%.

Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 20.6.

Market Sentiment: 1.0

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

BLD  BORAL LIMITED

Building Products & Services

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Overnight Price: $4.76

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

Ord Minnett assesses Boral's share price is trading at roughly fair value, having recovered almost to levels pre-FY19 results. However, the outlook for concrete demand underwhelms the broker and this is forecast to trend lower through to FY23.

The broker is also reluctant to factor in the benefits from the USG joint venture in Asia and the formation of the North American division, following the acquisition of Headwaters.

Returns for North America and Asia are expected to be well short of the rate required to cover the cost of capital. Ord Minnett downgrades to Hold from Accumulate and lowers the target to $4.80 from $5.00.

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

Target price is $4.80 Current Price is $4.76 Difference: $0.04
If BLD meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.72, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 33.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.0, implying annual growth of 50.9%.

Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 35.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.5, implying annual growth of 10.0%.

Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.4.

Market Sentiment: 0.4

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: $9.45

UPDATED

Citi rates BOQ as Neutral (3) -

Bank of Queensland's FY19 report missed expectations due to increased impairments and yet another cut in the dividend. Citi analysts note, upon initial assessment, CET1 is weak and the payout ratio remains elevated.

The analysts believe credit risk is on the rise for the regional lender. Management has guided to another tough year ahead.

Target price is $9.50 Current Price is $9.45 Difference: $0.05
If BOQ meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 68.00 cents and EPS of 76.70 cents.
At the last closing share price the estimated dividend yield is 7.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.8, implying annual growth of -16.8%.

Current consensus DPS estimate is 67.8, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 68.00 cents and EPS of 79.20 cents.
At the last closing share price the estimated dividend yield is 7.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.0, implying annual growth of -3.6%.

Current consensus DPS estimate is 62.7, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 12.4.

Market Sentiment: -0.7

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


UBS rates BOQ as Sell (5) -

In an early response to today's FY19 release, UBS analysts note the financial performance missed expectations on higher bad debts. Plus Bank of Queensland has announced a cut in shareholder dividend for the second consecutive half-yearly update.

According to UBS, the announced 31c in half-yearly dividend compares with 34c expected by market consensus. While UBS analysts comment "things are not getting any easier" they also indicate their valuation is unlikely to change, leaving the price target at $8.25. Sell.

Target price is $8.25 Current Price is $9.45 Difference: minus $1.2 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.69, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

UBS forecasts a full year FY19 EPS of 79.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.8, implying annual growth of -16.8%.

Current consensus DPS estimate is 67.8, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY20:

UBS forecasts a full year FY20 EPS of 75.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.0, implying annual growth of -3.6%.

Current consensus DPS estimate is 62.7, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 12.4.

Market Sentiment: -0.7

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

CGF  CHALLENGER LIMITED

Wealth Management & Investments

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Overnight Price: $7.53

Citi rates CGF as Neutral (3) -

Challenger is struggling to sell Australian retail annuities, Citi observes, with many advisers so disrupted they are unable to focus on the new, potentially favourable, rules for means tests.

Some offset is being provided by Japanese sales and the broker notes Fidante had a good quarter. Nevertheless, a subdued outlook is likely for some time to come and Citi maintains a Neutral rating. Target is raised to $7.30 from $7.20.

Target price is $7.30 Current Price is $7.53 Difference: minus $0.23 (current price is over target).
If CGF 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 $7.28, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 35.50 cents and EPS of 53.80 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.3%.

Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 35.50 cents and EPS of 57.50 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.4, implying annual growth of 5.3%.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.0

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


Credit Suisse rates CGF as Neutral (3) -

Retail annuity sales were down -28% in the September quarter. Credit Suisse notes the stock has de-rated over the past 18 months and is now trading at a -30% discount to the market.

Over the long-term there remains a case for the company to benefit from increasing asset allocation to annuities but short-term disruption in financial advice is continuing to have an impact.

This risk prevents Credit Suisse from taking a more positive stance and a Neutral rating and $7.20 target are maintained.

Target price is $7.20 Current Price is $7.53 Difference: minus $0.33 (current price is over target).
If CGF meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.28, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 35.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.3%.

Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 35.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.4, implying annual growth of 5.3%.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.0

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


Macquarie rates CGF as Outperform (1) -

After a challenging period for Challenger, Sep Q total book growth exceeded expectations thanks to Japanese annuity sales and growth in guaranteed income products. Local fixed-term sales are holding up, Macquarie notes, despite low interest rates.

