Australian Broker Call

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December 09, 2022

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COMPANIES DISCUSSED IN THIS ISSUE

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

Last Updated: 05:00 PM

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

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

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

Today's Upgrades and Downgrades
29M - 29Metals Downgrade to Underweight from Equal-weight Morgan Stanley
AKE - Allkem Downgrade to Underweight from Equal-weight Morgan Stanley
DOW - Downer EDI Downgrade to Neutral from Outperform Macquarie
Downgrade to Neutral from Buy UBS
29M  29METALS LIMITED

Copper

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Overnight Price: $2.42

Morgan Stanley rates 29M as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley lowers its rating for 29Metals to Underweight from Equal-weight on valuation and the potential for higher costs in 2023.

The broker increases its 2022-24 gold price forecasts. The 2022-23 copper price estimates also increase and then slightly decrease in 2024.

Despite a fall in earnings forecasts for the analyst's base case, the valuation technique also incorporates a more positive bear and bull case, resulting in a $2.00 target, up from $1.85.

Target price is $2.00 Current Price is $2.42 Difference: minus $0.42 (current price is over target).
If 29M meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.31, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 4.00 cents and EPS of minus 2.00 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 121.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, implying annual growth of -97.3%.

Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 188.5.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 6.00 cents and EPS of minus 9.00 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of 184.6%.

Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 66.2.

Market Sentiment: -0.1

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

AIZ  AIR NEW ZEALAND LIMITED

Transportation & Logistics

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Overnight Price: $0.73

Macquarie rates AIZ as Outperform (1) -

According to Macquarie, Air New Zealand continues to benefit from strong reopening demand, constrained capacity and a slow resumption by competitors, while oil prices have also eased.

Management raised 1H FY23 profit (PBT) guidance by around 30%.

The broker raises its target to NZ85c from NZ81c on earnings upgrades. Outperform.

Current Price is $0.73. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 1.83 cents and EPS of 10.15 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.19.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 3.66 cents and EPS of 8.23 cents.
At the last closing share price the estimated dividend yield is 5.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.87.

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

Market Sentiment: 1.0

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

AKE  ALLKEM LIMITED

New Battery Elements

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Overnight Price: $13.29

Morgan Stanley rates AKE as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency changes. 

Lithium demand headwinds causes the broker to downgrade its rating for Allkem to Underweight from Equal-weight and the target falls to $12.40 from $15.85.

Target price is $12.40 Current Price is $13.29 Difference: minus $0.89 (current price is over target).
If AKE meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.67, suggesting upside of 29.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of 184.89 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.2, implying annual growth of 63.3%.

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

Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 0.00 cents and EPS of 54.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.7, implying annual growth of 13.3%.

Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 9.8.

Market Sentiment: 0.4

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

AWC  ALUMINA LIMITED

Aluminium, Bauxite & Alumina

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Overnight Price: $1.64

Morgan Stanley rates AWC as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

For Alumina Ltd, a fall in the broker's aluminium and alumina forecasts drives a fall in FY23 earnings estimates though FY24 benefits from a lower currency.

The Overweight rating is maintained though the target price falls to $1.70 from $1.80.

Target price is $1.70 Current Price is $1.64 Difference: $0.06
If AWC meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 7.88 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, implying annual growth of N/A.

Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 27.9.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.86 cents and EPS of 0.00 cents.
At the last closing share price the estimated dividend yield is 0.52%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.6, implying annual growth of -37.9%.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 45.0.

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

BHP  BHP GROUP LIMITED

Bulks

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Overnight Price: $46.23

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

For BHP Group, changes to forecasts for iron ore, copper and met coal prices, a lower Australian dollar and changes to the above scenarios results in a $42.55 target, down from $43.30.

Target price is $42.55 Current Price is $46.23 Difference: minus $3.68 (current price is over target).
If BHP meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.48, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 306.72 cents and EPS of 428.55 cents.
At the last closing share price the estimated dividend yield is 6.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 421.5, implying annual growth of N/A.

Current consensus DPS estimate is 306.4, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 237.93 cents and EPS of 339.69 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 408.2, implying annual growth of -3.2%.

