Australian Broker Call

Produced and copyrighted by at www.fnarena.com

October 15, 2018

Access Broker Call Report Archives here

COMPANIES DISCUSSED IN THIS ISSUE

Click on symbol for fast access.

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

Last Updated: 11:34 AM

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

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

For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE

Today's Upgrades and Downgrades
FXJ - FAIRFAX MEDIA Upgrade to Buy from Neutral UBS
MHJ - MICHAEL HILL Downgrade to Reduce from Hold Morgans
NSR - NATIONAL STORAGE Upgrade to Accumulate from Lighten Ord Minnett
AZJ  AURIZON HOLDINGS LIMITED

Transportation & Logistics

More Research Tools In Stock Analysis - click HERE

Overnight Price: $4.01

Macquarie rates AZJ as Outperform (1) -

Aurizon reported soft coal chain volumes for the Sep Q, down -3-4%. But the numbers were overridden by the announced sale of the company's Queensland intermodal business to Linfox. The sale will be subject to the lifting of a federal injunction, the broker notes, but the ACCC will not oppose.

The sale will trigger write downs, but the broker sees it as step one in stemming the company's losses. Steps two and three will be the sale of Acacia Ridge and resolving UT5. On a calculated internal rate of return of 11.7%, the broker retains Outperform and a $4.66 target.

Target price is $4.66 Current Price is $4.01 Difference: $0.65
If AZJ meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 22.70 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of -9.7%.

Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 23.20 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 5.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of -14.0%.

Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 19.0.

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 AZJ as Sell (5) -

Ord Minnett was surprised by the ACCC approval of the sale of the Queensland Intermodal business. Still, the bigger issue is the outcome of the court proceedings which commence on November 19.

The ACCC has approved a restructured transaction that will allow Linfox to acquire the Intermodal business for $7.3m while Aurizon agrees to provide the rail line-haulage service under a 10-year take-or-pay contract.

Meanwhile, the company and Pacific National will continue to seek clearance for the proposed sale of Acacia Ridge, which Ord Minnett suspects is unlikely, given raised barriers to entry for rail companies if Pacific National controls the terminal. Sell rating and $3.85 target maintained.

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

Target price is $3.85 Current Price is $4.01 Difference: minus $0.16 (current price is over target).
If AZJ 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 $4.25, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 20.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 4.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of -9.7%.

Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 12.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of -14.0%.

Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 19.0.

Market Sentiment: -0.3

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

CMA  CENTURIA METROPOLITAN REIT

REITs

More Research Tools In Stock Analysis - click HERE

Overnight Price: $2.43

UBS rates CMA as Buy (1) -

UBS incorporates the acquisition of four office assets in Brisbane, Sydney and Melbourne for $501m into its numbers. The price target is reduced to $2.58 from $2.60 to reflect dilution to financial metrics balanced against the benefits of the transaction.

The broker continues to have a preference for suburban office A-REITs in the small cap segment. Buy rating maintained.

Target price is $2.58 Current Price is $2.43 Difference: $0.15
If CMA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 17.60 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 7.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.73.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 17.80 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 7.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.50.

Market Sentiment: 1.0

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

CWY  CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers

More Research Tools In Stock Analysis - click HERE

Overnight Price: $1.75

ADDED

Ord Minnett rates CWY as Hold (3) -

The company has been awarded the waste services contract for the City of Sydney for seven years from July 1, 2019. Interestingly, Ord Minnett notes the contract also includes a requirement to provide sustainability training for the City of Sydney aiming to reduce waste and improve recycling rates.

While the annual revenue is relatively small in the context of Cleanaway's overall business, this is a highly visible contract, Ord Minnett observes, and follows much larger successes over the last year.

Hold rating and $1.85 target maintained.

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

Target price is $1.85 Current Price is $1.75 Difference: $0.1
If CWY meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 4.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.5, implying annual growth of 16.1%.

Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 5.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 20.0%.

Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 22.1.

Market Sentiment: 0.3

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

CYB  CYBG PLC

Banks

More Research Tools In Stock Analysis - click HERE

Overnight Price: $5.46

Morgans rates CYB as Add (1) -

The bank has received IRB accreditation for its mortgage and SME/corporate portfolios. This has no impact on underlying forecasts, although Morgans increases forecasts for earnings per share by 10%, allowing for an earlier contribution from Virgin Money.

Add rating and $6.25 target maintained.

Target price is $6.25 Current Price is $5.46 Difference: $0.79
If CYB meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.55, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 1.73 cents and EPS of 50.12 cents.
At the last closing share price the estimated dividend yield is 0.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of N/A.

Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 47.89 cents and EPS of 60.31 cents.
At the last closing share price the estimated dividend yield is 8.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.0, implying annual growth of 20.7%.

Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 8.9.

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

Market Sentiment: 0.4

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

DHG  DOMAIN HOLDINGS AUSTRALIA LIMITED

Real Estate

More Research Tools In Stock Analysis - click HERE

Overnight Price: $2.77

Citi rates DHG as Sell (5) -

Citi now forecasts flat revenue in the first half and growth in operating expenditure of 5%. Lower property listings in Sydney, structural changes in media display and rapid print declines have contributed to reduced revenue estimates.

While there should be modest improvements in revenue in the second half the broker suspects it will be insufficient to offset costs growth. Sell rating maintained. Target is reduced to $2.50 from $2.70. Citi asserts that most of the revenue decline should be temporary, with improved volume after the federal election, although margins could remain subdued for some time.

Target price is $2.50 Current Price is $2.77 Difference: minus $0.27 (current price is over target).
If DHG meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.06, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 8.50 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 30.7.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 9.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 24.4%.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: -0.1

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


Credit Suisse rates DHG as Neutral (3) -

The company's trading update has pointed to weak volumes, with revenue down -1% for the first 15 weeks of FY19. Credit Suisse calculates, with digital revenue up 6%, this implies print revenue is down more than -20%.

The broker observes the commentary is consistent with recent data on new listings in the Sydney and Melbourne markets, although the extent of the impact has surprised to the downside.

Credit Suisse makes earnings changes which reflect an improvement in the second half and assumes some of the costs growth will be shifted to FY20. Neutral rating maintained. Target is reduced to $3.10 from $3.50.

Target price is $3.10 Current Price is $2.77 Difference: $0.33
If DHG meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 7.63 cents and EPS of 9.54 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 30.7.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 9.16 cents and EPS of 11.45 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 24.4%.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: -0.1

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


Macquarie rates DHG as No Rating (-1) -

An update from Domian ahead of the Fairfax ((FXJ))-Nine ((NEC)) merger scheme booklet being released suggests the company is feeling the housing crunch, the broker notes. Earnings forecasts cut by -13% in FY19 and -10% in FY20.

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

Current Price is $2.77. Target price not assessed.

Current consensus price target is $3.06, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 7.40 cents and EPS of 9.20 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 30.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 30.7.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 8.80 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 24.4%.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: -0.1

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


Morgans rates DHG as Reduce (5) -

A downturn in residential advertising in NSW and Victoria has meant a downgrade to the company's expectations for FY19. Morgans observes first quarter revenue growth is less than half previous forecasts. Digital revenues grew to 6% in the first 15 weeks of FY19 versus 19.9% growth in FY18.

The broker believes Domain is paying a price for over exposure to NSW, where the drop off in advertising has been more severe than in other states. While there is likely to be several years of growth ahead for the business the broker believes the stock is overpriced and maintains a Reduce rating. Target is lowered to $2.52 from $2.81.

Target price is $2.52 Current Price is $2.77 Difference: minus $0.25 (current price is over target).
If DHG meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.06, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 6.70 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 30.7.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 8.20 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 24.4%.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 24.7.

