Australian Broker Call

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August 16, 2018

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COMPANIES DISCUSSED IN THIS ISSUE

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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

THIS REPORT WILL BE UPDATED SHORTLY

Last Updated: 01:05 PM

Your daily news report on the latest recommendation, valuation, forecast and opinion changes.

This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.

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Today's Upgrades and Downgrades
A2M - A2 MILK Downgrade to Neutral from Outperform Credit Suisse
ANZ - ANZ BANKING GROUP Downgrade to Hold from Add Morgans
BAL - BELLAMY'S AUSTRALIA Upgrade to Add from Hold Morgans
CPU - COMPUTERSHARE Upgrade to Hold from Sell Deutsche Bank
CSL - CSL Downgrade to Neutral from Buy Citi
Downgrade to Neutral from Buy UBS
DXS - DEXUS PROPERTY Downgrade to Hold from Accumulate Ord Minnett
IFM - INFOMEDIA Downgrade to Neutral from Buy UBS
PGH - PACT GROUP Downgrade to Neutral from Outperform Credit Suisse
WES - WESFARMERS Upgrade to Hold from Lighten Ord Minnett
WHC - WHITEHAVEN COAL Downgrade to Neutral from Outperform Macquarie
WPL - WOODSIDE PETROLEUM Upgrade to Neutral from Sell Citi
A2M  THE A2 MILK COMPANY LIMITED

Dairy

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Overnight Price: $9.74

Credit Suisse rates A2M as Downgrade to Neutral from Outperform (3) -

A new analyst has taken up coverage of a2 at Credit Suisse, with the broker having not updated since February. The result is a downgrade to Neutral from Outperform and a target reduction to NZ$11.90 from NZ$12.75.

Supply diversification, expended distribution and China growth are all positive drivers but there's more to do, the broker suggests, and risks remain while the price is heavily influenced by momentum trading. The share price has been weak since May but is in line with the broker's valuation.

Current Price is $9.74. Target price not assessed.

Current consensus price target is $11.25, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 24.25 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, 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 40.8.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 33.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.3, implying annual growth of 39.3%.

Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 29.2.

This company reports in NZD. 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

ANZ  AUSTRALIA & NEW ZEALAND BANKING GROUP

Banks

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Overnight Price: $30.10

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

Morgans finds the extent of the slowdown in the bank's owner-occupied home loan portfolio baffling and suspects that margin pressures in the institutional business may also be intensifying.

While the ongoing benign credit environment is assisting, the broker notes the low charge in the third quarter was also affected by a high level of write-backs and recoveries in the institutional loan book. Morgans downgrades to Hold from Add because of share price strength. Target is raised to $30 from $29.

Target price is $30.00 Current Price is $30.10 Difference: minus $0.1 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.55, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 160.00 cents and EPS of 234.00 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 228.1, implying annual growth of 3.6%.

Current consensus DPS estimate is 160.6, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 160.00 cents and EPS of 241.00 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 233.1, implying annual growth of 2.2%.

Current consensus DPS estimate is 163.7, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 12.9.

Market Sentiment: 0.3

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

AOG  AVEO GROUP

Aged Care & Seniors

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Overnight Price: $2.44

Macquarie rates AOG as Neutral (3) -

Macquarie observes the FY18 result was ahead of guidance but heavily dependent on development earnings. The broker requires more time to be comfortable with the settlement of inventory on the balance sheet and a return to normal operations in the established business.

The broker suspects the core business will take a back seat as all strategic options are assessed. Neutral maintained. Target is raised to $2.74 from $2.65.

Target price is $2.74 Current Price is $2.44 Difference: $0.3
If AOG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 11.10 cents and EPS of 20.00 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 12.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of N/A.

Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 9.50 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of -4.5%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: 0.6

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


Morgans rates AOG as Add (1) -

FY18 results were in line with expectations. FY19 guidance is maintained and dependent on the established retirement business returning to historical turnover rates. A strategic review was announced, with the goal of reducing the current -40% discount to NTA.

Morgans believes there are two catalysts for this discount to be removed including a recovery in sales/turnover rates and a sell-through of new product. Add rating maintained. Target is reduced to $3.37 from $3.52.

Target price is $3.37 Current Price is $2.44 Difference: $0.93
If AOG meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 9.20 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of N/A.

Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 9.10 cents and EPS of 20.00 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 12.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of -4.5%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: 0.6

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


ADDED

Ord Minnett rates AOG as Accumulate (2) -

Aveo Group's FY18 results beat the broker by 2%. Net tangible asset backing rose 26cps to $3.92. Guidance was reiterated.

Ord Minnett perceives the stock as very undervalued, and expects that once the company proves it can sell the units it builds, the stock will re-rate towards its NTA value.

Target price rises to $3.70 from $3.50. Accumulate/Medium risk recommendation retained.

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

Target price is $3.70 Current Price is $2.44 Difference: $1.26
If AOG meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 9.00 cents and EPS of 19.00 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 12.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of N/A.

Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 10.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of -4.5%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: 0.6

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

ASX  ASX LIMITED

Wealth Management & Investments

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Overnight Price: $67.97

UPDATED

Citi rates ASX as Sell (5) -

In initial response to today's FY18 release, Citi analysts note FY18 result proved in-line, with the ASX announcing a one-off write-down of  -$20m for Yieldbroker below the line.

The ASX is ramping up spending and has guided towards higher costs. The analysts suggest this might dampen investor enthusiasm a bit.

Target price is $57.85 Current Price is $67.97 Difference: minus $10.12 (current price is over target).
If ASX meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.64, suggesting downside of -16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 217.10 cents and EPS of 241.30 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 240.5, implying annual growth of 7.1%.

Current consensus DPS estimate is 215.8, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 229.50 cents and EPS of 255.00 cents.
At the last closing share price the estimated dividend yield is 3.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.3, implying annual growth of 4.5%.

Current consensus DPS estimate is 225.6, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: -0.8

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


UPDATED

UBS rates ASX as Sell (5) -

On initial assessment of today's FY18 results release, UBS analysts suggest the net profit was a minor "miss", but not enough to make a fuss about. It's the guidance for higher costs that has most caught the analysts' attention.

With UBS forecasting only 4% growth in FY19, and with higher costs presenting as a headwind, the analysts make a point of what seems a very expensive share price. Sell. Target $54.25.

Target price is $54.25 Current Price is $67.97 Difference: minus $13.72 (current price is over target).
If ASX meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.64, suggesting downside of -16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 217.00 cents and EPS of 241.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 240.5, implying annual growth of 7.1%.

Current consensus DPS estimate is 215.8, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 224.00 cents and EPS of 249.00 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 27.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 251.3, implying annual growth of 4.5%.

Current consensus DPS estimate is 225.6, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: -0.8

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

BAL  BELLAMY'S AUSTRALIA LIMITED

Dairy

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Overnight Price: $9.72

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

The company's share price has fallen around -60% from its March high, which Morgans attributes to the delay in receiving registration for its Chinese labelled infant formula products. The delay is likely due to the merger of several of China's agencies into a single regulatory body.

Morgans likes the stock and believes the delay has afforded investors the opportunity to acquire a company with a premium brand operating in a growing category.

With the stock oversold and evidence that China's regulatory agency SAMR is back in business Morgans upgrades to an Add rating from Hold. Target is reduced to $13.00 from $18.50.

Target price is $13.00 Current Price is $9.72 Difference: $3.28
If BAL meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 38.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.58.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 52.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.69.

Market Sentiment: 1.0

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

CPU  COMPUTERSHARE LIMITED

Diversified Financials

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Overnight Price: $19.13

Citi rates CPU as Neutral (3) -

Citi believes the company is on track for multi-year growth and cost reductions remain a key component. The broker takes a more positive view on corporate actions and its FY19 growth estimates on a constant currency basis remains at 12%.

Neutral maintained. Target is raised to $20.10 from $19.90.

Target price is $20.10 Current Price is $19.13 Difference: $0.97
If CPU meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 39.50 cents and EPS of 90.44 cents.
At the last closing share price the estimated dividend yield is 2.06%.
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 95.1, implying annual growth of N/A.

Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 33.20 cents and EPS of 104.60 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.0, implying annual growth of 12.5%.

Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.9.

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 CPU as Neutral (3) -

Computershare's FY18 management earnings were in line with forecasts but in constant currency terms earnings were up 14.1%, beating guidance of 12.5%. The result suggests to the broker the company is executing on its strategy and benefitting from higher interest rates.

In the context, the broker believes guidance of "around 10%" growth for FY19 looks conservative. That said, a mark to market of currencies leads to a trimming of earnings forecasts. Neutral retained. Target rises to $19.00 from $18.50.

Target price is $19.00 Current Price is $19.13 Difference: minus $0.13 (current price is over target).
If CPU meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 58.47 cents and EPS of 89.79 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.1, implying annual growth of N/A.

Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 64.97 cents and EPS of 98.75 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.0, implying annual growth of 12.5%.

Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.9.

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 CPU as Upgrade to Hold from Sell (3) -

FY18 results were in line with guidance and growth was supported by higher margin income and an improved performance in the US, Deutsche Bank observes. Management EPS was up 14.1% in constant currency terms.

The broker upgrades to Hold from Sell on the back of stronger than expected margins in the US mortgage services. Target is $19.20.

Target price is $19.20 Current Price is $19.13 Difference: $0.07
If CPU meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 95.1, implying annual growth of N/A.

Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY20:

Current consensus EPS estimate is 107.0, implying annual growth of 12.5%.

Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.9.

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 CPU as Neutral (3) -

FY18 results were broadly in line with expectations. FY19 management EPS growth is expected to be around 10%. Macquarie observes margin income is to remain a key contributor to earnings growth in FY19.

The broker maintains a Neutral rating and raises the target to $18.50 from $18.00.

Target price is $18.50 Current Price is $19.13 Difference: minus $0.63 (current price is over target).
If CPU 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 $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 45.61 cents and EPS of 91.09 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.1, implying annual growth of N/A.

Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 51.85 cents and EPS of 104.08 cents.
At the last closing share price the estimated dividend yield is 2.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.0, implying annual growth of 12.5%.

Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.9.

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 CPU as Underweight (5) -

Morgan Stanley says Computershare's FY19 guidance of 10% management earnings-per-share growth missed consensus  (mid teens) but the share price rose regardless, leading the broker to conjecture that the stock is priced for an upgrade.

But the broker disagrees, seeing multiple headwinds and retains an Underweight rating, an In-line industry view and $14 target price.

Target price is $14.00 Current Price is $19.13 Difference: minus $5.13 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 59.77 cents and EPS of 90.96 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.1, implying annual growth of N/A.

Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 64.97 cents and EPS of 100.83 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.0, implying annual growth of 12.5%.

Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.9.

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 CPU as Hold (3) -

FY18 management earnings were up 14% and broadly in line with expectations. Morgans notes good momentum in the US mortgage servicing business. Weakness continues in the employees share plans business.

The broker lifts forecasts by 1-3% on higher revenue growth and margin expectations. Hold rating maintained. Target is raised to $18.25 from $16.65.

Target price is $18.25 Current Price is $19.13 Difference: minus $0.88 (current price is over target).
If CPU meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 57.17 cents and EPS of 91.09 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 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.1, implying annual growth of N/A.

Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 57.17 cents and EPS of 97.71 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 19.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.0, implying annual growth of 12.5%.

Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.9.

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


ADDED

Ord Minnett rates CPU as Lighten (4) -

Computershare's FY18 results missed the broker and was at the low end of consensus. Guidance also missed consensus but Ord Minnett described it as defensible given further currency tailwinds and a buyback.

Lighten/Medium risk recommendation retained. Target price is $16.97, the broker believing the stock is already factoring in strong growth.

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

Target price is $16.97 Current Price is $19.13 Difference: minus $2.16 (current price is over target).
If CPU 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 $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 44.18 cents and EPS of 80.56 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.1, implying annual growth of N/A.

Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 49.38 cents and EPS of 90.96 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.0, implying annual growth of 12.5%.

Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.9.

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 CPU as Neutral (3) -

FY18 management earnings growth of 14.1% was ahead of UBS estimates. However, the broker envisages slippage elsewhere in the business. FY19 growth guidance of around 10% is considered likely to be supported by margin income and cost reductions.

The broker upgrades the target to $18.80 from $18.45. Neutral maintained.

Target price is $18.80 Current Price is $19.13 Difference: minus $0.33 (current price is over target).
If CPU 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 $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 50.00 cents and EPS of 92.26 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.1, implying annual growth of N/A.

Current consensus DPS estimate is 49.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 59.00 cents and EPS of 107.85 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 17.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.0, implying annual growth of 12.5%.

Current consensus DPS estimate is 56.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.9.

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

CSL  CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $214.82

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

Citi analysts have downgraded, inspired by "valuation", to Neutral from Buy while retaining a price target of $232. The analysts note the shares are now trading at a 31% and 35% premium over the 3-yr trading average P/E and EV/EBITDA, respectively.

In a general sense, Citi remains of the view this company's investments in R&D and capex should allow it to maintain its market leading position in innovation and plasma. Citi sits above market consensus, anticipating 3-yr EPS CAGR of 12-14%.

Target price is $232.00 Current Price is $214.82 Difference: $17.18
If CSL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 246.88 cents and EPS of 572.51 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 37.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 599.3, implying annual growth of N/A.

Current consensus DPS estimate is 264.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 270.27 cents and EPS of 642.54 cents.
At the last closing share price the estimated dividend yield is 1.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of 14.1%.

Current consensus DPS estimate is 306.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 31.4.

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 CSL as Outperform (1) -

CSL's result was slightly above guidance but in line with the broker. Growth was reported in all categories and the broker sees FY19 revenue growth guidance of 9% as conservative.

The company has invested heavily in plasma collection centres in recent years, the broker notes, enabling it to grow market share. While more investment is needed to keep ahead of demand growth, the broker believes market share gains can be sustained.

Outperform retained. Target rises to $230 from $190.

Target price is $230.00 Current Price is $214.82 Difference: $15.18
If CSL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 253.38 cents and EPS of 558.73 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 38.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 599.3, implying annual growth of N/A.

Current consensus DPS estimate is 264.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 298.86 cents and EPS of 653.59 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of 14.1%.

Current consensus DPS estimate is 306.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 31.4.

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 CSL as Hold (3) -

FY18 results impressed Deutsche Bank. The company continues to perform strongly, with 11% revenue growth and 28% net profit growth.

Given the elevated share price, the broker cannot fault management's preference for investing in the company rather than continuing a share buyback. Hold retained. Target is $207.

Target price is $207.00 Current Price is $214.82 Difference: minus $7.82 (current price is over target).
If CSL meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 599.3, implying annual growth of N/A.

Current consensus DPS estimate is 264.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY20:

Current consensus EPS estimate is 683.6, implying annual growth of 14.1%.

Current consensus DPS estimate is 306.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 31.4.

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 CSL as Outperform (1) -

FY18 results were in line with expectations. Macquarie continues to believe the company is well-positioned to meet immunoglobulin demand and has a competitive advantage over peers. The supply chain investment is considered supportive of medium to longer-term volume growth.

The broker maintains an Outperform rating and raises the target to $223.50 from $193.50. Macquarie finds the earnings growth profile attractive and supported by robust fundamentals.

Target price is $223.50 Current Price is $214.82 Difference: $8.68
If CSL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 252.08 cents and EPS of 560.16 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 599.3, implying annual growth of N/A.

Current consensus DPS estimate is 264.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 289.37 cents and EPS of 643.06 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of 14.1%.

Current consensus DPS estimate is 306.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 31.4.

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 CSL as Equal-weight (3) -

CSL's full-year result met the broker, yet prompted a rise in the target price to $193 from $175, the broker believing FY19 guidance to be conservative. Guidance fell between Morgan Stanley's expectations and consensus.

Nevertheless, the broker notes rising cyclical pressure, competitive pressure and orphan drug status expiry related to Kcentra.

Equal weight retained. Industry view: In-line.

Target price is $193.00 Current Price is $214.82 Difference: minus $21.82 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 224.14 cents and EPS of 554.83 cents.
At the last closing share price the estimated dividend yield is 1.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 599.3, implying annual growth of N/A.

Current consensus DPS estimate is 264.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY20:

Current consensus EPS estimate is 683.6, implying annual growth of 14.1%.

Current consensus DPS estimate is 306.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 31.4.

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 CSL as Hold (3) -

FY18 results were slightly ahead of Morgans' estimates. Results were supported by continued strength in the Behring business with Seqirus swinging into profit on the back of a bad northern hemisphere flu season.

Morgans was also impressed by growth in immunoglobulin as new haemophilia products gained traction. Hold rating maintained, as the broker awaits a better entry point. Target is raised to $201.60 from $168.50.

Target price is $201.60 Current Price is $214.82 Difference: minus $13.22 (current price is over target).
If CSL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 249.48 cents and EPS of 560.03 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 599.3, implying annual growth of N/A.

Current consensus DPS estimate is 264.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 276.77 cents and EPS of 615.90 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of 14.1%.

Current consensus DPS estimate is 306.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 31.4.

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


UPDATED

Ord Minnett rates CSL as Hold (3) -

CSL's FY18 result was in line with the broker, with a beat from revenue and EBIT of 2% and 1% respectively offset by a higher tax charge.

Delayed R&D expenditure soften an otherwise flat gross margin performance from the plasma business and the company guided to margin expansion in FY19 thanks to growth in higher margin therapies. CSL also flagged a 25% rise in capital expenditure in FY19.

The broker retains Hold/Medium risk on valuation grounds. Target price rises to $202 from $195 to reflect higher earnings estimates.

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

Target price is $202.00 Current Price is $214.82 Difference: minus $12.82 (current price is over target).
If CSL meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 268.97 cents and EPS of 576.92 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 599.3, implying annual growth of N/A.

Current consensus DPS estimate is 264.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 307.95 cents and EPS of 661.38 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of 14.1%.

Current consensus DPS estimate is 306.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 31.4.

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 CSL as Downgrade to Neutral from Buy (3) -

FY18 net profit was in line with UBS estimates. The broker notes revenue growth in Behring product and a strong performance in Seqirus. The broker forecasts a similar outlook for FY19, albeit with a step up in R&D and capital expenditure.

Rating is downgraded to Neutral from Buy. Target rises to $220 from $196.

Target price is $220.00 Current Price is $214.82 Difference: $5.18
If CSL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 599.3, implying annual growth of N/A.

Current consensus DPS estimate is 264.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 35.8.