Unless the cash rate takes a real dive, earnings appear to be stabilising, the broker suggests, and a 13.2x PE is -9% below the stock's five-year average. Outperform retained, target rises to $8.50 from $8.40.

Target price is $8.50 Current Price is $7.53 Difference: $0.97
If CGF meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.28, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 35.50 cents and EPS of 53.70 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.3%.

Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 32.50 cents and EPS of 56.30 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.4, implying annual growth of 5.3%.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.0

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


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

Retail annuity sales of $842m were -30% below Morgan Stanley's expectations. Net retail book growth was also well short, despite lower-than-expected maturities. Ex Japan the domestic retail business is now shrinking, the broker assesses.

Equal-weight rating maintained. Target is $6.95. Industry view: In-line.

Target price is $6.95 Current Price is $7.53 Difference: minus $0.58 (current price is over target).
If CGF 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 $7.28, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 35.50 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.3%.

Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 35.50 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.4, implying annual growth of 5.3%.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.0

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


Morgans rates CGF as Hold (3) -

First quarter results were largely positive, Morgans assesses. However, domestic annuity sales continue to be of concern, down -11%. The broker upgrades FY20 and FY21 estimates by 2% to reflect higher institutional and Japanese sales forecasts.

However, more evidence of an improving trend is required to become more positive and Morgans maintains a Hold rating. Target rises to $7.53 from $7.31.

Target price is $7.53 Current Price is $7.53 Difference: $0
If CGF meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.28, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 35.50 cents and EPS of 55.60 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.3%.

Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 37.20 cents and EPS of 57.90 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 13.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.4, implying annual growth of 5.3%.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.0

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


Ord Minnett rates CGF as Lighten (4) -

Ord Minnett's main concern is that the company's business model is heavily weighted towards wholesale markets for funding. This requires shareholders to bear unreasonable investment risk, in the broker's view, given returns are not covering the cost of capital.

Lifetime annuities are under severe pressure, despite the company's expectations for benefits from new means testing rules. Japanese sales were strong meanwhile, emphasising the weakness in Australian retail life sales. Lighten maintained. Target is $6.50.

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

Target price is $6.50 Current Price is $7.53 Difference: minus $1.03 (current price is over target).
If CGF meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.28, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 32.00 cents and EPS of 55.00 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 13.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.3%.

Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 57.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.4, implying annual growth of 5.3%.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.0

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


UBS rates CGF as Neutral (3) -

UBS observes lower interest rates are starting to have an impact on the company. First quarter retail annuity sales were down -28% and -18% below the broker's forecasts.

While the lower interest-rate environment is weighing on fixed-term sales, weakness in lifetime sales is particularly surprising to UBS.

The company attributes this to adviser disruption and the interaction of new aged pension means-test rules with lower interest rates, particularly on the CarePlus annuity.

This will be redesigned to reduce the impact. Neutral rating and $6.95 target maintained.

Target price is $6.95 Current Price is $7.53 Difference: minus $0.58 (current price is over target).
If CGF 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 $7.28, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 36.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 4.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.6, implying annual growth of 3.3%.

Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 32.00 cents and EPS of 55.00 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 13.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.4, implying annual growth of 5.3%.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.0

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

CSL  CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $252.61

Morgan Stanley rates CSL as Overweight (1) -

Management reiterated guidance at the AGM, which represents 7-10% growth at constant currency rates. Morgan Stanley observes the near-term fundamentals remain strong and Ig volumes should accelerate again in FY20.

Overweight rating maintained. Target is $251. Industry view: In-Line.

Target price is $251.00 Current Price is $252.61 Difference: minus $1.61 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $249.41, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 296.89 cents and EPS of 665.43 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 679.2, implying annual growth of N/A.

Current consensus DPS estimate is 297.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 37.2.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 335.71 cents and EPS of 760.58 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 33.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 780.1, implying annual growth of 14.9%.

Current consensus DPS estimate is 342.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 32.4.

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 CSL as Neutral (3) -

UBS increases forecasts for immunoglobulin volume and price growth. The broker now factors in 12% volume growth for Privigen and Hizentra in FY20 and FY21.

All up the revision has resulted in longer-term earnings upgrades of 5-6%. The target moves up commensurately to $263 from $248. However, based on relative returns and recent share price performance a Neutral rating is maintained.

