Australian Broker Call

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October 28, 2019

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COMPANIES DISCUSSED IN THIS ISSUE

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

Last Updated: 05:00 PM

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

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

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

Today's Upgrades and Downgrades
COL - COLES GROUP Downgrade to Underperform from Neutral Credit Suisse
CWY - CLEANAWAY WASTE MANAGEMENT Upgrade to Neutral from Underperform Credit Suisse
ADH  ADAIRS LIMITED

Furniture & Renovation

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Overnight Price: $1.81

Morgans rates ADH as Add (1) -

Like-for-like sales growth was 3.3% at the start of FY20, which Morgans assesses is a slight slow down versus the update at the August results.

The broker believes there is no escaping the fact that elevated supply chain costs will persist across FY20-21 until the new distribution centre is operational.

Until this time, the broker suspects Adairs will compensate shareholders via a higher dividend payout-out. The broker maintains an Add rating and reduces the target to $1.93 from $1.95.

Target price is $1.93 Current Price is $1.81 Difference: $0.12
If ADH meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 14.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 7.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.06.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 14.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 7.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.53.

Market Sentiment: 1.0

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

AMP  AMP LIMITED

Insurance

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Overnight Price: $1.82

Ord Minnett rates AMP as Hold (3) -

Ord Minnett reviews the prospects for AMP over the next three years and remains positive about earnings growth and the valuation of the bank and Capital Investors businesses.

However, the prospects for wealth management are expected to remain challenged. The broker maintains a Hold rating and raises the target to $2.00 from $1.80.

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

Target price is $2.00 Current Price is $1.82 Difference: $0.18
If AMP meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of 400.0%.

Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 36.4.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 8.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.0, implying annual growth of 140.0%.

Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 15.2.

Market Sentiment: 0.0

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

CIP  CENTURIA INDUSTRIAL REIT

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Overnight Price: $3.41

Ord Minnett rates CIP as Initiation of coverage with Buy (1) -

Centuria Industrial owns $1.3bn of around 50 industrial distribution centres in Australia. Ord Minnett believes it is well-positioned to maintain high occupancy levels and deliver organic rental growth.

The broker estimates the 6.5% capitalisation rate will be deliver an unleveraged internal rate of return of 7.5-8.0%, well above expectations for A-REITs that own office and/or retail property. The broker initiates coverage with a Buy rating and $4.20 target.

Target price is $4.20 Current Price is $3.41 Difference: $0.79
If CIP meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 19.00 cents and EPS of 20.00 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 17.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of -42.0%.

Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 19.00 cents and EPS of 20.00 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 17.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of 0.5%.

Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 17.1.

Market Sentiment: 0.3

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

CNI  CENTURIA CAPITAL GROUP

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Overnight Price: $2.17

Ord Minnett rates CNI as Initiation of coverage with Hold (3) -

The Australian listed property funds manager, Centuria Capital, has $6.7bn in assets under management, comprised of listed and unlisted property funds. Ord Minnett notes it has significantly outperformed the S&P/ASX 300 over the past three years.

Ord Minnett believes the company's assets are exposed to the right sectors, as industrial property represents around 20%, healthcare 10%, metropolitan office 23% and diversified property vehicles 33% of AUM. There is no material exposure to retail or the Sydney CBD office market.

The stock is considered marginally overvalued and Ord Minnett initiates coverage with a Hold rating and $2 target.

Target price is $2.00 Current Price is $2.17 Difference: minus $0.17 (current price is over target).
If CNI meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 10.00 cents.
At the last closing share price the estimated dividend yield is 4.61%.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 10.00 cents.
At the last closing share price the estimated dividend yield is 4.61%.

Market Sentiment: 0.0

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

COL  COLES GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $14.57

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

Credit Suisse downgrades to Underperform from Neutral. The broker forecasts no growth in Coles supermarkets in the first quarter.

With no evidence for a change in the performance relative to Woolworths ((WOW)), the broker expects the share price to outperform in the near term.

Investors should note the rating for Woolworths is Underperform. Target is $13.23.

Target price is $13.23 Current Price is $14.57 Difference: minus $1.34 (current price is over target).
If COL meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.09, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 56.10 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.2, implying annual growth of -21.8%.