Forecast for FY20:

Current consensus EPS estimate is 683.6, implying annual growth of 14.1%.

Current consensus DPS estimate is 306.7, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 31.4.

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

DOW  DOWNER EDI LIMITED

Mining Sector Contracting

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Overnight Price: $7.54

Citi rates DOW as Buy (1) -

The initial response post FY18 results release is that it seems all in-line, including guidance for the year ahead.

Target price is $8.20 Current Price is $7.54 Difference: $0.66
If DOW meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 28.80 cents and EPS of 39.10 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.2, implying annual growth of 15.1%.

Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 29.30 cents and EPS of 43.60 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.3, implying annual growth of 19.7%.

Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 15.3.

Market Sentiment: 0.5

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

DXS  DEXUS PROPERTY GROUP

REITs

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Overnight Price: $10.35

Citi rates DXS as Buy (1) -

FY18 results were in line with guidance. Citi believes the risks in FY19 are skewed to the upside and FY20 could be even better.

The broker reaffirms a preference for office versus retail exposure and Dexus is also likely to be the beneficiary of a shrinking investable office segment. Buy rating maintained. Target is $10.83.

Target price is $10.83 Current Price is $10.35 Difference: $0.48
If DXS meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 50.20 cents and EPS of 66.20 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 15.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.4, implying annual growth of N/A.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 53.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 5.12%.
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 56.8, implying annual growth of -1.0%.

Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.1

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


Deutsche Bank rates DXS as Hold (3) -

FY18 results were in line. Deutsche Bank considers the outlook for FY19 robust, with distributions forecast to grow 5% and underpinned by a strong office market.

Nevertheless, the broker believes this has already been priced into the shares and maintains a Hold rating. Target is $10.50.

Target price is $10.50 Current Price is $10.35 Difference: $0.15
If DXS meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 57.4, implying annual growth of N/A.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY20:

Current consensus EPS estimate is 56.8, implying annual growth of -1.0%.

Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.1

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


Macquarie rates DXS as Outperform (1) -

FY18 results were slightly below forecasts. FY19 guidance is above Macquarie's expectations with growth of 3% in FFO and 5% in distributions. This is mainly driven by the capitalising of interest at Woodside Plaza.

The company is exposed to solid market conditions and there is upside risk to earnings, hence Macquarie retains an Outperform rating and $11 target.

Target price is $11.00 Current Price is $10.35 Difference: $0.65
If DXS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 50.20 cents and EPS of 56.30 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 18.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.4, implying annual growth of N/A.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 49.90 cents and EPS of 56.20 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 18.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.8, implying annual growth of -1.0%.

Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.1

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


Morgan Stanley rates DXS as Overweight (1) -

Dexus' FY18 result met the broker and outpaced on FY19 guidance. Net tangible asset backing rose 5.2%, bringing gearing down to 24.1% and the cost of debt rose to 4.2%.

The broker views the result as strong but notes cost growth continues to outpace net operating income and potentially funds under management growth for 2019. Overweight rating retained. Industry view: Cautious. Target price raised to $10.45 from $9.85.

Target price is $10.45 Current Price is $10.35 Difference: $0.1
If DXS meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 47.80 cents and EPS of 48.70 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.4, implying annual growth of N/A.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 49.20 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 4.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.8, implying annual growth of -1.0%.

Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.1

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


ADDED

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

Dexus Property's 2018 full-year result met the broker and FY19 guidance outpaced the broker by 2%, triggering an earnings upgrade from FY19 through to FY21.

Ord Minnett notes 95% office occupancy and industrial occupancy of 98%, a gearing ratio of 24% and an average debt maturity of seven years. Net tangible asset backing rose 14% in FY18, closing the gap with the broker's valuation.

Broker downgrades to Hold from Accumulate. Target price jumps to $10.50 from $9.50. Risk medium.

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

Target price is $10.50 Current Price is $10.35 Difference: $0.15
If DXS meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 50.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 4.83%.
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 57.4, implying annual growth of N/A.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 51.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.8, implying annual growth of -1.0%.

Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.1

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


UBS rates DXS as Sell (5) -

FY18 results were in line with expectations. The highlight was 5% growth in distribution guidance for FY19. This illustrates the strong free cash flow being generated by the office portfolio, UBS suggests.

Nevertheless, the broker does not envisage this growth will be sustainable past FY20. UBS maintains a Sell rating and raises the target to $9.12 from $8.71.

Target price is $9.12 Current Price is $10.35 Difference: minus $1.23 (current price is over target).
If DXS meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 57.4, implying annual growth of N/A.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY20:

Current consensus EPS estimate is 56.8, implying annual growth of -1.0%.

Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.1

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

FXJ  FAIRFAX MEDIA LIMITED

Print, Radio & TV

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Overnight Price: $0.87

Citi rates FXJ as Neutral (3) -

Citi reduces FY19-20 estimates for EPS by -2% on slower revenue growth at Domain ((DHG)) and an accelerating decline in both New Zealand and community media.

The broker increases the target to $0.90 from $0.78, in line with the implied takeover offer value from Nine Entertainment ((NEC)). Neutral maintained.

Target price is $0.90 Current Price is $0.87 Difference: $0.03
If FXJ meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 2.50 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, implying annual growth of N/A.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 2.60 cents and EPS of 5.20 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 16.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of -1.9%.

Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.4

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


Macquarie rates FXJ as No Rating (-1) -

FY18 earnings were in line with the recent guidance. Macquarie observes trading in the first six weeks of the first half produced a -5% reduction in revenues although metro media has returned to growth.

The broker is on research restrictions and cannot provide a target or rating at this stage.

Current Price is $0.87. Target price not assessed.

Current consensus price target is $0.88, suggesting upside of 1.1% (ex-dividends)

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 5.00 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 17.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, implying annual growth of N/A.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 3.00 cents and EPS of 5.20 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 16.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of -1.9%.

Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.4

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


Morgan Stanley rates FXJ as Overweight (1) -

Fairfax Media's 2018 full-year result was no surprise thanks to pre-announcement but Morgan Stanley's key take-outs were the 8% rise in Metro Media's earnings before interest, tax, depreciation and amortisation; and the declines in regionals and New Zealand.

The broker makes no changes to ratings: rating Overweight, Industry view Attractive, price target is $1.

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

Current consensus price target is $0.88, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 3.00 cents and EPS of 5.70 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 15.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, implying annual growth of N/A.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY20:

Current consensus EPS estimate is 5.2, implying annual growth of -1.9%.

Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.4

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


UBS rates FXJ as Neutral (3) -

FY18 earnings were pre-announced. UBS found the results solid and believes revenues have the potential to improve. FY19 revenue growth is expected to be between the 3% recorded in FY18 and the 5% seen in the first six weeks of FY19.

The broker believes there are enough cost levers to offset any top-line decline. Neutral rating and $0.85 target.

Target price is $0.85 Current Price is $0.87 Difference: minus $0.02 (current price is over target).
If FXJ 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 $0.88, suggesting upside of 1.1% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 5.3, implying annual growth of N/A.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY20:

Current consensus EPS estimate is 5.2, implying annual growth of -1.9%.

Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.4

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

GWA  GWA GROUP LIMITED

Furniture & Renovation

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Overnight Price: $3.65

Citi rates GWA as Neutral (3) -

In initial commentary post the FY18 results release, Citi analysts surmise that management continues to deliver on its promises, yet again having released a financial performance in-line with expectations. Guidance should follow at the AGM later in the year.

Target price is $3.77 Current Price is $3.65 Difference: $0.12
If GWA meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting downside of -4.7% (ex-dividends)

Forecast for FY18:

Current consensus EPS estimate is 20.9, implying annual growth of 2.8%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY19:

Current consensus EPS estimate is 20.0, implying annual growth of -4.3%.

Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: 0.0

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

HT1  HT&E LIMITED

Out of Home Advertising

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Overnight Price: $2.53

Citi rates HT1 as Neutral (3) -

First half results were solid, in Citi's view. Early trading conditions in the second half are positive. The key catalysts the broker identifies are the preliminary decision from the ACCC and the outcome of the Brisbane City Council tender, as well as updates on ATO disputes.

Target is raised to $2.50 from $2.45. Neutral maintained.

Target price is $2.50 Current Price is $2.53 Difference: minus $0.03 (current price is over target).
If HT1 meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 8.60 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of N/A.

Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 9.90 cents and EPS of 16.60 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 15.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 6.2%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.6

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


Macquarie rates HT1 as No Rating (-1) -

First half operating earnings were up 10.9%. Macquarie notes Adshel is tracking well, having recovered steadily since losing the Yarra Trams contract last year. Adshel has renewed or extended over 80% of its contracts expiring in 2018.

The broker is restricted from a recommendation and target.

Current Price is $2.53. Target price not assessed.

Current consensus price target is $2.57, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 6.50 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of N/A.

Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 7.70 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 6.2%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.6

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


Morgan Stanley rates HT1 as Overweight (1) -

HT&E's first-half result surprised to the upside, thanks to a strong performance from radio. Morgan Stanley expects capital management following the sale of outdoor, and a strong second half.

Overweight rating,  $2.75 target price and Attractive industry view maintained.

Target price is $2.75 Current Price is $2.53 Difference: $0.22
If HT1 meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 EPS of 18.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.6, implying annual growth of N/A.

Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 14.4.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 20.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 6.2%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.6

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

HUO  HUON AQUACULTURE GROUP LIMITED

Aquaculture

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Overnight Price: $4.50

Credit Suisse rates HUO as Outperform (1) -

While volume constraints and higher prices were set to impact on Huon's FY18 result, both the result and FY19 volume outlook came in weaker than expected, the broker notes. Strong operating growth is expected ahead, but the key question for the broker is costs.

In the near term the broker is being more conservative than management. In the longer term the stock still looks cheap, the broker suggests. Outperform retained, target falls to $4.90 from $5.65.

Target price is $4.90 Current Price is $4.50 Difference: $0.4
If HUO meets the Credit Suisse target it will return approximately 9% (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 11.00 cents and EPS of 41.70 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 10.79.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 13.00 cents and EPS of 49.20 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.15.

Market Sentiment: 1.0

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


ADDED

Ord Minnett rates HUO as Buy (1) -

Huon Aquaculture's FY18 full-year result missed the broker, as higher costs ate into profits.

Ord remains positive on the stock, noting reductions in FY19 estimates are down only -4%, given the company guided to flat production costs and prices rises (buoyed by the company's strategy to increase exposure to the wholesale channel).

The company's valuation is also attractive at a price-earnings multiple of 8.6x in FY19.

Buy recommendation retained. Target price lowered to $5.41 from $5.86.

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

Target price is $5.41 Current Price is $4.50 Difference: $0.91
If HUO meets the Ord Minnett target it will return approximately 20% (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 12.00 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.57.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 13.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.89.

Market Sentiment: 1.0

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

IAG  INSURANCE AUSTRALIA GROUP LIMITED

Insurance

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Overnight Price: $7.97

Citi rates IAG as Neutral (3) -

FY19 margin guidance was disappointing and signals to Citi the likelihood of a decline in underlying profitability despite cost reduction benefits.

Still, the broker's analysis suggests the company is being conservative. Neutral maintained. Target is reduced to $8.05 from $8.25.

Target price is $8.05 Current Price is $7.97 Difference: $0.08
If IAG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 39.50 cents and EPS of 41.80 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of N/A.

Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 38.50 cents and EPS of 47.10 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 2.5%.

Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.0

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


Credit Suisse rates IAG as Neutral (3) -

IAG's result missed the broker by -8%. Insurance profit and margins were in line but investment income was weak and Asia posted a large loss. Underlying margin growth ceased, with NZ to blame.

FY19 guidance suggests management is looking to lower investor expectations, in the broker's view, but it means FY20 needs to see 20% growth to hit management's target. Neutral retained, target falls to $7.90 from $8.30.
 

Target price is $7.90 Current Price is $7.97 Difference: minus $0.07 (current price is over target).
If IAG meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 45.00 cents and EPS of 43.00 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 18.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of N/A.

Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 34.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 2.5%.

Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.0

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


Deutsche Bank rates IAG as Hold (3) -

FY18 gross written premium was up 1.8% and insurance profit up 10.8%, broadly in line with Deutsche Bank's expectations. The broker considers this a solid result in a mature market.

Valuation is full and the broker maintains a Hold rating. Target is $7.80.

Target price is $7.80 Current Price is $7.97 Difference: minus $0.17 (current price is over target).
If IAG meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 43.3, implying annual growth of N/A.

Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY20:

Current consensus EPS estimate is 44.4, implying annual growth of 2.5%.

Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.0

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


Macquarie rates IAG as Underperform (5) -

FY18 results were strong but fell short of high expectations, Macquarie observes. The broker believes the attritional margin improvement in Australian home and motor is under pressure. Only around 100 basis points of margin improvement has crystallised in the consumer division from the first to the second half, despite price rises of over 5%.

Macquarie expects the share price to be supported by capital management in the short term but maintains an Underperform rating. Target is reduced to $6.55 from $6.70.

Target price is $6.55 Current Price is $7.97 Difference: minus $1.42 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 36.00 cents and EPS of 48.40 cents.
At the last closing share price the estimated dividend yield is 4.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of N/A.

Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 38.00 cents and EPS of 43.80 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 2.5%.

Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.0

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


Morgan Stanley rates IAG as Overweight (1) -

IAG returned a solid FY18 result but softer guidance has the broker puzzled.

IAG has flagged falling NSW CTP profitability under the new scheme as a culprit but Morgan Stanley finds this hard to reconcile and asks if there is something else, or whether the company is just hosing down expectations.

The broker trims FY19 margin estimates in response but remains bullish. Overweight rating. Industry view: In-Line. Price target $9.00.

Target price is $9.00 Current Price is $7.97 Difference: $1.03
If IAG meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.66, suggesting downside of -3.9% (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 39.00 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of N/A.

Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 37.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 2.5%.

Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.0

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


Morgans rates IAG as Hold (3) -

FY18 net profit was weaker than Morgans expected. The main concern is an unchanged FY19 guidance range and the broker makes minor downgrades to forecasts.

The company has announced $592m in capital management initiatives including a capital return and fully franked special dividend. Morgans maintains a Hold rating, and considers the stock fully valued. Target is reduced to $7.41 from $7.54.

Target price is $7.41 Current Price is $7.97 Difference: minus $0.56 (current price is over target).
If IAG meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 32.50 cents and EPS of 43.00 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 18.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of N/A.

Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 36.60 cents and EPS of 48.20 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 2.5%.

Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.0

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


UPDATED

Ord Minnett rates IAG as Hold (3) -

IAG's FY18 result missed the broker, thanks to soft earnings as rate rises were offset by higher claims in motor, a jump in large claims in commercial, and margin contraction in New Zealand.

Guidance was also weak and the broker lowers the target price to $7.10 from $7.90. Ord Minnett expects continued margin growth but doubts IAG will be able to continue to attract its sector premium.

The company has announced a $592m capital management initiative including capital return and 5.5cps special dividend. Hold/Higher risk rating retained.

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

Target price is $7.10 Current Price is $7.97 Difference: minus $0.87 (current price is over target).
If IAG 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 $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 30.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of N/A.

Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 32.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 2.5%.

Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.0

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


UBS rates IAG as Neutral (3) -

FY18 results were solid and UBS suspects FY19 could be much better than the company has signalled. FY19 margin guidance has been initiated at 16-18%, disappointing relative to forecasts.

The broker downgrades FY19 and FY20 estimates by -9.7% and -12.7% respectively. Target is reduced to $7.45 from $8.00. Neutral maintained.

Target price is $7.45 Current Price is $7.97 Difference: minus $0.52 (current price is over target).
If IAG meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 37.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.3, implying annual growth of N/A.

Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 34.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.4, implying annual growth of 2.5%.

Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.0

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

IFM  INFOMEDIA LTD

Automobiles & Components

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Overnight Price: $1.20

UBS rates IFM as Downgrade to Neutral from Buy (3) -

FY18 earnings beat UBS estimates, predominantly driven by revenue growth in Superservice. The broker expects strong earnings growth and margin expansion in FY19 but retains conservative forecasts, and does not extrapolate the second half FY18 outcome as it contained a few one-offs.

UBS downgrades to Neutral from Buy, believing the outlook is largely reflected in the share price. Targets raised to $1.30 from $0.95.

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

Market Sentiment: 0.0

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

IFN  INFIGEN ENERGY

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Overnight Price: $0.59

Macquarie rates IFN as Outperform (1) -

The company has announced a $38m investment in a battery energy storage system in South Australia. Corporate activity continues in the sector, the broker notes, with a takeover bid from existing shareholders for Tilt Renewables ((TLT)).

Given earnings headwinds from declining commodity pricing, Macquarie envisages value in potential corporate activity and risks are considered weighted to the upside. The broker maintains an Outperform rating and 78c target.

Target price is $0.78 Current Price is $0.59 Difference: $0.19
If IFN meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.1, implying annual growth of -47.5%.

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

Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 1.90 cents and EPS of 4.50 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 13.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of 104.8%.

Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.3

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

ILU  ILUKA RESOURCES LIMITED

Mineral Sands

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Overnight Price: $9.96

Citi rates ILU as Buy (1) -

In initial response to FY18 financials, Citi analysts believe net profit missed market expectations, but cash flow generation proved a positive, driving a higher than expected interim dividend of 10cps.

Another negative is that costs for the expansion of the Sierra Rutile operations may be up to 60% higher than earlier indication. Then again a 15% price increase in Zircon, to US$1580/t for Q4, can only be seen as a positive.

Putting it all together, Citi talks about a "mixed" interim report.

Target price is $14.00 Current Price is $9.96 Difference: $4.04
If ILU meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $11.84, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 16.00 cents and EPS of 82.30 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.3, implying annual growth of N/A.

Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 35.00 cents and EPS of 108.70 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 9.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.5, implying annual growth of 15.0%.

Current consensus DPS estimate is 34.3, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.4

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: $0.49

Citi rates MGX as Neutral (3) -

FY18 results were ahead of Citi's estimates. FY19 is expected to be a transition year as lower grade mid-west mines are closed and the high-grade Koolan Island is re-started.

Citi maintains a Neutral rating and $0.50 target but believes there is significant leverage to high-grade premiums, if these persist.

Target price is $0.50 Current Price is $0.49 Difference: $0.01
If MGX meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 3.00 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 6.12%.
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 2.7, implying annual growth of N/A.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 3.00 cents and EPS of 3.80 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, implying annual growth of -74.1%.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 70.0.