Target price is $263.00 Current Price is $252.61 Difference: $10.39
If CSL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $249.41, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 279.16 cents and EPS of 648.06 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 679.2, implying annual growth of N/A.

Current consensus DPS estimate is 297.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 37.2.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 327.59 cents and EPS of 752.03 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 780.1, implying annual growth of 14.9%.

Current consensus DPS estimate is 342.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 32.4.

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

CSR  CSR LIMITED

Building Products & Services

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Overnight Price: $4.14

Credit Suisse rates CSR as Underperform (5) -

Credit Suisse expects housing approvals data to improve within months but any rebound is likely to be moderated by weak underlying economic conditions.

Any recovery is likely to only bring approvals in line with modelling of 175,000/annum, which still represents -20% volume downside versus completions.

The broker also notes no change to aluminium earnings for FY20 are expected because of weak prices.

Credit Suisse raises the target to $3.10 from $2.85 and reduces net profit estimates by -5% for FY20 and FY21. Underperform maintained.

Target price is $3.10 Current Price is $4.14 Difference: minus $1.04 (current price is over target).
If CSR meets the Credit Suisse target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.54, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 22.50 cents and EPS of 27.96 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.9, implying annual growth of -19.9%.

Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 20.50 cents and EPS of 25.46 cents.
At the last closing share price the estimated dividend yield is 4.95%.
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 27.0, implying annual growth of -6.6%.

Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 15.3.

Market Sentiment: -0.7

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

EVN  EVOLUTION MINING LIMITED

Gold & Silver

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Overnight Price: $4.17

Morgans rates EVN as Hold (3) -

As a result of the issues at Mt Rawdon and the September quarter performance, Morgans reduces FY20 production estimates to 737,000 ounces. Cost estimates have increased to $974/oz, up 7.6%.

A Hold rating is maintained as the factors that have caused the Australian dollar gold price to reach record highs are still unresolved and may further elevate the price, and subsequently the share price. Target is reduced to $4.51 from $4.77.

Target price is $4.51 Current Price is $4.17 Difference: $0.34
If EVN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 9.50 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of 87.4%.

Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 9.50 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.6, implying annual growth of 6.2%.

Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: -0.1

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

HUB  HUB24 LIMITED

Wealth Management & Investments

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Overnight Price: $12.99

Ord Minnett rates HUB as Buy (1) -

Net flows were the best ever in the first quarter of FY20. While the likelihood of a reduction in cash spreads increases as the cash rate nears 50 basis points, the revenue impact needs to be weighed against the other obvious risk - booming net inflows, Ord Minnett suggests.

With flow upside ahead and imminent risks now priced in, Ord Minnett retains a Buy rating on the stock as it remains -17% off its pre-election high. Target is raised to $16.09 from $15.48.

Target price is $16.09 Current Price is $12.99 Difference: $3.1
If HUB meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $12.81, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 8.90 cents and EPS of 31.70 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.2, implying annual growth of 118.4%.

Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 51.5.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 16.50 cents and EPS of 40.40 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.0, implying annual growth of 42.9%.

Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 36.1.

Market Sentiment: 0.0

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

KLL  KALIUM LAKES LIMITED

Mining

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Overnight Price: $0.50

Macquarie rates KLL as Outperform (1) -

Kalium Lakes has now awarded plant construction and gas contracts, with Beyondie remaining on schedule for first production in late 2020. Construction activity has been stepped up, the broker notes, following the positive financial investment decision.

The broker will attend an investor site tour next week. Outperform and 90c target retained.

Target price is $0.90 Current Price is $0.50 Difference: $0.4
If KLL meets the Macquarie target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 29.41.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.

Market Sentiment: 1.0

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

MHJ  MICHAEL HILL INTERNATIONAL LIMITED

Luxury

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Overnight Price: $0.70

Morgans rates MHJ as Hold (3) -

First quarter same-store sales growth of 11.9% was welcomed, albeit a weak base was being cycled. Morgans notes the strength came at the expense of gross margin, which was weaker than expected.

The company has noted, while pressure on margins have started to reduce, there was only a slight recovery in the quarter. Morgans forecasts a gross margin in FY20 of 60% and expects some incremental improvement throughout the year.

The broker forecasts FY20 earnings (EBIT) of $39.2m. A Hold rating is maintained and the target is raised to $0.68 from $0.56.