Current consensus DPS estimate is 54.8, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 61.54 cents and EPS of 72.39 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.0, implying annual growth of 7.6%.

Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.4.

Market Sentiment: -0.4

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

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Overnight Price: $1.78

Citi rates CWY as Buy (1) -

Citi lowers FY20 estimates for earnings per share by -12-13% over FY20-22 after the AGM trading update. The broker estimates that around 90% of the company's commodity income is linked to old corrugated cardboard and prices have halved since the first half of FY19.

However there are options from cost reductions, price increases and a stabilisation of commodity markets that could flow through from the second half. Buy rating maintained. Target is reduced to $2.25 from $2.40.

Target price is $2.25 Current Price is $1.78 Difference: $0.47
If CWY meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 3.40 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 21.7%.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 3.90 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 13.7%.

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

Current consensus EPS estimate suggests the PER is 21.4.

Market Sentiment: 0.6

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


Credit Suisse rates CWY as Upgrade to Neutral from Underperform (3) -

Management now expects first half earnings to be in line with the prior corresponding half. The reduced guidance for the first half reflects weaker economic activity, soft commodity prices and a reduction in Queensland volumes.

Benefits from price initiatives and cost reductions are likely to be skewed to the second half. Credit Suisse suspects the prior guidance may have been a little optimistic and notes the "wisdom" that suggests waiting for "at least the third profit warning before jumping in".

Rating is upgraded to Neutral from Underperform on valuation grounds. Target is reduced to $1.80 from $1.85.

Target price is $1.80 Current Price is $1.78 Difference: $0.02
If CWY meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 3.84 cents and EPS of 6.99 cents.
At the last closing share price the estimated dividend yield is 2.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 21.7%.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 4.50 cents and EPS of 8.18 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 21.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 13.7%.

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

Current consensus EPS estimate suggests the PER is 21.4.

Market Sentiment: 0.6

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


Macquarie rates CWY as Outperform (1) -

Cleanaway Waste Management's guidance to a flat first half is disappointing, Macquarie concedes, but not deserved of the subsequent -13% sell-off. The second half should see improvement thanks to price increases, cost reductions and hopefully, as the broker puts it, stable commodity prices.

The broker likes the underlying structural growth opportunity in waste management and notes Friday's fall brings the stock back in line with its 10-year average relative PE, and to a -13% discount to global peers.

Target falls to $2.50 from $2.60, Outperform retained.

Target price is $2.50 Current Price is $1.78 Difference: $0.72
If CWY meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 3.90 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 21.7%.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 4.40 cents and EPS of 8.70 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 13.7%.

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

Current consensus EPS estimate suggests the PER is 21.4.

Market Sentiment: 0.6

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


Morgans rates CWY as Add (1) -

Commentary from the AGM implying a weak outlook for FY20 surprised the market, Morgans asserts, given the broker's positive conference briefing earlier this month. Operating earnings forecasts are downgraded by -4-5% as a result.

The company remains confident that each operating segment will report improved earnings in FY20 but the first half is expected to be flat.

The broker suggests Cleanaway Waste will need to notify the market if it expects earnings to miss expectations by more than -5% having, historically, indicated it was comfortable with consensus estimates. The broker points out such commentary has been missing this year.

The company remains confident that the Toxfree acquisition will meet expectations. Morgans maintains an Add rating and lowers the target to $2.00 from $2.31.

Target price is $2.00 Current Price is $1.78 Difference: $0.22
If CWY meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 3.70 cents and EPS of 7.30 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 21.7%.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 4.10 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 13.7%.

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

Current consensus EPS estimate suggests the PER is 21.4.

Market Sentiment: 0.6

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


Ord Minnett rates CWY as Accumulate (2) -

The trading update has indicated that the first half will be affected by lower volumes and commodity prices. A recovery is expected in the second half, driven by costs-saving initiatives and price action.

Ord Minnett suspects the market will be sceptical, given the poor FY19 result and subdued outlook. However, the broker remains positive about the medium-term structural trends for large-scale operators in the Australian waste management industry.

Accumulate rating maintained. Target is reduced to $2.25 from $2.30.

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

Target price is $2.25 Current Price is $1.78 Difference: $0.47
If CWY meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

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 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 21.7%.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 13.7%.