Current consensus DPS estimate is 299.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 11.5.

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

Market Sentiment: 0.2

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

CBA  COMMONWEALTH BANK OF AUSTRALIA

Banks

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Overnight Price: $105.35

Credit Suisse rates CBA as Underperform (5) -

CommBank has increased its indemnity to CountPlus by -$220m as a result of case assessments performed and remediation payments outlayed.

Credit Suisse feels the amount is immaterial to the underlying business and retains its Underperform rating and $97.50 target.

Target price is $97.50 Current Price is $105.35 Difference: minus $7.85 (current price is over target).
If CBA 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 $93.43, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 433.00 cents and EPS of 615.00 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 609.7, implying annual growth of -2.5%.

Current consensus DPS estimate is 433.0, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 439.00 cents and EPS of 623.00 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 601.7, implying annual growth of -1.3%.

Current consensus DPS estimate is 446.4, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.4

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

CHN  CHALICE MINING LIMITED

Industrial Metals

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Overnight Price: $6.30

Ord Minnett rates CHN as Speculative Buy (1) -

Ord Minnett has greater confidence in Chalice Mining's Julimar project following recent exploration success and increases its target price to $7.30 from $6.50. The Speculative Buy rating is retained.

The broker reduces the risk weighting by -25% at the Hartog target within the Julimar project and sees further re-rating potential via the Gonneville target, after an upcoming scoping study.

Target price is $7.30 Current Price is $6.30 Difference: $1
If CHN meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 210.00.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 90.00.

Market Sentiment: 1.0

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

CIP  CENTURIA INDUSTRIAL REIT

REITs

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Overnight Price: $3.20

Macquarie rates CIP as Neutral (3) -

Cash flows helped to offset a 47bps rise in cap rate, notes Macquarie, after Centuria Industrial REIT announced a -1.9% fall in December valuation for the portfolio.

The REIT also announced the divestment of an around -50% interest in eight CIP-owned assets for $180.9m. The broker feels these sales help address balance sheet concerns, while also limiting funds from operations (FFO) dilution.

The Neutral rating is unchanged and the target rises by 2% to $3.08.

Target price is $3.08 Current Price is $3.20 Difference: minus $0.12 (current price is over target).
If CIP meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.30, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 16.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of -72.1%.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 15.40 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of N/A.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 18.9.

Market Sentiment: 0.5

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


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

Morgan Stanley points out cap rate expansion has arrived for Centuria Industrial REIT though thanks to a 10% uplift in overall rent assumptions the revalued portfolio only fell by -2%.

The capitalisation rate increased by 47bps to 4.66% in the six months to December 2022, which the analyst notes reflects the impact of rising interest rates.

In a positive move for gearing, according to the broker, the REIT generated $181m in proceeds by selling assets into a new (50:50) partnership at near book value.

The Equal-weight rating and $3.25 target are retained. Industry View: In-line.

Target price is $3.25 Current Price is $3.20 Difference: $0.05
If CIP meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of -72.1%.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of N/A.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 18.9.

Market Sentiment: 0.5

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


Ord Minnett rates CIP as Buy (1) -

Ord Minnett assesses a good market update by Centuria Industrial REIT, with rent growth compensating for a 50bps increase in the capitalisation rate. Valuations in December showed a decline in portfolio value of -1.9%,

Management retained guidance for FY23 funds from operations (FFO) and distributions of 17cpu and 16cpu, respectively.

The Buy rating and $3.50 target are retained.

Target price is $3.50 Current Price is $3.20 Difference: $0.3
If CIP meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 16.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of -72.1%.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 18.9.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 dividend of 16.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of N/A.

Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 18.9.

Market Sentiment: 0.5

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: $3.82

Credit Suisse rates DOW as Outperform (1) -

Credit Suisse lowers its FY23-25 EPS forecast by -1.9%-15.9% after Downer EDI lowered FY23 earnings guidance and provided initial detail on an accounting irregularity, which led to an overstatement of FY20-22 profit (NPATA) by $30-40m.

The broker's target falls to $4.50 from $5.75, while the Outperform rating was retained on strong valuation support. The stock price is expected to struggle over the next few months as accounting investigations continue.