Target price is $0.68 Current Price is $0.70 Difference: minus $0.02 (current price is over target).
If MHJ 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 $0.75, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 3.00 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 4.29%.
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 7.0, implying annual growth of 64.3%.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 4.00 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 11.4%.

Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 9.0.

Market Sentiment: 0.8

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

MLX  METALS X LIMITED

Tin

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Overnight Price: $0.18

Macquarie rates MLX as Neutral (3) -

Three new appointees will boost the mining experience of the Metals X board, the broker notes. Meanwhile, delivering on targets for the Nifty Reset plan will be the key catalyst, although a cash flow turnaround is not expected until next year.

Neutral retained, target rises to 18c from 17c.

Target price is $0.18 Current Price is $0.18 Difference: $0
If MLX meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.29.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.43.

Market Sentiment: 0.0

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

NGI  NAVIGATOR GLOBAL INVESTMENTS LIMITED

Wealth Management & Investments

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Overnight Price: $2.68

Macquarie rates NGI as Outperform (1) -

Navigator Global saw -US$520m of funds outflows in the Sep Q and a negative performance saw funds under management fall -US$140m.

But post the disappointing update, the stock is trading on a less than 10x multiple, and a solid cash position provides for acquisitions and/or capital management, the broker notes. Outperform retained, target falls to $3.28 from $3.63.

Target price is $3.28 Current Price is $2.68 Difference: $0.6
If NGI meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 22.08 cents and EPS of 19.09 cents.
At the last closing share price the estimated dividend yield is 8.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.04.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 22.93 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 8.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.54.

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

Market Sentiment: 1.0

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

NWL  NETWEALTH GROUP LIMITED

Wealth Management & Investments

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Overnight Price: $9.00

Ord Minnett rates NWL as Downgrade to Hold from Buy (3) -

Net flows were the best ever in the first quarter of FY20. While the likelihood of a reduction in cash spreads increases as the cash rate nears 50 basis points, the revenue impact needs to be weighed against the other obvious risk - booming net inflows, Ord Minnett suggests.

However, the broker downgrades to Hold from Buy as the stock is now trading in line with the target, which is raised to $9.00 from $8.95.

Target price is $9.00 Current Price is $9.00 Difference: $0
If NWL meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 15.30 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 20.9%.

Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 50.3.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 19.80 cents and EPS of 23.40 cents.
At the last closing share price the estimated dividend yield is 2.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.6, implying annual growth of 20.7%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 41.7.

Market Sentiment: -0.5

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

OGC  OCEANAGOLD CORPORATION

Gold & Silver

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Overnight Price: $3.47

Macquarie rates OGC as Outperform (1) -

OceanaGold's preliminary Sep Q production report showed weakness across all operations. Gold production guidance has been cut, as has copper guidance due to the cessation of processing at Didipio.

That said, the broker sees excellent growth potential at Waihi and in mine life extensions at Macreas. Philippine government approval at Didipio is a key catalyst but also a risk to FY20 forecasts. Outperform retained, target falls to $5.40 from $6.00.

Target price is $5.40 Current Price is $3.47 Difference: $1.93
If OGC meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 38.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 1.42 cents and EPS of 12.96 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of N/A.

Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 1.42 cents and EPS of 19.94 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.4, implying annual growth of 223.4%.

Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 8.4.

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

Market Sentiment: 0.9

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


Ord Minnett rates OGC as Accumulate (2) -

Access to the Didipio gold mine remains still blocked and the plant has run out of consumables so processing has been suspended. Meanwhile other parts of the business are performing well, Ord Minnett notes, as Haile continues to ramp up.

Production guidance has been lowered by -10% while costs have increased. Ord Minnett maintains an Accumulate rating and lowers the target to $4.40 from $4.70 amid reductions to earnings forecasts.

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

Target price is $4.40 Current Price is $3.47 Difference: $0.93
If OGC meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 38.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 5.70 cents and EPS of 11.39 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of N/A.

Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 5.70 cents and EPS of 34.18 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.4, implying annual growth of 223.4%.

Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 8.4.

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

Market Sentiment: 0.9

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

OZL  OZ MINERALS LIMITED

Copper

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Overnight Price: $9.42

Citi rates OZL as Buy (1) -

September quarter copper production was -5% below Citi's estimates. Gold production was up 12% and 4% ahead of estimates.

Carrapateena remains on schedule. Citi maintains a Buy rating and $12.40 target.