Market Sentiment: 0.3

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


Macquarie rates MGX as Outperform (1) -

FY18 net profit was higher than Macquarie expected. The broker believes FY19 will be a transition year as mining in the mid-west ceases and Koolan Island re-starts.

Koolan Island high-grade product is expected to yield significant premiums and transform the earnings outlook. Outperform rating. Target is $0.60.

Target price is $0.60 Current Price is $0.49 Difference: $0.11
If MGX meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 6.1% (ex-dividends)

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 minus 0.50 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 98.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.7, implying annual growth of N/A.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 3.00 cents and EPS of minus 2.40 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.7, implying annual growth of -74.1%.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 70.0.

Market Sentiment: 0.3

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

MIN  MINERAL RESOURCES LIMITED

Iron Ore

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Overnight Price: $13.95

Macquarie rates MIN as No Rating (-1) -

FY18 results were solid, Macquarie observes, and ahead of estimates. DSO shipments of 660,000t were 23% above forecasts and iron ore shipments of 10.3mt were -22% lower than expected.

Macquarie is currently on research restrictions and cannot advise a rating on target.

Current Price is $13.95. Target price not assessed.

Current consensus price target is $18.37, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 77.00 cents and EPS of 168.80 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 8.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 145.6, implying annual growth of N/A.

Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 103.00 cents and EPS of 219.40 cents.
At the last closing share price the estimated dividend yield is 7.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 212.2, implying annual growth of 45.7%.

Current consensus DPS estimate is 87.0, implying a prospective dividend yield of 6.2%.

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 MIN as Overweight (1) -

Morgan Stanley reiterates Mineral Resources as an Overweight as it provides key takeaways from its conference call with the company.

Among the highlights cited are the forecast that spodumene prices are expected to be flat in Q3 and weaker in Q4, with non-binding bids for the Wodgina sale expected over the next four weeks.

In addition, the company's board has given principal approval for hydroxide plants. Results are expected this quarter but haven't been included in the broker's base case.

Morgan Stanley believes the company is well-positioned for lithium expansion and sees strong fundamental valuation support at $20.60, observing the shares trading on a low FY19 multiple of 6.0x and FY20 of 4.1x.

Target price is $20.60 Current Price is $13.95 Difference: $6.65
If MIN meets the Morgan Stanley target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $18.37, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 32.40 cents and EPS of 139.00 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 10.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 145.6, implying annual growth of N/A.

Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY20:

Current consensus EPS estimate is 212.2, implying annual growth of 45.7%.

Current consensus DPS estimate is 87.0, implying a prospective dividend yield of 6.2%.

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


ADDED

Ord Minnett rates MIN as Hold (3) -

Mineral Resource's FY18 results slightly outpaced the broker. June guidance was reiterated. The 40cps dividend was 5c above the broker's estimate.

Ord Minnett is dissatisfied with the absence of guidance for FY19 EBITDA and capex. Lower than forecast production guidance also disappointed.

The broker remains cautious until numbers improve and maintains a Hold/Higher risk recommendation. Target price falls to $17.50 from $18.

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

Target price is $17.50 Current Price is $13.95 Difference: $3.55
If MIN meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $18.37, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 47.00 cents and EPS of 129.00 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 145.6, implying annual growth of N/A.

Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 71.00 cents and EPS of 205.00 cents.
At the last closing share price the estimated dividend yield is 5.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 212.2, implying annual growth of 45.7%.

Current consensus DPS estimate is 87.0, implying a prospective dividend yield of 6.2%.

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

NAB  NATIONAL AUSTRALIA BANK LIMITED

Banks

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Overnight Price: $28.77

Morgan Stanley rates NAB as Underweight (5) -

NAB's announcement of a reduction in Tier 1 capital to 9.7% in the third quarter was shy of APRA's target of 10.5%. Morgan Stanley questions whether the target can be reached by 2020 as planned while maintaining the payout ratio.

NAB has flagged a fall from 81% to 70-75%, but this has yet to eventuate. Morgan Stanley cuts FY18 EPS estimates by -3% to reflect the new regulatory position in the second half. Underweight weighting retained. Industry view: In-line. Price target raised to $26 from $25.50.

Target price is $26.00 Current Price is $28.77 Difference: minus $2.77 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.14, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 198.00 cents and EPS of 206.00 cents.
At the last closing share price the estimated dividend yield is 6.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.2, implying annual growth of -5.3%.

Current consensus DPS estimate is 198.0, implying a prospective dividend yield of 6.9%.

Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 174.00 cents and EPS of 224.40 cents.
At the last closing share price the estimated dividend yield is 6.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.1, implying annual growth of 6.9%.

Current consensus DPS estimate is 190.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 12.4.

Market Sentiment: 0.3

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

NCK  NICK SCALI LIMITED

Furniture & Renovation

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Overnight Price: $6.68

Citi rates NCK as Neutral (3) -

In initial response to the FY18 results release, Citi analysts point out they came out at the top end of guidance. As such, it was in line with Citi and market consensus.

The analysts also note strong gross margins increasing 20bp to 62.7%. In addition, company management indicated the six new stores opened in FY18 have performed above expectations.

Citi analysts also note trading since June has seen positive same store sales order growth.

Target price is $7.00 Current Price is $6.68 Difference: $0.32
If NCK meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 36.00 cents and EPS of 50.80 cents.
At the last closing share price the estimated dividend yield is 5.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.15.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 36.50 cents and EPS of 51.20 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.05.

Market Sentiment: 0.5

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: $8.98

Citi rates OZL as Buy (1) -

In initial response to the FY18 results report, Citi analysts believe the net result itself was in-line but dividend payout was lower as the company is preparing for a much more investment heavy outlook.

Target price is $11.10 Current Price is $8.98 Difference: $2.12
If OZL meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $10.49, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 27.00 cents and EPS of 64.60 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 13.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.7, implying annual growth of -5.6%.

Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 12.4.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 12.00 cents and EPS of 59.10 cents.
At the last closing share price the estimated dividend yield is 1.34%.
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 66.4, implying annual growth of -8.7%.

Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.6

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

PGH  PACT GROUP HOLDINGS LTD

Paper & Packaging

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Overnight Price: $4.33

Credit Suisse rates PGH as Downgrade to Neutral from Outperform (3) -

Credit Suisse's response to Pact's "bad miss" is to cut forecast earnings by -20%, the target to $4.35 from $5.80 and downgrade to Neutral from Outperform.

Volumes were lower and costs higher than the broker expected, and FY19 is not yet offering much relief. The broker suggests Pact is prioritising acquisitions ahead of fixing the core business.

Target price is $4.35 Current Price is $4.33 Difference: $0.02
If PGH meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 21.00 cents and EPS of 28.60 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 15.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of N/A.

Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 21.00 cents and EPS of 32.10 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 13.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 8.5%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.2

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


Deutsche Bank rates PGH as Buy (1) -

The FY18 result and FY19 guidance were well below expectations because of higher-than-expected costs. Nevertheless, Deutsche Bank believes this has been priced in, with the stock trading at a -28% discount to valuation.

The broker envisages upside potential from the recovery of higher raw material costs and rationalisation of the rigid plastics network. Buy maintained. Target is $5.80.

Target price is $5.80 Current Price is $4.33 Difference: $1.47
If PGH meets the Deutsche Bank target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 8.7% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 30.5, implying annual growth of N/A.

Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Current consensus EPS estimate is 33.1, implying annual growth of 8.5%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.2

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


Macquarie rates PGH as Neutral (3) -

FY18 net profit was well short of Macquarie's estimates. The main negatives included cost increases, which are likely to linger into FY19. The extent of the shortfall surprised the broker, particularly as there was no prior notification.

The stock is considered relatively cheap but needs to demonstrate a sustainable return to positive earnings growth. Neutral rating maintained. Target is reduced to $4.65 from $5.54.

Target price is $4.65 Current Price is $4.33 Difference: $0.32
If PGH meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 22.10 cents and EPS of 30.50 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of N/A.

Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 22.60 cents and EPS of 34.40 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 8.5%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.2

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


Morgans rates PGH as Hold (3) -

FY18 results were well below expectations and Morgans was disappointed with both Australia and the international divisions. FY19 operating earnings estimates are reduced by -6%.

Despite the attractive valuation, the broker considers the operating environment difficult and there are a number of cost headwinds. Hold rating maintained. Target is reduced to $4.23 from $5.24.

Target price is $4.23 Current Price is $4.33 Difference: minus $0.1 (current price is over target).
If PGH meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.71, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 24.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of N/A.

Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 25.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 5.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 8.5%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.2

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


ADDED

Ord Minnett rates PGH as Hold (3) -

Pact Group Holdings' FY18 full-year result fell 10% short of the broker, triggering a sharp downgrade in the target price to $4.50 from $5.70.

Margin contraction proved the culprit, as higher costs and business disruptions ate into earnings.

Pact also announced it third acquisition in a year, buying TIC Retail accessories for $122 million.

Pact is now trading on an earnings per share price-earnings multiple of 13x offering valuation support, but the outlook is challenging.

Hold rating retained. Risk Higher. Ord prefers Amcor.

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

Target price is $4.50 Current Price is $4.33 Difference: $0.17
If PGH meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 24.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of N/A.

Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 24.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 8.5%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.2

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

QBE  QBE INSURANCE GROUP LIMITED

Insurance

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Overnight Price: $10.95

Citi rates QBE as Buy (1) -

Finally! say Citi analysts in initial commentary post the interim report release. QBE has finally managed to update on its performance with no negative surprise and with a financial performance that was actually better-than-expected, according to Citi.