Earnings guidance fell due to difficult 1H operating conditions (wet weather) and elevated costs, notes the analyst.

Target price is $4.50 Current Price is $3.82 Difference: $0.68
If DOW meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 23.00 cents and EPS of 31.60 cents.
At the last closing share price the estimated dividend yield is 6.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 42.3%.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Credit Suisse forecasts a full year FY24 dividend of 29.00 cents and EPS of 39.19 cents.
At the last closing share price the estimated dividend yield is 7.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.6, implying annual growth of 20.8%.

Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 10.1.

Market Sentiment: 0.5

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


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

While Macquarie had anticipated wet weather may jeapordise FY23 guidance for Downer EDI, the extent was greater than expected. Higher costs also weighed. News of accounting irregularities was considered of greater concern.

The irregularities occurred in a maintenance contract at the Australian utilities business and resulted in a historical overstatement of pre-tax earnings of around $30-40m. Investigations are ongoing and the analyst notes the risk they may uncover similar issues.

Guidance for FY23 was downgraded to $210-230m profit (NPATA) compared to the broker's $249m forecast.

The rating is downgraded to Neutral from Outperform and the broker sets a $4.05 target, down from $5.61.

Target price is $4.05 Current Price is $3.82 Difference: $0.23
If DOW meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 23.00 cents and EPS of 30.40 cents.
At the last closing share price the estimated dividend yield is 6.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 42.3%.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 24.00 cents and EPS of 36.40 cents.
At the last closing share price the estimated dividend yield is 6.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.6, implying annual growth of 20.8%.

Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 10.1.

Market Sentiment: 0.5

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


Ord Minnett rates DOW as Buy (1) -

Ord Minnett maintains its Buy rating for Downer EDI on the company's growing infrastructure pipeline though lowers its target to $5.00 from $5.90 following a disappointing trading update.

Not only was guidance lowered due to wet weather and labour shortages but also, more worryingly for the analyst, management announced accounting irregularities relating to a single contract in the Utilities business.

While the rating was unchanged, the broker did acknowledge reduced confidence in the company and seeks further evidence the irregularities are localised.

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

Target price is $5.00 Current Price is $3.82 Difference: $1.18
If DOW meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 28.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 42.3%.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 EPS of 36.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.6, implying annual growth of 20.8%.

Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 10.1.

Market Sentiment: 0.5

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


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

Downer EDI's renewed infrastructure services and maintenance operating model has proven susceptible to challenging weather and post-covid related operating conditions that have resulted in ongoing earnings volatility and project write-downs, UBS notes.

The weather had led to a -15% guidance downgrade. The overstatement of historical earnings highlights internal control weaknesses, UBS suggests.

While the amount is immaterial, investors will be seeking reassurances that this control deficiency is not indicative of a more widespread issue. Downgrade to Neutral from Buy. Target falls to $4.00 from $6.15.

Target price is $4.00 Current Price is $3.82 Difference: $0.18
If DOW meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 42.3%.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 35.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.6, implying annual growth of 20.8%.

Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 10.1.

Market Sentiment: 0.5

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

DRR  DETERRA ROYALTIES LIMITED

Iron Ore

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Overnight Price: $4.67

Morgan Stanley rates DRR as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

For Deterra Royalties, the Overweight rating is retained and the target rises to $5.25 from $5.20.

Target price is $5.25 Current Price is $4.67 Difference: $0.58
If DRR meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 33.70 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 7.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.1, implying annual growth of -13.8%.

Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 27.10 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 5.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.8, implying annual growth of -4.5%.

Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 17.2.

Market Sentiment: 0.8

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

EVN  EVOLUTION MINING LIMITED

Gold & Silver

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Overnight Price: $2.90

Morgan Stanley rates EVN as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

The analysts continue to see a positive environment for gold with favorable currency moves and rate rises easing.

For Evolution Mining, the broker feels modest consensus expectations could be bettered for production/costs over next few years.

The company is among Morgan Stanley's top five Resource sector picks. Overweight and the target rises to $3.35 from $3.10.

Target price is $3.35 Current Price is $2.90 Difference: $0.45
If EVN meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.66, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.8, implying annual growth of -16.6%.

Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 11.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 29.7%.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 15.4.

Market Sentiment: 0.5

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

FMG  FORTESCUE METALS GROUP LIMITED

Iron Ore

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Overnight Price: $20.80

Morgan Stanley rates FMG as Underweight (5) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

The target price rises to $14.85 from $14.65 for Fortescue Metals. Underweight.

Target price is $14.85 Current Price is $20.80 Difference: minus $5.95 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.24, suggesting downside of -28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 293.68 cents and EPS of 266.59 cents.
At the last closing share price the estimated dividend yield is 14.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 197.2, implying annual growth of N/A.

Current consensus DPS estimate is 185.1, implying a prospective dividend yield of 8.7%.

Current consensus EPS estimate suggests the PER is 10.8.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 139.17 cents and EPS of 133.30 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.5, implying annual growth of -14.6%.

Current consensus DPS estimate is 132.4, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 12.7.

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

Market Sentiment: -0.7

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

HDN  HOMECO DAILY NEEDS REIT

REITs

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Overnight Price: $1.31

Macquarie rates HDN as Outperform (1) -

HomeCo Daily Needs REIT has announced a -$92.5m acquisition of Southlands Boulevarde, which should be around 1.5% accretive to earnings, according to Macquarie. It's felt occupancy can be increased from 96%, lending further upside.

The broker also believes the REIT's -$50m investment in the HMC Capital ((HMC)) Last Mile Logistics Fund will be around 0.6% accretive.

Macquarie upgrades its earnings forecasts for the acquisitions, though a partial offset results from a higher assumed bank bill swap rate rate for outer years.

The Outperform rating and $1.37 target are unchanged.

Target price is $1.37 Current Price is $1.31 Difference: $0.06
If HDN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 8.30 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 6.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of -68.6%.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 8.60 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 6.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 1.1%.

Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.4

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


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

Management at HomeCo Daily Needs REIT noted an aim to sell around $150m of large format centres to offset a rise in gearing to 33% from 30.6% as a result of recent acquisitions.

The REIT has committed -$50m to HMC Capital's ((HMC)) Last Mile Logistics fund (10% equity stake) and paid -$92.5m for a daily needs centre in Perth. 

Morgan Stanley sees these purchases as a positive, given market concerns on conservative gearing versus peers.

The Equal-weight rating and $1.35 target are unchanged.

Target price is $1.35 Current Price is $1.31 Difference: $0.04
If HDN meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of -68.6%.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 1.1%.

Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.4

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


Ord Minnett rates HDN as Hold (3) -

HomeCo Daily Needs REIT announced it will be be acquiring Southlands Boulevarde supermarket shopping centre for $92.5m, at what Ord Minnett  considers an attractive yield.

The REIT will also make a -$50m (10% of equity) commitment to invest into HMC Capital's ((HMC)) unlisted Last Mile Logistics Fund, which the analyst feels may raise conflict of interest concerns.

The Logistics Fund will initially be seeded with the $150m asset Menai Marketplace to be acquired from Lendlease ((LLC)).

The broker leaves its Hold rating and $1.29 target unchanged.

Target price is $1.29 Current Price is $1.31 Difference: minus $0.02 (current price is over target).
If HDN meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.37, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 8.30 cents.
At the last closing share price the estimated dividend yield is 6.34%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of -68.6%.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY24:

Ord Minnett forecasts a full year FY24 dividend of 8.40 cents.
At the last closing share price the estimated dividend yield is 6.41%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 1.1%.

Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.4

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

HMC  HMC CAPITAL LIMITED

Real Estate

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Overnight Price: $4.51

Macquarie rates HMC as Neutral (3) -

As the new Last Mile Logistics Fund was pre-announced, Macquarie's valuation for HMC Capital already largely reflected the opportunity.

The REIT announced a seed asset (Menai Marketplace, $150m asset value) for the fund, which is targeting 500m in equity by June 2023.

The Neutral rating is unchanged, while the target rises to $4.96 from $4.81.