Target price is $12.40 Current Price is $9.42 Difference: $2.98
If OZL meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 8.00 cents and EPS of 41.80 cents.
At the last closing share price the estimated dividend yield is 0.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.5, implying annual growth of -34.0%.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 19.8.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 21.00 cents and EPS of 92.60 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of 17.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 16.8.

Market Sentiment: 0.4

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


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

September quarter production was softer than expected. Cash costs benefited from elevated gold prices and production. Credit Suisse notes Antas is bleeding cash despite a cost-cutting strategy.

Meanwhile unconventional technology is being trialled at West Musgrave. Rating is downgraded to Underperform from Neutral and the target reduced to $8.50 from $9.50.

Target price is $8.50 Current Price is $9.42 Difference: minus $0.92 (current price is over target).
If OZL 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 $10.94, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 23.00 cents and EPS of 65.84 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.5, implying annual growth of -34.0%.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 19.8.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 23.00 cents and EPS of 26.68 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of 17.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 16.8.

Market Sentiment: 0.4

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


Macquarie rates OZL as Outperform (1) -

OZ Minerals' Sep Q report showed gold and copper production lower than expected but cash greater. Carrapateena remains on track for first sales in November, the broker notes.

The ramp-up at Carrapateena is the stock's main catalyst, the broker suggests, but a number of growth opportunities provide for near and medium term catalysts as well. Outperform retained, target rises to $12.50 from $12.00.

Target price is $12.50 Current Price is $9.42 Difference: $3.08
If OZL meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 22.00 cents and EPS of 47.40 cents.
At the last closing share price the estimated dividend yield is 2.34%.
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 47.5, implying annual growth of -34.0%.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 19.8.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 20.00 cents and EPS of 62.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of 17.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 16.8.

Market Sentiment: 0.4

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


UPDATED

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

Production guidance has been maintained while cost guidance is better, Morgan Stanley notes. The broker highlights Prominent Hill production rates and copper grades as both remain below forecasts and could affect 2020.

Results from the Prominent Hill expansion study are expected by the end of 2020. Equal-weight rating and $10.70 target maintained. Industry view is Attractive.

Target price is $10.70 Current Price is $9.42 Difference: $1.28
If OZL meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 23.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.5, implying annual growth of -34.0%.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 19.8.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 29.00 cents and EPS of 57.00 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 16.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of 17.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 16.8.

Market Sentiment: 0.4

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


Morgans rates OZL as Add (1) -

September quarter production numbers have confirmed the company is on track to, or ahead of, 2019 targets. The broker highlights the re-confirmation of the Carrapateena construction schedule and budget, given this has a dominant impact on valuation.

Recent stabilisation of the copper price and progress on a US/China trade resolution have materially reduced external risks, in the broker's view. Add rating maintained. Target is reduced to $10.90 from $10.95.

Target price is $10.90 Current Price is $9.42 Difference: $1.48
If OZL meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 18.00 cents and EPS of 45.60 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.5, implying annual growth of -34.0%.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 19.8.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 22.00 cents and EPS of 65.50 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of 17.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 16.8.

Market Sentiment: 0.4

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


Ord Minnett rates OZL as Hold (3) -

September quarter production of copper missed Ord Minnett's forecasts because of lower mill throughput at Prominent Hill. 2019 guidance for copper remains unchanged while expectations for gold are slightly higher.

Ord Minnett maintains a Hold rating and raises the target to $10.10 from $9.80.

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

Target price is $10.10 Current Price is $9.42 Difference: $0.68
If OZL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 EPS of 52.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.5, implying annual growth of -34.0%.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 19.8.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 54.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of 17.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 16.8.

Market Sentiment: 0.4

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


UBS rates OZL as Buy (1) -

September quarter production was slightly weaker than forecast but, importantly, Carrapateena remains on track for first production in November.

UBS retains a Buy rating because of the company's exposure to copper and because the valuation suggests the share price is trading at a discount. Target is raised to $11.50 from $10.50.

The broker's valuation does not include various options such as a potential block cave at Carrapateena, an uplift in haulage at Prominent Hill, and West Musgrave.

Target price is $11.50 Current Price is $9.42 Difference: $2.08
If OZL meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 24.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.5, implying annual growth of -34.0%.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 19.8.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 24.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of 17.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 16.8.

Market Sentiment: 0.4

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

RIO  RIO TINTO LIMITED

Bulks

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Overnight Price: $87.40

Citi rates RIO as Buy (1) -

September quarter production was generally in line with expectations. Iron ore cost guidance for 2019 is unchanged.