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

Current consensus EPS estimate suggests the PER is 21.4.

Market Sentiment: 0.6

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


UBS rates CWY as Neutral (3) -

UBS notes multiple headwinds have affected the business and the company is now guiding to a flat outcome for earnings in the first half.

Softness is being driven by a continuation of weak economic activity, leading to no growth in volumes, and weak commodity prices.

As a result, the company has implemented cost control measures which should be apparent in the second half. UBS reduces FY20 estimates by -10%.

Neutral rating maintained. Target is reduced to $2.00 from $2.20.

Target price is $2.00 Current Price is $1.78 Difference: $0.22
If CWY meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 4.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 21.7%.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 24.4.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 4.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 13.7%.

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

Current consensus EPS estimate suggests the PER is 21.4.

Market Sentiment: 0.6

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

GWA  GWA GROUP LIMITED

Furniture & Renovation

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Overnight Price: $3.00

Credit Suisse rates GWA as Neutral (3) -

The company has provided maiden FY20 earnings (EBIT) guidance of $80-85m. First quarter sales were down -8% and below Credit Suisse assumptions.

This was attributed to customer de-stocking and a deterioration in new housing and renovation markets. The broker does not anticipate any recovery in customer volumes over the year and lowers FY20 end-market sales estimates by -2%.

Neutral rating maintained. Target is reduced to $2.90 from $3.10.

Target price is $2.90 Current Price is $3.00 Difference: minus $0.1 (current price is over target).
If GWA meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 17.00 cents and EPS of 19.33 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.8, implying annual growth of -45.0%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 17.00 cents and EPS of 19.86 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of 4.5%.

Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 14.5.

Market Sentiment: -0.3

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


Morgans rates GWA as Hold (3) -

The trading update was slightly weaker than Morgans expected, with a softer start to FY20 affected by merchant de-stocking and deteriorating market conditions. Market conditions are expected to improve later in the financial year.

Morgans makes slight reductions to forecasts, reducing underlying earnings estimates by -2%. Hold rating maintained. Target is reduced to $2.93 from $3.21.

Target price is $2.93 Current Price is $3.00 Difference: minus $0.07 (current price is over target).
If GWA meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 18.50 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 6.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.8, implying annual growth of -45.0%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 19.00 cents and EPS of 21.00 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 14.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of 4.5%.

Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 14.5.

Market Sentiment: -0.3

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

HLO  HELLOWORLD LIMITED

Travel, Leisure & Tourism

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Overnight Price: $4.48

Ord Minnett rates HLO as Buy (1) -

Ord Minnett is increasingly confident the company can deliver on guidance after its trading update. The positive first quarter trading comes at a time when questions surround the outlook continue to persist, given the tough travel market and the high-profile collapse of Thomas cook and Cox & Kings.

The former had no impact on Helloworld but the latter resulted in a -$1m one-off loss. Ord Minnett maintains a Buy rating and $6.51 target.

Target price is $6.51 Current Price is $4.48 Difference: $2.03
If HLO meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 22.00 cents and EPS of 35.80 cents.
At the last closing share price the estimated dividend yield is 4.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.51.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 23.00 cents and EPS of 41.10 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.90.

Market Sentiment: 0.5

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: $8.81

Macquarie rates ILU as Outperform (1) -

The development of BHP Group's ((BHP)) South Flank project within Mining Area C is now 50% complete. Macquarie expects the bulk of production to be subject to Iluka's MAC royalty, driving 20% compound annual royalty revenue growth over 2021-25.

The broker notes were current spot prices used in the valuation model, forecast earnings would be 15% and 30% higher in 2020-21. Target rises to $9.50 from $8.70, Outperform retained.

Target price is $9.50 Current Price is $8.81 Difference: $0.69
If ILU meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.16, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 13.00 cents and EPS of 79.30 cents.
At the last closing share price the estimated dividend yield is 1.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.5, implying annual growth of -2.4%.

Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 32.00 cents and EPS of 99.10 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 8.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.8, implying annual growth of 20.3%.

Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 10.4.