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 DHG as Accumulate (2) -

Listing declines in Sydney and Melbourne in the first quarter at Domain were in line with Ord Minnett's expectations, although digital revenue growth was much weaker than forecast.

Regardless, the broker's investment thesis is intact as depth penetration continues to grow in every state. Ord Minnett remains a buyer of the stock at current levels, ahead of the proposed merger between Nine Entertainment ((NEC)) and Fairfax ((FXJ)).

Accumulate rating maintained. Target is reduced to $3.50 from $3.80.

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

Target price is $3.50 Current Price is $2.77 Difference: $0.73
If DHG meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 16.0% (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 8.00 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 30.7.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 10.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 24.4%.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: -0.1

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


UBS rates DHG as Neutral (3) -

UBS suggests the market was aware of the potential for a softer trading update because of weak listing volumes and a lack of guidance at the FY18 result. Still, the extent of the downgrade to expectations has caught the broker by surprise, as the extent to which a soft housing environment amplifies print bundling/revenue has been underestimated.

Additionally, media, developer and commercial revenue growth probably turned negative in the first 15 weeks of FY19. UBS maintains a Neutral rating and reduces the target to $2.75 from $3.35.

Target price is $2.75 Current Price is $2.77 Difference: minus $0.02 (current price is over target).
If DHG 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 $3.06, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 7.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 30.7.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 6.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 24.4%.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 24.7.

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

More Research Tools In Stock Analysis - click HERE

Overnight Price: $0.67

Citi rates FXJ as Neutral (3) -

Citi notes the fall in the Nine Entertainment ((NEC)) share price has now eliminated the premium from the merger bid for Fairfax shareholders. At this stage, the benefit to Fairfax shareholders from the merger is less obvious and the broker is no longer confident it will proceed under current terms.

Citi now reverts to valuing Fairfax on a fundamental basis rather than with an implied takeover price. Target is reduced to $0.72 from $0.90. Earnings forecasts are reduced by -4-8% across FY19-20 to account for the latest trading update. Neutral rating maintained.

Target price is $0.72 Current Price is $0.67 Difference: $0.05
If FXJ meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.84, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 2.30 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of N/A.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 2.50 cents and EPS of 5.00 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 13.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of N/A.

Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.6

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


Macquarie rates FXJ as No Rating (-1) -

An update from Fairfax ahead of the merger scheme booklet being released suggests the company is feeling the housing crunch, the broker notes. Earnings forecasts cut by around -7% in FY19-21.

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

Current Price is $0.67. Target price not assessed.

Current consensus price target is $0.84, suggesting upside of 26.0% (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 4.70 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of N/A.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 3.00 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of N/A.

Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.6

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


UBS rates FXJ as Upgrade to Buy from Neutral (1) -

Fairfax has provided a trading update which was largely in line with UBS estimates. Revenue is tracking around -5% lower year-on-year.

Meanwhile, a softer trading update from Domain ((DHG)) and a downgrade to guidance caught the broker by surprise. This resulted in a substantial drop in the Fairfax share price. UBS upgrades to Buy from Neutral. Target is reduced to $0.80 from $0.85.

Target price is $0.80 Current Price is $0.67 Difference: $0.13
If FXJ meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.84, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 3.00 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of N/A.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 3.00 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of N/A.

Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.6

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

JHC  JAPARA HEALTHCARE LIMITED

Aged Care & Seniors

More Research Tools In Stock Analysis - click HERE

Overnight Price: $1.24

Morgans rates JHC as Hold (3) -

The government has released the terms of reference for the Royal Commission into the aged care sector. Morgans expects higher wage, audit and compliance costs are likely across the sector.

The main downside risk, in the broker's view, from the RC is likely to be changes to the structure of the industry. Hold rating maintained. Target is reduced to $1.35 from $1.84.

Target price is $1.35 Current Price is $1.24 Difference: $0.11
If JHC meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 8.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 6.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of -13.4%.

Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 8.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 6.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 17.1%.

Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 13.9.

Market Sentiment: -0.3

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

JHG  JANUS HENDERSON GROUP PLC.

Wealth Management & Investments

More Research Tools In Stock Analysis - click HERE

Overnight Price: $33.99

Citi rates JHG as Neutral (3) -

Citi marks to market for the September quarter, making some allowance for the drop in equity markets since September 30. The latest industry data suggests net fund outflows have continued at similar levels and performance fees are expected to be seasonally weaker.

Beyond FY18 the broker trims estimates for flows in performance fees but incorporates a further modest share buyback. Neutral rating maintained. Target is reduced to $36.35 from $43.60.

Target price is $36.35 Current Price is $33.99 Difference: $2.36
If JHG meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $43.34, suggesting upside of 30.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Citi forecasts a full year FY18 EPS of 375.23 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 405.4, implying annual growth of N/A.

Current consensus DPS estimate is 202.4, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 8.2.

Forecast for FY19:

Citi forecasts a full year FY19 EPS of 379.85 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 413.8, implying annual growth of 2.1%.

Current consensus DPS estimate is 224.8, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 8.0.

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

Market Sentiment: 0.4

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

MHJ  MICHAEL HILL INTERNATIONAL LIMITED

Luxury

More Research Tools In Stock Analysis - click HERE

Overnight Price: $0.91

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

The company's trading update has revealed a very weak first quarter and Morgans makes meaningful downgrades to sales and earnings forecasts. All regions experienced heavy same-store sales declines with Australia down -12.8%, New Zealand -7.6% and Canada -11%.

While the share price is likely to fall materially on the back of the update Morgans is conscious of not becoming too negative at what could be a low point.

Nevertheless, the fact all territories are so weak simultaneously remains of concern. Hence, the broker downgrades to Reduce from Hold. Target is lowered to $0.70 from $1.01.

Target price is $0.70 Current Price is $0.91 Difference: minus $0.21 (current price is over target).
If MHJ meets the Morgans target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.95, suggesting upside of 35.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 5.00 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of 580.7%.

Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 9.4%.

Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 3.30 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of 8.6%.

Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 9.3%.

Current consensus EPS estimate suggests the PER is 8.0.

Market Sentiment: 0.3

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

MLX  METALS X LIMITED

Tin

More Research Tools In Stock Analysis - click HERE

Overnight Price: $0.51

Macquarie rates MLX as Outperform (1) -

Metals X posted a soft Sep Q report, with production at both Nifty and Renison missing expectation. The broker has subsequently lowered its ramp-up timing forecast for Nifty in FY19 but maintains it run-rate forecast for FY20 and beyond.

Exploration results at both mines were positive but will have limited impact until the Nifty production rate improves, the broker suggests. Target falls to 80c from 85c, Outperform retained.

Target price is $0.80 Current Price is $0.51 Difference: $0.29
If MLX meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 3.00 cents and EPS of 10.70 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.77.

Market Sentiment: 1.0

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

NEC  NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV

More Research Tools In Stock Analysis - click HERE

Overnight Price: $1.84

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

Morgan Stanley notes documentation regarding the proposed takeover of Fairfax ((FXJ)) suggests the TV ad market has softened, as has Nine Entertainment's growth.

TV advertising revenues were broadly flat in the first quarter. The company still expects full year FY19 operating earnings of $280-300m.

Target is $2.00. Equal-weight retained. Industry view: Attractive.

Target price is $2.00 Current Price is $1.84 Difference: $0.16
If NEC meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 13.50 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 7.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of -15.0%.

Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of -6.4%.

Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 9.5.

Market Sentiment: 0.4

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


UBS rates NEC as Buy (1) -

Nine Entertainment has confirmed existing earnings guidance of $280-300m. Digital Avenue grew by over 10% in the September quarter.