Target price is $4.96 Current Price is $4.51 Difference: $0.45
If HMC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.65, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 12.00 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of -16.5%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 12.00 cents and EPS of 25.70 cents.
At the last closing share price the estimated dividend yield is 2.66%.
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 25.5, implying annual growth of 15.9%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 17.7.

Market Sentiment: 0.2

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


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

HMC Capital has purchased for $150m a seed asset (Menai Marketplace) for the just-launched unlisted Last Mile Logistics fund, which aims to raise $1bn in assets under management (AUM).

The broker likes that Menai is currently under-rented, and believes diversification toward unlisted assets is a key strategy for the fund.

The Equal-weight rating and target price of $5.60 are retained. Industry view: In-Line.

Target price is $5.60 Current Price is $4.51 Difference: $1.09
If HMC meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.65, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 22.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of -16.5%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 EPS of 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of 15.9%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 17.7.

Market Sentiment: 0.2

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


UBS rates HMC as Neutral (3) -

HMC Capital continues to track to its $10bn in assets under management objective before the end of 2024 (currently  around $6b), UBS notes. The building blocks remain in place, however, the fund raising environment remains difficult.

The fund manager's Last Mile Logistics Fund in nevertheless taking shape. The broker considers short-term earnings are at risk, but long-term aspirations remain in place.

Neutral retained. Target quoted as $5.80 (last $6.60 in June).

Target price is $5.80 Current Price is $4.51 Difference: $1.29
If HMC meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $5.65, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of -16.5%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 27.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of 15.9%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 17.7.

Market Sentiment: 0.2

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

IGO  IGO LIMITED

Nickel

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Overnight Price: $14.89

Morgan Stanley rates IGO as Underweight (5) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

For the near term, the broker remains cautious on lithium on-over production of batteries in China, a phasing out of subsidies and greater caution by Chinese consumers towards electric vehicles.

The Underweight rating and $12.15 target are maintained for IGO. 

Target price is $12.15 Current Price is $14.89 Difference: minus $2.74 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.11, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 83.00 cents and EPS of 265.00 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 5.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 367.7%.

Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 7.3.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 247.00 cents and EPS of 241.00 cents.
At the last closing share price the estimated dividend yield is 16.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.4, implying annual growth of -6.8%.

Current consensus DPS estimate is 97.8, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 7.8.

Market Sentiment: 0.0

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: $10.35

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

The target price rises to $10.65 from $10.55 for Iluka Resources. Equal-weight.

Target price is $10.65 Current Price is $10.35 Difference: $0.3
If ILU meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.79, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 40.90 cents and EPS of 152.00 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 144.1, implying annual growth of 66.7%.

Current consensus DPS estimate is 40.2, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 7.2.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 41.10 cents and EPS of 131.00 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.0, implying annual growth of -18.8%.

Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 8.8.

Market Sentiment: 0.5

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: $87.78

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

For the near term, the broker remains cautious on lithium on-over production of batteries in China, a phasing out of subsidies and greater caution by Chinese consumers towards electric vehicles.

The Equal-weight rating is maintained for Mineral Resources though the target increases to $83.40 from $78.80 on a positive iron ore environment.

Target price is $83.40 Current Price is $87.78 Difference: minus $4.38 (current price is over target).
If MIN meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $90.54, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 675.00 cents and EPS of 1351.00 cents.
At the last closing share price the estimated dividend yield is 7.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1158.3, implying annual growth of 526.5%.

Current consensus DPS estimate is 536.3, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 7.8.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 597.00 cents and EPS of 1194.00 cents.
At the last closing share price the estimated dividend yield is 6.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1315.1, implying annual growth of 13.5%.

Current consensus DPS estimate is 612.5, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 6.9.

Market Sentiment: 0.8

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

NCM  NEWCREST MINING LIMITED

Gold & Silver

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Overnight Price: $21.22

Morgan Stanley rates NCM as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

The analysts continue to see a positive environment for gold with favorable currency moves and rate rises easing.

For Newcrest Mining, the broker sees near-term catalysts via the Red Chris block cave/Havieron feasability study in the 1H of FY23, and a return to production growth in FY26.

The company is among Morgan Stanley's top five Resource sector picks. Overweight and the target rises to $23.40 from $23.00.