Market Sentiment: 0.3

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

LLC  LENDLEASE GROUP

Infra & Property Developers

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Overnight Price: $18.42

Macquarie rates LLC as Outperform (1) -

After touring Lendlease's luxury apartment development at Barangaroo, Macquarie has slightly increased earnings forecasts.

The broker suggests the stock's valuation gap to peers should close given growth offered by the company's urban regeneration pipeline, with the caveat being a failure to sell the engineering business.

Target unchanged at $19.77. Outperform retained.

Target price is $19.77 Current Price is $18.42 Difference: $1.35
If LLC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.18, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 67.00 cents and EPS of 135.00 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of 61.8%.

Current consensus DPS estimate is 66.7, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 69.90 cents and EPS of 140.00 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 13.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 136.2, implying annual growth of 1.6%.

Current consensus DPS estimate is 70.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.7

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

MIN  MINERAL RESOURCES LIMITED

Iron Ore

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Overnight Price: $13.66

Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley observes Mount Marion, of concern to investors in the current soft market, has performed well in the first quarter vs other lithium peers. This highlights the benefits of joint ownership, in the broker's view.

Meanwhile iron ore shipments were in line with estimates. Wodgina construction is 99% complete and the company intends to operate one train until the Albemarle transaction is done, at which point the joint venture will meet to evaluate alternative production profiles.

Target is $18.20. Overweight rating. Industry view: Attractive.

Target price is $18.20 Current Price is $13.66 Difference: $4.54
If MIN meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $16.90, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 96.30 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 7.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 173.7, implying annual growth of 99.7%.

Current consensus DPS estimate is 98.2, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 51.70 cents and EPS of 95.00 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.0, implying annual growth of -18.2%.

Current consensus DPS estimate is 65.4, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 9.6.

Market Sentiment: 0.8

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


Ord Minnett rates MIN as Accumulate (2) -

The company has delivered its first quarter production report, with Ord Minnett noting uncertainty hangs over the lithium mining division.

Iron ore may go some way to filling the earnings hole, in the broker's view, while lithium prices remain depressed and until Wodgina operations ramp up.

The sell-down to Albemarle is still to be completed later in 2019 and the broker considers this the next catalyst for the stock. Accumulate rating maintained. Target rises to $15.60 from $15.00.

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

Target price is $15.60 Current Price is $13.66 Difference: $1.94
If MIN meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $16.90, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 174.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 173.7, implying annual growth of 99.7%.

Current consensus DPS estimate is 98.2, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 206.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.0, implying annual growth of -18.2%.

Current consensus DPS estimate is 65.4, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 9.6.

Market Sentiment: 0.8

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

MX1  MICRO-X LIMITED

Medical Equipment & Devices

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Overnight Price: $0.30

Morgans rates MX1 as Add (1) -

Sales in the first quarter disappointed Morgans although this was offset by strategy to reduce costs and a plan to bring forward the defence offering. A revised budget has identified a reduction in expenditure of -$3.1m for FY20 with further savings in subsequent years.

In response to strong interest from the US Defence Health Agency, the company will release and sell a first-generation version of the Rover by mid 2020.

Speculative Buy (Add) maintained. Target is $0.45.

Target price is $0.45 Current Price is $0.30 Difference: $0.15
If MX1 meets the Morgans target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.00.

Forecast for FY21:

Morgans forecasts a full year FY21 EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.50.

Market Sentiment: 1.0

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

NAM  NAMOI COTTON CO-OPERATIVE LIMITED

Agriculture

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Overnight Price: $0.34

Morgans rates NAM as Hold (3) -

The company's first half result was affected by severe drought and cotton production will be the lowest in over a decade. Morgans makes material downgrades to forecasts.

The broker suspects the share price will remain under pressure until there are signs of seasonal improvement. The broker does not make a forecast for the first half as the company usually reports a profit in the first half followed by a loss in the second.

The first half will reflect the 2019 season. Hold rating maintained. Target is reduced to $0.33 from $0.37.

Target price is $0.33 Current Price is $0.34 Difference: minus $0.01 (current price is over target).
If NAM meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in February.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 5.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.18.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.00.