The broker believes the reaction in the share price to the downgrade to forecasts by Domain ((DHG)) is excessive. Nine Entertainment would need to downgrade FY19 net profit by around -18% to justify the share price reaction.

UBS maintains a Buy rating and reduces the target to $2.15 from $2.60.

Target price is $2.15 Current Price is $1.84 Difference: $0.31
If NEC meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 13.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 7.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of -15.0%.

Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 12.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 6.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of -6.4%.

Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 9.5.

Market Sentiment: 0.4

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

NSR  NATIONAL STORAGE REIT

REITs

More Research Tools In Stock Analysis - click HERE

Overnight Price: $1.63

ADDED

Ord Minnett rates NSR as Upgrade to Accumulate from Lighten (2) -

Ord Minnett better understands how self storage is valued, where the transactions occur and the return on capital, after discussions with key stakeholders in the industry in Australia.

The broker reviews the company's financials and lifts free cash flow forecasts materially. Accordingly, the rating is upgraded to Accumulate from Lighten and the target raised to $1.85 from $1.55. Ord Minnett forecasts compound annual growth in earnings per share for the next three years of 5-6%.

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

Target price is $1.85 Current Price is $1.63 Difference: $0.22
If NSR meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 10.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 6.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 1.0%.

Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 10.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 6.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.2, implying annual growth of 5.2%.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.1

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

PLS  PILBARA MINERALS LIMITED

New Battery Elements

More Research Tools In Stock Analysis - click HERE

Overnight Price: $0.79

Credit Suisse rates PLS as Outperform (1) -

The company's first concentrate shipped in October exceeded benchmarks. Credit Suisse considers achieving saleable grade specifications a significant positive and a de-risking event.

The stock remains the broker's top pick for asset quality, growth, strategic partnering and attractive valuation. Outperform and $1.15 target retained.

Target price is $1.15 Current Price is $0.79 Difference: $0.36
If PLS meets the Credit Suisse target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 37.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.49 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.59.

How do these forecasts compare to market consensus projections?

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

Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 13.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.1, implying annual growth of 122.0%.

Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.4%.

Current consensus EPS estimate suggests the PER is 8.8.

Market Sentiment: 0.8

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

REA  REA GROUP LIMITED

Real Estate

More Research Tools In Stock Analysis - click HERE

Overnight Price: $75.50

Morgans rates REA as Add (1) -

Morgans takes a more cautious view and lowers forecasts, given the downgrade by Domain ((DHG)). The broker acknowledges that REA Group's business is more geographically diversified but believes it is not resistant to the drop in top-end residential listings in Sydney and Melbourne, which affected Domain.

Morgans believes current 'for sale' listing volumes are unsustainably low but a return to normal is difficult to pin down. REA is expected to deliver several more years of double-digit earnings growth. Add rating maintained. Target is reduced to $92.02 from $95.21.

Target price is $92.02 Current Price is $75.50 Difference: $16.52
If REA meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $87.82, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 119.00 cents and EPS of 249.00 cents.
At the last closing share price the estimated dividend yield is 1.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 254.6, implying annual growth of 32.7%.

Current consensus DPS estimate is 135.0, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 29.1.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 139.00 cents and EPS of 290.00 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 297.2, implying annual growth of 16.7%.

Current consensus DPS estimate is 158.3, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 24.9.

Market Sentiment: 0.1

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

TWE  TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco

More Research Tools In Stock Analysis - click HERE

Overnight Price: $16.39

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

Morgan Stanley observes the sell-off in luxury wines plus a slowdown in China has hurt the company recently. On the broker's estimates, Treasury Wine generates 34% of FY19 operating earnings from China and this has been the largest driver of the share price. The broker trims  FY19-21 estimates to reflect the trends.

As concerns around the Chinese macro economic environment linger and the shift away from growth stocks continues, the broker does not envisage valuation support at current levels. Equal-weight rating and $20 target retained. Industry view: Cautious.