In addition, the analysts note very strong premium rate increases coming through bodes well for future earnings. Citi is now toying with the idea that QBE could really be in for a re-rating post today's release.

Target price is $11.20 Current Price is $10.95 Difference: $0.25
If QBE meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.21, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 43.69 cents and EPS of 68.90 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of N/A.

Current consensus DPS estimate is 55.8, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 52.50 cents and EPS of 84.98 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.8, implying annual growth of 25.1%.

Current consensus DPS estimate is 74.9, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 12.1.

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

Market Sentiment: 0.6

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

SEK  SEEK LIMITED

Jobs & Skilled Labour Services

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Overnight Price: $21.64

Citi rates SEK as Sell (5) -

Citi is not convinced that the company's investment will lead to an acceleration in revenue growth. Earnings are expected to be flat again in FY19.

The broker believes investors will need to wait at least three years for meaningful earnings growth. The broker reduces FY19 estimates by -2%. Sell maintained. Target is $15.

Target price is $15.00 Current Price is $21.64 Difference: minus $6.64 (current price is over target).
If SEK meets the Citi target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.76, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 42.00 cents and EPS of 56.50 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of N/A.

Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 35.4.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 42.00 cents and EPS of 60.20 cents.
At the last closing share price the estimated dividend yield is 1.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.7, implying annual growth of 15.5%.

Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 30.6.

Market Sentiment: -0.2

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


Macquarie rates SEK as Neutral (3) -

FY18 earnings and FY19 guidance are consistent with pre-released numbers. Macquarie observes strong results from the company's core business. Revenue is also re-accelerating in China.

The broker finds the long-term opportunity for value creation very appealing. Neutral rating maintained. Target is raised to $21.75 from $19.90.

Target price is $21.75 Current Price is $21.64 Difference: $0.11
If SEK meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $19.76, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 42.50 cents and EPS of 60.80 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of N/A.

Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 35.4.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 52.10 cents and EPS of 74.40 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.7, implying annual growth of 15.5%.

Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 30.6.

Market Sentiment: -0.2

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


Morgan Stanley rates SEK as Overweight (1) -

SEEK's pre-announced FY18 result contained no surprises. The business's key drivers all grew above-pace, but the fall in Brazil and Mexico was a bit stronger than expected.

There were no changes to FY19 guidance, with revenues forecast to grow between 16% and 20%. Overweight retained. Industry view: Attractive. Price target $23.

Target price is $23.00 Current Price is $21.64 Difference: $1.36
If SEK meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $19.76, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 68.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of N/A.

Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 35.4.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 78.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.7, implying annual growth of 15.5%.

Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 30.6.

Market Sentiment: -0.2

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


ADDED

Ord Minnett rates SEK as Accumulate (2) -

SEEK's FY18 result slightly outpaced its own pre-announced guidance. Weakness in Latin America was offset by strength in all other regions. 

Ord Minnett's forecasts for FY19 sit at the low end of guidance. Target price raised to $24 from $23. Accumulate/Higher risk retained.

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

Target price is $24.00 Current Price is $21.64 Difference: $2.36
If SEK meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.76, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 48.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of N/A.

Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 35.4.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 53.00 cents and EPS of 71.00 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 30.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.7, implying annual growth of 15.5%.

Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 30.6.

Market Sentiment: -0.2

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


UBS rates SEK as Sell (5) -

The results for FY18 were pre-announced. UBS focuses on the earnings composition with the main surprises being a lift in domestic margins, the depth contribution, which helped offset a mix shift, and the strong growth in Zhaopin.

The company is guiding to 25% growth in operating expenditure in FY19. The broker maintains a Sell rating and $19.50 target.

Target price is $19.50 Current Price is $21.64 Difference: minus $2.14 (current price is over target).
If SEK meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.76, suggesting downside of -8.7% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 61.2, implying annual growth of N/A.

Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 35.4.

Forecast for FY20:

Current consensus EPS estimate is 70.7, implying annual growth of 15.5%.

Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 30.6.

Market Sentiment: -0.2

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: $26.30

Citi rates SHL as Neutral (3) -

On initial assessment, Citi analysts believe FY18 performance was slightly below expectations, and it looks the same for the company's FY19 guidance.

Target price is $26.00 Current Price is $26.30 Difference: minus $0.3 (current price is over target).
If SHL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.03, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 80.00 cents and EPS of 109.30 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.5, implying annual growth of 9.5%.

Current consensus DPS estimate is 79.7, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 85.00 cents and EPS of 118.10 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 121.1, implying annual growth of 7.6%.

Current consensus DPS estimate is 85.3, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: 0.4

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

SSM  SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $1.58

ADDED

Ord Minnett rates SSM as Buy (1) -

Service Stream's FY18 full-year result outpaced the broker by 5% thanks to very strong cash flow.

NBN was the main contributor and Ord notices maintenance is now scaling strong as the network is activated.

While NBN's total activations disappointed, Service Stream managed to nab 50% of market share (up from low 40s).

The broker believes the company's strong operation track record will stand it well in the post-activation phase.

Buy recommendation reiterated. Target price jumps to $1.90 from $1.75. Risk rating Higher.

Target price is $1.90 Current Price is $1.58 Difference: $0.32
If SSM meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 7.00 cents and EPS of 10.90 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 14.50.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 12.10 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 13.06.

Market Sentiment: 1.0

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: $0.47

Macquarie rates SXY as Outperform (1) -

The company has booked a -$16m non-recurring loss in anticipation of its FY18 results, writing off its non-core Cooper Basin business to zero.

Macquarie maintains its recommendation and envisages the catalysts that will unlock the risked valuation are WSGP and Project Atlas over FY19. The broker is bullish on expectations for production increases in the Cooper Basin oil business. Outperform rating and $0.55 target maintained.

Target price is $0.55 Current Price is $0.47 Difference: $0.08
If SXY meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

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

How do these forecasts compare to market consensus projections?

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

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

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

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.5, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 31.3.

Market Sentiment: 0.6

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

TLS  TELSTRA CORPORATION LIMITED

Telecommunication

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Overnight Price: $3.03

Citi rates TLS as Sell (5) -

On initial assessment, Citi analysts believe Telstra's FY18 update was in-line with the recent May downgrade and guidance issued last month. No news on FY19 dividend doesn't have to spell bad news, the analysts suggest.

Target price is $2.30 Current Price is $3.03 Difference: minus $0.73 (current price is over target).
If TLS meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.16, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 22.00 cents and EPS of 19.70 cents.
At the last closing share price the estimated dividend yield is 7.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of -16.9%.

Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 7.3%.

Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 16.00 cents and EPS of 10.50 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 28.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of -15.9%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.3

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


UBS rates TLS as Buy (1) -

In initial response to today's FY18 results release, UBS notes the absence of specific dividend guidance. FY18 numbers had been pre-released, say the analysts, although it appears most were slightly better than what UBS had penciled in.

Forecasts are now officially under review, but there is no indication the broker intends to change either $3 valuation, or the Buy rating.

Target price is $3.00 Current Price is $3.03 Difference: minus $0.03 (current price is over target).
If TLS 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 $3.16, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 22.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 7.26%.
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 27.0, implying annual growth of -16.9%.

Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 7.3%.

Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 16.00 cents and EPS of 20.00 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 15.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of -15.9%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.3

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

VCX  VICINITY CENTRES

REITs

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Overnight Price: $2.73

Macquarie rates VCX as No Rating (-1) -

FY18 results were in line with guidance and FY19 guidance is slightly ahead of Macquarie's expectations. The broker suspects the $2bn in divestments could result in the company deploying capital through a buyback.

In the meantime, retail remains difficult, capital intensity is increasing and the maintenance budgets are moving higher. Macquarie is restricted on rating and target.

Current Price is $2.73. Target price not assessed.

Current consensus price target is $2.86, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 15.40 cents and EPS of 16.70 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 16.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of N/A.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 15.20 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of -1.7%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.7

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


Morgan Stanley rates VCX as Overweight (1) -

Vicinity Centres'  FY18 results were in line with the broker. Guidance appears conservative but the broker views portfolio quality improvements and the strategy as positives with long tailwinds.

Meanwhile, capital expenditure assumptions are viewed as more realistic and, with the execution on asset sales, Morgan Stanley believes the stock wll outperform retail peers. A buyback after asset sales is a possibility.

Overweight rating retained. Industry view: Cautious. Price target $2.85.

Target price is $2.85 Current Price is $2.73 Difference: $0.12
If VCX meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 15.50 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of N/A.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 16.10 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of -1.7%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.7

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


ADDED

Ord Minnett rates VCX as Accumulate (2) -

Vicinity Centres FY18 full-year result met the broker.

Ord Minnett sees potential FY19 upside stemming from retail, expected portfolio sales, and delivering mixed-use value.

Accumulate recommendation retained. Target price rises to $3 from $2.95. Risk rating Higher.

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

Target price is $3.00 Current Price is $2.73 Difference: $0.27
If VCX meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 16.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 5.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of N/A.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 16.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 5.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of -1.7%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.7

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


UBS rates VCX as Buy (1) -

FY18 results were in line with expectations. In the strategy update the company has clearly articulated a focus on its top 50 assets, expanding funds management and the opportunity for realising mixed use development.