Citi notes work at Oyu Tolgoi continues, with the primary production shaft due for commissioning this month. Buy rating and $105 target maintained.

Target price is $105.00 Current Price is $87.40 Difference: $17.6
If RIO meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $96.94, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 716.42 cents and EPS of 1020.94 cents.
At the last closing share price the estimated dividend yield is 8.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 978.3, implying annual growth of N/A.

Current consensus DPS estimate is 683.5, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 712.15 cents and EPS of 1016.81 cents.
At the last closing share price the estimated dividend yield is 8.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 919.0, implying annual growth of -6.1%.

Current consensus DPS estimate is 597.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 9.5.

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

Market Sentiment: 0.3

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


Credit Suisse rates RIO as Underperform (5) -

Credit Suisse found the September quarter result unspectacular, with no major misses or beats versus guidance. The broker still struggles to find an upside catalyst for the near term.

Underperform rating and $86 target maintained.

Target price is $86.00 Current Price is $87.40 Difference: minus $1.4 (current price is over target).
If RIO meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $96.94, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 666.57 cents and EPS of 942.89 cents.
At the last closing share price the estimated dividend yield is 7.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 978.3, implying annual growth of N/A.

Current consensus DPS estimate is 683.5, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 519.87 cents and EPS of 881.64 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 919.0, implying annual growth of -6.1%.

Current consensus DPS estimate is 597.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 9.5.

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

Market Sentiment: 0.3

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


Macquarie rates RIO as Outperform (1) -

Rio Tinto achieved strong iron ore and copper production in the Sep Q but aluminium guidance has been cut and energy prices are weighing on smelter competitiveness, the broker notes. Buoyant iron ore prices continue to drive earnings upgrades.

At spot iron ore, the broker's earnings forecasts would rise 30% and 75% in 2020-21. Outperform retained, target falls to $105 from $106.

Target price is $105.00 Current Price is $87.40 Difference: $17.6
If RIO meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $96.94, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 662.30 cents and EPS of 944.31 cents.
At the last closing share price the estimated dividend yield is 7.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 978.3, implying annual growth of N/A.

Current consensus DPS estimate is 683.5, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 494.23 cents and EPS of 831.79 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 919.0, implying annual growth of -6.1%.

Current consensus DPS estimate is 597.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 9.5.

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

Market Sentiment: 0.3

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


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

September quarter production was ahead of forecasts. 2019 volume and cost guidance has been confirmed for iron ore & copper and trimmed for alumina & bauxite. This has minimal impact on Morgan Stanley's forecasts.

Morgan Stanley maintains an Equal-weight rating and GBP46 target. Industry view is In-Line.

Current Price is $87.40. Target price not assessed.

Current consensus price target is $96.94, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 497.08 cents and EPS of 985.62 cents.
At the last closing share price the estimated dividend yield is 5.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 978.3, implying annual growth of N/A.

Current consensus DPS estimate is 683.5, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 452.93 cents and EPS of 750.61 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 919.0, implying annual growth of -6.1%.

Current consensus DPS estimate is 597.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 9.5.

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

Market Sentiment: 0.3

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


Morgans rates RIO as Hold (3) -

September quarter operating results were reasonable, Morgans assesses. Iron ore shipments rebounded and were slightly ahead of estimates. Mined copper was also slightly ahead of estimates. The company has downgraded bauxite and alumina guidance for 2019.

While the stock is trading near fair value, the broker suspects near-term volatility in iron ore could uncover a better entry point. Hold rating maintained. Target is raised to $91.64 from $91.52.

Target price is $91.64 Current Price is $87.40 Difference: $4.24
If RIO meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $96.94, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 648.06 cents and EPS of 874.52 cents.
At the last closing share price the estimated dividend yield is 7.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 978.3, implying annual growth of N/A.

Current consensus DPS estimate is 683.5, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 623.84 cents and EPS of 1058.25 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 8.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 919.0, implying annual growth of -6.1%.

Current consensus DPS estimate is 597.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 9.5.

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

Market Sentiment: 0.3

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


Ord Minnett rates RIO as Buy (1) -

The third quarter update revealed solid iron ore shipments, while copper production was 13% above Ord Minnett's forecast and driven by a bounce in grades at the Kennecott mine. Koodaideri is on track for late 2021.

Rio Tinto remains the broker's preferred diversified miner and a Buy rating is maintained. Target is $99.