Target price is $20.00 Current Price is $16.39 Difference: $3.61
If TWE meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $18.32, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 45.50 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.6, implying annual growth of 28.0%.

Current consensus DPS estimate is 42.4, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 26.0.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 54.10 cents and EPS of 76.00 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 21.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.1, implying annual growth of 18.1%.

Current consensus DPS estimate is 50.3, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: -0.1

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

Today's Price Target Changes
Company Broker New Target Prev Target Change
AZJ AURIZON HOLDINGS Macquarie 4.66 4.70 -0.85%
BSL BLUESCOPE STEEL Ord Minnett 20.50 19.70 4.06%
CMA CENTURIA METROPOLITAN REIT UBS 2.58 2.60 -0.77%
DHG DOMAIN HOLDINGS Citi 2.50 2.70 -7.41%
Credit Suisse 3.10 3.50 -11.43%
Morgans 2.52 2.81 -10.32%
Ord Minnett 3.50 3.80 -7.89%
UBS 2.75 3.35 -17.91%
FXJ FAIRFAX MEDIA Citi 0.72 0.90 -20.00%
UBS 0.80 0.85 -5.88%
JHC JAPARA HEALTHCARE Morgans 1.35 1.84 -26.63%
JHG JANUS HENDERSON GROUP Citi 36.35 43.60 -16.63%
JHX JAMES HARDIE Ord Minnett 22.40 23.00 -2.61%
MHJ MICHAEL HILL Morgans 0.70 1.01 -30.69%
MLX METALS X Macquarie 0.80 0.85 -5.88%
NEC NINE ENTERTAINMENT UBS 2.15 2.60 -17.31%
NSR NATIONAL STORAGE Ord Minnett 1.85 1.55 19.35%
REA REA GROUP Morgans 92.02 95.21 -3.35%
Summaries
AZJ AURIZON HOLDINGS Outperform - Macquarie Overnight Price $4.01
Sell - Ord Minnett Overnight Price $4.01
CMA CENTURIA METROPOLITAN REIT Buy - UBS Overnight Price $2.43
CWY CLEANAWAY WASTE MANAGEMENT Hold - Ord Minnett Overnight Price $1.75
CYB CYBG Add - Morgans Overnight Price $5.46
DHG DOMAIN HOLDINGS Sell - Citi Overnight Price $2.77
Neutral - Credit Suisse Overnight Price $2.77
No Rating - Macquarie Overnight Price $2.77
Reduce - Morgans Overnight Price $2.77
Accumulate - Ord Minnett Overnight Price $2.77
Neutral - UBS Overnight Price $2.77
FXJ FAIRFAX MEDIA Neutral - Citi Overnight Price $0.67
No Rating - Macquarie Overnight Price $0.67
Upgrade to Buy from Neutral - UBS Overnight Price $0.67
JHC JAPARA HEALTHCARE Hold - Morgans Overnight Price $1.24
JHG JANUS HENDERSON GROUP Neutral - Citi Overnight Price $33.99
MHJ MICHAEL HILL Downgrade to Reduce from Hold - Morgans Overnight Price $0.91
MLX METALS X Outperform - Macquarie Overnight Price $0.51
NEC NINE ENTERTAINMENT Equal-weight - Morgan Stanley Overnight Price $1.84
Buy - UBS Overnight Price $1.84
NSR NATIONAL STORAGE Upgrade to Accumulate from Lighten - Ord Minnett Overnight Price $1.63
PLS PILBARA MINERALS Outperform - Credit Suisse Overnight Price $0.79
REA REA GROUP Add - Morgans Overnight Price $75.50
TWE TREASURY WINE ESTATES Equal-weight - Morgan Stanley Overnight Price $16.39
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

8

2. Accumulate

2

3. Hold

8

5. Sell

4

Monday 15 October 2018

Access Broker Call Report Archives here

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.