Target price is $23.40 Current Price is $21.22 Difference: $2.18
If NCM meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $21.63, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 25.08 cents and EPS of 94.60 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 22.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.7, implying annual growth of N/A.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 25.08 cents and EPS of 96.03 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 22.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.9, implying annual growth of 14.2%.

Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 18.7.

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

NST  NORTHERN STAR RESOURCES LIMITED

Gold & Silver

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Overnight Price: $10.92

UPDATED

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

The analysts continue to see a positive environment for gold with favorable currency moves and rate rises easing.

For Northern Star Resources, the target rises to $10.90 from $10.80. Equal-weight.

Target price is $10.90 Current Price is $10.92 Difference: minus $0.02 (current price is over target).
If NST meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.21, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 21.50 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 1.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 64.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.5, implying annual growth of -28.3%.

Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 42.0.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 30.50 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 56.6%.

Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 26.8.

Market Sentiment: 0.8

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: $27.50

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

For OZ Minerals, the broker keeps its Equal-weight rating and increases its target to $25.10 from $21.80.

Target price is $25.10 Current Price is $27.50 Difference: minus $2.4 (current price is over target).
If OZL meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.57, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 17.00 cents and EPS of 54.00 cents.
At the last closing share price the estimated dividend yield is 0.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.4, implying annual growth of -59.0%.

Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 42.0.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 19.00 cents and EPS of 98.00 cents.
At the last closing share price the estimated dividend yield is 0.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.6, implying annual growth of 27.8%.

Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 32.9.

Market Sentiment: 0.1

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

RIO  RIO TINTO LIMITED

Bulks

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Overnight Price: $114.50

Morgan Stanley rates RIO as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

For Rio Tinto, the broker sees potential for outperformance versus BHP Group on better operations, conservative consensus estimates on capex/opex, and a greater proportion of revenue from (the favoured) aluminium.

The company is among Morgan Stanley's top five Resource sector picks.

The target rises to $125 from $121, Overweight. Industry View: Attractive.

Target price is $125.00 Current Price is $114.50 Difference: $10.5
If RIO meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $104.86, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 725.24 cents and EPS of 1202.52 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1229.5, implying annual growth of N/A.

Current consensus DPS estimate is 684.6, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 716.64 cents and EPS of 1150.92 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1038.6, implying annual growth of -15.5%.

Current consensus DPS estimate is 655.7, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 11.3.

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

RRL  REGIS RESOURCES LIMITED

Gold & Silver

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Overnight Price: $2.04

Morgan Stanley rates RRL as Underweight (5) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

The analysts continue to see a positive environment for gold with favorable currency moves and rate rises easing.

For Regis Resources, the broker retains its Underweight rating, while the target rises to $1.80 from $1.70.

Target price is $1.80 Current Price is $2.04 Difference: minus $0.24 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.87, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 3.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 301.1%.

Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 27.8.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 1.50 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.5, implying annual growth of -11.0%.

Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 31.2.

Market Sentiment: 0.2

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

S32  SOUTH32 LIMITED

Mining

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Overnight Price: $4.11

UPDATED

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

For South32, the broker lowers its target to $4.95 from $5.25.

The company is among Morgan Stanley's top five Resource sector picks. Overweight.

Target price is $4.95 Current Price is $4.11 Difference: $0.84
If S32 meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 19.21 cents and EPS of 54.47 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 7.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.1, implying annual growth of N/A.

Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 13.90 cents and EPS of 34.40 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 11.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.3, implying annual growth of 12.4%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 8.9.

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

Market Sentiment: 0.7

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

SFR  SANDFIRE RESOURCES LIMITED

Copper

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Overnight Price: $5.41

Morgan Stanley rates SFR as Overweight (1) -

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

The broker is positively disposed towards copper exposures due to a China re-opening and low inventories, and retains its Overweight rating for Sandfire Resources. The target rises to $5.80 from $5.10.

Target price is $5.80 Current Price is $5.41 Difference: $0.39
If SFR meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.74, suggesting downside of -15.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 10.03 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 53.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.4, implying annual growth of N/A.