Market Sentiment: 0.0

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

QAN  QANTAS AIRWAYS LIMITED

Transportation & Logistics

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Overnight Price: $6.47

Morgan Stanley rates QAN as Overweight (1) -

Morgan Stanley notes the first quarter has revealed a more difficult operating environment domestically. The broker anticipates near-term share price volatility but highlights the underlying valuation support.

The benefits of capacity restraints remain evident in international markets. Overweight. Target is $7.00. Industry view is Cautious.

Target price is $7.00 Current Price is $6.47 Difference: $0.53
If QAN meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 26.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.6, implying annual growth of 10.2%.

Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 28.00 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.0, implying annual growth of 12.2%.

Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 9.5.

Market Sentiment: 0.6

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

RMD  RESMED INC

Medical Equipment & Devices

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Overnight Price: $21.09

Citi rates RMD as Neutral (3) -

With higher growth in mask sales and better operating leverage as well as a lower tax rate in evidence, Citi increases forecasts for FY20-22 by 4-5%. The outcome of 2021 competitive bidding remains the main downside risk.

Yet the upside risks include accelerated market growth, the contribution from Propeller and MOBI as well as increased penetration in the chronic obstructive pulmonary disease market.

Target price is $21.00 Current Price is $21.09 Difference: minus $0.09 (current price is over target).
If RMD meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.54, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 23.38 cents and EPS of 59.41 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.7, implying annual growth of N/A.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 27.23 cents and EPS of 68.73 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.0, implying annual growth of 13.7%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 30.6.

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


Credit Suisse rates RMD as Outperform (1) -

First quarter results were robust with strong mask growth in the US of 19%. US device growth was 8.4%. Credit Suisse believes the company is benefiting from having a broad product portfolio.

Re-supply should enable consistent strong growth in mask sales. With the increased investment in data platforms, the broker remains upbeat on the company's ability to improve the quality of care to patients in the home setting.

Outperform rating maintained. Target rises to $22.40 from $20.10.

Target price is $22.40 Current Price is $21.09 Difference: $1.31
If RMD meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $20.54, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 22.53 cents and EPS of 59.41 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.7, implying annual growth of N/A.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 23.67 cents and EPS of 66.81 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.0, implying annual growth of 13.7%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 30.6.

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


Macquarie rates RMD as Underperform (5) -

ResMed's Sep Q profit beat the broker by 8%, but the analysts remain undeterred. They are factoring in robust growth over the rest of FY20 but have not shifted from their view that the current share price ascribes limited medium-term risk in relation to reimbursement changes or the longer-term impact of competing technologies.

Underperform maintained. Target is raised to $16.50 from $15.70.

Target price is $16.50 Current Price is $21.09 Difference: minus $4.59 (current price is over target).
If RMD meets the Macquarie target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.54, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 22.67 cents and EPS of 57.60 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.7, implying annual growth of N/A.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 24.38 cents and EPS of 65.87 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.0, implying annual growth of 13.7%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 30.6.

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


Morgan Stanley rates RMD as Overweight (1) -

First quarter results increase Morgan Stanley's conviction that ResMed will continue to derive market share gains. Long duration growth is supported by a large installed base and stable US reimbursement.

The connected-care strategy is also driving higher re-supply sales. Overweight rating. Target is raised to US$142.00 from US$137.83. Industry view: In-Line.

Current Price is $21.09. Target price not assessed.

Current consensus price target is $20.54, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 22.24 cents and EPS of 59.31 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.7, implying annual growth of N/A.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 22.24 cents and EPS of 67.58 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.0, implying annual growth of 13.7%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 30.6.

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


Morgans rates RMD as Add (1) -

First quarter earnings were ahead of estimates. Morgans assesses the sustainable value in the company's digital health solutions is translating into gains across the core.

The broker adjusts FY20-22 forecasts higher and raises the target to $22.82 from $21.27. Add rating maintained.

Target price is $22.82 Current Price is $21.09 Difference: $1.73
If RMD meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $20.54, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 24.10 cents and EPS of 60.45 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.7, implying annual growth of N/A.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 27.23 cents and EPS of 67.58 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.0, implying annual growth of 13.7%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 30.6.

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


Ord Minnett rates RMD as Hold (3) -

ResMed reported a strong first quarter result. Ord Minnett observes the company has been re-established as a leader in masks with 19% growth in global mask sales.