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

Target price is $99.00 Current Price is $87.40 Difference: $11.6
If RIO meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $96.94, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 EPS of 893.04 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 978.3, implying annual growth of N/A.

Current consensus DPS estimate is 683.5, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 787.64 cents.
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 919.0, implying annual growth of -6.1%.

Current consensus DPS estimate is 597.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 9.5.

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

Market Sentiment: 0.3

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


UBS rates RIO as Neutral (3) -

Iron ore production was ahead of expectations in the September quarter while shipments were in line. Guidance has been downgraded across the aluminium business unit.

UBS notes a consistent theme is maintenance, with earlier-than-expected pot-line replacements at Kitimat. This is expected to impact production into 2020.

The broker downgrades estimates by -1-3% over 2019-21, given the volume downgrades in aluminium/alumina, lower grades at Oyu Tolgoi and increased percentage of lower-quality iron ore. Neutral rating and $95 target maintained.

Target price is $95.00 Current Price is $87.40 Difference: $7.6
If RIO meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $96.94, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 754.88 cents and EPS of 925.79 cents.
At the last closing share price the estimated dividend yield is 8.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 978.3, implying annual growth of N/A.

Current consensus DPS estimate is 683.5, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 643.78 cents and EPS of 861.70 cents.
At the last closing share price the estimated dividend yield is 7.37%.
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 919.0, implying annual growth of -6.1%.

Current consensus DPS estimate is 597.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 9.5.

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

Market Sentiment: 0.3

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

SDF  STEADFAST GROUP LIMITED

Insurance

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Overnight Price: $3.60

UPDATED

Macquarie rates SDF as Outperform (1) -

Premium increases continue to be supportive for Steadfast Group, the broker notes, but the rate of growth is moderating as the company continues to cycle positive comparative numbers from last year.

The broker forecasts a 6.7% premium increase in the Sep Q against 5% FY20 guidance. Outperform and $4.10 target retained.

Target price is $4.10 Current Price is $3.60 Difference: $0.5
If SDF meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 9.10 cents and EPS of 15.30 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 23.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of 14.7%.

Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 9.90 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 7.3%.

Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 22.2.

Market Sentiment: 0.5

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: $4.67

UPDATED

Macquarie rates SGP as Neutral (3) -

The broker suggests Stockland's residential earnings should improve into FY21. But cycling a flat funds from operations and dividend profile over FY20-21 will limit the stock's ability to continue re-rating, the broker warns.

Neutral retained, target rises to $4.46 from $4.34 on improving settlement volumes and prices.

Target price is $4.46 Current Price is $4.67 Difference: minus $0.21 (current price is over target).
If SGP 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 $4.17, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 28.10 cents and EPS of 33.00 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 14.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.2, implying annual growth of 178.5%.

Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 28.10 cents and EPS of 31.60 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 14.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.4, implying annual growth of -2.2%.

Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: -0.4

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

TRS  THE REJECT SHOP LIMITED

Household & Personal Products

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Overnight Price: $2.28

Morgan Stanley rates TRS as Underweight (5) -

The company has delivered comparable sales growth of 0.3% in the year to date. No commentary on gross profit or broader profitability was offered at the AGM, Morgan Stanley notes.

The broker finds no reason to get excited although suspects there is some stabilisation. However, the upcoming few months will have a much greater bearing on FY20 sales and an Underweight rating, $1.30 target and In-Line industry view are maintained.

Target price is $1.30 Current Price is $2.28 Difference: minus $0.98 (current price is over target).
If TRS meets the Morgan Stanley target it will return approximately minus 43% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of minus 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.33.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.00.