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

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

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 0.00 cents and EPS of 10.03 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of N/A.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.4%.

Current consensus EPS estimate suggests the PER is 352.5.

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

Market Sentiment: 0.3

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

SYR  SYRAH RESOURCES LIMITED

New Battery Elements

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Overnight Price: $2.53

UPDATED

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

Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

The target price rises to $2.20 from $1.85. Equal-weight.

Target price is $2.20 Current Price is $2.53 Difference: minus $0.33 (current price is over target).
If SYR meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 58.84.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of 7.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.31.

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

Market Sentiment: 0.0

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

TWE  TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $13.66

UBS rates TWE as Buy (1) -

UBS has examined the quarterly earnings result from US luxury wine company The Duckhorn Portfolio to assess a read-through for Treasury Wine Estates.

The upshot is Duckhorn has been able to raise prices at the higher end without impacting on demand, and thus cover cost inflation.

Cost pressures are a headwind for all consumer products companies, UBS notes. Treasury Wine has been able to raise prices as noted at its FY22 result, assisted in the Americas by the change in its mix to premium & luxury.

Buy and $14.75 target retained.

Target price is $14.75 Current Price is $13.66 Difference: $1.09
If TWE meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.22, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 53.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 50.3%.

Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY24:

UBS forecasts a full year FY24 EPS of 63.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 14.2%.

Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 21.8.

Market Sentiment: 0.6

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: $9.57

Morgan Stanley rates WHC as Overweight (1) -

The analyst at Morgan Stanley has returned from a site trip anticipating mine production at Maules Creek will display more consistency from FY24 onwards. The opening of all coal seams is expected to allow production flexibility and improved costs.

The broker also suggests improving volumes could benefit Narrabri (high fixed cost base) significantly. 

Separately, Morgan Stanley makes updates across its materials coverage to account for spot commodity prices and currency rates, and valuations are adjusted for base, bear and bull case scenarios.

The broker feels modest consensus expectations for the company could be bettered for production/costs over next few years.

The company is among Morgan Stanley's top five Resource sector picks. Overweight and the target rises to $12.55 from $11.55.

Target price is $12.55 Current Price is $9.57 Difference: $2.98
If WHC meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $11.16, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 79.00 cents and EPS of 396.00 cents.
At the last closing share price the estimated dividend yield is 8.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 416.1, implying annual growth of 110.6%.

Current consensus DPS estimate is 82.7, implying a prospective dividend yield of 8.5%.

Current consensus EPS estimate suggests the PER is 2.3.

Forecast for FY24:

Morgan Stanley forecasts a full year FY24 dividend of 29.00 cents and EPS of 208.00 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 291.7, implying annual growth of -29.9%.

Current consensus DPS estimate is 100.5, implying a prospective dividend yield of 10.4%.

Current consensus EPS estimate suggests the PER is 3.3.