The broker is hopeful software business can provide a boost as well, although remains cautious that a prolonged period of uncertainty created by the latest round of competitive bidding may weigh on investor sentiment.

Hold rating maintained. Target rises to $20 from $18.

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

Target price is $20.00 Current Price is $21.09 Difference: minus $1.09 (current price is over target).
If RMD meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.54, suggesting downside of -2.6% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 60.7, implying annual growth of N/A.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY21:

Current consensus EPS estimate is 69.0, implying annual growth of 13.7%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 30.6.

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


UBS rates RMD as Buy (1) -

Following the first quarter results UBS updates assumptions and upgrades estimates for earnings per share by 3.1-4.2% over the forecast period. Target is raised to US$150 from US$140.

The broker observes US re-supply is showing no sign of slowing down, with the company generating a compound growth rate of 11% for masks/accessories over the past two years. Buy rating maintained.

Current Price is $21.09. Target price not assessed.

Current consensus price target is $20.54, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 22.53 cents and EPS of 58.17 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.7, implying annual growth of N/A.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 34.7.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 23.67 cents and EPS of 66.01 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.0, implying annual growth of 13.7%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 30.6.

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

RRL  REGIS RESOURCES LIMITED

Gold & Silver

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Overnight Price: $4.75

Credit Suisse rates RRL as Neutral (3) -

September quarter costs were elevated, Credit Suisse observes, although production was in line and around 25% of mid FY20 guidance of 340-370,000 ounces.

The broker observes the tenor of the Duketon field appears to be deteriorating and strip ratios are rising, while underground ore is being included at a higher cost. Neutral rating and $4.95 target maintained.

Target price is $4.95 Current Price is $4.75 Difference: $0.2
If RRL meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 21.09 cents and EPS of 46.88 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.3, implying annual growth of 43.9%.

Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 19.79 cents and EPS of 43.98 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 10.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.3.

Market Sentiment: 0.3

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


Macquarie rates RRL as Outperform (1) -

Regis Resources' Sep Q production and costs were largely in line with Macquarie's forecast. The miner has reaffirmed its forecast of an increase to 400koz of gold production at Duketon by FY22 as underground production builds.

Deep exploration drilling also continues to produce positive results. Outperform retained, but a roll-forward of discounted cash flow valuation and PE multiple sees the broker's target fall to $5.20 from $5.60.

Target price is $5.20 Current Price is $4.75 Difference: $0.45
If RRL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 16.00 cents and EPS of 41.10 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.3, implying annual growth of 43.9%.

Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 12.00 cents and EPS of 34.50 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 13.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.3.

Market Sentiment: 0.3

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


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

September quarter production was slightly softer than Morgan Stanley expected but is expected to stabilise for the remainder of the financial year.

An unplanned shutdown for six days at Garden Well reduced throughput but no continuation of the issue has been flagged. The Rosemont underground is on schedule and first stoping ore is planned for the March quarter.

Equal-weight. Target is $5.20. Industry view is Attractive.

Target price is $5.20 Current Price is $4.75 Difference: $0.45
If RRL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 16.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.3, implying annual growth of 43.9%.

Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 15.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.3.

Market Sentiment: 0.3

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


Ord Minnett rates RRL as Hold (3) -

First quarter production beat Ord Minnett's estimates. Once the company executes the Rosemont underground mine, the broker envisages further upside as its production displaces the low-grade from open pits and adds to mine life.

Ord Minnett maintains a Hold rating and $4.80 target.

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

Target price is $4.80 Current Price is $4.75 Difference: $0.05
If RRL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 49.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.3, implying annual growth of 43.9%.

Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 76.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.3.

Market Sentiment: 0.3

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


UBS rates RRL as Buy (1) -

Gold production was lower than UBS estimated in the September quarter while costs were higher. Management has indicated that higher costs have resulted from slightly lower grades and unplanned maintenance.

The company is transitioning to an underground operation at Rosemont, which brings a new suite of operating risks, UBS notes, as Regis Resources has been an exclusively open-pit mine in the past.

Buy rating maintained. Target is reduced to $5.35 from $5.50.

Target price is $5.35 Current Price is $4.75 Difference: $0.6
If RRL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 22.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.3, implying annual growth of 43.9%.

Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 23.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.3.

Market Sentiment: 0.3

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

RSG  RESOLUTE MINING LIMITED

Gold & Silver

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Overnight Price: $1.30

Macquarie rates RSG as Outperform (1) -

The crack in the sulphide roaster at Syama should be fixed in around six weeks. Regaining momentum is important, the broker suggests, although Resolute has left 2019 production guidance unchanged, believing other operations can outperform.

The broker agrees there could be some upside surprise, while dropping its target to $2.40 from $2.60. Outperform retained.

Target price is $2.40 Current Price is $1.30 Difference: $1.1
If RSG meets the Macquarie target it will return approximately 85% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.29.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 30.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.28.

Market Sentiment: 1.0

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

SEK  SEEK LIMITED

Jobs & Skilled Labour Services

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Overnight Price: $22.79

Ord Minnett rates SEK as Accumulate (2) -

Seek has unveiled new market-based pricing and contract structures applying to all Australian subscription contracts that come up for renewal.

The broker expects changes being made will lift Australasian growth over FY21-23 although these are difficult to quantify.

Ord Minnett maintains an Accumulate rating and raises the target to $25 from $23.

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

Target price is $25.00 Current Price is $22.79 Difference: $2.21
If SEK meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $21.49, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 42.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.9, implying annual growth of -8.6%.

Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 48.6.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 58.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.0, implying annual growth of 13.0%.

Current consensus DPS estimate is 39.5, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 43.0.

Market Sentiment: 0.4

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

SM1  SYNLAIT MILK LIMITED

Dairy

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Overnight Price: $8.90

Credit Suisse rates SM1 as Underperform (5) -

Synlait Milk has announced the acquisition of Dairyworks for NZ$112m. Credit Suisse expects an increased focus on the potential in diversifying away from the A2 supply pool.

The company envisages an opportunity to deliver value in New Zealand on a fully integrated supply chain. At this point, the broker notes the company is being cautious and taking few risks.

Dairyworks has a mix of brands and a private label with a focus on cheese and butter.

Underperform rating maintained. Target is NZ$8.50.

Current Price is $8.90. Target price not assessed.

Current consensus price target is $9.19, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 49.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.0, 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 18.2.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 62.49 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 22.0%.

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

Current consensus EPS estimate suggests the PER is 14.9.

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

Market Sentiment: -0.5

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


Morgans rates SM1 as Hold (3) -

The company has announced the acquisition of Dairyworks for NZ$112m. The acquisition is expected to be completed in the second half of FY20, subject to official approvals.

The acquisition is consistent with the company's growth strategy and expansion plans in everyday dairy. Morgans expects Synlait Milk will be in a better position to provide more detail on the extent of cost synergies once the acquisition is completed.

Morgans maintains a Hold rating and raises the target to $9.19 from $8.79.

Target price is $9.19 Current Price is $8.90 Difference: $0.29
If SM1 meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.19, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 49.23 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.0, 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 18.2.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 61.54 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 22.0%.

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

Current consensus EPS estimate suggests the PER is 14.9.

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

Market Sentiment: -0.5

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


UBS rates SM1 as Neutral (3) -

The company has announced a conditional purchase of Dairyworks for NZ$112m. Dairyworks is one of the larger dairy companies in New Zealand and supplies around 50% of cheese and 25% of butter under its consumer brands.

This acquisition forms part of Synlait Milk's diversification into everyday dairy and away from infant milk formula. UBS remains unconvinced about the merits of the strategy at this point. Neutral rating. Target is NZ$9.60.

Current Price is $8.90. Target price not assessed.

Current consensus price target is $9.19, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 48.38 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.0, 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 18.2.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 55.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 22.0%.

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

Current consensus EPS estimate suggests the PER is 14.9.