However, UBS suggests investors will need to be patient as FY19/20 appear to be transition years. Buy retained. Target unchanged at $2.92.

Target price is $2.92 Current Price is $2.73 Difference: $0.19
If VCX meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 4.7% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 17.7, implying annual growth of N/A.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY20:

Current consensus EPS estimate is 17.4, implying annual growth of -1.7%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.7

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

VLW  VILLA WORLD LIMITED

Infra & Property Developers

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Overnight Price: $2.29

Morgans rates VLW as Add (1) -

FY18 results were in line with recent guidance. FY19 guidance includes net profit of $40m and distribution of 18.5c per share. The results benefited from the contribution of a project sale into a joint venture structure.

The outlook is supported by strong pre-sales and contributions from Donnybrook commencing in FY20. Add rating maintained. Target is reduced to $2.46 from $2.48.

Target price is $2.46 Current Price is $2.29 Difference: $0.17
If VLW meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 19.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 8.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.16.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 19.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 8.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.36.

Market Sentiment: 1.0

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

WES  WESFARMERS LIMITED

Food, Beverages & Tobacco

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Overnight Price: $52.31

Citi rates WES as Sell (5) -

FY18 earnings were slightly ahead of Citi's estimates. The broker finds the FY19 outlook broadly unchanged, with sales momentum building at Coles as Bunnings sales growth moderates.

The company does not provide earnings guidance or trading updates but did signal that Coles has continued its momentum into the first quarter, supported by a successful Little Shop campaign. Sell rating maintained. Target is raised to $45.90 from $44.20.

Target price is $45.90 Current Price is $52.31 Difference: minus $6.41 (current price is over target).
If WES meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 232.00 cents and EPS of 260.40 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.3, implying annual growth of N/A.

Current consensus DPS estimate is 228.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 240.00 cents and EPS of 269.60 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.8, implying annual growth of 0.2%.

Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: -0.3

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


Credit Suisse rates WES as Neutral (3) -

It is unclear how Wesfarmers' result compared to the broker's forecast but the broker notes a busy six months has now come to a close for the company, with the UK now dealt with and a number of mature investments monetised. The balance sheet will be significantly de-geared post Coles demerger.

What then to do with the money? The broker hopes Wesfarmers looks at organic investments and capital management as well as M&A rather then feeling compelled simply to acquire. Neutral retained, target rises to $48.51 from $47.72.

Target price is $48.51 Current Price is $52.31 Difference: minus $3.8 (current price is over target).
If WES meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 210.00 cents and EPS of 257.00 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.3, implying annual growth of N/A.

Current consensus DPS estimate is 228.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 217.00 cents and EPS of 265.00 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.8, implying annual growth of 0.2%.

Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: -0.3

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


Deutsche Bank rates WES as Hold (3) -

Deutsche Bank observes the company's portfolio is changing considerably and Bunnings will soon become more important. In this context, it was disappointing that sales slowed considerably in the fourth quarter.

Still, Deutsche Bank suspects there may be further margin opportunity. Meanwhile, the trend at Coles is improving. The broker believes the current portfolio is fully valued and maintains a Hold rating. Target is $48.

Target price is $48.00 Current Price is $52.31 Difference: minus $4.31 (current price is over target).
If WES 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 $47.41, suggesting downside of -9.4% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 273.3, implying annual growth of N/A.

Current consensus DPS estimate is 228.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY20:

Current consensus EPS estimate is 273.8, implying annual growth of 0.2%.

Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: -0.3

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


Macquarie rates WES as No Rating (-1) -

FY18 results were marginally below Macquarie's expectations. Growth in most divisions is targeted for FY19. The broker found the outlook commentary limited.

Macquarie is currently under research restrictions.

Current Price is $52.31. Target price not assessed.

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 244.30 cents and EPS of 271.40 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.3, implying annual growth of N/A.

Current consensus DPS estimate is 228.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 252.90 cents and EPS of 281.00 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.8, implying annual growth of 0.2%.

Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: -0.3

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


Morgan Stanley rates WES as Underweight (5) -

Wesfarmers' result outpaced the broker thanks to a strong performance from department stores but the broker notes a cooling in Bunnings growth, and says margin growth was struck on a widening price gap from Coles to the discount suppliers, which may not be sustainable.

Morgan Stanley increases the target price to $45 from $42 to reflect higher peer multiples and earnings upgrades of 3% to 4%, but remains Underweight given the Bunnings cooling and margin issues.

Target price is $45.00 Current Price is $52.31 Difference: minus $7.31 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 228.00 cents and EPS of 260.00 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.3, implying annual growth of N/A.

Current consensus DPS estimate is 228.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 235.00 cents and EPS of 261.00 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.8, implying annual growth of 0.2%.

Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: -0.3

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


Morgans rates WES as Hold (3) -

Morgans found a lot to like in the FY18 result, which was slightly better than expected. Growth occurred at Bunnings Australasia, department stores, Officeworks and industrials, partially offset by lower earnings at Coles.

Morgans reduces FY19 operating earnings estimates slightly. The broker believes management is doing a good job repositioning the portfolio. Hold rating maintained. Target is raised to $51.43 from $47.34.

Target price is $51.43 Current Price is $52.31 Difference: minus $0.88 (current price is over target).
If WES meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 230.00 cents and EPS of 262.00 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.3, implying annual growth of N/A.

Current consensus DPS estimate is 228.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 235.00 cents and EPS of 276.00 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.8, implying annual growth of 0.2%.

Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: -0.3

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


UPDATED

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

Wesfarmers' FY18 result beat the broker by a nose thanks to department store operations and the chemicals, energy and fertilisers business. The $1.20 dividend missed the broker's $1.22 estimate.

Despite signs of slower sales from Bunnings, Ord Minnett believes sales will moderate rather than fall sharply.

The broker notes valuation support is emerging for Wesfarmers thanks to higher EBIT, lower capex, an improved business mix, and growing potential for capital management.

The broker upgrades to Hold from Lighten and increases the target price to $50 from $45.

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

Target price is $50.00 Current Price is $52.31 Difference: minus $2.31 (current price is over target).
If WES 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 $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 230.00 cents and EPS of 341.00 cents.
At the last closing share price the estimated dividend yield is 4.40%.
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 273.3, implying annual growth of N/A.

Current consensus DPS estimate is 228.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 240.00 cents and EPS of 298.00 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.8, implying annual growth of 0.2%.

Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: -0.3

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


UBS rates WES as Neutral (3) -

FY18 results were broadly in line with expectations. Bunnings has signalled slowing momentum into FY19, a function of tougher comparables, although UBS notes there is no notable impact from softer housing.

The broker suspects a material pick up in July/August trade for Coles. Neutral rating and $43 target maintained.

Target price is $43.00 Current Price is $52.31 Difference: minus $9.31 (current price is over target).
If WES meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 224.00 cents and EPS of 261.00 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 20.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.3, implying annual growth of N/A.

Current consensus DPS estimate is 228.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 19.1.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 229.00 cents and EPS of 266.00 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.8, implying annual growth of 0.2%.

Current consensus DPS estimate is 235.6, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: -0.3

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

WHC  WHITEHAVEN COAL LIMITED

Coal

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Overnight Price: $5.07

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

FY18 results were in line with expectations. Production guidance has been downgraded, particularly Narrabri, the highest margin mine. Costs are expected to rise to $64/t.

The company provided a surprise special dividend, but with no franking credits and net debt back up to $270m, Macquarie is curious why a buyback was not used.

Nevertheless, the broker suggests higher prices can erase a lot of problems. Rating is downgraded to Neutral from Outperform. Target is reduced to $5.10 from $5.70.

Target price is $5.10 Current Price is $5.07 Difference: $0.03
If WHC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.49, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 31.00 cents and EPS of 59.50 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.8, implying annual growth of N/A.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 20.00 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.9, implying annual growth of -37.2%.

Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.3

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

WPL  WOODSIDE PETROLEUM LIMITED

NatGas

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Overnight Price: $36.24

Citi rates WPL as Upgrade to Neutral from Sell (3) -

First half results slightly missed forecasts. Citi increases the value for Browse in its analysis. However, tolling revenue for the North West Shelf is reduced, which is a net positive, the broker suggests, considering Woodside has a larger equity interest in Browse.

First half dividend exceeded the company's 80% pay-out ratio but, assuming no repeat of one-offs, Citi suspects the second half dividend will return to normal. Rating is upgraded to Neutral from Sell. Target is raised to $34.14 from $30.07.

Target price is $34.14 Current Price is $36.24 Difference: minus $2.1 (current price is over target).
If WPL 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 $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 171.52 cents and EPS of 212.19 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 17.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.6, implying annual growth of N/A.

Current consensus DPS estimate is 177.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 181.91 cents and EPS of 227.26 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 255.4, implying annual growth of 19.0%.

Current consensus DPS estimate is 199.3, implying a prospective dividend yield of 5.5%.

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


Macquarie rates WPL as Neutral (3) -

First half results were in line with expectations and Macquarie found the extra dividend a bonus. The broker is confident about the ability of Scarborough to fulfill contract volumes while the outcome of negotiations between the North West Shelf and Browse JV will be critical.

The broker incorporates little value for Browse currently. Neutral maintained. Target is $35.40.

Target price is $35.40 Current Price is $36.24 Difference: minus $0.84 (current price is over target).
If WPL 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 $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 165.02 cents and EPS of 212.71 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 17.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.6, implying annual growth of N/A.