Market Sentiment: 0.9

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
29M 29Metals $2.45 Morgan Stanley 2.00 1.85 8.11%
AKE Allkem $12.92 Morgan Stanley 12.40 15.85 -21.77%
AWC Alumina Ltd $1.62 Morgan Stanley 1.70 1.80 -5.56%
BHP BHP Group $47.12 Morgan Stanley 42.55 43.20 -1.50%
CHN Chalice Mining $6.67 Ord Minnett 7.30 6.50 12.31%
CIP Centuria Industrial REIT $3.15 Macquarie 3.08 3.02 1.99%
DOW Downer EDI $3.70 Credit Suisse 4.50 5.75 -21.74%
Macquarie 4.05 5.61 -27.81%
Ord Minnett 5.00 5.90 -15.25%
UBS 4.00 6.15 -34.96%
DRR Deterra Royalties $4.79 Morgan Stanley 5.25 5.20 0.96%
EVN Evolution Mining $2.96 Morgan Stanley 3.35 3.10 8.06%
FMG Fortescue Metals $21.35 Morgan Stanley 14.85 14.65 1.37%
HDN HomeCo Daily Needs REIT $1.32 Morgan Stanley 1.35 1.57 -14.01%
HMC HMC Capital $4.52 Macquarie 4.96 4.81 3.12%
Morgan Stanley 5.60 5.45 2.75%
UBS 5.80 6.60 -12.12%
ILU Iluka Resources $10.35 Morgan Stanley 10.65 10.55 0.95%
MIN Mineral Resources $90.30 Morgan Stanley 83.40 78.90 5.70%
NCM Newcrest Mining $21.34 Morgan Stanley 23.40 23.00 1.74%
NST Northern Star Resources $11.14 Morgan Stanley 10.90 10.80 0.93%
OZL OZ Minerals $27.49 Morgan Stanley 25.10 21.80 15.14%
RIO Rio Tinto $117.42 Morgan Stanley 125.00 121.00 3.31%
RRL Regis Resources $2.03 Morgan Stanley 1.80 1.70 5.88%
S32 South32 $4.21 Morgan Stanley 4.95 5.25 -5.71%
SFR Sandfire Resources $5.64 Morgan Stanley 5.80 5.10 13.73%
SYR Syrah Resources $2.52 Morgan Stanley 2.20 1.85 18.92%
WHC Whitehaven Coal $9.69 Morgan Stanley 12.55 11.55 8.66%
Summaries
29M 29Metals Downgrade to Underweight from Equal-weight - Morgan Stanley Overnight Price $2.42
AIZ Air New Zealand Outperform - Macquarie Overnight Price $0.73
AKE Allkem Downgrade to Underweight from Equal-weight - Morgan Stanley Overnight Price $13.29
AWC Alumina Ltd Overweight - Morgan Stanley Overnight Price $1.64
BHP BHP Group Equal-weight - Morgan Stanley Overnight Price $46.23
CBA CommBank Underperform - Credit Suisse Overnight Price $105.35
CHN Chalice Mining Speculative Buy - Ord Minnett Overnight Price $6.30
CIP Centuria Industrial REIT Neutral - Macquarie Overnight Price $3.20
Equal-weight - Morgan Stanley Overnight Price $3.20
Buy - Ord Minnett Overnight Price $3.20
DOW Downer EDI Outperform - Credit Suisse Overnight Price $3.82
Downgrade to Neutral from Outperform - Macquarie Overnight Price $3.82
Buy - Ord Minnett Overnight Price $3.82
Downgrade to Neutral from Buy - UBS Overnight Price $3.82
DRR Deterra Royalties Overweight - Morgan Stanley Overnight Price $4.67
EVN Evolution Mining Overweight - Morgan Stanley Overnight Price $2.90
FMG Fortescue Metals Underweight - Morgan Stanley Overnight Price $20.80
HDN HomeCo Daily Needs REIT Outperform - Macquarie Overnight Price $1.31
Equal-weight - Morgan Stanley Overnight Price $1.31
Hold - Ord Minnett Overnight Price $1.31
HMC HMC Capital Neutral - Macquarie Overnight Price $4.51
Equal-weight - Morgan Stanley Overnight Price $4.51
Neutral - UBS Overnight Price $4.51
IGO IGO Underweight - Morgan Stanley Overnight Price $14.89
ILU Iluka Resources Equal-weight - Morgan Stanley Overnight Price $10.35
MIN Mineral Resources Equal-weight - Morgan Stanley Overnight Price $87.78
NCM Newcrest Mining Overweight - Morgan Stanley Overnight Price $21.22
NST Northern Star Resources Equal-weight - Morgan Stanley Overnight Price $10.92
OZL OZ Minerals Equal-weight - Morgan Stanley Overnight Price $27.50
RIO Rio Tinto Overweight - Morgan Stanley Overnight Price $114.50
RRL Regis Resources Underweight - Morgan Stanley Overnight Price $2.04
S32 South32 Overweight - Morgan Stanley Overnight Price $4.11
SFR Sandfire Resources Overweight - Morgan Stanley Overnight Price $5.41
SYR Syrah Resources Equal-weight - Morgan Stanley Overnight Price $2.53
TWE Treasury Wine Estates Buy - UBS Overnight Price $13.66
WHC Whitehaven Coal Overweight - Morgan Stanley Overnight Price $9.57
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

15

3. Hold

15

5. Sell

6

Friday 09 December 2022

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