Market Sentiment: -1.0

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
ADI APN INDUSTRIA REIT $2.97 Morgans 2.95 2.91 1.37%
ALL ARISTOCRAT LEISURE $31.74 Credit Suisse 33.40 30.00 11.33%
BLD BORAL $4.76 Ord Minnett 4.80 5.00 -4.00%
BOQ BANK OF QUEENSLAND $9.45 UBS 8.25 9.00 -8.33%
CGF CHALLENGER $7.53 Citi 7.30 7.20 1.39%
Macquarie 8.50 8.40 1.19%
Morgans 7.53 7.31 3.01%
CSL CSL $252.61 UBS 263.00 248.00 6.05%
CSR CSR $4.14 Credit Suisse 3.10 2.85 8.77%
EVN EVOLUTION MINING $4.17 Morgans 4.51 4.77 -5.45%
HUB HUB24 $12.99 Ord Minnett 16.09 15.48 3.94%
MHJ MICHAEL HILL $0.70 Morgans 0.68 0.56 21.43%
MLX METALS X $0.18 Macquarie 0.18 0.17 5.88%
NGI NAVIGATOR GLOBAL INVESTMENTS $2.68 Macquarie 3.28 3.63 -9.64%
NWL NETWEALTH GROUP $9.00 Ord Minnett 9.00 8.95 0.56%
OGC OCEANAGOLD $3.47 Macquarie 5.40 6.00 -10.00%
Ord Minnett 4.40 4.70 -6.38%
OZL OZ MINERALS $9.42 Credit Suisse 8.50 9.50 -10.53%
Macquarie 12.50 12.00 4.17%
Morgans 10.90 10.95 -0.46%
Ord Minnett 10.10 9.80 3.06%
UBS 11.50 10.50 9.52%
RIO RIO TINTO $87.40 Citi 105.00 110.00 -4.55%
Macquarie 105.00 106.00 -0.94%
Morgans 91.64 91.52 0.13%
UBS 95.00 95.00 0.00%
SGP STOCKLAND $4.67 Macquarie 4.46 4.34 2.76%
Summaries
ADI APN INDUSTRIA REIT Hold - Morgans Overnight Price $2.97
AGL AGL ENERGY Underweight - Morgan Stanley Overnight Price $19.33
ALL ARISTOCRAT LEISURE Outperform - Credit Suisse Overnight Price $31.74
BLD BORAL Downgrade to Hold from Accumulate - Ord Minnett Overnight Price $4.76
BOQ BANK OF QUEENSLAND Neutral - Citi Overnight Price $9.45
Sell - UBS Overnight Price $9.45
CGF CHALLENGER Neutral - Citi Overnight Price $7.53
Neutral - Credit Suisse Overnight Price $7.53
Outperform - Macquarie Overnight Price $7.53
Equal-weight - Morgan Stanley Overnight Price $7.53
Hold - Morgans Overnight Price $7.53
Lighten - Ord Minnett Overnight Price $7.53
Neutral - UBS Overnight Price $7.53
CSL CSL Overweight - Morgan Stanley Overnight Price $252.61
Neutral - UBS Overnight Price $252.61
CSR CSR Underperform - Credit Suisse Overnight Price $4.14
EVN EVOLUTION MINING Hold - Morgans Overnight Price $4.17
HUB HUB24 Buy - Ord Minnett Overnight Price $12.99
KLL KALIUM LAKES Outperform - Macquarie Overnight Price $0.50
MHJ MICHAEL HILL Hold - Morgans Overnight Price $0.70
MLX METALS X Neutral - Macquarie Overnight Price $0.18
NGI NAVIGATOR GLOBAL INVESTMENTS Outperform - Macquarie Overnight Price $2.68
NWL NETWEALTH GROUP Downgrade to Hold from Buy - Ord Minnett Overnight Price $9.00
OGC OCEANAGOLD Outperform - Macquarie Overnight Price $3.47
Accumulate - Ord Minnett Overnight Price $3.47
OZL OZ MINERALS Buy - Citi Overnight Price $9.42
Downgrade to Underperform from Neutral - Credit Suisse Overnight Price $9.42
Outperform - Macquarie Overnight Price $9.42
Equal-weight - Morgan Stanley Overnight Price $9.42
Add - Morgans Overnight Price $9.42
Hold - Ord Minnett Overnight Price $9.42
Buy - UBS Overnight Price $9.42
RIO RIO TINTO Buy - Citi Overnight Price $87.40
Underperform - Credit Suisse Overnight Price $87.40
Outperform - Macquarie Overnight Price $87.40
Equal-weight - Morgan Stanley Overnight Price $87.40
Hold - Morgans Overnight Price $87.40
Buy - Ord Minnett Overnight Price $87.40
Neutral - UBS Overnight Price $87.40
SDF STEADFAST GROUP Outperform - Macquarie Overnight Price $3.60
SGP STOCKLAND Neutral - Macquarie Overnight Price $4.67
TRS THE REJECT SHOP Underweight - Morgan Stanley Overnight Price $2.28
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

15

2. Accumulate

1

3. Hold

19

4. Reduce

1

5. Sell

6

Thursday 17 October 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.