Current consensus DPS estimate is 177.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 178.02 cents and EPS of 223.62 cents.
At the last closing share price the estimated dividend yield is 4.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 255.4, implying annual growth of 19.0%.

Current consensus DPS estimate is 199.3, implying a prospective dividend yield of 5.5%.

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


Morgan Stanley rates WPL as Overweight (1) -

Woodside Petroleum's first-half result met the broker with two surprises: a higher dividend payout ratio, thanks to Woodside's low gearing, and the announcement of a Bulgarian country entry with Shell.

Production guidance for 2018 was raised a touch and the broker tinkers with earnings and dividend forecasts.

Overweight rating retained. Industry view: Attractive. Price target steady at $37.50.

Target price is $37.50 Current Price is $36.24 Difference: $1.26
If WPL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 169.57 cents and EPS of 206.47 cents.
At the last closing share price the estimated dividend yield is 4.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.6, implying annual growth of N/A.

Current consensus DPS estimate is 177.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 217.52 cents and EPS of 271.70 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 255.4, implying annual growth of 19.0%.

Current consensus DPS estimate is 199.3, implying a prospective dividend yield of 5.5%.

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


Morgans rates WPL as Hold (3) -

First half results were ahead of Morgans' estimates. Revenue rose 25% on higher volumes and pricing. The broker notes Wheatstone continues to go from strength to strength with train 1 already operating at 10% above nameplate capacity.

The broker was surprised that growth projects did not feature in the result, although the company indicated a shift away from exploration and back to core projects. The high pay-out ratio of 89% also surprised the broker. Hold rating maintained. Target is raised to $36.74 from $34.50.

Target price is $36.74 Current Price is $36.24 Difference: $0.5
If WPL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 180.61 cents and EPS of 183.21 cents.
At the last closing share price the estimated dividend yield is 4.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.6, implying annual growth of N/A.

Current consensus DPS estimate is 177.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 220.89 cents and EPS of 317.05 cents.
At the last closing share price the estimated dividend yield is 6.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 255.4, implying annual growth of 19.0%.

Current consensus DPS estimate is 199.3, implying a prospective dividend yield of 5.5%.

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


UPDATED

Ord Minnett rates WPL as Hold (3) -

Woodside Petroleum's first-half result fell -18.6% short of the broker's estimates, due to an exploration impairment and higher-than-expected depreciation.

Ord Minnett notes several growth projects are closer to final investment decision and expects a sharp rise in earnings out to FY21 thanks to buoyant commodity prices and production growth.

As the stock is trading broadly in line with NPV the Hold/Higher risk rating is maintained. Target price falls to $34.50 from $35.20.

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

Target price is $34.50 Current Price is $36.24 Difference: minus $1.74 (current price is over target).
If WPL 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 $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 153.33 cents and EPS of 180.61 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.6, implying annual growth of N/A.

Current consensus DPS estimate is 177.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 181.91 cents and EPS of 228.69 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 255.4, implying annual growth of 19.0%.

Current consensus DPS estimate is 199.3, implying a prospective dividend yield of 5.5%.

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

Summaries
A2M A2 MILK Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $9.74
ANZ ANZ BANKING GROUP Downgrade to Hold from Add - Morgans Overnight Price $30.10
AOG AVEO Neutral - Macquarie Overnight Price $2.44
Add - Morgans Overnight Price $2.44
Accumulate - Ord Minnett Overnight Price $2.44
ASX ASX Sell - Citi Overnight Price $67.97
Sell - UBS Overnight Price $67.97
BAL BELLAMY'S AUSTRALIA Upgrade to Add from Hold - Morgans Overnight Price $9.72
CPU COMPUTERSHARE Neutral - Citi Overnight Price $19.13
Neutral - Credit Suisse Overnight Price $19.13
Upgrade to Hold from Sell - Deutsche Bank Overnight Price $19.13
Neutral - Macquarie Overnight Price $19.13
Underweight - Morgan Stanley Overnight Price $19.13
Hold - Morgans Overnight Price $19.13
Lighten - Ord Minnett Overnight Price $19.13
Neutral - UBS Overnight Price $19.13
CSL CSL Downgrade to Neutral from Buy - Citi Overnight Price $214.82
Outperform - Credit Suisse Overnight Price $214.82
Hold - Deutsche Bank Overnight Price $214.82
Outperform - Macquarie Overnight Price $214.82
Equal-weight - Morgan Stanley Overnight Price $214.82
Hold - Morgans Overnight Price $214.82
Hold - Ord Minnett Overnight Price $214.82
Downgrade to Neutral from Buy - UBS Overnight Price $214.82
DOW DOWNER EDI Buy - Citi Overnight Price $7.54
DXS DEXUS PROPERTY Buy - Citi Overnight Price $10.35
Hold - Deutsche Bank Overnight Price $10.35
Outperform - Macquarie Overnight Price $10.35
Overweight - Morgan Stanley Overnight Price $10.35
Downgrade to Hold from Accumulate - Ord Minnett Overnight Price $10.35
Sell - UBS Overnight Price $10.35
FXJ FAIRFAX MEDIA Neutral - Citi Overnight Price $0.87
No Rating - Macquarie Overnight Price $0.87
Overweight - Morgan Stanley Overnight Price $0.87
Neutral - UBS Overnight Price $0.87
GWA GWA GROUP Neutral - Citi Overnight Price $3.65
HT1 HT&E LTD Neutral - Citi Overnight Price $2.53
No Rating - Macquarie Overnight Price $2.53
Overweight - Morgan Stanley Overnight Price $2.53
HUO HUON AQUACULTURE Outperform - Credit Suisse Overnight Price $4.50
Buy - Ord Minnett Overnight Price $4.50
IAG INSURANCE AUSTRALIA Neutral - Citi Overnight Price $7.97
Neutral - Credit Suisse Overnight Price $7.97
Hold - Deutsche Bank Overnight Price $7.97
Underperform - Macquarie Overnight Price $7.97
Overweight - Morgan Stanley Overnight Price $7.97
Hold - Morgans Overnight Price $7.97
Hold - Ord Minnett Overnight Price $7.97
Neutral - UBS Overnight Price $7.97
IFM INFOMEDIA Downgrade to Neutral from Buy - UBS Overnight Price $1.20
IFN INFIGEN ENERGY Outperform - Macquarie Overnight Price $0.59
ILU ILUKA RESOURCES Buy - Citi Overnight Price $9.96
MGX MOUNT GIBSON IRON Neutral - Citi Overnight Price $0.49
Outperform - Macquarie Overnight Price $0.49
MIN MINERAL RESOURCES No Rating - Macquarie Overnight Price $13.95
Overweight - Morgan Stanley Overnight Price $13.95
Hold - Ord Minnett Overnight Price $13.95
NAB NATIONAL AUSTRALIA BANK Underweight - Morgan Stanley Overnight Price $28.77
NCK NICK SCALI Neutral - Citi Overnight Price $6.68
OZL OZ MINERALS Buy - Citi Overnight Price $8.98
PGH PACT GROUP Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $4.33
Buy - Deutsche Bank Overnight Price $4.33
Neutral - Macquarie Overnight Price $4.33
Hold - Morgans Overnight Price $4.33
Hold - Ord Minnett Overnight Price $4.33
QBE QBE INSURANCE Buy - Citi Overnight Price $10.95
SEK SEEK Sell - Citi Overnight Price $21.64
Neutral - Macquarie Overnight Price $21.64
Overweight - Morgan Stanley Overnight Price $21.64
Accumulate - Ord Minnett Overnight Price $21.64
Sell - UBS Overnight Price $21.64
SHL SONIC HEALTHCARE Neutral - Citi Overnight Price $26.30
SSM SERVICE STREAM Buy - Ord Minnett Overnight Price $1.58
SXY SENEX ENERGY Outperform - Macquarie Overnight Price $0.47
TLS TELSTRA CORP Sell - Citi Overnight Price $3.03
Buy - UBS Overnight Price $3.03
VCX VICINITY CENTRES No Rating - Macquarie Overnight Price $2.73
Overweight - Morgan Stanley Overnight Price $2.73
Accumulate - Ord Minnett Overnight Price $2.73
Buy - UBS Overnight Price $2.73
VLW VILLA WORLD Add - Morgans Overnight Price $2.29
WES WESFARMERS Sell - Citi Overnight Price $52.31
Neutral - Credit Suisse Overnight Price $52.31
Hold - Deutsche Bank Overnight Price $52.31
No Rating - Macquarie Overnight Price $52.31
Underweight - Morgan Stanley Overnight Price $52.31
Hold - Morgans Overnight Price $52.31
Upgrade to Hold from Lighten - Ord Minnett Overnight Price $52.31
Neutral - UBS Overnight Price $52.31
WHC WHITEHAVEN COAL Downgrade to Neutral from Outperform - Macquarie Overnight Price $5.07
WPL WOODSIDE PETROLEUM Upgrade to Neutral from Sell - Citi Overnight Price $36.24
Neutral - Macquarie Overnight Price $36.24
Overweight - Morgan Stanley Overnight Price $36.24
Hold - Morgans Overnight Price $36.24
Hold - Ord Minnett Overnight Price $36.24
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

28

2. Accumulate

3

3. Hold

47

4. Reduce

1

5. Sell

11

Thursday 16 August 2018

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