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

Market Sentiment: -0.5

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
ADH ADAIRS $1.81 Morgans 1.93 1.95 -1.03%
AMP AMP $1.82 Ord Minnett 2.00 1.80 11.11%
CWY CLEANAWAY WASTE MANAGEMENT $1.78 Citi 2.25 2.40 -6.25%
Credit Suisse 1.80 1.85 -2.70%
Macquarie 2.50 2.60 -3.85%
Morgans 2.00 2.31 -13.42%
Ord Minnett 2.25 2.30 -2.17%
UBS 2.00 2.20 -9.09%
GWA GWA GROUP $3.00 Credit Suisse 2.90 3.10 -6.45%
Morgans 2.93 3.21 -8.72%
ILU ILUKA RESOURCES $8.81 Macquarie 9.50 8.70 9.20%
MIN MINERAL RESOURCES $13.66 Ord Minnett 15.60 15.00 4.00%
MX1 MICRO-X $0.30 Morgans 0.45 0.47 -4.26%
NAM NAMOI COTTON $0.34 Morgans 0.33 0.37 -10.81%
RMD RESMED $21.09 Citi 21.00 19.00 10.53%
Credit Suisse 22.40 20.10 11.44%
Macquarie 16.50 15.70 5.10%
Morgans 22.82 21.27 7.29%
Ord Minnett 20.00 18.00 11.11%
RRL REGIS RESOURCES $4.75 Macquarie 5.20 5.60 -7.14%
UBS 5.35 5.50 -2.73%
RSG RESOLUTE MINING $1.30 Macquarie 2.40 2.60 -7.69%
SEK SEEK $22.79 Ord Minnett 25.00 23.00 8.70%
SM1 SYNLAIT MILK $8.90 Morgans 9.19 8.79 4.55%
Summaries
ADH ADAIRS Add - Morgans Overnight Price $1.81
AMP AMP Hold - Ord Minnett Overnight Price $1.82
CIP CENTURIA INDUSTRIAL REIT Initiation of coverage with Buy - Ord Minnett Overnight Price $3.41
CNI CENTURIA CAPITAL GROUP Initiation of coverage with Hold - Ord Minnett Overnight Price $2.17
COL COLES GROUP Downgrade to Underperform from Neutral - Credit Suisse Overnight Price $14.57
CWY CLEANAWAY WASTE MANAGEMENT Buy - Citi Overnight Price $1.78
Upgrade to Neutral from Underperform - Credit Suisse Overnight Price $1.78
Outperform - Macquarie Overnight Price $1.78
Add - Morgans Overnight Price $1.78
Accumulate - Ord Minnett Overnight Price $1.78
Neutral - UBS Overnight Price $1.78
GWA GWA GROUP Neutral - Credit Suisse Overnight Price $3.00
Hold - Morgans Overnight Price $3.00
HLO HELLOWORLD Buy - Ord Minnett Overnight Price $4.48
ILU ILUKA RESOURCES Outperform - Macquarie Overnight Price $8.81
LLC LENDLEASE Outperform - Macquarie Overnight Price $18.42
MIN MINERAL RESOURCES Overweight - Morgan Stanley Overnight Price $13.66
Accumulate - Ord Minnett Overnight Price $13.66
MX1 MICRO-X Add - Morgans Overnight Price $0.30
NAM NAMOI COTTON Hold - Morgans Overnight Price $0.34
QAN QANTAS AIRWAYS Overweight - Morgan Stanley Overnight Price $6.47
RMD RESMED Neutral - Citi Overnight Price $21.09
Outperform - Credit Suisse Overnight Price $21.09
Underperform - Macquarie Overnight Price $21.09
Overweight - Morgan Stanley Overnight Price $21.09
Add - Morgans Overnight Price $21.09
Hold - Ord Minnett Overnight Price $21.09
Buy - UBS Overnight Price $21.09
RRL REGIS RESOURCES Neutral - Credit Suisse Overnight Price $4.75
Outperform - Macquarie Overnight Price $4.75
Equal-weight - Morgan Stanley Overnight Price $4.75
Hold - Ord Minnett Overnight Price $4.75
Buy - UBS Overnight Price $4.75
RSG RESOLUTE MINING Outperform - Macquarie Overnight Price $1.30
SEK SEEK Accumulate - Ord Minnett Overnight Price $22.79
SM1 SYNLAIT MILK Underperform - Credit Suisse Overnight Price $8.90
Hold - Morgans Overnight Price $8.90
Neutral - UBS Overnight Price $8.90
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

18

2. Accumulate

3

3. Hold

14

5. Sell

3

Monday 28 October 2019

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